Anthropic filed for its IPO on October 26 and plans to list on the Nasdaq as ANT, with trading expected as soon as the week of November 16. Advisors aren’t waiting. FINTRX analysis of 2026 13F filings shows 850 RIAs and broker-dealers already hold ETFs with a pre-IPO stake in Anthropic, and 82% are independent RIAs.
Key Findings
- 850 firms hold at least one Anthropic-exposed ETF
- Independent RIAs account for 82% of holders (701 firms)
- BAI is the most widely held fund (600 firms), followed by TCAF (332)
- 52 firms hold four or more of the ETFs, and seven hold all seven
- Combined position value is roughly $20 billion, with an estimated $166 million in look-through exposure to Anthropic itself
- Most advisors aren’t making a concentrated bet; Anthropic is a small slice of these funds, typically under 2.5%
The ETF Universe
Seven ETFs identified by Bloomberg hold a pre-IPO position in Anthropic. BAI and TCAF account for the large majority of holders, while CNEQ carries the highest Anthropic weight at 2.46%.
| Ticker | Fund | Anthropic weight | Firms holding | Independent RIAs | Total shares |
|---|---|---|---|---|---|
| BAI | iShares AI Innovation and Tech Active ETF | 0.76% | 600 | 487 | 280,401,214 |
| TCAF | T. Rowe Price Capital Appreciation Equity ETF | 0.66% | 332 | 254 | 97,392,682 |
| CNEQ | Alger Concentrated Equity ETF | 2.46% | 83 | 53 | 13,868,726 |
| AGIX | KraneShares Public-Private AI & Technology ETF | 1.92% | 75 | 43 | 8,321,897 |
| ALAI | Alger AI Enablers & Adopters ETF | 1.78% | 74 | 54 | 6,118,123 |
| TTEQ | T. Rowe Price Technology ETF | 0.77% | 46 | 26 | 3,455,263 |
| ATFV | Alger 35 ETF | 1.28% | 34 | 22 | 3,823,592 |
LAZR (Tema Photonics & Optical ETF, 10.5% Anthropic weight) excluded; launched June 30, 2026.
Who Holds Them, by Firm Type
| Firm type | Firms | Share |
|---|---|---|
| Independent RIAs | 701 | 82% |
| Broker-dealers | 48 | 6% |
| Wirehouses | 4 | <1% |
| Other (platforms, hedge funds, trading firms, unclassified) | 97 | 11% |
The appetite is coming from the independent channel. Four out of five holders are independent RIAs, not wirehouses or big banks.
Largest Holders by Shares
| Rank | Firm | Firm type | Shares | ETFs held |
|---|---|---|---|---|
| 1 | Envestnet PMC | Platform | 58,444,243 | 7 |
| 2 | LPL Financial | Broker-dealer | 50,767,622 | 7 |
| 3 | Morgan Stanley | Wirehouse | 20,280,240 | 7 |
| 4 | J.P. Morgan Alternative Asset Management | Institutional | 16,490,984 | 2 |
| 5 | Dynasty Wealth Management | Platform | 14,150,853 | 1 |
| 6 | Raymond James Financial Services Advisors | Platform | 12,837,796 | 5 |
| 7 | Ameriprise Financial Services | Broker-dealer | 10,078,592 | 2 |
| 8 | Merrill Lynch | Wirehouse | 8,773,905 | 5 |
| 9 | Commonwealth Financial Network | Broker-dealer | 8,660,567 | 7 |
| 10 | Cetera Investment Advisers | Platform | 6,886,520 | 6 |
Morgan Stanley grew its AGIX position more than tenfold in one quarter, from 550,305 shares in Q1 to 5.7 million in Q2.
Largest Independent RIA Holders
| Rank | Firm | Shares | ETFs held |
|---|---|---|---|
| 1 | OpenArc Corporate Advisory | 5,749,024 | 1 |
| 2 | CWM | 5,680,128 | 5 |
| 3 | RWA Wealth Partners | 5,537,339 | 1 |
| 4 | Newedge Advisors | 3,792,433 | 7 |
| 5 | OneDigital | 2,785,239 | 2 |
| 6 | Merit Financial Advisors | 2,348,050 | 2 |
| 7 | Foundations Investment Advisors | 2,180,901 | 2 |
| 8 | CPC Advisors | 1,794,991 | 1 |
| 9 | Great Valley Advisor Group | 1,762,426 | 3 |
| 10 | Wealth Enhancement Advisory Services | 1,686,636 | 5 |
Conviction
Firms by number of Anthropic ETFs held:
| ETFs held | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Firms | 639 | 121 | 38 | 29 | 12 | 4 | 7 |
Firms holding all seven: Envestnet PMC, LPL Financial, Morgan Stanley*, Commonwealth Financial Network, Cambridge Investment Research Advisors, Newedge Advisors, Integrated Partners
*Morgan Stanley’s positions in ATFV, TTEQ, and ALAI are nominal; its exposure is concentrated in BAI, AGIX, and TCAF.
What This Means
For ETF Issuers & Asset Managers
Hundreds of advisors have already shown they’ll buy into pre-IPO access through a public wrapper. With Anthropic set to list and other AI labs still private, this holder base is a ready-made target list for the next private-public crossover product.
For RIAs
Most advisor exposure is a byproduct of broad AI and tech funds. Firms that want meaningful Anthropic exposure after the IPO will need to decide between direct ownership and fund weights that are often under 1%. FINTRX tracks 13F holdings across the full private wealth channel, so you can see which firms own a fund, how positions are changing, and who to call next.
Methodology
Data comes from FINTRX’s analysis of 13F filings, using each firm’s most recent filing from 2026 (11 firms with older filings were excluded). The ETF list was identified by Bloomberg as funds holding a pre-IPO position in Anthropic. Position values reflect full ETF positions, not the Anthropic slice. Look-through exposure applies each fund’s disclosed Anthropic weight and is an estimate. The Tema Photonics & Optical ETF (LAZR) is excluded from findings because it launched on June 30, 2026, and has too few 13F filings to measure.
About FINTRX
FINTRX is a private wealth intelligence platform covering RIAs, broker-dealers, family offices, wirehouses, wealth teams, and endowments and foundations.