$FOTO vs $LUMA

The short version

FOTO is cheaper to own, at 0.75% a year versus 1.00%. FOTO is the bigger fund, with $139M in assets. FOTO has been around longer, launching on May 29, 2026.

FOTO

The Tuttle Capital Pure Play Photonics ETF targets companies whose business is built around photonics: optical components, lasers, optical networking gear and the manufacturers behind them. Recent holdings have included names such as Lumentum, Coherent, Ciena, IPG Photonics and Fabrinet. FOTO gets part of its exposure through total return swaps and holds a meaningful slice of cash and Treasury bills alongside those swaps, so its holdings list looks different from a plain stock basket. Check the issuer's latest holdings file to see how exposure is split between shares and swaps.

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.