Tesla Fame's Robot-Run ETF Sold Its Entire Apple Stake In August — Here's What It Bought

A large-cap-momentum-focused, AI-powered exchange-traded fund (ETF) sponsored by Qraft Technologies shed its entire Apple Inc. (NASDAQ: AAPL) stake in August, according to an update on monthly holdings issued by the South Korea-based company.

What Happened: The QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (NYSE: AMOM) sold several of its tech holdings in September. The ETF's Apple holdings went from 7.9% in August to naught in September.

The ETF also liquidated its holdings in Eli Lilly & Company (NYSE: LLY), Qualcomm Inc. (NASDAQ: QCOM), Synopsys Inc. (NASDAQ: SNPS) and Cadence Design Systems Inc. (NASDAQ: CDNS). Lilly and Qualcomm accounted for 4.5% and 2.8%, respectively, of the fund’s holdings in August, while Synopsys and Cadence made up 1.8% each.

This fund has, in the past, correctly predicted changes in the price of Tesla Inc. (NASDAQ: TSLA) shares.

Incidentally, the broader market, led by tech stocks, turned around in mid-June and witnessed a mini-rally until early August before reversing course.

Significant additions to the fund included travel reservations and related services provider Booking Holding Inc. (NASDAQ: BKNG), computer networking company Arista Networks Inc. (NYSE: ANET), discount retailer Dollar Tree Inc. (NASDAQ: DLTR), fertilizer manufacturer Mosaic Company (NYSE: MOS) and oil & gas producer Pioneer Natural Resources Co. (NYSE: PXD).

Following the portfolio shuffling, home improvement retailers Home Depot Inc. (NYSE: HD) and Lowe’s Companies Inc. (NYSE: LOW) were AMOM’s top holdings at 8.1% and 4.7%, respectively. Canadian Natural Resources Limited (NYSE: CNQ) and ConocoPhillips (NYSE: COP) made up 4% each.

See also: Cathie Wood Says Fed Is 'Making A Mistake:' Expect To See Policy Pivot In 3-6 Months

Apple Still Part Of Flagship Fund: Apple was still the top holding of Qraft’s flagship QRAFT AI-Enhanced U.S. Large Cap ETF (NYSE: QRFT), at 3.3% in September, unchanged from the previous month. Insurer Unum Group (NYSE: UNM) was added afresh to QRFT and it accounted for 1.9% of the portfolio.

QRFT trimmed its holdings of Microsoft Corporation (NASDAQ: MSFT) from 3% to 2.5%, while it increased its bets on the Class B shares of Berkshire Hathaway Inc. (NYSE: BRKA) (NYSE: BRKB) from 1.3% to 1.7%. The fund’s positions in Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) and Amazon Inc. (NASDAQ: AMZN) were changed at 1.7% each.

Price Action: AMOM closed Thursday’s session at $26.08, up 0.68%, and QRFT gained 0.63% to $37.21, according to Benzinga Pro data. AMOM and QRFT have lost about 27% and 20%, respectively, for the year-to-date period. This compares to the 16% drop for the S&P 500 Index and the 24% pulled back by the Nasdaq Composite Index.