From: zerohedge
For as long as we can remember – it seems like scores of years, eons, epochs even…people have joked far and wide on social media and privately in social circles about the creation of an Inverse-Jim Cramer ETF.
Now, not unlike Cramer himself, the joke is being taken seriously.
The same group that brought you SARK, the inverse ARKK Fund ETF (which by the way is up nearly 2x since its inception), have now filed for both an Inverse Cramer ETF, to trade under SJIM, and a Long Cramer ETF, to trade under LJIM.
In a prospectus filed yesterday, it says the inverse fund “is an actively managed exchange traded fund that seeks to achieve its investment objective by engaging in transactions designed to perform the opposite of the return of the investments recommended by television personality Jim Cramer”.
“Under normal circumstances, at least 80% of the Fund’s investments is invested in the inverse of securities mentioned by Cramer,” it says of its strategy.
The filing continues:
It hasn’t just been the entire financial industry that has been mocking Jim Cramer for sport for years (well deserved – recall, Cramer has been caught on video admitting to manipulating securities and recommending Bear Stearns in the weeks before the bank went bust), it has been countless scores of market participants on social media, including the “apes” over at WallStreetBets.
Cramer’s poor track record has even spawned its own Twitter account, the “Inverse Cramer ETF”, which tracks all of Cramer’s poor calls.
pic.twitter.com/hJh4eo16Oo
— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) March 14, 2022
Either way, we’re sure the new ETF will have no trouble attracting attention and investors. We also can’t help but wonder if this public acceptance of Cramer’s uncanny ability to get things wrong is finally a reason to start looking at taking him seriously.
Regardless, here’s one call we’re sure the inverse ETF is upset they missed out on…
