Tesla Fame's Robot-Run ETF Added Snapchat, Zoom And This WallStreetBets-Favorite Stock In July

Tesla Fame's Robot-Run ETF Added Snapchat, Zoom And This WallStreetBets-Favorite Stock In July

The Qraft AI-Enhanced US Large Cap Momentum ETF (NYSE: AMOM), an exchange-traded fund driven by artificial intelligence, has acquired stakes in Reddit-favorite stock Advanced Micro Devices Inc. (NASDAQ: AMD), Snapchat parent Snap Inc. (NYSE: SNAP), and Zoom Video Communications Inc. (NASDAQ: ZM).

What Happened: The ETF’s latest portfolio after rebalancing in early August showed that the fund has also sold major chunks of its holdings, or entirely divested, in cybersecurity solutions company Fortinet Inc. (NASDAQ: FTNT) and online dating services provider Match Group Inc. (NASDAQ: MTCH).

The fund has also divested its stake in auto parts retailers O’Reilly Automotive Inc. (NASDAQ: ORLY) and AutoZone Inc. (NYSE: AZO) as well as supermarket chain Kroger Co. (NYSE: KR).

The ETF has a history of accurately predicting the price movements of Tesla Inc. (NASDAQ: TSLA) shares.

The fund now has chipmaker Advanced Micro Devices as its largest investment with a 7.01% weighting, followed by Snap with a weighting of 5.03% and communications technology company Zoom Video with 4.85% weighting.

The other two stocks that make up the top five holdings in the AMOM portfolio are pet healthcare company IDEXX Laboratories Inc. (NASDAQ: IDXX) with a 3.6% weighting and medical device company Align Technology Inc. (NASDAQ: ALGN) with 3.4%.

Prior to the rebalancing, the ETF had Fortinet, Match Grop, O’Reilly, AutoZone, and Kroger as its five largest stock holdings.

Why It Matters: AMOM, a product of South Korea-based fintech group Qraft, tracks 50 large-cap U.S. stocks and reweighs its holdings each month. The fund uses AI technology to automatically search for patterns that have the potential to produce excess returns and construct actively managed portfolios.

AMOM has delivered year-to-date returns of 16.6%, compared to its benchmark – the Invesco S&P 500 Momentum ETF (NYSE: SPMO) – which has returned 16.4% so far this year.

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