Katherine Greifeld of Bloomberg News writes about two new ETFS that allow investors to bet either on or against the stock picks of Jim Cramer, the host of CNBC’s “Mad Money” show.
Greifeld writes, “The Inverse Cramer Tracker ETF seeks to deliver returns that correspond to ‘the inverse of securities mentioned by Cramer’ by either short-selling his equity picks or buying companies he recommends against, according to its prospectus.
“Meanwhile, the Long Cramer Tracker ETF will back shares the CNBC anchor likes and ditch the ones he doesn’t.
“The funds are the latest brainchild of the manager behind the anti-ARK product, the $551 million AXS Short Innovation Daily ETF, which achieved rapid notoriety by creating an easy way to wager against Cathie Wood’s flagship strategy. Now Matthew Tuttle, CEO of Tuttle Capital Management, has turned his attention to Cramer, fulfilling a long-running finance joke that the CNBC anchor should get his own inverse fund.”
Read more here.