While artificial intelligence is still some way off being able to perform all the tasks that human beings are capable of the technology has still come a considerable way in recent years. Currently, artificial intelligence is capable of performing a number of largely mundane or repetitive tasks in various industries.
Now it seems that artificial intelligence is about to enter a new industry, Canadian company Horizons ETFs Management, Inc. has announced plans to launch Horizons Active Artificial Intelligence Global Equity Exchange Traded Fund on the 1st of November.
An exchange-traded fund is common in securities trading where it acts as a marketable security that trades in the same way that stock trades on a stock exchange. Usually, human beings in a trust company manage an exchange-traded fund portfolio. In contrast, this new ETF, which will be listed under MIND, will be managed by artificial intelligence, eliminating the need for human involvement.
READ MORE – Top 25 AI Software for the Banking Industry
READ MORE – 10 Applications of Machine Learning in Finance
MIND will operate as an investment strategy that is managed by artificial intelligence. This system is able to work out investment patterns by analyzing a range of data from fifty investment metrics on a range of subjects including money flow and relative six-month performance. In short, the idea is that MIND is an artificial intelligence that acts as both investment manager and an analyst.
When championing the use of artificial intelligence over human beings the main advantage is often identified as efficiency. In the business world, this sees companies being able to maximize both output and profit while slashing costs. This is commonly seen in factory work where robots can easily outperform human beings.
Working alongside human beings artificial intelligence is also able to speed up mundane tasks while providing a secure safety net. This is seen in the insurance sector where artificial intelligence is used to check insurance policies eliminating the risk that relevant information may be missed.
It’s the developer’s hope that MIND will work in a similar way. Artificial intelligence that is able to manage investments removes any investor bias and human emotion, which may affect decisions. One of the minds behind MIND is professor Junhee Seok, who is a professor of Engineering at Korea’s University School of Engineering.#
He made a statement explaining that he hopes MIND “can make a significant change in the investment, and is able to cover the weaknesses of human intelligence which includes emotional decisions, as well as a human error that can occur.”
Source Futurism
