AI ETFs 2.0: Harbor capital targets Anthropic, OpenAI and xAI in ‘Lab’ funds

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According to Crypto, Harbor Capital’s new AI ‘Lab’ ETFs use special purpose vehicles (SPVs) and feeder fund architecture to give investors indirect access to private equity stakes in Anthropic, OpenAI, and xAI, while remaining compliant with SEC regulations. Five years ago, no such compliant retail channel existed for these private AI leaders. So this compliance shift has accelerated as investor demand for frontier AI startups has grown, redrawing the boundaries of what ETFs can hold. That $2.7 trillion locked in private AI startups by Q1 2026 now sits within reach of everyday investors—something venture capital excluded retail and pension investors from by design, keeping pre-IPO upside from the public.

How will Harbor’s ‘Lab ETFs’ let investors bet on Anthropic, DeepMind and OpenAI?

Over $2.7 trillion was locked in private artificial intelligence startups and related tech by Q1 2026. Historically, venture capital dominated this segment, keeping pre-IPO upside from the public.

But Harbor’s ‘Lab ETFs’ now engineer indirect exposure to private AI unicorns—specifically those such as Anthropic and OpenAI considered likely to deliver outsize returns—using legal structures designed to capture the so-called “pre-liquidity premium” typically reserved for early insiders or venture capitalists. By leveraging innovative fund architecture, Harbor targets a new pool of investors who couldn’t access these names during pre-IPO runs. The structure expands who participates in high-growth AI, but also exposes retail investors to new risks.

Harbor uses feeder funds to let ETF buyers tap into SPVs, which can hold preferred shares or convertible notes in private AI companies, according to Kraneshares. Investors then receive ETF shares that reflect the mark-to-model values set by private market pricing rounds—often updated only quarterly or after fundraising. So, while the structure bypasses traditional VC lockouts, it introduces tracking error and liquidity constraints foreign to traditional equity ETFs. Investors betting on “Lab ETFs” are wagering on valuation uplift through potential IPOs, acquisitions, or secondary market events.

Why this AI ETF wave matters for crypto style risk and regulation

According to The Motley Fool, AI ETFs 2.0 are amplifying the risk and opportunity profile of traditional funds, mirroring the patterns seen in the earliest crypto ETFs and products. Retail access increases, so too does exposure to asset classes with hidden volatility and opaque pricing. The Fool points out that Harbor’s feeder fund structure means redemption can only occur in quarterly windows, echoing the liquidity constraints of early Bitcoin trusts or hedge funds.

Some ETF investors could be locked in if appetite sours or regulations shift. Opaque private mark-to-model pricing and infrequent NAV updates limit real-time price discovery, exposing ETF buyers to valuation drift and sentiment swings.

Quarterly liquidity gates can leave investors vulnerable to protracted redemptions, especially if sentiment sours during a regulatory crackdown or after a valuation re-mark cycle, per The Motley Fool. Conventional equity ETFs have daily liquidity and transparent price discovery, but Harbor’s Lab funds might only process large redemptions every three months.

AI-themed ETF net inflows tracked by Crypto show strong retail appetite through Q2 2026—with thematic and private-access funds among the top ETF new asset gatherers year to date. Harbor’s product launch reflects this surging interest, as both retail and institutional players rush to obtain positions in private AI darlings before the next cycle of possible IPOs. Competition for allocations in Anthropic, OpenAI, and xAI from ETF structures is intensifying as supply remains limited.

KraneShares Artificial Intelligence & Technology ETF

According to KraneShares, the Artificial Intelligence & Technology ETF (NASDAQ:AGIX) offers daily liquid exposure to the public AI sector—including Nvidia, Alphabet, Microsoft—while also incorporating select pre-IPO plays via warrants and convertible debt where permitted. Unlike Harbor’s exclusive focus on private firms, AGIX provides a diversified basket of listed leaders and forward-looking bets on soon-to-list companies. Large cap allocations include Nvidia (10%), ASML (4%), and TSMC (1%), totaling more than 15% devoted to semiconductor manufacturing, per KraneShares’ fact sheet for May 2026. Major public AI platform providers such as Alphabet and Amazon comprise over 12% of the portfolio.

Through the KraneShares Artificial Intelligence and Technology ETF (Ticker: AGIX), public market investors can gain exposure to one of the most talked about private companies of 2026: Anthropic.

Another way AGIX helps investors gain exposure to Anthropic is by combining a direct… pic.twitter.com/nczp6yNOH7

— KraneShares (@KraneShares) May 6, 2026

Additional holdings in automation and robotics firms boost thematic focus and risk diversity. Pre-public companies represent up to 5% held via structured notes, providing controlled exposure to potential new entrants at the cost of increased volatility. data show the top 10 holdings now comprise 55% of total assets under management, balancing concentration risk with sector strength during the AI rally.

$1.4B — Assets under management, AGIX, May 2026

The AGIX ETF charges a 0.78% net expense ratio and discloses $1.4 billion in assets as of May 2026. Returns for the trailing 12 months sit at 41.5%. The fund provides quarterly dividends and a 0.82% trailing yield. For investors seeking broad, daily tradable access to AI leaders—without lockups or opaque marks—AGIX remains a primary vehicle. Strong performance has attracted consistent inflows amid sector momentum. Public market ETFs still command majority share of AI investment dollars.

According to The Motley Fool, AGIX’s structure enables steady price tracking with daily liquidity, while structured warrants and pre-IPO notes add upside from potential new listings. Since March 2026, greater market maker participation and tighter trading spreads reduced intraday tracking error to 0.11%, down from 0.34% last year. Short-term volatility persists due to pre-public allocations, but overall liquidity and NAV stability differentiate AGIX from private-only ETFs.

KraneShares Artificial Intelligence and Technology ETF

KraneShares also manages an Artificial Intelligence and Technology ETF focused on China and APAC innovation, structured as a UCITS ETF for cross-border access by EU investors. Baidu, Alibaba, and Tencent each hold at least a 4% allocation as of Q1 2026, reflecting the fund’s orientation toward Chinese AI leaders and blue-chip technology firms. According to KraneShares, this ETF controls $790 million in assets and applies an annual management fee of 0.83%.

At least 20% of assets are allocated to robotics, per the latest fact sheet.

The fund rebalances quarterly to respond to market shifts and regulatory news, with recent additions benefiting from new APAC and Chinese data harmonisation initiatives. According to KraneShares, the ETF underperformed U.S. technology benchmarks during the 2024 correction, delivering 6.4% annualized returns, but staged a strong recovery after early 2025 as Chinese state-backed cloud deployments accelerated.

International weighting and local data policy mean performance of the AI UCITS ETF diverges from U.S.-centric peers. Recent APAC infrastructure investments and robotics leadership bolstered returns from mid-2025 onward, according to KraneShares. A growing subset of investors now prioritize non-U.S. AI exposure as American and Chinese tech policies decouple and regional champions gain ground.

published research shows international AI ETFs supply critical diversification for portfolios seeking exposure beyond American tech dominance.

NASDAQ: AGIX

The Motley Fool highlights that increasing asset manager participation and new market makers further improved AGIX’s trading profile as of March 2026, narrowing average intraday tracking error to just 0.11%. In 2025, this figure hovered at 0.34%. Tighter spreads and deeper liquidity now enable investors to enter and exit positions with minimal pricing slippage. Improvements in ETF mechanics follow AUM growth and sustained retail inflows.

Fool says this robust market activity demonstrates how scale lowers trading costs and enhances investor experience. Market microstructure now supports larger order flow at lower friction. As AGIX’s AUM passed $1.4 billion, daily trading volume and market depth improved, limiting the risks associated with large block trades and NAV divergence. Market makers have become increasingly active as institutional allocations to AI ETFs grow, deepening the order book and driving more stable ETF pricing.

Today, we closed our latest funding round with $122 billion in committed capital at an $852B post-money valuation.

The fastest way to expand AI’s benefits is to put useful intelligence in people’s hands early and let access compound globally.

This funding gives us resources to…

— OpenAI (@OpenAI) March 31, 2026

ARK Venture Fund

According to The Motley Fool, ARK Investment Management’s ARK Venture Fund operates as a closed-end interval fund with $285 million in assets as of May 2026. The interval format allows ARK to build multi-year positions in highly illiquid AI and crypto-adjacent startups—including DeepMind spinouts, synthetic data projects, and select blockchain-AI infrastructure ventures. Unlike fungible ETFs, interval funds process redemptions only at defined intervals, usually quarterly, echoing the liquidity structure seen in Harbor’s ‘Lab’ funds.

63% — Private AI/Crypto Infra allocation, ARK Venture Fund

According to Fool, ARK blends a top-down strategic AI thesis with classic venture-style diligence, often co-investing alongside notable funds in projects before significant media coverage or public awareness. One flagship early allocation in a private AI imaging firm’s 2024 Series C later greeted follow-on backing at a 68% premium. The interval fund structure enabled ARK to participate in these rounds, which remain inaccessible to traditional ETF buyers.

Interval funds like ARK’s have grown assets by over 40% since 2023, reflecting growing demand for alternatives among digital-first investors.

New entrants embrace riskier allocation models, targeting startups that may never reach public listing or that could take years to create liquidity events, according to The Motley Fool. Investors attracted to ARK’s structure must accept potential lockups and the uncertainty of private pricing rounds.

Destiny Tech100

Destiny Tech100 (DXYZ), according to The Motley Fool, is a closed-end public fund with $360 million in AUM, trading like a stock but holding primarily late-stage private and recently public technology companies. Its model lets ordinary investors gain basket exposure to firms with limited or no liquid market for their shares. At least 8% of current assets targets specific AI sector leaders as of April 2026. The structure sidesteps traditional VC and PE lockouts for many buyers.

Destiny Tech100 adjusts portfolio weightings dynamically, especially after major IPOs, providing an adaptive approach to bridging the gap between liquid ETFs and illiquid venture investments. The hybrid model offers daily share liquidity with underlying exposure to technology and artificial intelligence names otherwise out of reach for retail buyers. According to The Motley Fool, Destiny’s Sharpe ratio for the trailing 24 months stands at 1.05, a strong mark for risk-adjusted performance.

Fund structure determines liquidity but can offer new pathways for regular investors. Tech baskets now reach beyond public markets. The public, listed format of Destiny Tech100 gives investors a tool to trade exposure to the late-stage tech and AI pipeline.

While the closed-end nature means shares can trade at a premium or discount to NAV, volume, media coverage, and pipeline visibility increases may make DXYZ a bellwether for private market sentiment and retail demand.

Full Table: Comparison of AI ETFs and Hybrid AI Funds

^*Harbor Lab ETF is currently not reporting a standardized 12-month return due to its private valuation cycle.

Outlook: The future of private AI access via ETFs

According to Kraneshares, over $2.7 trillion in private artificial intelligence and deep tech equity remains outside public market reach, continuing to drive strong demand for financial vehicles that put ordinary capital into early-stage innovators. Harbor’s Lab funds, AGIX, Destiny Tech100, and ARK Venture represent the first real wave of solutions. Structured vehicles have brought a new cohort of buyers into the AI funding pipeline. As private company IPO pipelines shrink and secondary markets stay limited, synthetic access via ETFs and interval funds will become much more important for access.

More retail flows are set to chase the “pre-IPO rally” in AI, so ETF structures—private, public, and hybrid—will remain in focus for at least the next market cycle. Analysts say demand for direct AI startup access drives intense ETF competition.

For long-term, risk-tolerant investors, the next decade’s biggest returns in AI may still come before public listing events, according to The Motley Fool.

Mainstream investors may finally participate in startup booms once walled off by venture exclusivity, with Harbor’s ‘Lab’ funds as the new test case. The future of private AI access now hinges on these innovative ETF platforms.