With interest in AI spreading like wildfire, more and more ETF issuers are getting in the game – not only offering portfolios with exposure to AI-centric companies but also embracing the use of AI itself to actively pick individual stocks. Roundhill Investments just launched its new Generative AI ETF (CHAT) last week, and Qraft Technologies just unveiled a new AI-powered risk-managed fund – the AI-Pilot U.S. Large Cap Dynamic Beta and Income ETF (AIDB) – actively managed by artificial intelligence. Is the generative AI boom here to stay?
Join us on Wednesday on ETF Edge, when we'll have Dave Mazza, Chief Strategy Officer at Roundhill Investments, and John Davi, CIO of Astoria Portfolio Advisors.
Hopping aboard the AI train. In keeping with the AI craze, here are the best-performing AI-related ETFs so far in 2023. No surprise, the top beneficiaries are concentrated in a handful of major tech companies, such as Nvidia, Microsoft and Alphabet. All six of these funds are currently outperforming the S&P 500 year-to-date.
BlackRock expands active ETF lineup. The world's largest asset manager just rolled out two brand-new active ETFs – the Large Cap Value ETF (BLCV) and the Flexible Income ETF (BINC). The former targets U.S. stocks typically found in the Russell 1000 Value Index – while the latter will be all about fixed income. BlackRock's CIO of Global Fixed Income Rick Rieder, who will run the fund, says the ETF will target "harder-to-reach" sectors like high yield, emerging market debt and securitized assets. BINC will focus mainly on fixed income that matures in two to five years, which Rieder says will grow more attractive as the economy slows.
Missing out on Nvidia's post-earnings surge. Cathie Wood's flagship ARK Innovation ETF (ARKK) sold out of Nvidia in early January. A month later, when the stock traded at 50 times forward earnings, Wood called the valuation "very high" – though she did say she still liked the stock. But just two days ago, Nvidia reported a blowout earnings beat and gave strong guidance as the stock rode the AI frenzy to a record high. The chip giant has added roughly $560 billion in market cap since Wood dumped her shares – with the last $200 billion coming overnight following earnings.
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