Tesla Fame's Robot-Run ETF Is Now Betting Big On These Oil Stocks

The Qraft AI-Enhanced U.S. Large Cap Momentum ETF AMOM has bet on Exxon Mobil Corp XOM and Chevron Corporation CVX during November, both fresh additions to the fund’s portfolio.

The ETF, actively managed by artificial intelligence, seeks to invest in U.S. large-cap momentum stocks by capitalizing on the movement of existing market trends. This fund has a track record of correctly predicting changes in the price of Tesla Inc TSLA shares.

It added stocks from the materials and energy sector during November while it offloaded information technology stocks in the period.

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Exxon now constitutes the largest holding of the fund with a weight of 7.9%, while Chevron has taken third place with a weight of 6.7%, according to data provided by the company.

Both Exxon and Chevron shares have gained over 12% in the last month as the oil majors recorded impressive third-quarter numbers, with each company beating consensus earnings estimates by roughly 15%. Morgan Stanley analyst Devin McDermott pointed out Exxon and Chevron's combined free cash flow in the third quarter was greater than $30 billion, up 20% quarter-over-quarter and exceeding its previous high by about $5 billion.

Major Removals: The fund has removed four names that were previously in the top 10 holdings: WalMart Inc WMT, previously the largest portfolio holding, Lowe's Companies Inc LOW, Vertex Pharmaceuticals Incorporated VRTX and Humana Inc HUM.

Price Action: The Qraft AI-Enhanced U.S. Large Cap Momentum ETF has gained over 10% in the last month.

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