High Conviction US Equity. AI-Managed.
Many US equity ETFs hold the same stocks no matter what the market is doing. HIAI is designed to adapt. Every week, BAILA® (Bayesian AI Learning Algorithm) selects a focused portfolio of high-conviction stocks from the 1,000 most liquid US equities. When risk rises, HIAI can shift toward cash-like ETFs.
What is high-conviction investing?
High-conviction investing means holding a smaller number of stocks the model rates most favorably, rather than owning the whole market. Concentration can increase both potential reward and risk.
Management fee is 0.85%. Total annual fund operating expenses are 0.87%, which includes 0.02% in acquired fund fees and expenses. See the prospectus for details.
Live Performance
Standardized Returns
The fund is new and therefore does not have a performance history for a full calendar year. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns include reinvestment of dividends and capital gains. Performance for periods greater than one year is annualized.
Market Price Return is calculated using the price at which investors buy and sell ETF shares in the market. The market returns in the table are based upon the midpoint of the bid/ask spread at 4:00 pm EST, and do not represent the returns you would have received if you traded shares at other times.
NAV returns are based on the fund's net asset value.
Performance data current to the most recent month-end may be obtained by calling (866) 262-1371 or by visiting this page.
Holdings
Holdings are subject to change. The fund is actively managed; holdings shown do not represent a recommendation to buy or sell any security. Percentage weights are as of the date shown and may not sum to 100% due to rounding. Full daily holdings are available on this page and updated before market open each trading day per SEC Rule 6c-11.
Premium/Discount to NAV
The difference between the fund's market price and its NAV, expressed as a percentage. Positive means the market price was above NAV (premium); negative means below (discount).
The 30-day median bid/ask spread as a percentage of market price is disclosed in the live data bar above and updated daily per SEC Rule 6c-11(c)(1)(iv). 30-Day Median Bid/Ask Spread is the median of the differences between the best bid and offer prices for a security expressed as a percentage of their midpoint, calculated at 10-second intervals during regular trading hours over the most recent 30 calendar days. It represents the typical cost of trading the security during that period and is a measure of its liquidity.
What HIAI Does
Every week, BAILA reads the market's position and seeks to select a focused set of high-conviction US stocks. When data favors stocks, BAILA leans in. When risk rises, BAILA can pull back toward cash-like ETFs.
How HIAI Differs
If you already own broad US equity index funds, this is how HIAI is structurally different.
| HIAI | Passive US Equity Index | |
|---|---|---|
| How stocks are picked | BAILA selects a focused set of high-conviction stocks each week from the 1,000 most liquid US equities | Index rules; all constituents held at market-cap weight |
| How risk is managed | Adaptive: 0% to 100% equity exposure based on conditions | Static: ~100% invested regardless of conditions |
| How many stocks | Focused: a limited number of stocks, disclosed in full daily | Broad: 500+ (S&P 500) or 3,000+ (total market) |
| How often it's reviewed | Weekly | Quarterly or semi-annual |
The referenced index is shown for general market comparisons and does not represent all Passive US Equity Indexes. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
Who Should Consider HIAI
A complement to broad market exposure, not a replacement.
The Hands-Off Active Investor
You want active US equity exposure without picking stocks yourself.
The Index Holder
You already own broad index funds and want an active sleeve alongside.
The Risk-Aware Investor
You value a strategy designed to defend on the downside, not just ride the market up.
Not sure if HIAI is right for you? Talk to your financial advisor or read the prospectus.
The AI Behind HIAI
BAILA has been guiding portfolios since 2019, exclusively for financial advisors. With HIAI, for the first time, BAILA is accessible through an ETF anyone can buy.
BAILA is the AI behind every Ai Funds® ETF: a market reader and a portfolio builder. BAILA serves as the investment strategist within HIAI, comparing today's market to decades of history and constructing the portfolio accordingly. Humans oversee the system; BAILA drives the day-to-day investment decisions.
BAILA adjusts risk exposure along a spectrum from fully invested to fully defensive. When markets look favorable, BAILA leans in. When the data suggests risk, BAILA pulls back.
Pattern Matching
Scans 30+ years of market data for the closest matches to today.
Bayesian Inference
Combines those matches into a probabilistic view of the market state.
Adaptive Risk Positioning
That market state sets how much HIAI holds in stocks versus cash-like ETFs, along a spectrum from fully invested to fully defensive.
Portfolio Optimization
Working from that exposure level, BAILA selects the holdings and weights, optimized to manage downside risk.
Who is behind HIAI
Dr. Tal Schwartz
Cornell Finance Ph.D., Caltech B.Sc. Serial entrepreneur of 25+ years with prior quantitative research experience at hedge funds, building AI models and portfolio optimization systems. Faculty positions at Caltech and the Technion.
Milliman Financial Risk Management
Milliman is one of the most established names in financial risk management. As HIAI's sub-adviser, Milliman supports trade execution and day-to-day implementation under Ai Funds' direction and oversight. Ai Funds, as the Adviser, directs and oversees the strategy.
* As of March 31, 2026. Source: Milliman Financial Risk Management LLC.
Risks to Consider
All investments involve risk, including potential loss of principal. The risks below are summaries. Full risk factors are in the prospectus.
Historical Patterns May Not Repeat
BAILA relies on pattern matching against decades of market history. No two market environments are identical, and past patterns may not indicate future outcomes. BAILA's signals can fail, especially in volatile markets or during market disruptions.
Equity Market Risk
Stocks can lose value due to market conditions, economic factors, or company-specific events. Equity prices can fluctuate significantly over short periods.
Non-Diversification Risk
HIAI is non-diversified and holds a focused portfolio with a limited number of stocks. The poor performance of a single holding can have an outsized impact on the fund.
Active Management Risk
HIAI is actively managed. BAILA drives the day-to-day investment decisions with human oversight, and those assessments may prove incorrect. There is no guarantee the investment strategy will produce the desired results.
Model and Technology Risk
BAILA depends on the quality and timeliness of data and on complex AI models. Stale or inaccurate data, coding errors, or system failures could hurt results, and models can produce unexpected results in volatile markets.
New Fund Risk
HIAI is newly organized with no operating history. Investors do not have a track record on which to base their investment decisions.
When BAILA Is Wrong
BAILA makes probabilistic assessments, not certainties. The goal is to be right more often than wrong over full market cycles.
But probability isn't certainty. BAILA will be wrong some weeks, and not every drawdown will be avoided. That's the nature of any pattern-based assessment.
We'd rather tell you that upfront than pretend otherwise. Please read the risk factors and prospectus before investing.
How to Invest
HIAI trades on Cboe BZX. You can invest through your existing brokerage account, or send it to your financial advisor for review.
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Fund Documents
Documents are updated as new SEC filings become effective.
Fund Data
Distributions
Questions About HIAI
What visitors most often ask about AI-Managed investing and Ai Funds.
Invest in HIAI →What is AI-Managed investing?
AI-Managed investing is an approach where an AI system makes the investment decisions, rather than only offering ideas for a human manager to act on. The AI selects the holdings, sets the weights, and adjusts positioning as markets change, with humans overseeing the system. This is different from AI-Assisted strategies, where AI provides tools that human managers use to inform their own decisions. Dr. Schwartz's research describes AI-Managed investing as the Third Pillar of investment management, alongside passive indexing and traditional active management.
What is BAILA?
BAILA stands for Bayesian AI Learning Algorithm, the proprietary AI Investment Model developed by Ai Funds. Every week, BAILA compares today's market to more than 30 years of history, assesses the current market state, and constructs the portfolio accordingly. BAILA has been guiding portfolios since 2019, exclusively for financial advisors, and now powers every Ai Funds ETF.
Which stocks can HIAI own?
HIAI's equity universe is the top 1,000 most liquid US stocks by average daily trading volume, spanning large-, mid-, and small-cap companies. From that universe, BAILA selects a focused portfolio of high-conviction names each week. The liquidity screen is designed to keep every holding readily tradable.
How are your ETFs different from other “AI ETFs”?
Many funds marketed as “AI ETFs” do one of two things: they invest in AI companies, or they use AI as a research tool for human managers. Ai Funds ETFs are AI-Managed: BAILA makes the investment decisions, selecting the holdings, setting the weights, and adjusting risk exposure, with humans overseeing the system.
Is BAILA always right?
No. BAILA makes probabilistic assessments, not certainties. It aims to be correct more often than not over full market cycles, and BAILA is wrong some of the time. It does not catch every drawdown, and sometimes it turns defensive when no downturn follows. We would rather tell you that upfront than pretend otherwise.
What are the risks?
All investments involve risk, including potential loss of principal. AI-Managed strategies also involve unique risks, including model risk (historical patterns may not repeat) and technology risk. Each fund's prospectus describes its full risk factors. Please read the prospectus carefully before investing.
Who is behind Ai Funds?
Ai Funds, Inc. is an SEC-registered investment adviser founded by Dr. Tal Schwartz, a Cornell Finance Ph.D. and serial entrepreneur who built BAILA. HIAI is sub-advised by Milliman Financial Risk Management LLC, one of the most established names in financial risk management. Ai Funds ETFs are distributed by PINE Distributors LLC, Member FINRA.
How do I invest?
HIAI trades on Cboe BZX under the ticker HIAI. You can buy it through your existing brokerage account, the same way you would buy any ETF, or ask your financial advisor to review it for your portfolio. The How to Invest section on this page has direct links to major brokerages and a pre-drafted advisor email.