The race to build the next blockbuster artificial intelligence ETF is heating up, and ProShares just threw a new contender into the ring.
The firm has filed with the Securities and Exchange Commission to launch the ProShares FAB 10 ETF, a fund that tracks an equal-weight basket of companies at the forefront of the AI revolution. According to the filing, the ETF is expected to become effective on September 1 and would hold a mix of established tech giants and high-profile private companies.
On the public side, you've got the usual suspects: Nvidia Corp (NVDA), Microsoft Corp (MSFT), Amazon.com, Inc (AMZN), Meta Platforms, Inc (META), Tesla Inc (TSLA), Alphabet, Inc (GOOGL), Broadcom, Inc (AVGO), Oracle Corp (ORCL), and Space Exploration Technologies Corp (SPCX) — better known as SpaceX. But the real head-turners are the private companies: OpenAI and Anthropic.
The proposed launch comes as ETF issuers search for ways to capitalize on investor enthusiasm for AI beyond the Magnificent Seven trade that has dominated market returns over the past several years. Rather than focusing exclusively on mega-cap technology stocks, the FAB 10 ETF seeks to offer exposure across the broader AI ecosystem, spanning semiconductors, cloud infrastructure, generative AI platforms, and emerging technologies.
OpenAI, Anthropic Set the Fund Apart
The inclusion of private-market leaders OpenAI and Anthropic is among the filing's most notable features. All three companies — along with SpaceX — have become highly sought-after investment targets, yet remain largely inaccessible to retail investors through traditional public markets.
The prospectus also contains disclosures related to potential future public offerings by OpenAI and Anthropic, highlighting expectations that both companies could eventually pursue stock market listings. By combining private AI leaders with publicly traded technology giants, the fund attempts to package some of the most influential companies shaping the future of AI into a single investment vehicle.
The ETF would use an equal-weight methodology, preventing any single holding from dominating the portfolio and providing balanced exposure across the group's constituents.
Beyond the Magnificent Seven
Bloomberg Intelligence senior analyst Eric Balchunas said in a post on X that the filing suggests the ETF industry is already looking for what comes after the Magnificent Seven. The proposed portfolio effectively assembles many of the biggest winners of the AI boom into one basket while extending the theme beyond publicly traded mega-cap stocks.
The filing arrives amid a surge in demand for AI-focused investment products and growing investor interest in gaining exposure to private-market innovators. Recent launches tied to SpaceX and other private companies have demonstrated the appetite for alternative ways to access some of the market's most closely watched growth stories.
If approved, the FAB 10 ETF could represent the next evolution of thematic AI investing, shifting the conversation from a narrow group of technology giants to a broader collection of companies driving advancements across artificial intelligence, cloud computing, and next-generation infrastructure.
