AI has advanced rapidly since our last white paper, moving from experimentation to meaningful adoption. Enterprises are now embedding AI into core operations, and foundational models and agentic workflows have become the engine driving this transformation. Much like the internet in the 2000s or Software as a Service (SaaS) in the 2010s, AI is shifting from hype to a structural force in shaping a global agent economy. 

At the center of this wave are foundational model companies such as Anthropic and xAI. They enable the creation of autonomous AI agents, enterprise-grade systems, and a growing ecosystem of applications. The opportunity is vast, but uneven: every major technology cycle produces both winners and losers. The investment challenge is to capture exposure to leaders while minimizing the downside from laggards. 

AGIX is designed to meet this challenge. Unlike most traditional ETFs, it is constructed with insights from AGIX sub-adviser Etna Capital Management, whose network includes AI-native experts, operators, and venture investors that combine public equities with selective positions in private foundational model companies. This structure provides investors with exposure to AI’s long-term growth while incorporating early-stage access to innovation that typically precedes public markets. 

AGIX offers a differentiated way to participate in one of the most important technological and economic shifts of our time: the rise of AI as a foundational driver of global growth. This paper outlines the thesis, evidence, portfolio design, risk controls, and governance underpinning a situation-aware, venture-informed, public–private approach. 

Executive Summary:

• Own the Agent Economy: Artificial intelligence (AI) and Agents could quietly begin to replace jobs and become a long-term driver of economic transformation and market growth. 

• AI Agent Density Focus: We favor companies with rising AI agents-per-employee in production, focusing on the monetization from enterprise adoption, and creating a highly dynamic competitive landscape. 

• The Operator’s AI Indices: Many conventional index benchmarks are inherently backward-looking because they may be weighted based on recent performance data and company size. We believe a situation-aware, AI-native, operator and venture-informed approach is required to capture emerging leaders as disruption unfolds. 

• A Public–Private Investment Structure: Investors may prefer a framework that combines early access to private-market innovation with the liquidity, transparency, and governance of public markets. 

• Balancing Risk and Opportunity: Effective allocation requires valuation discipline and risk controls, while maintaining exposure to the long-term secular growth opportunities AI presents. 

For AGIX standard performance, top 10 holdings, risks, and other fund information, please click here.