The giant wing is case studies. Each live case names the instrument, the weight, the source, and the date. Empty slots stay empty until a public instrument is worth teaching. Nothing on this shelf is a buy or a sell.
Case 01 · MN · live case
Corgi MANGOS ETF ($MN)
A listed ETF whose headline is retail access to Anthropic and OpenAI. The Oct 2, 2026 holdings page shows that private-AI sleeve as two cash-settled swaps, together about a tenth of the book, under a prospectus cap of 15% of net assets at the time of investment.
What it is
- Ticker MN. Corgi MANGOS ETF. Listed on Cboe BZX. Inception date on the issuer page: October 2, 2026.
- MANGOS is the issuer’s acronym: Meta, Anthropic, Nvidia, Google, OpenAI, SpaceX.
- Actively managed. The Oct 5, 2026 launch release states a 0.20% annual operating expense ratio and says the fund is non-diversified.
- The Sept 29, 2026 prospectus says that, under ordinary conditions, at least 80% of net assets (plus investment borrowings) go into the six named companies and into instruments that provide economic exposure to them. Derivative instruments count at notional value for that policy.
The access claim
The Oct 5, 2026 Corgi release says exposure to OpenAI and Anthropic had been reserved for venture investors and insiders, and that MN puts that exposure in an exchange-traded fund with no accreditation requirement and no private-fund lockup. Shares may still trade at a premium or discount to NAV, and liquidity can be limited. The release is not a prospectus and not an offer.
The mechanism
- OpenAI and Anthropic exposure, per the release and the prospectus, is sought through cash-settled total return swaps rather than direct purchases of those private shares. The swaps are described as one-for-one, without a leveraged return multiplier, and initially priced with reference to perpetual futures linked to each company.
- The fund does not itself enter the perpetual futures. The prospectus says counterparties may use them to hedge. A perpetual-futures price can differ from a financing-round value, an IPO price, or a later listed share price.
- The prospectus will not acquire exposure to the privately held MANGOS companies — it names Anthropic and OpenAI — if, immediately afterward, aggregate exposure to that pair would exceed 15% of net assets. The cap counts swaps, SPV interests, and direct holdings. The Oct 5 release states the same 15% limit at the time of investment.
- A second 15% sits beside that cap and is not the same rule. Rule 22e-4 limits illiquid investments that are assets. The prospectus expects to classify the private-company swaps as illiquid at the start, and it says the fund generally targets up to 10% of net assets in illiquid investments at acquisition. As assets grow, those liquidity rules can squeeze the private sleeve even when the headline still fits on a billboard.
- The prospectus also allows private-company exposure through unaffiliated special-purpose vehicles. The Oct 2 holdings page, read on Oct 5, shows Anthropic and OpenAI as swap lines, not as share lines.
The rest of the book
The rest of the book is not a mystery sleeve. On the Oct 2 holdings page, Meta, Nvidia, and Alphabet are the liquid public names, each split between ordinary shares and a listed-name total-return swap. SpaceX is its own large sleeve — a share line plus a swap — and it is outside the prospectus sentence that caps Anthropic and OpenAI. A brokerage account could already buy Meta, Nvidia, and Alphabet. The new packaging is the thin private-AI derivative overlay, plus whatever private-company exposure the SpaceX lines actually are. Headline and holdings are different sentences.
Snapshot · as of 2026-10-02
Issuer-reported snapshot as of October 2, 2026, retrieved October 5, 2026. Not a live quote. Re-read the source before using any figure. PointCast did not independently recalculate NAV. Source: Corgi MANGOS ETF (MN) — issuer fund page.
Fund facts reported on the issuer page for 2026-10-02. Retrieved 2026-10-05. | Fact | Reported figure |
|---|
| NAV | $25.41 |
| Market price | $25.77 |
| Premium / discount | +1.41% |
| Assets under management | $21.47 million |
| Expense ratio | 0.20% |
| Exchange | Cboe BZX Exchange, Inc. |
| Inception | 2026-10-02 |
| Management style | Active |
| CUSIP | 218940104 |
Company weights and lines as printed on the issuer holdings table. Market values are fund-reported figures for that date, not live company prices. | Name | Company weight | Line | Line weight | Reported value |
|---|
| M · Meta Platforms | 21.85% | META PLATFORMS, INC.-SWAP-CLST-L | 10.96% | $2,352,426.48 |
| | Meta Platforms Inc | 10.89% | $2,337,864.88 |
| A · Anthropic | 5.07% | ANTHRPPRP SWP | 5.07% | $1,088,797.78 |
| N · NVIDIA | 22.16% | NVIDIA Corp | 11.23% | $2,411,790.55 |
| | NVIDIA CORPORATION-SWAP-CLST-L | 10.93% | $2,346,986.40 |
| G · Alphabet (Google) | 21.79% | ALPHABET INC.-SWAP-CLST-L | 10.98% | $2,356,753.50 |
| | Alphabet Inc | 10.81% | $2,322,060.00 |
| O · OpenAI | 5.06% | OPENAIPRP SWP | 5.06% | $1,087,380.72 |
| S · SpaceX | 22.48% | Space Exploration Technologies Corp | 11.51% | $2,471,510.08 |
| | SPACE EXPLORATION TECHNOLOGIES CORP.-SWAP-CLST-L | 10.97% | $2,355,946.16 |
| Cash | 1.62% | Cash | 1.62% | — |
PointCast addition of the issuer’s published company weights on this snapshot. Not an issuer total, and not a live weight. OpenAI plus Anthropic: 10.13%. Meta, Nvidia, and Alphabet: 65.80%. 5.06 + 5.07 = 10.13. 21.85 + 22.16 + 21.79 = 65.80. Line items can differ from company headers by rounding.
Nico Laqua replied on X on October 5, 2026 that MN has around 5% in each of OpenAI and Anthropic. That reply corroborates the sleeve size. The issuer holdings page, read the same day, remains the figure of record: OpenAI 5.06% and Anthropic 5.07% as of October 2, 2026.
packaging-vs-weight
Packaging versus exposure weight
The name and the press lead are OpenAI and Anthropic. On the dated holdings page those two company weights add to about ten percent. The wrapper can be the story while the weight stays small.
headline-vs-holdings
Headline versus holdings
MANGOS lists six names. The Oct 2 page shows public shares, public-name swaps, a SpaceX sleeve, two private-AI swaps, and a cash line. Read the lines.
swap-perp-tracking
Swap and perpetual-futures tracking
A cash-settled swap is a contract with a counterparty. If that contract references a perpetual future, the reference can diverge from the company’s shares. The fund does not hold the perpetual future itself.
premium-discount
Premium and discount to NAV
ETF shares trade at a market price. That price can sit above or below net asset value. The issuer page recorded a premium on the inception snapshot below. A premium is not a view. It is a gap.
liquidity-squeeze
Liquidity rules can squeeze the private sleeve
Illiquid swaps and SPV interests count toward the Rule 22e-4 limit. The prospectus also caps new Anthropic-plus-OpenAI exposure at 15% of net assets at the time of investment. A larger fund does not automatically get a larger private sleeve.
Sources
Case 02 · placeholder
More alts land here.
Open slot. The next case gets the same treatment: instrument, weight, source, date, and what the headline leaves out. Nothing is invented to fill the shelf.
Case 03 · placeholder
Another open slot.
Filings, holdings diffs, and a plain-language mechanism note, when there is a public instrument worth teaching. The shelf can grow without becoming a catalog of tips.
