$LUMA vs $LYTE

The short version

LYTE is cheaper to own, at 0.65% a year versus 1.00%. LYTE is the bigger fund, with $343M in assets. LUMA has been around longer, launching on July 15, 2026.

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.

LYTE

The Roundhill Photonics & Optics ETF focuses on the optical side of the AI infrastructure build: optical interconnects, lasers and photonic chips that move data with light inside AI data centers. At launch its top holdings included Lumentum, Coherent, Ciena and Fabrinet, plus China-listed optical module makers such as Eoptolink and Zhongji Innolight. A concentrated top ten and a large weight in China-listed optical module makers mean LYTE can move very differently from a broad semiconductor fund. Position sizes can change quickly in an actively managed fund.

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.