A new exchange-traded fund offers investors a way to gain economic exposure to OpenAI and Anthropic, although it does so through swaps rather than ownership of their shares. The MN (Corgi MANGOS ETF) began trading on 2 October, bringing a complicated route into private AI companies to an ordinary brokerage account, with some important strings attached.
Watch Desk analysis
What happened
Corgi Invest announced the actively managed fund in a release carried by Yahoo Finance. MN seeks exposure to six companies: Meta, NVIDIA, Alphabet, OpenAI, Anthropic and SpaceX. It can use cash-settled total-return swaps linked to OpenAI and Anthropic, whose shares are not publicly traded. The fund’s combined exposure to those two companies is capped at 15% of net assets at the time of investment.
The release says at least 80% of net assets will normally be invested in securities or financial instruments tied to the six companies. MN lists an annual operating expense ratio of 0.20%. Its OpenAI and Anthropic swaps are initially priced with reference to perpetual futures contracts, which can diverge from the companies’ actual value.
Why it matters
This is not a back door into owning OpenAI or Anthropic shares. Investors buy fund shares; the fund uses financial contracts to seek exposure to those private companies. That distinction matters because the swaps bring counterparty, valuation, liquidity and pricing risks, while investors have less public information about the underlying companies than they would for listed firms.
The fund also concentrates on six companies and related industries. Its shares may trade above or below the value of the fund’s assets, and the release warns that liquidity may be limited. A familiar ticker and a brokerage account make access simpler; they do not make the underlying exposure simple.
Our read
MN is a notable new wrapper for AI-market exposure, not a shortcut to buying private-company shares. The 15% cap and the stated fee are useful starting points, but they are not a substitute for understanding how the swaps are valued or what happens when their reference prices part company with reality. Investors should read the prospectus and weigh the risks before treating “access” as a synonym for “straightforward”.
What to watch
- How the fund’s swaps are valued and how closely their reference prices track the companies’ actual value.
- Whether MN trades at a premium or discount to its net asset value, and how liquid its shares are.
- How the fund’s exposure to the six companies changes under active management.
Discussion spark: Does a fund using swaps to give retail investors exposure to private AI companies make that exposure meaningfully more accessible, or just harder to understand?
Sources and evidence
- MN ETF Seeks to Give Investors Access to OpenAI and Anthropic – Yahoo Finance UK (6 October 2026, 20:40 UTC)
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