Key Takeaways
- • Newly authorised perpetual futures ("perps") are being used by ETFs to give retail and institutional investors exposure to privately held AI companies such as Anthropic and OpenAI, according to the Financial Times.
- • The structure is positioned as the latest attempt to offer access to highly sought-after private assets that are otherwise largely closed to public investors.
- • The development reflects continued demand for pre-IPO AI exposure and the expansion of derivatives-based access products into private-market themes.
Summary
The Financial Times reports that exchange-traded funds are using newly authorised derivatives known as perpetual futures, or "perps," to offer bets on private companies including Anthropic and OpenAI. The article characterises the products as the latest attempt by fund sponsors to offer access to privately held assets that have been in high demand from investors seeking exposure to leading artificial intelligence developers before any public listing.
The source article is limited in detail, and the publisher summary focuses on the use of newly authorised derivatives as the mechanism behind the offerings. Because perpetual futures do not have an expiry date, they can allow funds to maintain ongoing positions that track the price movements of underlying private companies without those companies being publicly traded. Investors should consider that such instruments typically reference indirect price signals rather than direct ownership in the private firms.
The development highlights ongoing efforts by asset managers to bridge the gap between private-market valuations and public investment vehicles. For institutional allocators, the trend warrants attention to valuation transparency, counterparty and liquidity risk, and the degree to which derivative-based exposure reflects the underlying private company's economics.
The source article is limited in detail, and the publisher summary focuses on the use of newly authorised derivatives as the mechanism behind the offerings. Because perpetual futures do not have an expiry date, they can allow funds to maintain ongoing positions that track the price movements of underlying private companies without those companies being publicly traded. Investors should consider that such instruments typically reference indirect price signals rather than direct ownership in the private firms.
The development highlights ongoing efforts by asset managers to bridge the gap between private-market valuations and public investment vehicles. For institutional allocators, the trend warrants attention to valuation transparency, counterparty and liquidity risk, and the degree to which derivative-based exposure reflects the underlying private company's economics.
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