SpaceX, Anthropic, OpenAI – Which ETFs Currently Own Private Equities?

Baron First Principles ETF

RONB

-1.1%

RONB debuted in December 2025 and has grown quickly to roughly $170 million in assets under management. It is a concentrated, actively managed ETF focused on long-term growth, with a clear tilt toward innovative, technology-driven businesses.

The largest holding is Tesla at 13.47%, but what sets RONB apart is its exposure to private companies. SpaceX appears twice in the portfolio, through separate Class C and Class A holdings, with weights of 9.25% and 8.26%, respectively.

Beyond that, the lineup is eclectic and refreshingly different from standard mega-cap tech baskets. There is notable exposure to tech-adjacent financial firms such as MSCI Inc. and Interactive Brokers, alongside consumer discretionary names like Vail Resorts and Hyatt Hotels.

One detail worth flagging is that private company exposure exceeds 15% of the portfolio. In a comment on LinkedIn, Bloomberg’s Eric Balchunas noted that Baron considers SpaceX sufficiently liquid due to an active secondary market.

When I asked whether authorized participants could source SpaceX shares for in-kind creation, he clarified that the fund relies on cash redemptions instead. That introduces an additional layer of complexity and potential tax inefficiency.

The obvious question is liquidity. So far, trading conditions have been reasonable. Over the past 30 days, RONB has averaged about 352,443 shares in daily volume, with a 30-day average bid-ask spread of 0.16%. That is not tight, but it is comparable to what investors often see in emerging market ETFs.

The main drawback is cost. RONB charges a 1% management fee, which is high even by active ETF standards. That said, it remains cheaper than alternatives such as DXYZ, and it offers direct exposure to private companies rather than relying on SPVs.

KraneShares Artificial Intelligence & Technology ETF

AGIX

+0.54%

If RONB represents the active, high-conviction end of the spectrum, AGIX sits closer to the thematic, passive-oriented side.

The ETF largely tracks the Selective Artificial General Intelligence Index, which results in a portfolio dominated by familiar large-cap technology names. Holdings include companies such as NVIDIA, Microsoft, Meta Platforms, Alphabet, Apple, and Amazon.

What sets AGIX apart is its exposure to private companies. As of February 2026, the ETF holds a 3.41% allocation to SpaceX and a 2.64% allocation to Anthropic. Importantly, these positions are held directly rather than through SPVs.

AGIX sits on the capitalization table for both companies, which improves transparency. Both SpaceX and Anthropic also benefit from relatively active secondary markets, which helps with valuation and liquidity management compared with less frequently traded private firms.

However, that advantage has not fully translated into smooth ETF trading. According to ETF Central data, AGIX has a 30-day average bid-ask spread of 0.491%, which is elevated, particularly given that most of the portfolio consists of highly liquid large-cap technology stocks. That is an area where execution could improve as assets grow.

Fees are also high. AGIX carries an expense ratio of 0.98%, slightly below RONB but still well above typical thematic ETFs. At the moment, that appears to be the cost of gaining direct exposure to private companies within an ETF wrapper.

Please note that this article reflects the author’s personal views and does not represent the opinions of the publication or its affiliates. It is for informational purposes only and does not constitute investment advice. It is essential to seek guidance from a registered financial professional before making any investment decisions.