New MN ETF Offers Exchange-Traded Exposure to OpenAI and Anthropic

What the MN fund is

The fund's name, MANGOS, is an acronym formed from the first letter of each of the six companies' names. According to Corgi Invest, the six holdings are Anthropic, OpenAI, Meta Platforms, NVIDIA, Alphabet/Google and SpaceX.

The company describes Anthropic as a privately held AI safety company and developer of the Claude family of AI models, and OpenAI as a privately held developer of ChatGPT and frontier AI research. It describes SpaceX as covering launch services, Starlink and, through its ownership of xAI and X, AI and social media. Portfolio weightings are set through active management rather than index replication.

MN carries a total annual operating expense ratio of 0.20%. Investors can buy and sell shares through a brokerage account like any other ETF, and the fund is available through brokerage accounts nationwide, according to the company.

How exposure to private companies works

Neither OpenAI nor Anthropic is publicly traded, which ordinarily puts them out of reach for everyday investors. MN does not buy their shares directly. Instead, it seeks exposure through cash-settled total return swaps.

Corgi Invest says these swaps provide one-for-one exposure with no leveraged return multiplier, and that they are initially priced with reference to perpetual futures contracts linked to the respective companies. The company defines a total return swap as a contract under which the fund receives an investment's gains and income, pays its losses and typically pays financing costs, without owning the investment directly.

Combined exposure to OpenAI and Anthropic is limited to 15% of the fund's net assets at the time of investment, consistent with the fund's liquidity risk management program. Beyond that, the fund aims for capital appreciation by investing, under normal market conditions, at least 80% of its net assets in equity securities of all six companies and in financial instruments, including total return swaps, that provide economic exposure to their equity value.

"For years, exposure to OpenAI and Anthropic has been reserved for venture investors and insiders," said Jeff Weniger, Chief Investment Strategist at Corgi Invest, according to the press release. He said the fund offers a standard exchange-traded structure "with no lockups and no accreditation requirement."

Risks and what it means for investors

The release carries extensive risk disclosures. Corgi Invest says the swap exposure involves counterparty, valuation, liquidity and pricing risks, including reliance on perpetual futures reference pricing that may differ materially from the companies' actual value. Anthropic and OpenAI are privately held, so substantially less public information is available about them.

The fund is non-diversified and concentrates its investments in six companies and their related industries, which may make it more volatile than a more broadly diversified fund. It is newly organized and has no operating history. Shares may trade at a premium or discount to NAV and may have limited liquidity, and investing involves risk, including possible loss of principal.

Corgi Strategies, LLC, the firm behind Corgi Invest, is an SEC-registered investment adviser founded in 2025. As of June 30, 2026, it managed approximately $821 million in assets, according to the release.

For retail investors, the product offers a route to two prominent private AI developers through an ordinary brokerage account. The access is indirect, however, and depends on swaps priced off reference contracts rather than ownership of the companies' shares. The company points investors to the fund's prospectus for a complete description of principal risks.