The ERShares Private-Public Crossover ETF (XOVR) became an almost $2 billion fund by buying SpaceX more than a year before the listing. The Baron First Principles ETF (RONB) also got a big boost from offering investors pre-IPO exposure to SpaceX. The most aggressive expression of that bet so far is the Tema Photonics & Optical ETF (LAZR), which recently added Anthropic through an SPV. It may even make sense as an investment if you're bullish on Anthropic specifically or AI broadly. The prospectus reserves 20% of assets for holdings outside the strict photonics definition, and the Anthropic stake fits there.