Qraft Technologies

Qraft was among the first firms to put AI stock selection into listed US ETFs. Its models have driven US ETFs since 2019, and AXE, its execution engine, is used by half of Korea's securities firms (company). It has partnered with LG AI Research, KB Securities, Korea Investment Management, FSITC and RHB, and in September 2025 launched an AI multi-strategy hedge fund with OPIM in Hong Kong. SoftBank invested $146m in 2022.

The public record is verifiable and unflattering. AMOM, the remaining large Qraft-powered ETF, trailed the S&P 500 over one year, five years and since inception to December 2025, and QRFT was liquidated in July 2026; AMOM was rebranded as a Defiance fund in October 2026, still on Qraft's licensed model. 2025 revenue was KRW 4.65bn against an operating loss of KRW 12.2bn, headcount is about 50, and we did not locate security certifications, data-handling terms or methodology papers.

We initiate at 5.17, Niche/Watch, with a Stable outlook. AI & Technology (5.92) and Workflow Fit (5.58) are the stronger dimensions; Enterprise Readiness (3.93), Commercial Value (4.58) and Data & Content (4.92) hold the score down.

Strengths

• Live public record. AI-selected US ETFs since 2019, with performance disclosed in SEC filings.
• Execution franchise. AXE adopted by half of Korea's securities firms (company), covering equities and futures, and Taiwan since 2024.
• Model depth. 200+ prediction models and a research-heavy team (company).
• Institutional partners. LG AI Research, KB Securities, Korea Investment Management, Hana Life, FSITC and RHB.
• Strategic backing. SoftBank's $146m investment in 2022.
• Revenue growth. Revenue up about 58% in 2025, from a small base.

Cautions

• Track record. AMOM trailed the S&P 500 over one year (7.94% vs 17.88%), five years and since inception to December 2025.
• Product shrinkage. QRFT liquidated in July 2026; LQAI holds about $2m; AMOM now sponsored as a Defiance fund.
• Economics. Operating loss of KRW 12.2bn on revenue of KRW 4.65bn in 2025.
• Assurance. No SOC 2, ISO 27001 or data-handling terms located.
• Methodology. Point-in-time handling and model methods not documented publicly.
• Capital. No priced round disclosed since January 2022.
• Scale. About 50 staff across three offices.