The KraneShares Public-Private AI & Technology ETF, AGIX, is becoming an unusual bridge between public markets and some of the most closely watched private technology companies. The Nasdaq-listed ETF, which has been cross-listed on the Abu Dhabi Securities Exchange (ADX) since April 16, added U.S. industrial robotics company Standard Bots to its private portfolio, bringing its disclosed private holdings to $37.52 million, or 5.57% of net assets, as of August 21, 2026.
For UAE investors, the structure is particularly distinctive. AGIX trades on ADX while holding public technology companies such as Meta, Nvidia, Alphabet and Microsoft alongside privately held businesses that investors would ordinarily need private-market access to own. The fund had $673.34 million in net assets as of August 21, making the private allocation meaningful without turning AGIX into a predominantly private-market vehicle.
Invesco QQQ provides a useful reference point. Launched in 1999, QQQ tracks the Nasdaq-100 Index and has grown into one of the world’s largest ETFs, with more than $385 billion in assets as of June 30, 2026, giving investors exposure to 100 of Nasdaq’s largest non-financial listed companies.
AGIX takes a different approach to technology exposure. Alongside its listed holdings, 5.57% of the portfolio is invested across six private companies, allowing investors to participate in businesses such as Anthropic, Apptronik and Standard Bots before a potential public listing or other exit. That creates a return source unavailable to an all-public portfolio such as QQQ, although it comes with less frequent pricing and lower liquidity.
Standard Bots is the latest addition. AGIX held 167,278 shares worth almost $5.0 million, representing 0.74% of NAV on August 21. The position makes Standard Bots the fund’s fourth-largest disclosed private holding. The company develops AI-powered industrial robotics designed to automate manufacturing processes, adding another physical-AI exposure alongside AGIX’s existing robotics investments.
Six Private Companies, Different Parts of the AI Economy
Anthropic remains AGIX’s largest disclosed private investment at $12.93 million, or 1.92% of NAV. The developer of Claude gives the ETF direct exposure to foundation models and enterprise generative AI. The company has also been preparing for a potential public listing, having confidentially filed for an IPO in June, according to Reuters.
Apptronik follows at $7.67 million, or 1.14%, providing exposure to humanoid robotics through its Apollo platform. Ayar Labs represents another $5.93 million, or 0.88%, targeting the computing bottleneck through optical interconnect technology. Standard Bots contributes industrial robotics, while autonomous-driving developer Nuro accounts for $4.0 million, or 0.59%. AGIX’s smallest disclosed private position is Polymarket Series B at $2.0 million, or 0.30%.
Together, the six positions give AGIX private-market exposure across foundation models, robotics, semiconductor infrastructure, autonomous driving and prediction markets.
Source: KraneShares. Data as of August 21, 2026. Holdings are subject to change.
Private Holdings Create Another Source of Potential Alpha
The private allocation is what separates AGIX most clearly from conventional technology ETFs built entirely around listed securities. Private companies can create potential alpha if their valuations rise before an IPO, acquisition or other liquidity event, giving the fund exposure to value creation that public-market investors might otherwise encounter only after a company lists.
There is already an interesting performance gap. AGIX returned 17.01% on NAV year to date through July 31, compared with 15.58% for its Solactive benchmark. Since inception in July 2024, the difference was wider, with AGIX returning 72.69% versus 61.99% for the benchmark. Those excess returns cannot be attributed solely to private holdings because AGIX is actively managed and its public portfolio also differs from the benchmark.
Private exposure also introduces a different set of risks. Unlike Nvidia or Meta, these holdings do not have continuously observable market prices, and disposing of a private stake can take considerably longer than selling a listed security. Valuation methodology, liquidity and eventual exit prices therefore matter more as the allocation grows.
For an ETF available on ADX, that creates an uncommon proposition. Investors receive daily exchange-traded access to a predominantly listed AI portfolio while 5.57% of assets sit in companies outside public markets. Whether those positions eventually generate additional returns will depend on their valuations and exits, but at $37.5 million, AGIX’s private portfolio is already large enough to matter.
