PICTET ASSET MANAGEMENT:
Pictet Asset Management launched its first European range of AI Enhanced Equity Index Active ETFs.
Pictet's AI-themed ETF launch follows a similar move from leading Wall Street investment firms, looking to tap into the AI boom.
Last month, just days after SpaceX NASDAQ:SPCX wrapped up its record $75 billion initial public stock offering and ignited another burst of enthusiasm among traders for all things AI, two asset managers disclosed plans to launch exchange-traded funds linked to the new AI-stock acronym creating a buzz on Wall Street.
Yorkville America, the company that manages the Truth Social ETF franchise, and ETF industry newcomer Corgi Securities both filed with the U.S. Securities and Exchange Commission for permission to roll out new funds pegged to the "MANGOS" moniker that sprang to life on X and other social media sites ahead of the SpaceX IPO.
"Investors often believe improving returns means seeking new or exotic sources of outperformance. In reality, it’s often about navigating the same investment universe and data more intelligently. This is where AI excels – it can spot complex patterns that humans cannot see," said David Wright, Head of Quantitative Investments at Pictet Asset Management.
"Our new AI Enhanced Equity Index Active ETFs provide core building blocks for our clients. They seek to deliver that extra return above the benchmark at a low cost without substantially increasing risk," he added.