BlackRock readies suite of ETFs designed by robots

New York

BLACKROCK Inc's exchange-traded fund (ETF) business is getting a machine-made makeover.

After building a US$1.3 trillion ETF empire on the back of passive funds, the world's largest asset manager is readying a suite of actively managed equity ETFs designed by robots. At least seven funds branded "iShares Evolved" will invest in sectors such as innovative healthcare, media and entertainment, and technology - slices of the market that have been classified using artificial intelligence, regulatory filings with the US Securities and Exchange Commission (SEC) show.