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ETF issuers rush to add Anthropic ahead of its IPO
Some funds are taking pre-IPO exposure via special purpose vehicles, including one with Anthropic near a 10.6% weighting despite an unchanged 0.75% expense ratio.
Venture capital gains from early SpaceX exposure have pushed ETF issuers to pursue a similar strategy for the next mega-IPO, and attention is now shifting to Anthropic, which filed a confidential S-1 with the SEC on June 1, according to Yahoo Finance.
The most aggressive example so far is the Tema Photonics & Optical ETF (LAZR), which recently added Anthropic through a special purpose vehicle. Tema said the Anthropic SPV position was 12% of LAZR net assets when announced and sits around 10.6% now, making it the second-largest holding, behind Lumentum Holdings Inc.
LAZR launched on June 30 and has $19 million in assets. Tema also said the SPV structure carries no management fee, no performance fee, no brokerage fee, and no redemption fee, so LAZR’s 75 basis point expense ratio is unchanged. The fund will hold the position at cost until the IPO and plans to keep adding until the final S-1 is filed, Yahoo Finance reported.
Other ETFs also own Anthropic, but at smaller weights: the KraneShares Artificial Intelligence and Technology ETF (AGIX) holds 2.7% of its portfolio in the company, while the iShares A.I. Innovation and Tech Active ETF (BAI) holds 0.8%. Yahoo Finance added that Tema said the SPV was priced at a premium to Anthropic’s last primary round and at a discount to current secondary-market trading levels.