MANGOS is an acronym for Meta, Anthropic, Nvidia, Alphabet, OpenAI and SpaceX. It is an actively managed ETF that holds the four listed companies as stocks and gains exposure to the private companies OpenAI and Anthropic through derivative contracts such as total return swaps.

It suits investors with a high risk tolerance who want to concentrate on leading AI companies and reach them through an ordinary brokerage account, without the qualification requirements of private funds.

It is an actively managed ETF run by Corgi Invest.

Meta, Nvidia, Alphabet and SpaceX are held as listed stocks, while the private companies OpenAI and Anthropic are tracked in value through total return swaps and similar instruments. Combined exposure to the two private companies is capped at a portion of net assets under liquidity management rules.

• Indirect exposure to the value of two private AI companies through an ordinary brokerage account
• An AI and space themed portfolio concentrated in a small number of holdings
• A 2x leveraged version from the same manager is listed separately

Assets under management (AUM) stand at $73.0M, and the expense ratio is 0.20% per year.

Because this is a new product, trading volume and bid-ask spreads may not yet be stable. Check the gap between market price and net asset value, and consider using limit orders.

The fund's track record is short, which makes it hard to judge a long-term return trend. Its holdings are large-cap tech stocks that are sensitive to the AI investment cycle, so large swings are likely depending on expectations for the industry.

The SpaceX listing and the rising valuations of OpenAI and Anthropic have boosted demand for access to large private companies. New ETFs aimed at this demand are appearing one after another.

The strength is access to private AI companies through an ordinary account, while the weaknesses are concentration in a few holdings and reliance on derivative contracts.

Comparable data for the same category is limited. For broader exposure to AI semiconductors, a semiconductor ETF such as SMH is an option, and for diversification across large-cap tech in general, a product such as QQQ can serve as an alternative. Exposure to private companies is a distinctive feature of this product, so direct substitutes are rare.

Here are the points to review before investing in the Corgi MANGOS ETF. Because the theme is so clear-cut, check in advance the holding concentration, the structure of the derivative contracts on the private companies, and the gap between market price and net asset value.

Concentration in a few tech stocks makes the fund highly volatile. The value of the two private companies depends on derivative contracts and estimated valuations, so it may differ from actual changes in corporate value.

It is a satellite asset for investors who want to hold private AI companies such as OpenAI and Anthropic together with listed large-cap tech stocks in one product. We recommend limiting its weight to a portion of your portfolio.