The actively managed fund dedicates at least 80% of assets to Chinese firms building large language models and AI infrastructure
EMQQ Global’s new brand, EMXETF, is making a bet that China’s AI sector deserves its own dedicated investment vehicle. The firm launched the China AI Tigers LLM ETF on August 26, trading on NASDAQ under the ticker TGRZ, with a laser focus on Chinese companies developing large language models, machine learning systems, and the infrastructure that powers them.
The fund requires at least 80% of its assets to be parked in equity securities and derivatives of companies engaged in LLM development and commercialization within China.
What TGRZ is actually buying #
The ETF targets companies at the frontier of China’s generative AI buildout. Names like DeepSeek, Kimi (the chatbot from Moonshot AI), and Z.ai, which went public in January 2026, sit squarely in the fund’s crosshairs.
The fund carries an expense ratio of 0.86%. Tidal Investments LLC serves as the adviser, with sub-advisory duties handled by EMQQ Global LLC. Kevin T. Carter manages the fund, bringing EMQQ Global’s two-decade track record in emerging technology and e-commerce investing to the sector.
EMXETF, the brand under which the fund operates, was announced just a week before the ETF’s launch on August 19.
Why a China-specific AI ETF now #
Z.ai’s IPO in January 2026 was a key signal, creating the kind of investable universe that ETF managers need to build a product around.
TGRZ isn’t the first ETF to target this space. The Themes China Generative Artificial Intelligence ETF launched in 2025, establishing a beachhead for this category. But EMXETF is positioning TGRZ as more narrowly focused, emphasizing AI model development specifically rather than the broader generative AI ecosystem that might include hardware, cloud services, or application layers.
The competitive landscape and risks #
EMQQ Global has spent more than 20 years investing in emerging market technology, primarily through its e-commerce and internet-focused funds. The actively managed structure gives the fund flexibility that passive index-tracking ETFs don’t have.
Investing in Chinese AI companies comes with a particular set of considerations. Regulatory dynamics between Beijing and Washington have created periods of significant volatility for Chinese tech stocks in recent years. Export controls on advanced chips have shaped which companies can access cutting-edge hardware. Chinese AI companies also operate under different disclosure requirements than their American counterparts.
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