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Amundi launches AI fund

Artificial_intelligenceAmundi has launched an exchange-traded fund (ETF) that targets companies exposed to artificial intelligence.

Called the Amundi Stoxx Global Artificial Intelligence Ucits ETF, the firm describes AI as “one of the megatrends driving future economic growth”.

The fund will be able to access areas such as machine learning, natural language processing, and computer vision.

The ETF has ongoing charges of 0.35% and tracks the Stoxx AI Global Artificial Intelligence ADTV5 Index. The index selects stocks according to two metrics. It measures the growth in the proportion of AI-related patents a company receives compared to other patents; and how many it receives compared to other companies.

The index is also equally weighted, offering diversification across countries, sectors and market capitalisation.

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