Tema ETFs announced that its Photonics & Optical ETF (NYSE Arca: LAZR) has acquired exposure to Anthropic, the private AI company, through a special purpose vehicle (SPV).

As of the announcement date, Anthropic represented 12.06% of LAZR's net assets. Tema said it intends to maintain Anthropic as a top holding in the fund, though holdings are subject to change.

The exposure gives LAZR shareholders pre-IPO access to Anthropic, which has not yet gone public. SPVs are a commonly used structure for investing in private companies but carry increased liquidity and valuation risk compared to publicly traded securities.

LAZR is described as an actively managed ETF focused on companies involved in data movement between chips, servers, and data centers used in AI infrastructure. The fund was launched in partnership with SemiAnalysis, a semiconductor and AI infrastructure research firm.

"LAZR was designed to deliver exposure to companies enabling AI to scale," said Maurits Pot, Founder and CEO of Tema ETFs. "Arguably no company is more important to that scaling than Anthropic, and we are pleased to provide shareholders with access to an investment opportunity that is in such high demand."

Tema ETFs LLC serves as investment adviser to the fund, with Tidal Investments LLC as sub-adviser. The fund is distributed by Vigilant Distributors, LLC. Tema was founded in 2022 and is backed by Index Ventures, Accel Partners, Zinal Growth, and others.