$LAZR vs $PHOX

The short version

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

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.