$EUV vs $LUMA

The short version

EUV is cheaper to own, at 0.35% a year versus 1.00%. LUMA is the bigger fund, with $8M in assets. EUV has been around longer, launching on May 6, 2026.

EUV

The Corgi Lithography & Semiconductor Photonics ETF takes a wider angle on photonics, centered on lithography and chipmaking: the light-based tools that print chips, the equipment makers around them and the foundries that use them. Large positions have included ASML, TSMC, Applied Materials, Lam Research and KLA. Because it leans on large semiconductor equipment and foundry names, EUV behaves more like a chip-equipment fund than a pure optical networking fund. That can make it steadier than the pure plays, but it is a different bet.

LUMA

The KraneShares Photonic and Optical ETF targets public and private companies worldwide that build optical interconnects, transceivers, fiber-optic cable and other light-based infrastructure for AI networking. LUMA can hold private companies, IPOs and derivatives, and it carries one of the higher expense ratios in the group. That flexibility cuts both ways, so it is worth reading how the fund values and sizes its private positions.

Lower fees and more assets are helpful, but they are not the whole story. The bigger question is which strategy matches what you want to own. This comparison is not a recommendation to buy or sell either fund.