AI giant Anthropic is set to go public in mid-November, but there are ways for eager investors to get exposure ahead of the IPO.

In a client note on Wednesday, Sevens Report Research founder Tom Essaye highlighted five funds that invest the creator of the Claude AI chatbot.

We’ll list those below, but first, here are some facts, figures, and things to keep in mind before putting your money into them.

1. Liquidity risks

Not all of the funds listed below are ETFs, which are highly liquid since they trade like stocks.

Instead, some are closed-end and interval funds, which may only be redeemed once every quarter.

Also, some of the funds, like Corgi’s MANGOS ETF, use complex derivative such as perpetual futures and swaps to simulate exposure to a private company.

2. Early exposure can cost you a pretty penny

If you want in on Anthropic before its IPO, you may have to pay a hefty premium.

While low-cost index funds often have expense ratios well below 0.1%, specialized funds that invest in firms like Anthropic and other private companies can carry high price tags. Some expense ratios you’ll see below climb well above 2%, which can eat into returns over time.

3. Like SpaceX, Anthropic will IPO at a steep valuation

Anthropic is expected to IPO at around a $1.5 trillion to $2 trillion market cap, which would make it one of the top 10 largest most valuable companies in the world. That implies a steep valuation considering it’s still losing money.

But the company’s revenue continues to increase. It recently reported $16.8 billion in revenue in Q3, up 45% from Q2.

4. Stocks tend to underperform in the months after going public

All of the hype around an IPO can cause a stock to soar in its first few days of trading. Yet, over the following months, performance is more lackluster, historical data shows.

Truist data on 30 high-profile tech IPOs published earlier this year showed that the average stock-price drawdown within a year of going public was -55%.

SpaceX went through a rough patch shortly after its launch on public markets. After an initial surge, it fell as much as 46% from June 16 highs. Since August 5 lows, it has recovered, gaining 34%. The shares remain volatile, down 10% since their debut at Thursday’s close.

With all that in mind, let’s take a look at some of the funds offering exposure to Anthropic before it hits the public market. Commentary from Sevens Report Research is included for each fund.