AIEQ invests primarily in US securities, and is actively managed. It was started on October 17, 2017, and has an expense ratio of 0.75 percent but has still significantly underperformed the S&P 500 benchmark index since inception.
The brokerage said IT remained at its top underweight. BofA also said it remained underweight on staples, discretionary and telecom sectors. It continues to favor financial, industrials, cement, steel and select auto (two wheelers), utilities and healthcare as defensive plays. BofA remained normal weight on the energy sector
Option data at the end of the day on May 3 suggests a number of hurdles for the index. At the same time support is also present as traders have not taken a definite view on it.