$FOTO vs $PHOX

The short version

PHOX is cheaper to own, at 0.60% a year versus 0.75%. 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.

PHOX

The Aura AI Photonics ETF tracks the VettaFi AI Photonics Index, a basket of roughly 25 global companies involved in generating, transmitting and processing data with light for AI computing: lasers, transceivers, photonic integrated circuits and specialty materials such as indium phosphide. As an index fund, PHOX follows set rules rather than a manager's calls, which makes it easier to know what you own. It is still a small, non-diversified, single-theme fund, so expect big swings.

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.