Research/Research note
The line for ANT
Anthropic hasn't sold a single share to the public. Two dozen ETFs are already waiting for it.
The AI company filed on Monday to list on Nasdaq under the ticker ANT. By then, fund companies had filed plans for 26 ETFs with Anthropic in their names, the first of them back in February. None can open until the stock trades. Meanwhile, 12 ETFs that already trade own a piece of Anthropic, about $397m in all, at prices that differ by as much as 37%.
A line eight months long
The first filing reached the SEC on February 9. More followed every month through September, from 15 fund brands in all. Most of these funds are built for traders, not investors. Ten aim to deliver two or three times the stock's daily move. Eight aim to make money when it falls. Six plan to sell options on the stock and pay out the proceeds as income.
26 ETFs filed with Anthropic in their name, by month of first filing
One dot per fund. Pick a type to highlight it. Hover or tap a dot for detail.
By the date each fund's first registration filing reached the SEC. Source: SEC EDGAR, January 1 to October 26, 2026.
They are all waiting for the same thing. A fund that promises twice the stock's daily move needs a stock that moves. Until ANT trades, there is nothing to track.
Nearest the front
A few are closer than others. The SEC cleared two GraniteShares funds, AIL and ANS, on September 2. Their prospectus still has blanks where the stock's exchange and ticker will go. Tradr has registered its two funds, one betting on the stock and one against it, to trade on the Cboe exchange. We found no sign that the rest have been cleared.
Some investors are already in
Not everyone has to wait. Nine actively managed ETFs bought Anthropic while it was private, some as shares and some through a private fund set up to hold them. Three newer funds took another route. Built around the six "MANGOS" companies (Meta, Anthropic, Nvidia, Google, OpenAI and SpaceX), they hold contracts with trading firms that rise and fall with Anthropic's value. One says those contracts are priced, at first, off perpetual futures: bets on Anthropic that already trade on venues outside the stock market.
How much Anthropic do you get for your money? That depends heavily on the fund.
Which ETFs give you the most Anthropic
Holdings at the close of October 23, 2026, from each fund's own daily holdings. The yearly fee is the fund's expense ratio, charged on the whole fund, divided by the share of the fund in Anthropic. MNGZ aims for twice the daily return of FRUT, so its exposure resets each day.
The most per dollar sits in an unlikely place. LAZR, a Tema fund that invests in photonics, the technology of moving data with light, has 10.5% of its money in Anthropic, held through a private fund. That is $105 of every $1,000.
The cheapest is Corgi's MN. It charges 0.20% a year and has 6.86% of its money in Anthropic, so each $100 of Anthropic costs about $2.92 a year. The catch: MN owns a contract, not the shares, and the whole fund is $68m.
Five prices for one company
With no market price to go on, each fund that bought Anthropic privately has to set its own. The nine have landed on five prices, from $746 a share to $1,023, a gap of 37%. And the prices move. Between October 13 and October 23, iShares raised its price from $797 a share to $921.
The same company, valued differently by each fund
Price per share at which each ETF valued its Anthropic holding, from its own daily holdings, October 23, 2026. Prices as each fund reported them; the filing records a 10-for-1 split on September 17, so they may not compare directly with the IPO price.
Once ANT trades, all of them will use the same market price. Then we will find out whose guess was closest.
Then everyone else, in turn
Who can own ANT, and when
Each group can buy at a different time. Funds that track the S&P 500 wait more than a year.
Now
Today
12 ETFs
Bought it privately, or hold contracts that track it
Listing day
Expected November
Up to 26 new ETFs
Filed with Anthropic in their name
About 3 weeks later
After 15 days of trading
Nasdaq-100 funds
If it is big enough to qualify
12 months or more
Late 2027 at the earliest
S&P 500 funds
After a year as a public company, and a profit by standard accounting
Not to scale. Listing timing from press reports. The Nasdaq-100 step assumes ANT is big enough to qualify; the S&P 500 step is the earliest its 12-month rule allows, and also needs a profit by standard accounting. Every date moves with the listing.
The Nasdaq-100 moves fast. Since May 1, a new company big enough to rank among the index's 40 largest can join after 15 days of trading. SpaceX did just that: it listed on June 12 and joined on July 7. It came in at only about 1% of the index, because the index weights each company partly by how many of its shares actually trade, and a new listing has few.
The S&P 500 is slower. A company needs a year as a public company and a profit under standard accounting rules. By its own adjusted measure, Anthropic made $2.7bn in the first half of 2026, on revenue of $16.3bn. Under standard rules it lost $80.7bn, mostly a paper charge for the rising value of notes that will turn into shares. So funds that track the S&P 500, the most widely owned in the market, can't buy ANT until late 2027 at the earliest.
What it means for you
Check what you already own. A dozen ETFs hold some Anthropic now, from about half a percent of the fund to more than 10%.
Look at how the fund holds it. Shares, a stake in a private fund and a contract with a trading firm are three different things, with three different sets of risks.
Read the label on what comes next. Most of the funds in line are built for one-day trades. A fund that delivers twice the daily move can fall well short of twice the move over months.
The bottom line
ANT doesn't trade yet, and 26 ETFs are already lined up for it, most of them built for traders. Twelve more own a piece today, at five different prices. The listing will open the door for the first group and settle the argument for the second.
Notes and method
Funds in line: SEC EDGAR full-text search for "Anthropic" in fund registration filings, January 1 to October 26, 2026; we read all 377 documents and counted funds with Anthropic in their name, by first filing. Baskets that include Anthropic are not in the 26. Holdings: each fund's own daily holdings at the close of October 23, 2026. Fees: each fund's stated expense ratio. Company figures: Anthropic, PBC Form S-1, filed October 26, 2026. Index rules: Nasdaq-100 fast entry, effective May 1, 2026; S&P 500 eligibility, as reported.