Corgi launches MANGO ETF using swaps for private AI firm exposure
Corgi launched the MANGO ETF, which invests in Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX, using swaps to gain exposure to private firms. The structure is necessary because perpetual futures on non-public companies are banned in the US, though critics argue it reduces capital these firms can raise directly.
Corgi launched a new ETF named MANGO, investing in Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. The ETF currently holds $75 million, with approximately 22% allocated to Meta, Nvidia, Google, and SpaceX each, and the remaining 12% to OpenAI and Anthropic. Since OpenAI and Anthropic are not publicly traded, the ETF uses swaps to gain exposure to their performance, likely backed by perpetual futures on decentralized exchanges like Hyperliquid. This structure is necessary because perpetual futures on non-public companies are banned in the US.
Matt Levine of Bloomberg noted that while this allows investors to profit from AI firm valuations without buying equity, it reduces the capital these firms can raise directly, as investors prefer the liquidity of futures over private shares. The use of swaps to access private AI firm valuations is criticized for potentially hindering the firms' ability to raise capital for data centers.