• CNBC's Jim Cramer said Tuesday he likes the setup in most of the largest positions in Cathie Wood's Ark Innovation ETF.
• The "Mad Money" host said the growth stocks have fallen far enough that averaging into positions makes sense.
• "Then you can buy a little more at lower levels if they keep going lower," he said.

CNBC's Jim Cramer on Tuesday broke down the top holdings in star money manager Cathie Wood's Ark Innovation ETF, saying he likes the setup in most of the closely followed fund's largest positions.

"Right now, I'd rather own than sell almost the entire ... Cathie Wood portfolio," the "Mad Money" host said. "These growth stocks have come down enough that they're tempting enough to buy right here — then you can buy a little more at lower levels if they keep going lower."

Overall, Cramer weighed in on 12 of the 21 largest holdings in the Ark Innovation ETF as of Tuesday morning; this story will cover his views on the exchange-traded fund's five largest positions. The actively managed ETF rose to prominence on Wall Street after massive gains in 2020. It didn't perform well last year, though, and has continued to struggle in 2022.

"After being relentlessly pulverized, her stocks now represent some excellent opportunities," Cramer said.

Tesla

"Even after all these years, Tesla doesn't have much meaningful competition. Its cars sell well everywhere," Cramer said, calling CEO Elon Musk "the best there is." However, Cramer said, "right now his stock is down 300 points from its high. That's a very good level to buy."

Teladoc

"Teladoc's growth is strong, its lead [in telemedicine] is real, and the numbers are incredible: 76 million paid members in the U.S.," Cramer said. "It seems nuts to me to sell the stock down here. It's at $80, for heaven's sake, down from $308 a year ago. That's a steal."

Zoom Video

"While the stock has been joined at the hip to the pandemic, I think Zoom is only a couple of acquisitions away from permanently embedding itself in the enterprise," said Cramer, who noted for transparency that his stepson works at Zoom.

"They have staying power here, but not growth," Cramer added. "They need both, and I think they'll get it if they do some deals. I like the position."

Roku

"This one has fallen from $490 to $166 as the pandemic winners have fallen out of favor. But Roku's an incredibly lucrative business with a fantastic balance sheet," Cramer said, expressing surprise at the magnitude of the share price decline, especially considering a large runway ahead for international growth.

"I know the next quarter will be tough, but so does everyone else, so I like the setup," Cramer said.

Coinbase Global

"I'm not a fan of Coinbase, simply because of how they have comported themselves. These guys are just too arrogant for me," Cramer said. "However, if you want a publicly traded proxy for crypto, you don't have any other decent options."

"It's not my favorite, [but investors] could do worse," he said.

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