- An ETF centered around the bullish stock picks of CNBC's Jim Cramer is shutting down.
- The Long Cramer Tracker ETF was launched in February and attracted just $1.3 million in assets.
- "We started LJIM in order to facilitate a conversation with Jim Cramer around his stock picks," Matthew Tuttle said.
An ETF tied to the bullish stock recommendations made by CNBC's Jim Cramer is set to shut down after it failed to attract interest from investors.
The Board of Trustees of the Northern Lights Fund Trust IV said the Long Cramer Tracker ETF will have its last day of trading on September 11 and shut down on September 21.
The fund, which trades under the ticker symbol "LJIM," attracted just $1.3 million in assets since its launch in late February, according to data from Bloomberg.
The long-biased ETF was started by Matthew Tuttle in conjunction with his short-biased Inverse Cramer ETF.
The Long Cramer ETF invested in stocks that were recommended by Cramer during his CNBC appearances, while the Inverse Cramer ETF purchased stocks that Cramer said investors should avoid.
Some of the top holdings in the Long Cramer ETF include Nvidia, Wells Fargo, Oracle, JPMorgan, and Monday.com. Some of the top holdings in the Inverse Cramer ETF include Tesla, PayPal, and Carvana.
"We started LJIM in order to facilitate a conversation with Jim Cramer around his stock picks as the other side to the Short Cramer ETF," Tuttle said in a press release. "Unfortunately, Mr. Cramer and CNBC have been unwilling to engage in dialogue and instead have chosen to ignore the funds, therefore there is no reason to keep the long side going."
In an e-mail to Insider, Tuttle said another reason for the formation of the Short Cramer ETF was "to call out the hypocrisy of bringing Cramer out every day with his picks with no accountability."
For the Long Cramer ETF, Tuttle told Insider: "I decided to do LJIM in an effort to have a civil dialogue vs only having the short side and coming off as attacking him. I didn't talk to anyone at CNBC or have any pre conceived notions, just figured with Cramer's ego it would be game on."
Tuttle said he will shift his focus away from the Long Cramer ETF and towards the Inverse Cramer ETF, which trades under the ticker symbol "SJIM."
The Inverse Cramer ETF has been more popular with investors, attracting just over $6 million in assets at its peak, though it currently has $3.4 million under management. The ETF still has a very long way to go in terms of attracting assets to be considered even a minor success in the industry.
Since both funds launched, the Long Cramer ETF has delivered the better performance, rising 0.3% since inception and at one point being up as much as 12.7% before this month's sell-off.
Meanwhile, the Inverse Cramer ETF is down 3.1% since its inception and was down as much as 13.3% before this month's sell-off.