June 20, 2026 – A proposed ProShares fund would bundle public tech leaders with private AI giants. Here is what the SEC filing reveals.
In Summary
ProShares filed for an equal-weight ETF tracking 11 leading AI and tech names.
The fund blends nine public stocks with private giants OpenAI and Anthropic.
According to the filing, the ETF targets an effective date near September 1.
SpaceX recently completed the largest IPO in stock market history.
The race to package artificial intelligence into one fund just gained a fresh entrant. ProShares has filed with the Securities and Exchange Commission to launch the ProShares FAB 10 ETF. The fund would track an equal-weight basket of AI leaders. Notably, it stretches beyond public markets to include two private firms.
What the FAB 10 ETF would hold
According to the filing, the ETF targets an effective date near September 1. The fund would hold nine public technology leaders. These include Nvidia, Microsoft, Amazon, Meta, Tesla, Alphabet, Broadcom, Oracle, and SpaceX. In addition, it would add private giants OpenAI and Anthropic.
Moreover, the fund uses an equal-weight method. As a result, no single holding dominates the portfolio. Each position receives a similar slice, near 9% of assets. Therefore, exposure is evenly distributed across all names in the group.
Why OpenAI and Anthropic stand out
The two private names set this fund apart. Both OpenAI and Anthropic stay hard to reach for everyday investors. Traditional public markets simply do not list them yet. Therefore, the ETF offers a rare route to that exposure.
Furthermore, the prospectus flags possible future listings by both labs. OpenAI last raised capital at an $852 billion valuation in March 2026. Anthropic, meanwhile, has reached a valuation reported close to $1 trillion. Indeed, both companies filed confidential IPO paperwork during June 2026.
A move beyond the Magnificent Seven
The filing signals a clear shift in market thinking. For years, the Magnificent Seven drove most index gains. However, issuers now hunt for the next big theme. Bloomberg Intelligence analyst Eric Balchunas said the industry already looks past that group.
The term “FAB 10” began with Vanda Research. It stands for Frontier AI and Big Tech 10. This label groups the Mag 7 with SpaceX, OpenAI, and Anthropic. Together, these firms could define the next decade of technology.
A record IPO sets the stage
Recent market action explains the timing here. SpaceX completed its public debut on June 12, 2026. The company raised about $75 billion, the largest IPO ever recorded. That deal valued SpaceX at nearly $1.77 trillion.
Consequently, appetite for private AI exposure surged. SpaceX stock gained roughly 19% on its first day. This pop crushed the prior record from Saudi Aramco. Aramco raised $29.4 billion back in 2019.
What it means for investors
The fund still awaits regulatory approval. Therefore, its launch is not yet guaranteed. Private holdings also carry real valuation risk. These firms often report run-rate revenue rather than audited results. OpenAI, for instance, has guided toward heavy losses this year.
Still, the appeal is easy to grasp. Investors gain one ticket to many AI leaders. The structure blends proven cash machines with high-growth bets. As a result, the FAB 10 ETF could reshape thematic AI investing.
Weigh the trade-offs carefully
Private valuations can swing fast in both directions. Moreover, this article is not investment advice. Readers should research each holding before acting. If approved, however, the fund marks a new chapter for AI products. The market conversation now stretches well beyond a handful of mega-cap names.
