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How Investors Can Get Exposure to Private AI Giants

Market Movers: The Opening Bell

October 6, 2026

Video Transcript

Speaker 1
The big tech trade has shifted back into focus, with record divergence between mega cap tech and equal weight S&P. Now, the AI trade is on pace to help drive the market to a fourth straight year of double digit gains in 2026. But some of tomorrow's AI trade leaders might not be public yet. And with potential trillion dollar market debuts from Anthropic and OpenAI coming down the pike, investors are looking for private market access to get early exposure to these heavyweights.
Now, a new CEO listed fund from Corgi Invest does just that, blending public and private market exposure through coverage of the world's most valuable companies alongside Anthropic and OpenAI. While joining us to break down the launch of the Corgi Mango ETF is Jeff Winegar, Chief Investment Strategist for Corgi Investor.
Jeff. Good morning. Welcome. Thank you so much for joining me.
Speaker 2
Thank you. I appreciate it.
Speaker 1
Well, we know that Wall Street loves its acronyms whether we're talking about Fang or even Max seven. So it talks about mango companies.
Speaker 2
Yeah. And this is with em. Now it's a chance to have OpenAI and Anthropic in the structure. And that's the evolution really. It was fangs. And if you think about fangs, it was kind of just this hodgepodge of companies thrown together. I mean, like Netflix was in there. That was the end. And what did Netflix have to do in terms of business model with Google?
And then that evolved to mag seven, and Corgi has a Mag seven ETF too. But now you have the mangoes. It's Meta, Anthropic, Nvidia, Google, OpenAI and SpaceX. And yeah, and then has OpenAI and Anthropic in there. And I think that's one of the key appeals is getting in before the IPO. Imagine that. Imagine that getting in before the IPO for the little investor.
Speaker 1
Yeah, absolutely. So I understand this is an actively managed strategy. So when it comes to balancing the exposure to established public giants versus some of the private companies, how do you do this?
Speaker 2
Yeah. Well look, I mean there's a lot of rules inside the ETF structure if you're trying to get privates like OpenAI and Anthropic in there, right? So you have a 15% cap as to how much can be in private. So that's part of the active management is imagine if there's a funding round that comes before the IPO and one of these pops inexorably higher.
You have to rebalance from that extent. And the four that are not OpenAI and Anthropic are generally equal, weighted in a kind of a mix between common stock and total return swaps. But look, we're just trying to get the exposure to these six. And it really is a pure play. On who are the giants in AI, who are in the what are the firms that are absolutely in the conversation?
And that's MANGOs. And we think that that might be the new Mag seven concept.
Speaker 1
And I do want to ask you about the private companies within this fund, especially since there's so much anticipation, so much dialog surrounding artificial intelligence. So we're watching Anthropic as well as OpenAI. So what is the opportunity?
Speaker 2
Well, I mean look at the SpaceX IPO. So let's say you were bullish on SpaceX and the six months leading up to that IPO. Generally speaking, unless you are a private high net worth or ultra high net worth client of a white shoe private bank or you have connections in Silicon Valley, you're on the outside looking in, watching that private valuation go up inexorably higher.
And then the only chance you ever had to get into SpaceX was post IPO, because you're a small investor. But now here you could say, look,
I'm educated, I know my markets. Maybe I just have a small account, maybe I have a big account, and I don't want to have accredited investor lockups. I don't want to pay big private equity fund management type fees, something like that. I don't want to have multi-year locks. I just want to have the exposure now.
And the critical thing is, if you're looking at you're charging 20 basis points. So now you can be in the names that are leading basically the tech revolution if you're bullish on them 20 bits. I think it's a pretty compelling offer.
Speaker 1
Yeah. And the prospectus does mention total return swaps as well as SPV. So how do you accurately price as well as manage liquidity for the private names?
Speaker 2
Well there are the in the prospectus. You can have SPVs as the potential vehicle with which you get the OpenAI and Anthropic. But right now we are using the total return swaps on the perps. So that is I think that's probably even a better structure because remember with an SPV
you need to necessarily have a buyer on the other side. Those can be a little illiquid because there are vehicles out there right now in public markets that have SPVs underlying. So in those though, the expense ratios are materially higher than ours. Sometimes you're paying 50 to 100 basis points for the fund, but this way you can basically manage it via what we suspect will be really perhaps the future of some of these investing investing mandates.
We have the futures also on the other four plays, I mean, because we're talking about OpenAI and Anthropic, But there's also Meta in there. There's also Google in there.
Speaker 1
Yeah, yeah, there's a lot happening with those names, especially recently with Meta. Platforms announcement of news. But when it comes to where we are in the AI transformation story, where do you think we go from here?
Speaker 2
Well, I mean, it's getting to the point where it's becoming ubiquitous. This is I mean, if you think about where we were just with the the launch of ChatGPT 3 or 4 years ago, at this point, it was this new fangled technology. Maybe people will use it, maybe they won't. Now everybody is using it. It's becoming almost like electricity or auto transport.
It's becoming part of our lives. And I think that we're in the heart of it.
Speaker 1
Well, Jeff, we will have to leave it there since we are counting down to the market open here at the New York Stock Exchange. Thank you so much for joining us today. And thank you so much for all of you.
Speaker 2
And thanks.
Speaker 1
Remy. Thank you.

The AI investment trade is entering a new phase as investors look beyond today’s mega cap technology companies toward the private firms that could become tomorrow’s market leaders. Jeff Wenigar, Chief Investment Strategist at Corgi Investor, Remy Blaire to discuss the launch of the Corgi Mango ETF and its approach to combining public and private market exposure.

Wenigar explains how the strategy provides exposure to a group of major AI companies including Meta, Anthropic, Nvidia, Google, OpenAI and SpaceX. He also discusses the challenges of accessing private companies before they go public and how the ETF structure could give smaller investors exposure without the traditional restrictions, fees and lockups associated with private market investing.

The conversation also explores how the fund manages private company exposure, including its use of total return swaps and the 15% limit on private assets within the ETF. Wenigar explains why liquidity, pricing and portfolio rebalancing are important considerations as investors seek access to highly valued private AI companies.

Wenigar also shares his outlook on the broader AI transformation, arguing that artificial intelligence is becoming increasingly embedded in everyday life. As AI moves from an emerging technology to a more ubiquitous part of the economy, investors are watching closely to see which companies will lead the next stage of the technology revolution.

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