$LUMA vs $PHOX

The short version

PHOX is cheaper to own, at 0.60% a year versus 1.00%. LUMA is the bigger fund, with $8M 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.

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.