AI Fund That Was Trouncing Market Is Derailed by Tech Bets
The AI Powered Equity exchange-traded fund (AIEQ) has lagged its benchmark, the S&P 500 Total Return Index, by 9 percentage points since the end of March.
Cormac Mullen | May 25, 2021
(Bloomberg) -- A machine-guided fund that roared ahead of the market at the start of the year is being derailed this quarter by the lackluster performance of its big tech bets.
The AI Powered Equity exchange-traded fund (ticker AIEQ) has lagged its benchmark, the S&P 500 Total Return Index, by 9 percentage points since the end of March, according to data compiled by Bloomberg. Tech and health care stocks account for the bulk of the artificial intelligence-driven ETF’s underperformance, calculations show.