$LAZR vs $LUMA

The short version

LAZR is cheaper to own, at 0.75% a year versus 1.00%. LAZR is the bigger fund, with $81M in assets. LAZR has been around longer, launching on June 30, 2026.

LAZR

The Tema Photonics & Optical ETF invests in global photonics and optical technology companies tied to AI data movement, including optical interconnect, semiconductor technology and related equipment and materials. Tema launched it with research input from semiconductor analysis firm SemiAnalysis. LAZR has also held a position in privately held AI company Anthropic, which is unusual for an ETF. Private positions are valued differently from listed stocks and can be harder to trade, so read the prospectus on how they are handled.

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.