Corgi Invest launched the MN Corgi MANGOS ETF, an actively managed fund that routes exposure to private AI companies OpenAI and Anthropic through swaps rather than shares.
The fund began trading on the Cboe BZX Exchange on Oct. 2, and Corgi announced the launch the following Monday.
MANGOS is an acronym built from the first letters of its six targets, Meta Platforms, Anthropic, Nvidia, Google parent Alphabet, OpenAI, and SpaceX.
The private pair is the smallest slice. Combined OpenAI and Anthropic exposure sat at 10.37% as of Oct. 6, while SpaceX alone accounted for 22.69%.
Meta, Nvidia, Alphabet, and SpaceX together made up ~86% of the fund, each of the four holding about twice the weight of the two private names.
SpaceX has traded on Nasdaq since June 12.
The private exposure is a contract, not a share
Corgi reaches OpenAI and Anthropic through cash-settled total return swaps, which pay out the change in value in cash instead of delivering stock.
Those swaps are initially priced off perpetual futures, contracts with no fixed expiry date.
Corgi warns the swap price can diverge from a private share sale, a funding round, or an eventual listing, and that financing charges eat into returns.
Combined exposure to the two private names is capped at 15% of net assets at the time of investment. Under normal conditions, the fund plans to hold at least 80% of net assets in the six companies' equity and related instruments.
The total annual expense ratio is 0.20%. The fund tracks no index, so a manager picks the mix. Assets stood at $68.4M as of Oct. 6.
Retail access without accreditation
OpenAI and Anthropic aren't publicly traded, which normally blocks ordinary investors from buying their equity on an exchange.
The swap structure gives retail investors a way to track those companies without accreditation requirements or multi-year capital lockups.
Valuation is the sticking point. Private-holding valuation, liquidity, net asset value, and redemption mechanics all sit squarely in regulators' sights.
OpenAI's last disclosed private valuation and Anthropic's funding rounds run into the hundreds of billions combined, making even small pricing errors meaningful for a fund this size.
Corgi Strategies, which operates as Corgi Invest, is an SEC-registered investment adviser founded in 2025 and managed roughly $821M as of June 30, 2026.
Earlier funds that packaged pre-IPO stakes in companies like SpaceX set the template, and MN now extends it to the two biggest names in AI model development.
Investors buying MN are getting a derivative bet priced off futures markets, wrapped in a ticker that trades like any other ETF.
