Issuers filed ETFs on OpenAI and Anthropic. None of them can trade.

From Monday, Nov. 2, through Thursday, Nov. 5, 2026, Defiance and REX Advisers filed exchange-traded funds on OpenAI, Anthropic and Anduril. None of them can trade. What an investor could buy was not a fund on OpenAI, Anthropic or Anduril.

OpenAI and Anthropic ETF filings

On Tuesday, Defiance ETFs Trust I, the trust that issues Defiance's funds, filed to register 56 funds under the name PowerMaxx. A PowerMaxx fund would buy call options and seek a gain or loss "several times" a stock's move, not a fixed daily multiple. Milliman Financial Risk Management would run the options.

Fifty-two of the funds sit in one registration, on stocks and funds that already trade, including Apple and Nvidia. The list of series leaves the new funds' own tickers blank. Four more were filed the same day. Three of them, one on OpenAI, one on Anthropic and one on Anduril, leave the company's ticker blank. The fees are blank too.

The OpenAI filing says the fund would place at least 80% of net assets in options that give it exposure to the stock. It invests principally in exchange-traded call options. It also says the fund can lose money even if the shares rise, because the options can lose value as time passes or as expected swings in the stock shrink, and the fees still come out.

The amendment takes effect on Jan. 17, 2027, 75 days after Tuesday's filing.

Those call options still need a listed share. A prospectus REX Advisers filed the next day says the common stock of OpenAI, Anthropic and Anduril is not publicly traded. There is nothing for the options to reference.

On Wednesday, ETF Opportunities Trust, which would issue the shares, filed to register 30 funds advised by REX Advisers, of Fairfield, Connecticut. Fifteen private companies each get a pair, one fund seeking twice the daily move and one seeking twice the opposite move. OpenAI, Anthropic and Anduril are on that list, a day after Defiance filed the same three names.

The same prospectus says OpenAI's management has stated the company will not go public in 2026. The fund objective still describes the stock as publicly traded. A later page says it is not.

Until a listing, each fund would get its exposure from swaps, contracts with banks, tied to a perpetual futures contract rather than to a share. That contract has no expiration date. Funding payments are supposed to keep its price aligned with the private company's shares, and the filing says there is no assurance that works.

The contracts may trade on decentralized platforms, including ones that run on a blockchain. The prospectus says a price taken from that market "may be viewed as speculative." The registration takes effect on Jan. 18, 2027, 75 days after Wednesday's filing.

Both issuers filed OpenAI, Anthropic and Anduril, a day apart, and the two structures do not work the same way. Defiance needs listed options that do not exist. REX would track a futures price its own prospectus calls speculative. Neither is for sale.

The ETFs that listed

What reached the exchange was the ordinary business. The fees are where these funds differ.

The cheap end is a stock basket and a bond fund. SIX charges 0.20% for Apple, Microsoft, Nvidia, Alphabet, Amazon and Meta, and leaves out Tesla.

BondBloxx listed BBLX on Thursday at 0.22%. It tracks a J.P. Morgan index of dollar bonds that adds high-yield debt to the investment-grade bonds in a standard core bond fund, the kind that holds the broad U.S. bond market.

"We designed this product for advisors and investors who want more than what U.S. aggregate-focused funds offer, but who still want a cost-efficient, index-based ETF," Tony Kelly, BondBloxx's head of product, said in the firm's Nov. 5 launch release.

The expensive end is THCR, at 1.10%. The Oct. 21 prospectus puts 0.25 percentage points of that charge in fees of other funds the portfolio holds. The fund invests in leveraged ETFs, which magnify a daily move and reset each day.

Columbia Threadneedle's two buffer funds, RECD and RECM, charge 0.69%. A buffer fund tries to absorb a slice of a market drop, and gives up some of the gain to pay for that protection. These two buy the protection on the S&P 500, not on the stocks they hold.

If those stocks fall and the S&P 500 does not, the protection does not pay. The Oct. 28 prospectus says the strategy can fail entirely when the portfolio and the index diverge, and that the funds will limit the overlap because a closer match could change the tax treatment.

Columbia's pages say the shares are offered only through certain wrap fee programs, advisory accounts that charge one bundled fee, sponsored or managed by Ameriprise or its affiliates. Most investors cannot buy them. Columbia Management, the adviser, is owned by Ameriprise.

The week's one new structure was a token fund. Canary Capital's Canary Staked INJ ETF, INJC, began trading on Thursday. It holds INJ, the token of the Injective network, and stakes it, which locks the tokens on the network in exchange for rewards.

The Nov. 4 prospectus sets a sponsor fee of 1.10% of the tokens the trust holds, not of the share price the way the expenses above are measured. Staking fees are expected at 30% of the rewards, and the sponsor anticipates staking at least 90% of the tokens. Taking them out takes 21 days, and during that time they earn nothing and cannot be moved.

An investor can buy that fund now. An investor cannot buy a fund on OpenAI. The filings say why.