Anthropic Nears Nasdaq Debut as Korean AI ETFs Prepare Inclusion Plans [Lee Su’s ETF Zoom In]

Anthropic’s US stock listing nears

Focus on inclusion strategies for Korean AI-related ETFs

Expected timing and weightings vary by fund

Korea’s ETF market made history in the first half of this year as assets under management reached 500 trillion won ($361.3 billion). Leveraged ETFs tied to Samsung Electronics and SK Hynix, listed at the end of May, also drew attention from global markets. ETFs, once seen as a supplementary investment tool, have now become a core investment product. takes a closer look at the increasingly complex ETF market. [Editor’s note]

Anthropic, the developer of Claude and one of the two main pillars of the generative AI market, is nearing a US stock-market listing, drawing attention to how Korean AI-related exchange-traded funds will add the company. Korean asset managers had already launched a series of AI-related ETFs aimed at Anthropic’s listing. Even so, the timing and weighting of any inclusion are set to vary by fund.

According to the financial investment industry on Nov. 14, Anthropic is scheduled to set its offering price on Nov. 18 and list on the Nasdaq on Nov. 19. The company has proposed a target price range of $70 to $78 a share, and the total offering volume, including new and existing shares, amounts to 825 million shares.

The total stock sale, including newly issued shares, a separate private placement and secondary sales by existing shareholders, could reach as much as $90.4 billion. That would surpass the $85.7 billion SpaceX raised through its initial public offering in June, making it the largest listing transaction on record.

In Korea, several ETFs targeting Anthropic inclusion have recently come to market. They include Hana Asset Management’s 1Q US AI Tech Platform TOP10, Samsung Asset Management’s KODEX US AI Agent Active and NH-Amundi Asset Management’s HANARO US Agentic AI TOP2+.

Listed on Oct. 27, 1Q US AI Tech Platform TOP10 is a passive ETF that invests in 10 key companies across five areas: AI platforms and models, AI applications and agents, AI security, AI data management, and cloud and AI infrastructure. As of Nov. 13, its top five holdings were Alphabet Class A at 22.96%, Microsoft at 22.91%, Amazon.com at 16.63%, Meta at 13.73% and Palantir Technologies at 7.34%.

Hana Asset Management said the ETF has a separate process in place allowing its index committee to decide whether to include Anthropic and other AI model developers once they list in the US market. For example, if Anthropic lists on a Monday and is approved for inclusion, the ETF would add the stock in stages over three trading days from Wednesday, or D+2, through Friday, or D+4. In that case, investors in 1Q US AI Tech Platform TOP10 would hold an ETF containing Anthropic from Thursday in Korea. Hana Asset Management puts Anthropic’s weighting at around 10%.

KODEX US AI Agent Active, listed on Oct. 13, is an active ETF investing in core US companies that stand to benefit from the spread of AI agents. As of Nov. 13, its top five holdings were Meta at 15.93%, Palantir Technologies at 15.44%, Palo Alto Networks at 14.24%, Snowflake at 4.73% and Alphabet Class A at 4.41%.

Samsung Asset Management said the ETF can immediately add newly listed stocks at the portfolio manager’s discretion. The exact method and weighting would be determined by considering the stock’s upside potential and market conditions, it added.

Listed on Sept. 15, HANARO US Agentic AI TOP2+ is a passive ETF that invests in 10 companies linked to agentic AI and the technology ecosystem supporting it. It is designed to concentrate investments in the top two companies with foundation models, with each typically accounting for about 25% of the portfolio. As of Nov. 13, its top five holdings were Microsoft at 26.41%, Alphabet Class A at 20.78%, Meta at 10.79%, Amazon.com at 9.90% and CrowdStrike Holdings at 5.59%.

NH-Amundi Asset Management said the ETF has also established a separate procedure allowing the index committee to decide whether to include Anthropic and other AI model developers after they list in the US market. For example, if Anthropic lists on a Monday and is approved for inclusion, the fund would add the stock on Wednesday, or D+2, based on Tuesday’s closing price. Under that plan, investors in HANARO US Agentic AI TOP2+ would hold an ETF containing Anthropic from Thursday in Korea. NH-Amundi Asset Management sees Anthropic’s weighting at as much as 25%.

Still, retail buying in these ETFs remains limited. As of Nov. 12, cumulative net purchases by individual investors stood at 2.496 billion won ($1.8 million) for KODEX US AI Agent Active, 2.085 billion won ($1.5 million) for HANARO US Agentic AI TOP2+, and 1.506 billion won ($1.1 million) for 1Q US AI Tech Platform TOP10.

Lee Su, Hankyung.com reporter 2su@hankyung.com