The Magnificent Seven have dominated the technology trade, but investor attention is now shifting toward the MANGOS — a group of companies that place greater emphasis on artificial intelligence (AI) rather than traditional megacap technology. Unlike the Magnificent Seven, MANGOS includes privately held companies such as OpenAI and Anthropic, alongside publicly traded names like NVIDIA (NVDA), Meta Platforms (META), Alphabet (GOOGL), and most recently, Space Exploration Technologies (SPCX). ETF issuers are responding with products focused on this group, including opportunities to gain exposure to AI companies that have yet to go public.Key Takeaways:
Five MANGOS ETFs have launched in the U.S., although early asset gathering has been concentrated in just one fund.
Despite sharing the same theme, MANGOS ETFs differ in portfolio construction and the extent of their exposure to private companies.
Investors can gain exposure to OpenAI and Anthropic through derivatives and other structures, but these do not necessarily replicate direct ownership.
Beyond Megacap Technology to AI LeadersMANGOS represents six companies leading the artificial intelligence (AI) story: Meta, Anthropic, NVIDIA, Google (Alphabet), OpenAI, and SpaceX. While the Magnificent Seven consists entirely of established publicly traded companies, MANGOS replaces Apple, Amazon, Microsoft, and Tesla with three companies that have not traditionally been part of the megacap technology group, including OpenAI and Anthropic. SpaceX is also a relatively new addition to public markets, having completed its IPO in June 2026.
These companies operate across different parts of the AI ecosystem. NVIDIA supplies the chips and computing systems that support AI development, while OpenAI and Anthropic develop generative AI models and applications, including ChatGPT and Claude. Meta and Alphabet are integrating AI into their existing platforms while developing their own models, and SpaceX expanded its AI operations through its February 2026 acquisition of xAI, the developer of Grok.
The appeal of MANGOS lies in its concentration of companies positioned to benefit from AI adoption through their varied business models. Established technology companies such as NVIDIA, Meta, and Alphabet provide exposure to businesses with substantial existing revenue streams, while OpenAI and Anthropic offer exposure to companies focused more directly on developing and commercializing advanced AI models. The inclusion of private companies is significant, since investors have historically had limited opportunities to access these businesses through traditional public equity markets.MANGOS ETFs Launch, So Far With Limited AssetsMANGOS ETFs are a relatively new trend to the market with the first fund, the Yorkville America MANGOS Plus Index ETF (FRUT), launching on August 31, 2026. This was technically preceded by the August 27 launch of the MicroSectors 3x Long MANGOS ex Private Companies ETN (MNGU), which offers leveraged exposure but currently excludes Anthropic and OpenAI. Since FRUT’s launch, four additional MANGOS ETFs have launched, including leveraged and inverse strategies, bringing the total to five ETFs and one ETN.
Despite launching over a month after FRUT, the Corgi MANGOS ETF (MN) has emerged as the largest in the group, accumulating approximately $69.8 million in assets as of October 19, 2026. By comparison, FRUT holds just $2.0 million in assets, highlighting the uneven investor interest across these products. MN’s inflows, however, do not necessarily show consistent investor interest. Much of MN’s initial asset growth occurred early after its launch around October 5 and October 7, rather than a steady pattern of daily inflows.Lessons From MAGS ETFsMagnificent Seven ETFs provide an interesting precedent for how MANGOS products might evolve. Roundhill introduced the BIG Tech ETF (BIGT) in April 2023, and later adjusted its portfolio to target the Magnificent Seven and renaming it the Roundhill Magnificent Seven ETF (MAGS A-) in November 2023. The category later expanded to include leveraged and income-oriented strategies, while MAGS became its largest fund, with approximately $5.8 billion in assets as of October 19, 2026.
However, not every Magnificent Seven ETF was as successful. The Roundhill Daily Inverse Magnificent Seven ETF (MAGQ) closed in November 2024, while the Tuttle Capital Magnificent 7 Income Blast ETF (MAGO) ceased trading in July 2026, less than seven months after its December 2025 launch. Tuttle cited limited prospects for asset growth and ongoing operating costs, illustrating how investor enthusiasm for an underlying theme does not necessarily translate into sufficient demand especially with multiple competing ETFs.Different ETF Strategies of the Same ThemeAlthough MANGOS ETFs target a similar group of companies, their portfolio construction varies significantly. Three funds — FRUT, MN, and MGOL — offer unleveraged exposure through different methodologies. These differences are significant when evaluating how much exposure investors actually receive to OpenAI and Anthropic.The Yorkville America MANGOS Plus Index ETF (FRUT) tracks the MarketVector MANGOS Plus Index, which allocates 67% to the six MANGOS companies and 33% to seven AI infrastructure companies selected based on their recent performance. Currently, those companies include: Advanced Micro Devices (%), Micron Technology (MU), Intel Corp (INTC), Dell Technologies (DELL), Sandisk Corp (SNDK), and Seagate Technology (STX). The index is constructed as an index of indexes to allow for the inclusion of OpenAI and Anthropic through perpetual futures indexes. The fund primarily accesses these privately held names through total return swaps on these index components, with each company’s index weighting capped at 5% while the companies remain private. This ETF offers broader exposure to the AI ecosystem, although private companies receive relatively small allocations compared with other MANGOS ETFs.
The Yorkville America 2X Long MANGOS Plus Daily Target ETF (MNGZ) and the Yorkville America 2X Inverse MANGOS Plus Daily Target ETF (MNGB) offer a leveraged alternative, targeting 200% and -200%, respectively, of FRUT before fees and expenses. Both use derivatives tied to FRUT giving investors indirect exposure to OpenAI and Anthropic through the underlying ETF’s existing strategy. The fund resets its leverage daily, making it more suitable for short-term trading than longer-term exposure.Active vs. Derivative StrategiesThe Corgi MANGOS ETF (MN) is a more concentrated alternative, actively investing in the six MANGOS companies without the additional AI infrastructure holdings found in FRUT. Currently, the ETF holds swaps for OpenAI and Anthropic with almost 15% weight. To access OpenAI and Anthropic, the fund may invest through total return swaps whose reference prices are derived from pre-IPO perpetual futures contracts or special purpose vehicles (SPVs) holding private company securities. Combined exposure to the two private companies is limited to 15% of net assets at acquisition, meaning publicly traded companies are still expected to account for most of the portfolio.
The Leverage Shares MANGOS ETF (MGOL) also uses an actively managed strategy focused on the six companies, but relies primarily on derivatives rather than direct equity ownership. Its holdings include total return swaps referencing tokenized stock instruments associated with OpenAI and Anthropic, providing synthetic exposure rather than ownership of their private shares, while the prospectus also permits investments through SPVs. As of October 19, the fund reported approximately 15% combined exposure to OpenAI and Anthropic, with the remaining MANGOS exposure concentrated in the four publicly traded companies.
Notably, MGOL is Leverage Shares only non-leveraged fund listed on their site (as the name suggests, Leverage Shares focuses on leveraged ETFs, although they are affiliated with the Themes brand which offers a wider array of funds). However, Leverage Shares has also filed for three leveraged funds based on MGOL: the Leverage Shares 1x Short MANGOS Daily ETF (MGOQ), the Leverage Shares 2x Long MANGOS Daily ETF (MGOX), and the Leverage Shares 2x Short MANGOS Daily ETF (MGOZ).How Much Private Market Access Are Investors Really Getting?While MANGOS ETFs offer investors exposure to private companies like OpenAI and Anthropic, these holdings generally represent a relatively small portion of the overall portfolio. FRUT limits each company’s weighting to 5% of its underlying index before an IPO, while MN and MGOL caps its combined private-company exposure at 15% of net assets at the time of acquisition. As a result, returns are still primarily driven by publicly traded companies, despite private market access being a key attraction of these products. Rule 22e-4 under the Investment Company Act of 1940 generally limits illiquid investments to 15% of a fund’s net assets, although this is not necessarily a cap on all synthetic exposure to private companies.
Another important distinction is that exposure to private companies through ETFs is not equivalent to owning their shares. Most MANGOS ETFs use total return swaps to replicate the economic performance of OpenAI and Anthropic, with some referencing pre-IPO perpetual futures, tokenized stock instruments, or other instruments tied to private company valuations. These prices can differ from valuations established through secondary market transactions, introducing additional risks related to pricing.
Other filings for MANGOS ETFs remain in the pipeline for potential launch, including ETFs from Defiance, ProShares, and REX Shares.Bottom Line:Potential IPOs could change the makeup of these funds. For example, FRUT could remove its 5% weighting restriction after either company goes public, while MN and MGOL could also potentially increase their weightings to these names. These differences highlight why investors should look beyond the MANGOS label and consider how each ETF obtains exposure and how its portfolio may evolve as private companies enter public markets.
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