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The Qraft AI-Enhanced US Large Cap Momentum ETF bought Tesla (NASDAQ: TSLA) shares for about $1.4 million, taking advantage of the recent decline in the share price. The Californian manufacturer now accounts for over 5% of the fund's portfolio.
The Qraft AI-Enhanced US Large Cap Momentum ETF is optimized and actively managed by AI technology, and the fund seeks to invest in U.S. large-cap momentum stocks by capitalizing on the movement of existing market trends. The investment objective of the fund is to seek capital appreciation.
The ETF bought Tesla for $1,379,401, which equates to 2,339 shares. Thus, Tesla became the third largest investment in the fund's portfolio, comprising 5.39%. Facebook shares account for 8.1% of investments and Amazon, 7.74%.
According to MarketWatch observations, the fund has a history of accurately predicting the movement of stock prices. The fund previously sold all of its Tesla holdings prior to early February this year, when the electric car maker's shares were close to an all-time high of $900.40. Now, when Tesla shares have lost more than a third of their peak value and are a strong candidate for “buy in the downturn,” the fund has taken notice of them again and made a big bet.
About Qraft Technologies
Qraft leverages the latest AI technology to innovate the inefficiencies of today's asset management firms. From data processing to alpha research and order execution, they streamline and optimize investment processes with AI.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.