The robots have arrived on Wall Street, and so far they're giving the market a pretty good run for its money.
Earlier this week marked the debut of an upstart fund called the AI Powered Equity ETF, an actively managed security that seeks to use artificial intelligence to beat the market.
So far, it's done a pretty good job.
While the evaluation time is extremely brief — the exchange-traded fund officially launched Wednesday — and therefore not much of a measure on how it fund will perform in the long term, it has accomplished its goal.
AIEQ was up about 0.6 percent heading into Friday, then added some early gains to push its return above 1 percent for the week. That beats its benchmark, the S&P 500, which was about flat for the period. The fund was outperforming the index in morning trade.
Whether it's the harbinger of an army of robot-powered funds will be worth watching.
"If it works over the first quarter and draws some assets, you're going to see 20 competitors inside of six moths," said Nick Colas, head of DataTrek Research, which distributes a newsletter that follows market trends.