For decades, retail investors have watched the most transformative companies, SpaceX, OpenAI, Stripe, and Anthropic, remain locked behind the gates of venture capital and institutional privilege. By the time these firms eventually go public, the lion's share of value creation has already happened in private markets.
KraneShares, the ETF specialist known for bringing China and emerging market exposure to everyday investors, is attempting to break that lock with AGIX, the KraneShares Global Artificial Intelligence & Technology ETF. The fund provides exposure to both public and private companies at the forefront of artificial intelligence and deep technology, with SpaceX as its marquee holding.
ADX Cross-Listing from NYSE: Officially Approved
Two KraneShares ETFs, AGIX and KWIN, have been approved for cross-listing on the Abu Dhabi Securities Exchange (ADX). The listings are confirmed and are expected to launch on April 16th, 2026. (Source: Nukoud)
What Is AGIX?
AGIX is an actively managed ETF launched on July 18, 2024, listed on NASDAQ, managed by KraneShares, the specialist asset manager known for bringing niche, high-conviction thematic exposures to ETF investors. The fund invests at least 80% of its net assets in companies included in the Solactive Etna Artificial General Intelligence Index, a benchmark built around three pillars of the AI economy.
Holdings are selected using a proprietary AI Exposure Score that assesses two dimensions: a company's relevance to AI technology and its operational readiness to participate in AI's growth. This scoring mechanism ensures the fund stays focused on genuine AI leaders rather than peripheral technology companies with marginal AI involvement.
Key Facts and Data About AGIX
Why AGIX Is Structurally Different
There are now dozens of AI-themed ETFs available globally. Most hold largely identical portfolios of NVIDIA, Microsoft, Alphabet, and Meta with minor variations in weighting methodology. AGIX is architecturally distinct in several ways that matter materially for long-term return potential, not just as marketing differentiation.
Private company access is the most structurally irreplaceable differentiator. No passive index ETF can hold SpaceX or Anthropic because these companies are not listed on any exchange and therefore cannot be included in a rules-based index. An active mandate gives AGIX's managers the discretion to source and hold these positions, creating a return profile genuinely unavailable anywhere else in a listed ETF format.
The 0.99% annual expense ratio, higher than a passive S&P tracker, is entirely justified by this access. Venture capital funds providing comparable private company exposure typically charge 2% management fees and 20% carried interest, with decade-long lockups, minimum commitments in the millions, and zero daily liquidity. AGIX charges less than 1%, is tradeable intraday on a major exchange, and is accessible with a single share purchase. The structural efficiency is remarkable.
Top 10 Holdings
The portfolio pairs mega-cap AI infrastructure leaders with its unique private-market positions. As of March 31, 2026:
SpaceX Exposure: What You're Actually Getting
SpaceX is not one business; it is three interlocking growth engines under a single private holding, each substantial enough on its own. When AGIX holds SpaceX Class A Common at a 3.24% weighting, investors are gaining exposure to all three simultaneously. Understanding what those engines are is essential to appreciating why this position is so significant.
Performance
Since its launch in July 2024, AGIX has delivered strong returns while consistently outperforming its benchmark, the Solactive Etna Artificial General Intelligence Index. The cumulative NAV return since inception stands at 39.09% versus the index's 30.61%, an 8.5 percentage point gap. Over the trailing one year to February 2026, the fund returned 23.25% at NAV, compared to 16.91% for the benchmark.
The fund has seen short-term weakness in early 2026, reflecting a broader AI sector correction linked to macroeconomic uncertainty and valuation resets across high-growth technology. This volatility is characteristic of the asset class and does not alter the structural thesis.
Portfolio Composition
AGIX is heavily concentrated in the Information Technology sector, which accounts for 72.56% of the portfolio, reflecting the fund’s focus on companies tied to artificial intelligence infrastructure, software, and semiconductors. Communication Services is the second-largest sector at 11.59%, adding exposure to internet and digital platform companies that may benefit from AI adoption. Smaller allocations to Consumer Discretionary, Utilities, Industrials, and Health Care provide additional diversification across sectors that could potentially benefit from broader AI-related trends.
The SpaceX & Anthropic Opportunity
This is where AGIX becomes genuinely extraordinary as an investment vehicle. Most ETFs are restricted by regulation to publicly listed securities. AGIX has structured a rare, compliant route into private pre-IPO equity. The two private holdings, SpaceX and Anthropic, represent some of the most anticipated and rapidly growing private companies in history.
Anthropic: Revenue Growing at 14x in 14 Months
Anthropic is the San Francisco-based AI safety company behind the Claude family of AI models. Its revenue trajectory is extraordinary: from $1 billion in annualised revenue at the end of 2024, it rose to $9 billion by the end of 2025 and to $14 billion in annualised revenue by February 2026. That is 14-fold growth in fourteen months, a pace of expansion almost without precedent in enterprise software history.
Beyond fundamentals, secondary markets are reinforcing this trend. That momentum has made Anthropic the single most in-demand name in private secondary markets: in the latest Setter 30 ranking, which tracks the most actively traded private company shares globally, Anthropic debuted at number one ahead of SpaceX, OpenAI, and every other private company on earth. AGIX holds Anthropic at a 2.51% weighting, making it the fund's tenth-largest holding.
Anthropic has raised billions from Google, Amazon, and other strategic investors at valuations in the tens of billions. A future IPO, which the market broadly expects, would likely trigger a significant revaluation of the fund's private holding. AGIX investors would benefit from that repricing automatically, inside a regulated ETF wrapper.
SpaceX
SpaceX is one of the most valuable private companies in the world by the last known private valuation. Beyond its rocket and satellite businesses, Elon Musk has launched an AI-focused division. Combined revenues from xAI (the AI operation) and X (formerly Twitter) reached an estimated $3.8 billion in annualised revenue in 2025, up from approximately $100 million just one year prior, a 38x increase. SpaceX Class A Common stock sits at a 3.24% weighting in AGIX, making it the fund's sixth-largest position and its largest private holding.
The Setter 30, which tracks secondary-market demand for private shares, ranks SpaceX at number two globally with a last-round enterprise valuation of $1.25 trillion, the largest private company valuation ever recorded. SpaceX's Starlink satellite internet business alone is cash-generative and globally strategic; the AI layer adds another dimension of growth. (Source: Yahoo Finance)
AGIX is believed to be one of the only regulated, publicly listed investment vehicles in the world, providing retail and institutional investors with combined exposure to both SpaceX and Anthropic, two of the most anticipated potential IPOs of the decade, within a single, liquid instrument tradeable on a stock exchange.
Invest alongside PIF, Mubadala, QIA, KIA, and others
Gulf sovereign wealth funds have rapidly emerged as some of the most influential global investors in artificial intelligence, deploying tens of billions across the full AI value chain from chips and infrastructure to frontier models and applications. Leading this push are institutions like Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s Mubadala Investment Company, Abu Dhabi Investment Authority (ADIA), and newer dedicated AI vehicles such as MGX. Collectively, Gulf sovereign funds accounted for a significant share of global state-backed capital flows into AI, with PIF alone committing over $30 billion in 2025, while the region’s funds invested roughly $66 billion into AI-related opportunities.
Abu Dhabi has taken a particularly aggressive and structured approach. Through MGX, backed by Mubadala and G42, the UAE is investing directly in leading global AI companies such as OpenAI, Anthropic, and xAI, while also co-investing in semiconductor and infrastructure plays like Altera and large-scale data center platforms. These investments extend to mega-projects like the Stargate AI infrastructure initiative alongside Oracle and SoftBank, targeting hundreds of billions in AI compute capacity.
Saudi Arabia’s PIF is similarly positioning itself as a global AI powerhouse, investing in next-generation compute infrastructure and partnering with NVIDIA to build large-scale “AI factories,” while also backing companies like xAI and broader digital ecosystems. Across the region, sovereign funds are no longer passive allocators; they are shaping the AI landscape by anchoring capital in frontier model developers, hyperscale data centers, semiconductor ecosystems, and AI-native startups. The strategy is clear: use sovereign balance sheets to secure early exposure to the most critical layer of the next technological cycle, while simultaneously building domestic AI capabilities and geopolitical relevance in the global tech stack.
How GCC Investors Can Access AGIX ETF
ADX Buy Directly in Abu Dhabi (April 16th)
With the ADX cross-listing now approved, UAE investors will soon be able to purchase AGIX through any locally licensed ADX-connected broker, including bank brokerage platforms from FAB, ADCB, Emirates NBD, and others. No international account required. Watch for the official launch announcement from ADX and KraneShares. This is the most straightforward route for UAE-based investors once live.
International Brokerage Available Right Now
UAE, Saudi, Qatari, and Kuwaiti residents can open accounts with internationally regulated brokers providing NASDAQ access: Interactive Brokers, Saxo Bank, eToro, Charles Schwab International, and others. AGIX trades on NASDAQ today. Typical minimums range from $0 (eToro) to $10,000 (Saxo). Most accounts can be opened fully online.
UAE-Licensed Brokers with US Market Access
Several DIFC and ADGM-regulated brokers, including Emirates NBD Securities, FAB Securities, and Mashreq Capital, offer access to US-listed securities for eligible clients. Check whether AGIX is enabled on your platform, or request access to NASDAQ-listed ETFs from your relationship manager.
Private Banking & Wealth Management
For HNW investors across the UAE, Saudi Arabia, Qatar, and Kuwait, private banks and family offices can access AGIX through institutional channels. Given the fund's unique private company exposure (SpaceX, Anthropic), it may serve as an alternative investment complement to existing portfolios. Discuss with your relationship manager at ADCB Private, FAB Private, or international private banks in DIFC.
Final Take
AGIX is redefining what an ETF can be. It combines public market liquidity with private market opportunity, giving investors access to innovation earlier than ever before.
The fund has outperformed its benchmark by 8.5 percentage points since inception, charges less than 1% annually, and is now approved for listing directly on the Abu Dhabi Securities Exchange.
For GCC investors specifically, the timing of the ADX listing is meaningful. The AI sector is consolidating from its 2024–2025 highs. Private company IPO catalysts Starlink, full SpaceX, and Anthropic remain on the horizon. The UAE is pursuing AI leadership as a national strategic priority, with Anthropic itself as a named partner. All of these vectors point in the same direction, and AGIX sits squarely at their intersection.
