Evolve Plans to Launch Artificial Intelligence Fund with Boosted.ai on March 25, 2024
TORONTO, March 21, 2024 /CNW/ - Evolve Funds Group Inc. ("Evolve") is pleased to announce that it has filed a final prospectus and plans to bring Canada's first Artificial Intelligence Fund using generative Artificial Intelligence ("AI") to enhance portfolio construction. The Evolve Artificial Intelligence Fund ("ARTI" or the "Fund") is a fund actively-managed by Evolve that seeks to achieve its investment strategy by principally utilizing a database generated by Gradient Boosted Investments Inc. ("Boosted.ai"). ARTI is designed to provide investors with exposure to AI companies expected to benefit from the increased global adoption of AI.
"As a leader in disruptive technology ETFs, Evolve has been exploring a pure play AI ETF for the last several years," said Raj Lala, President and CEO at Evolve ETFs. "It wasn't until partnering with Boosted.ai and leveraging their proprietary LLM technology, we felt we could build a portfolio of leading AI companies. Boosted.ai's proprietary model uses generative AI to seek to identify the best AI companies fundamentally changing our world. ARTI will be a great complement to our current suite of innovative disruptive technology ETFs and provide Canadian investors true pure play exposure to this exciting theme."
Boosted.ai's proprietary large language model technology ("Proprietary LLM Technology") determines a company's applicability to the theme of AI based on its likelihood to benefit from increased global adoption of AI. The Proprietary LLM Technology considers securities of issuers from developed markets that are directly involved in the development of AI, including related technologies and services and those whose business models or operational efficiencies may be significantly enhanced by AI integration.
The Proprietary LLM Technology is an advanced algorithm within the broader field of AI which is specifically engineered to understand, interpret, and generate human language. The model functions by processing and analyzing vast datasets comprising diverse text sources. The Proprietary LLM Technology can execute a range of complex language-related tasks, including composing texts, summarizing lengthy documents and conducting detailed text-based analyses.
"Working with Evolve to bring this innovative ETF powered by generative AI has been a thrill, as we are pushing the capabilities of large language models (LLM) to new heights together," said Joshua Pantony, Co-Founder and CEO at Boosted.ai. "Evolve is at the forefront of Canadian innovation with funds focused on cyber security, cloud computing and even the Metaverse, and Boosted.ai is excited to partner with them to help bring ARTI to Canadian customers that want to take advantage of the transformative effect AI will have on the world."
The following chart sets out the TSX ticker symbol for the Units of the Fund:
TSX Ticker Symbol |
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CAD Hedged Units |
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Evolve Artificial Intelligence Fund |
ARTI |
With over $7.2 billion in assets under management, Evolve is one of Canada's fastest growing ETF providers since launching its first ETF in September 2017. Evolve specializes in bringing innovative ETFs to Canadian investors. Evolve's suite of ETFs provide investors with access to: (i) index-based income strategies; (ii) long term investment themes; and (iii) some of the world's leading investment managers. Established by a team of industry veterans with a proven track record of success, Evolve creates investment products that make a difference. For more information, please visit www.evolveetfs.com.
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Boosted.ai is artificial intelligence for better investing. Boosted.ai makes Boosted Insights – an artificial intelligence platform to augment idea generation for stock pickers. We believe that combining an investment manager's intuition and experience with artificial intelligence's enhanced learning and processing power equals better decision making. To learn more, please visit www.boosted.ai.
Commissions, trailing commissions, management fees and expenses all may be associated with exchange traded funds (ETFs) and mutual funds. Please read the prospectus before investing. There are risks involved with investing in ETFs and mutual funds. Please read the prospectus for a complete description of risks relevant to the ETF and mutual fund. Investors may incur customary brokerage commissions in buying or selling ETF and mutual fund units. Investors should monitor their holdings, as frequently as daily, to ensure that they remain consistent with their investment strategies.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolve undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
SOURCE Evolve ETFs
Evolve ETFs, [email protected], t. 416.214.4884, tf. 1.844.370.4884; MEDIA CONTACT: Keith Crone, [email protected], 416.966.8716
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