VistaShares $AIS top holdings: SK hynix 10.48%

The interesting thing about VistaShares’ AIS ETF is that it does not look like the usual AI fund. Most investors hear “AI ETF” and expect a giant Nvidia position with Microsoft, Amazon, and maybe Broadcom stacked behind it. AIS is doing something else. By March 31, 2026, its biggest holding was SK hynix at 9.07%, with Micron at 5.72%, while Nvidia sat at 3.66% and AMD at 3.37%. ### What kind of fund is AIS? AIS is VistaShares’ actively managed Artificial Intelligence Supercycle ETF. The pitch is simple — don’t buy the obvious AI headline names by market cap, buy the companies supplying the hardware, memory, networking, and data-center plumbing that make the whole buildout work. VistaShares calls this a “bill of materials” approach, which is basically a parts-list view of AI infrastructure. (vistashares.com) ### Why does SK hynix being No. 1 stand out? Because SK hynix is not the company most retail investors think of first when they think “AI winner.” But inside the actual hardware stack, it makes sense. AI servers need huge amounts of high-bandwidth memory, and SK hynix has become one of the most important suppliers into that layer. So a fund that cares more about bottlenecks than brand recognition can end up overweighting memory over the obvious accelerator designer. (vistashares.com) ### What do the current weights actually say? They say AIS is leaning into memory and infrastructure rather than pure GPU celebrity. On the March 31 factsheet, the top 10 included SK hynix at 9.07%, Micron at 5.72%, Vertiv at 5.49%, Taiwan Semiconductor at 4.51%, Nvidia at 3.66%, and AMD at 3.37%. That is not accidental. It is a portfolio construction choice that says the fund wants exposure to the full AI supply chain, including cooling, power, manufacturing, and memory. (vistashares.com) ### Has that tilt been getting stronger? Pretty clearly, yes. VistaShares’ July 25, 2025 factsheet showed a much flatter top end — Nvidia at 5.12%, TSMC at 5.07%, SK hynix at 4.78%, Micron at 4.16%, and AMD at 4.36%. By March 31, 2026, SK hynix had nearly doubled its weight to 9.07%, while Nvidia’s weight was lower. That is a real shift in emphasis, not just random drift. (vistashares.com) ### Is this just a snapshot thing? Partly — ETF holdings move with both trading decisions and stock performance. But AIS is actively managed, so the shape of the portfolio matters. VistaShares says the fund is intentionally focused on the infrastructure side of AI and on companies with clearer links to capacity expansion, utilization, and shipment volumes. In other words, the fund is trying to own the sellers of scarce parts, not just the most famous AI ticker. (vistashares.com) ### Why not just load up on Nvidia? Because that would make AIS look like a lot of other AI products. VistaShares has been explicit that it wants to avoid the usual mega-cap concentration problem in thematic ETFs. The catch is that this makes the fund look weird if you expect “AI” to mean software platforms and hyperscalers. But if you think the real money is still in the buildout phase — chips, memory, cooling, power, servers — then the portfolio starts to look pretty coherent. (vistashares.com) ### What does this mean for investors? Basically, AIS is a bet that the AI trade is still more about infrastructure scarcity than end-user apps. Memory is a bottleneck. Power and cooling are bottlenecks. Advanced packaging and manufacturing are bottlenecks. A fund led by SK hynix instead of Nvidia is making that view visible in one glance. (vistashares.com) ### Bottom line The story here is not just that SK hynix is a top holding. It is that AIS is showing its hand. VistaShares is telling investors that, right now, the most crowded part of AI may not be the most interesting one — and that the quieter winners are still buried deeper in the hardware stack. (vistashares.com 1) (vistashares.com 2)