LAZR has the largest exposure to Anthropic of any U.S.-listed ETF.1
NEW YORK, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Tema ETFs (“Tema”), a leader in actively managed exchange-traded funds, today announced that the Tema Photonics & Optical ETF (LAZR) has increased its position in Anthropic, building on the fund’s initial investment announced in July. As of the date of this release, LAZR has a 15% weight in Anthropic.
The increased position comes as Anthropic moves closer to an IPO, with media reports suggesting a potential valuation of approximately $2 trillion,2 which would make it the largest IPO by initial valuation in history, surpassing SpaceX.3
Exposure to Anthropic is delivered through a special purpose vehicle (SPV), an established means of investing in private companies. LAZR does not charge any incremental management fee, performance fee, or brokerage fee on the Anthropic exposure.
About Tema ETFs
Tema builds ETFs for a range of market environments, offering structural growth and durable core solutions. Founded in 2022, Tema is backed by Index Ventures, Accel Partners, and over a dozen financial services CEOs.
1Bloomberg, as of Sep 1, 2026
2Reuters, Aug 14, 2026
3The New York Times, Jun 12, 2026
Disclosures
Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus or summary prospectus, which may be obtained by visiting www.temaetfs.com/LAZR. Read the prospectus carefully before investing.
Investing involves risk including possible loss of principal. There is no guarantee the fund's investment strategy will be successful.
Sector Focus Risk: The Fund may invest a significant portion of its assets in one or more sectors and thus will be more susceptible to the risks affecting those sectors than funds that have more diversified holdings across a number of sectors. The Fund anticipates that it may be subject to some or all of the risks described below.
Optical and Photonic Companies Risk: The Fund invests in Optical and Photonic Companies, which may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress and government regulation. These companies are also heavily dependent on intellectual property rights, and challenges to or misappropriation of such rights could have a material adverse effect on such companies. Securities of Optical and Photonic Companies tend to be more volatile than securities of companies that rely less heavily on technology. Optical and Photonic Companies typically engage in significant amounts of spending on research and development, and rapid changes to the field could have a material adverse effect on a company’s operating results. Additionally, the development, design, manufacturing, and commercialization of optical and photonic technologies, as well as related subsystems, equipment, materials, and services, are complex and evolving, and may face unforeseen technical challenges (including integration, signal integrity, and manufacturing yield issues), supply chain disruptions, intense competition and pricing volatility, regulatory developments (including export controls on photonic and semiconductor technologies), and market acceptance uncertainties. The commercial adoption of optical interconnect and photonic technologies, including within data center and telecommunications infrastructure, is subject to the pace of broader industry transitions and capital expenditure cycles, which may be slower or more uneven than anticipated. As a result, investments in Optical and Photonic Companies may be subject to higher levels of risk and volatility.
Information Technology Sector Risk: Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of any of these rights may adversely affect the profitability of these companies or the Fund’s performance.
SPVs and private company ownership have increased liquidity and valuation risk. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer’s financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund’s assets at greater risk of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. Please see https://temaetfs.com/LAZR for more information.
Tema ETFs LLC serves as the investment adviser to Tema Photonics & Optical ETF (the “Fund”), and Tidal Investments LLC serves as a sub-adviser to the Fund. The Fund is distributed by Vigilant Distributors, LLC, which is not affiliated with Tema ETFs LLC nor Tidal Investments LLC. Check the background of Vigilant Distributors, LLC on FINRA’s BrokerCheck.
Anthropic’s preliminary second-quarter results reignited enthusiasm across the artificial intelligence sector, lifting semiconductor stocks 1% on Monday despite broader tech sector declines. Q2 revenue topped $11.5 billion — a 14x surge year-over-year and more than 2x last quarter’s figures. Meanwhile, the company achieved positive adjusted operating income. The company’s annualized revenue run rate surpassed $65 billion by the end of July, up from $47 billion in May and roughly $9 billion at the end of 2025.
This operational milestone highlights the rapid growth of private market AI leaders and signals advancing preparations for a potential IPO. Much like the intense demand surrounding SpaceX’s private valuation and anticipated IPO, investor appetite for early access to Anthropic is high. However, gaining direct exposure remains difficult while the company stays private.
For now, a small group of ETFs is providing access. But seeing Anthropic on an ETF’s holdings list does not necessarily make that fund an Anthropic proxy. Weights range from well below 1% to several percent, and the portfolios surrounding those positions vary significantly.
What Is Anthropic?
Anthropic is an artificial intelligence company best known for Claude, its family of generative AI models and tools tailored for software coding, research, and enterprise automation. The company has focused heavily on business customers and usage-based applications such as Claude Code, helping position it as one of the leading private competitors in the emerging AI market.
Anthropic also sits near the center of the AI infrastructure buildout. Its growth requires significant amounts of computing capacity, creating connections across cloud computing, semiconductors, memory, networking, and data centers. Its latest funding round included strategic infrastructure participants such as Micron, Samsung, and SK hynix, alongside previously committed hyperscaler investments.
That makes Anthropic relevant even for investors who never ultimately own the stock itself. Strong demand for Claude can translate into greater demand for the infrastructure required to train and run its models, which helps explain why Anthropic’s latest financial figures were particularly supportive of semiconductor stocks.
For public-market investors seeking exposure before an IPO, ETFs are becoming one of the few accessible options — but the amount of Anthropic investors actually receive varies considerably.
ETFs With Anthropic
At least eight U.S.-listed ETFs currently provide direct exposure to Anthropic. They range from concentrated growth portfolios and dedicated AI strategies to much broader large-cap funds where Anthropic remains a relatively small satellite position.
The Alger Concentrated Equity ETF (CNEQ) currently has roughly 2.5% allocated to Anthropic (as of August 19), making it one of the more meaningful ETF exposures available. CNEQ maintains a concentrated portfolio of 30 or fewer companies identified through fundamental research as having strong growth potential, with large positions in technology and AI-related companies including Nvidia Corp. (NVDA), Microsoft Corp. (MSFT), Alphabet Inc. (GOOG), and Broadcom Inc. (AVGO).
Alger also holds Anthropic through the Alger 35 ETF (ATFV), where the company recently represented 1.3% of the portfolio. ATFV is another high-conviction growth strategy, investing in approximately 35 of the Alger research team’s best ideas across some of the market’s most disrupted industries.
A third Alger strategy, the Alger AI Enablers & Adopters ETF (ALAI), is one of the most directly aligned with the theme. Anthropic recently accounted for about 1.8% of the fund, which invests in companies that Alger believes can benefit from developing, enabling, adopting, or utilizing artificial intelligence. Unlike CNEQ and ATFV, AI is the central investment thesis rather than simply an important source of growth opportunities.
The Tema Photonics & Optical ETF (LAZR) offers another approach. The fund primarily invests in companies enabling faster data movement between chips, servers, and data centers, while Anthropic represented 2.3% of assets through a special purpose vehicle (SPV). The combination is notable because it pairs direct exposure to an AI model developer with the photonics and optical infrastructure that could benefit as AI compute requirements increase. (See my previous research note on photonics ETFs including LAZR.)
The KraneShares Public-Private AI & Technology ETF (AGIX) is specifically designed to combine publicly traded AI companies with private-market exposure. Anthropic is currently its largest private holding at 1.9% of its weight. The portfolio also holds private companies such as Apptronik, Ayar Labs, Nuro, and Polymarket. The rest of the fund spans the broader AI ecosystem, including hardware, infrastructure, and applications.
The iShares A.I. Innovation and Tech Active ETF (BAI) provides exposure across the AI technology stack, including infrastructure, intelligence, and applications. Anthropic represents around 0.75% of the portfolio. Anthropic remains a relatively small piece of BAI, which is primarily driven by public semiconductor and AI infrastructure companies such as Micron Technology (MU), Nvidia, Advanced Micro Devices (AMD), and Broadcom.
The T. Rowe Price Technology ETF (TTEQ) is an actively managed technology strategy. Anthropic represented roughly 0.75% of the portfolio in early August, giving investors a relatively small direct stake alongside the fund’s broader exposure to global technology and other private companies. TTEQ generally targets a portfolio of 40 to 50 companies. It can invest across technology-related industries beyond the traditional information technology sector.
The T. Rowe Price Capital Appreciation Equity ETF (TCAF) takes the broadest approach. Anthropic represents around 0.65% of the portfolio. That makes it a relatively small satellite position within a diversified large-cap strategy rather than a dedicated AI allocation. For TCAF investors, Anthropic offers incremental private-market exposure. However, the fund’s performance will remain primarily driven by its much broader portfolio.
Certain ETFs do not directly invest in Anthropic, but benefit from its growth. The Anthropic AI Lab Ecosystem ETF (ANTW) explores companies most directly connected to Anthropic’s AI ecosystem, including cloud, data center, power, and infrastructure providers. Top holdings currently include TeraWulf (WULF), Alphabet (GOOGL), and Amazon (AMZN). Unlike several other ETFs discussed here, ANTW provides indirect exposure to Anthropic’s growth rather than holding Anthropic itself. (VettaFi recently covered the five new Harbor AI ecosystem ETFs including Anthropic, OpenAI, Google, Meta, and SpaceX ecosystems.)
Not All Exposure Is Equal
Investors should consider what else sits alongside the Anthropic position. CNEQ and ATFV offer growth exposure. ALAI, AGIX, and BAI embed Anthropic within a broader AI thesis, while LAZR combines it with AI infrastructure. TTEQ offers broader active technology exposure, and TCAF incorporates it into a diversified large-cap portfolio. These are very different investment propositions, even though all can technically be described as ETFs that own Anthropic. None of these are intended to serve as vehicles to invest primarily in Anthropic.
Private Exposure Brings Different Risks
Investing in Anthropic through ETFs can give public market investors indirect access to a high-profile private AI company that they otherwise could not easily own, appealing to investors looking for exposure to the next generation of AI leaders before a potential IPO.
ETFs can also spread that exposure across a broader portfolio rather than tying returns to Anthropic alone. Depending on the fund, investors may also gain exposure to other private technology companies like OpenAI, AI infrastructure providers, or publicly traded beneficiaries of AI growth.
There are important trade-offs, however. Private company holdings can be harder to value and less liquid than publicly traded stocks. (Read more on private market ETFs.)
Bottom Line:
ETFs can serve as a diversified point of early access to pre-IPO private companies. However, investors should look beyond the headline that an ETF owns Anthropic. A less than 1% allocation means that broader public market movements rather than Anthropic alone predominately drive overall ETF performance.
For more news, information, and analysis, visit the Equity ETF Content Hub.
Key Takeaways Optical connectivity is emerging as a critical enabler as AI data demands push copper wiring to its limits.Photonics is gaining momentum as AI workloads drive demand for faster, more efficient data movement.LYTE offers diversified exposure to 23 global photonics and optics companies. NVIDIA (NVDA - Free Report) has been the undisputed face of the first wave of artificial intelligence (AI), driving massive hardware deployment across global data centers. However, as cluster sizes scale to hundreds of thousands of chips, standard copper wiring is hitting its physical limits and light-based connections are becoming the critical enabler of AI growth.
Because every Nvidia GPU requires roughly six optical transceivers to function efficiently at scale, the physical data pathway has emerged as the next major hardware bottleneck.
As a result, investors seeking the next wave of outsized returns are looking past single-chip manufacturers toward the underlying infrastructure powering optical connectivity. Strong capital inflows reflect this shift, with global demand for AI-focused optical transceivers projected to reach $26 billion by the end of 2026, representing a 57% year-over-year surge, according to a TrendForce research.
This shift from electrons to photons is creating a strong tailwind for a new generation of thematic exchange-traded funds (ETFs) focused on this "plumbing" layer of AI.
To understand why these ETFs are attracting such solid capital inflows, we must first examine why traditional copper wiring is failing and how photonics is emerging as the ultimate solution to AI's data bottleneck.
Why Optics Are the New Future of AI InfrastructureAs AI models grow in complexity, the need to move data quickly and efficiently between processors is surpassing what copper can deliver. Silicon photonics is emerging as a dominant technology platform for next-generation interconnects because it offers improved bandwidth density and lower power consumption.
In contrast, traditional copper cables simply cannot handle the immense data throughput demanded by trillion-parameter AI models without generating excessive heat and severe power loss.
Hence, we are witnessing the explosive growth in demand for photonics, driving the new wave of AI infrastructure growth. Companies like Coherent (COHR - Free Report) and Lumentum (LITE - Free Report) , which manufacture advanced optical components and photonic devices, have seen their shares surge more than 90% and 162%, respectively, so far this year, as investors recognize their strategic importance to the AI supply chain.
Looking ahead, optical architectures are transitioning from standard pluggable transceivers toward Co-Packaged Optics (CPO) and Linear Pluggable Optics (LPO). These innovations will drastically lower latency and cut data-center power consumption. With cloud giants aggressively securing long-term supply agreements for photonic components, the optics sector is entering an extended multi-year expansion cycle.
Yole Group projects the global optical transceiver market to reach a staggering $112.3 billion by 2031, driven primarily by AI training and inference workloads.
Why Investing in Optics ETFs Makes SenseConsidering the aforementioned discussion, while photonics represents a massive structural tailwind, picking individual stock winners carries significant execution risk, given the complexity of the optical supply chain.
Investing via ETFs mitigates company-specific supply bottlenecks while providing instant diversification across the entire value chain of the photonics and optical ecosystem.
Investor appetite for this theme is already evident. The recently launched Roundhill Photonics & Optics ETF (LYTE - Free Report) generated $72 million in trading volume on its very first day — surpassing the opening-day volume of the highly successful DRAM ETF, which recorded approximately $69.5 million. This robust early activity signals growing institutional conviction in AI's optical future, as investors increasingly recognize that the data transmission bottleneck represents the next major hardware investment cycle.
Top ETFs to Grab AI's Optical FutureGiven the equity market’s growing appetite for exposure to AI’s optical future through ETFs, investors seeking to capture the broad secular upside of optical AI infrastructure may consider adding the following funds to their portfolios:
This is an active fund, with assets under management (AUM) worth $257.9 million, offering exposure to a concentrated basket of 23 global photonics and optics companies. LITE holds the first spot in this fund with a 14.77% weight, while COHR holds the third spot with a 13.65% weight.
LYTE has gained 12.6% since its launch on Aug. 6, 2026. It charges 65 basis points (bps) as fees and traded at a good volume of 5.07 million shares in the last trading session.
Tema Photonics & Optical ETF (LAZR - Free Report)
This is an active fund, with AUM worth $75.6million, offering exposure to 27 companies enabling faster data movement between the chips, servers, and data centers powering AI. LITE holds the first spot in this fund with a 14.97% weight, while COHR holds the ninth spot with a 3.81% weight.
LAZR has soared 33.9% over the past month. It charges 75 bps in fees and traded at a volume of 0.36 million shares in the last trading session.
This is an active fund, with AUM worth $536.8 million, offering exposure to 41 companies across the photonics value chain. Taiwan Semiconductor (TSM - Free Report) holds the first spot in this fund with a 9.91% weight. LITE holds the seventh position with a 4.29% weight, while COHR holds the eighth spot with a 3.63% weight.
EUV has rallied 14.5% over the past month. It charges 35 bps in fees and traded at a volume of 0.96 million shares in the last trading session.
Key Takeaways AI is fueling a boom in optical connectivity and photonics technology. LYTE and LAZR offer targeted exposure to the fast-growing photonics theme. CPO adoption could accelerate as AI data centers scale and networking needs rise. GPUs have long been viewed as the critical bottleneck in artificial intelligence (AI), but attention is increasingly shifting toward data transmission. As GPU clusters scale to tens of thousands of chips for training massive foundation models, traditional copper connections face growing limitations in distance, speed and power consumption.
Optical connectivity uses light instead of electrical signals, enabling data centers to support multi-terabit bandwidth with ultra-low latency and greater energy efficiency. Hence, photonics is increasingly replacing copper-based data transmission in supporting modern AI systems.
Goldman Sachs projects that the total addressable market opportunity for optical networking will grow more than nine times over through 2028, from an estimated $15 billion to an estimated $154 billion, as quoted on CNBC.
CPO Could Transform AI NetworkingNote that in the area of optical connectivity, one of the key technologies expected to help overcome networking constraints is Co-Packaged Optics (CPO), which integrates optical engines directly with switching or computing chips.
This is an emerging key technology for next-generation AI data centers. However, industry experts expect traditional pluggable optical modules to remain dominant through 2026, given their lower costs, flexibility and easier maintenance.
Notably, CPO adoption is likely to accelerate from 2027, with experts expecting penetration of roughly 20% to 30% by 2028, as mentioned on Third Bridge. Near-Packaged Optics could serve as an intermediate solution as the industry addresses CPO’s reliability, manufacturing-yield and packaging challenges.
NVIDIA and Broadcom Lead the RaceNVIDIA (NVDA - Free Report) has committed at least $6.5 billion since March to companies developing photonics technology, including investments in Coherent and Lumentum. NVIDIA’s Feynman architecture, expected in 2028, represents a major shift toward photonics and away from traditional copper-based interconnects, per the same CNBC article.
Also, NVIDIA has already moved CPO technology into production with its Spectrum-X networking platform, while Broadcom (AVGO - Free Report) remains another major player. Industry experts expect NVIDIA and Broadcom to collectively control about 70% of the global CPO market by 2028, with NVIDIA potentially accounting for 50% and Broadcom 20%, per Third Bridge.
ETFs to PlayAgainst this backdrop, below we highlight two pureplay ETFs on the above-said theme.
Roundhill Photonics & Optics ETF LYTE
Roundhill Investments’ Memory ETF (DRAM - Free Report) , which targets the memory trade, has been a huge hit in 2026, amassing close to $25 billion since April. Roundhill now bets big on the photonics boom due to AI data center optical networking innovation.
The company has launched a pure-play actively-managed ETF on the global photonics and optics industry, i.e., Roundhill Photonics & Optics ETF (LYTE) on Aug. 6, 2026. LYTE seeks to offer targeted exposure to global photonics and optics leaders. The fund holds 19 stocks in total. It charges 35 bps in fees. Top holdings of the fund are Coherent (15.99% weight), Lumentum (14.82%) and Eoptolink Technology (13.73%).
Tema Photonics & Optical ETF (LAZR - Free Report)
It is also an actively managed fund, charging 75 bps in fees. The fund holds 28 stocks in total. Lumentum (15.22% weight), AXT (11.4%) and Aixtron SE (9.09%) currently hold the top three spots in the fund. The United States takes about 50% of the fund, followed by China (10.51%) and Germany (9.09%).
NEW YORK--(BUSINESS WIRE)--Tema ETFs (“Tema”), a leader in institutional-grade1 and actively managed exchange-traded funds, today announced that Anders Storm, former CEO of Sivers Semiconductors and currently CEO of Dirac Research, has been appointed Expert Advisor to the Tema Photonics & Optical ETF (LAZR). Launched in research partnership with SemiAnalysis, LAZR invests in global photonics and optical technology leaders and holds the largest pre-IPO position in Anthropic via an SPV of any.
Key Takeaways: AI investing is broadening beyond processors to memory and photonics, which address critical data storage and connectivity bottlenecks. Both memory and photonics ETFs offer targeted access to global leaders, but concentrated holdings can amplify both opportunity and volatility. Advisors should compare ETFs carefully, since products range from pure-play equities to broader supply-chain and leveraged strategies. The AI trade has faced renewed volatility as investors question AI spending and current valuations. Semiconductor stocks and related areas — including memory, networking, photonics, and chip equipment—have all been caught in the pullback.
From an ETF perspective, however, the theme is expanding rather than disappearing. The first phase of the AI trade largely centered on processors and broad semiconductor funds. Newer ETFs are targeting the less visible technologies needed to support those processors, particularly memory chips that store and supply data and photonics systems that help move it. These products give investors more precise exposure to the AI infrastructure buildout. However, that precision can also bring greater concentration and risk.
Why AI Needs More Memory Memory chips help computers store and access the information needed to perform tasks. DRAM, or dynamic random-access memory, serves as short-term working memory, while NAND flash provides longer-term storage in products such as solid-state drives.
High-bandwidth memory, or HBM, has become especially important for AI. HBM is an advanced form of DRAM, designed to move large amounts of data quickly between memory and AI processors. That makes memory a critical part of the AI infrastructure buildout rather than another type of semiconductor.
Micron estimates that the addressable market for HBM could grow from approximately $35 billion in 2025 to around $100 billion by 2028, representing an annual growth rate of roughly 40%. This illustrates how quickly memory is becoming a larger component of the AI story.
The opportunity is not limited to HBM. AI servers also require conventional DRAM and substantial amounts of NAND-based storage. At the same time, memory remains a historically cyclical industry. Periods of limited supply can support higher prices and margins, while capacity, inventory issues, or weaker technology spending can reverse those conditions. Memory ETFs provide targeted exposure to a potential AI bottleneck, but because of their cyclicality, they should not be mistaken for lower volatility alternatives to broad semiconductor funds.
A Concentrated Global Market The global memory market is heavily concentrated in three companies: Micron Technology (MU), Samsung Electronics (005930), and SK hynix (000660). Micron is readily available on a U.S. exchange, while Samsung and SK hynix primarily trade in South Korea. That can make direct ownership less straightforward for U.S. investors and has helped create a natural use case for ETFs.
Broad country funds offer one alternative. The iShares MSCI South Korea ETF (EWY), for example, provides exposure to Samsung and SK hynix, but it also holds financial, automobile, internet, and other South Korean companies. Dedicated memory ETFs offer a more targeted approach, although their portfolios can be highly concentrated in the same small group of manufacturers.
Memory ETFs Take Different Approaches The Roundhill Memory ETF (DRAM), the first U.S.-listed ETF devoted specifically to memory stocks, launched on April 2, 2026. The actively managed fund invests in global companies tied to HBM, DRAM, NAND, solid-state drives, hard-disk drives, and other memory technologies. Its leading exposures include Micron, Samsung, and SK hynix, making it a relatively direct way to access the major global manufacturers.
DRAM’s early performance and asset growth demonstrated considerable investor interest, but they also highlighted the volatility of a concentrated theme. The fund fell approximately 32% in July after an unusually strong initial run. Investors nevertheless added $6.2 billion during the month, compared with $3.0 billion for the broader semiconductor fund VanEck Semiconductor ETF (SMH). That suggests many investors treated the selloff as an opportunity to increase exposure rather than exit the theme.
Other newer funds are attempting to differentiate themselves through portfolio construction:
The Kurv Memory Select ETF (KMEM) is even more concentrated in the three dominant producers. As of July 31, SK hynix, Micron, and Samsung represented approximately 85% of its look-through exposure. KMEM may appeal to investors seeking direct exposure to the leading manufacturers, but its results will also be heavily dependent on those three companies.
The Tema Memory ETF (DISK) takes a broader, actively managed approach, developed in partnership with semiconductor research firm SemiAnalysis. It can invest across HBM, DRAM, NAND, and other parts of the global memory market, including Asian companies that can be difficult for U.S. investors to access. Its active mandate also allows it to add newer entrants, such as Chinese memory producer ChangXin Memory Technologies (CXMT), following its public offering.
The Tuttle Capital Concentrated Memory Stack ETF (HBMX) extends beyond the largest memory manufacturers to include advanced packaging, testing, substrates, interconnects, and other technologies supporting memory production. The actively managed fund generally holds between 20 and 35 companies and requires meaningful memory-related revenue or strategic exposure. This may provide broader “picks-and-shovels” exposure, but it will not necessarily move in line with Samsung, SK hynix, or other major memory producers.
There are also more specialized structures. The Tuttle Capital Memory Stack Income Blast ETF (DRMP) combines memory exposure with an options strategy designed to generate income. Leveraged funds such as the Roundhill T-REX 2X Long DRAM Daily Target ETF (RAM) and the Defiance Daily Target 2X Long DRAM ETF (DRAL) are daily trading products rather than traditional long-term allocations.
The AI Bottleneck Is Not Limited to Memory As detailed in an earlier research note, the AI trade is getting more granular, and it is not limited to memory. Photonics is also gaining attention, as investors look beyond the processors powering AI models to the technologies needed to connect them.
Photonics uses light instead of conventional electrical signals to move data. While processors provide the computing power, memory supplies the data, and photonics creates the network connecting the system. This becomes more important as data centers link larger numbers of AI chips and need to transmit greater volumes of information without consuming excessive power.
The photonics ETF lineup also offers several different approaches. The Tuttle Capital Pure Play Photonics ETF (FOTO) focuses on companies whose primary businesses are tied to photonics, including optical components, lasers, and data-center connectivity. It is the more concentrated choice for investors seeking direct exposure to the theme. Its holdings include companies such as Lumentum Holdings (LITE).
The Corgi Lithography & Semiconductor Photonics ETF (EUV) is a broader fund. In addition to optical networking and silicon photonics, the fund invests in lithography equipment, lasers, semiconductor inspection, sensing, and specialty materials. EUV may therefore behave more like a hybrid semiconductor-equipment and photonics strategy than a pure optical-connectivity fund.
The Tema Photonics & Optical ETF (LAZR) focuses primarily on companies enabling faster data movement among chips, servers, and data centers. LAZR takes a more global approach and holds several Asian and European optical-technology firms. Investors should note that LAZR also holds private-company exposure to Anthropic through a special-purpose vehicle, so its portfolio is not limited exclusively to publicly traded photonics companies.
Roundhill’s Photonics and Optics ETF (LYTE) is also in the filing pipeline, along with Aura’s AI Photonics ETF (PHOX). PHOX will so far be the only indexed product in the photonics space, which brings a different perspective among a field of active peers.
As with memory ETFs, the fund name alone does not tell the full story. Some photonics products emphasize smaller optical-component manufacturers, while others include large semiconductor companies, chipmaking equipment, private assets, or applications outside AI such as defense, medical imaging, and industrial manufacturing.
Bottom Line Memory and photonics ETFs are generally more concentrated and potentially more volatile than broad semiconductor or technology funds. For many investors, they may make the most sense as satellite positions, alongside diversified equity and semiconductor exposure. These ETFs allow investors to express a specific view on where the next AI infrastructure bottleneck may emerge.
For more news, information, and analysis visit the Thematic Investing Content Hub.
NEW YORK--(BUSINESS WIRE)--Tema ETFs (“Tema”), a leader in institutional-quality and actively managed exchange-traded funds, today announced that the Tema Photonics & Optical ETF (LAZR) has acquired exposure to Anthropic. Shareholders gain pre-IPO access via an SPV to an AI pioneer and one of the world's most consequential companies. As of the date of this release, Anthropic represented 12.06% of LAZR's net assets, and Tema intends to maintain the company as a top holding in the fund. Holdi.
NEW YORK--(BUSINESS WIRE)--Tema ETFs (“Tema”), a leader in institutional-quality and actively managed exchange-traded funds, today announced the launch of the Tema Memory ETF (DISK) and the Tema Photonics & Optical ETF (LAZR). DISK and LAZR are the first institutionally managed memory and photonics ETFs, launched in partnership with SemiAnalysis, the leading independent research firm specializing in semiconductors and AI infrastructure. DISK and LAZR target companies at the leading edge of.
MIAMI, FL / ACCESS Newswire / March 13, 2026 / Luminar Media Group, Inc. (OTCID:LRGR) ("Luminar" or the "Company"), a diversified financial holding company focused on revenue-based financing solutions for small and mid-sized businesses and operating under the Fortun brand, today provided a general business update addressing certain previously disclosed corporate initiatives. Corporate Name and Ticker Symbol Alignment The Company expects to implement its previously disclosed corporate name change and ticker symbol change in the near term.
FY 2025 Revenue up 542% to $5.6 Million; Positive Operating Income of $1.3 Million and Net Income of $1.1 Million MIAMI, FL / ACCESS Newswire / March 31, 2026 / Luminar Media Group, Inc. (OTCID:LRGR), together with its subsidiaries Fortun Advance, LLC; Fortun Funding, LLC; Fortun Online, LLC and related affiliates (collectively, "Fortun"), today reported financial results for the fourth quarter and full-year ended December 31, 2025. The Company previously reported preliminary operating metrics on January 20, 2026, highlighting a record fourth quarter and full year, with continued strong growth across its platform.
Q1 2026 amount funded increased 93.5% year-over-year to $3.46 million; GAAP revenue increased 82.2% to $1.54 million; GAAP net income increased 152.5% to $421,358
MIAMI, FL / ACCESS Newswire / May 19, 2026 / Luminar Media Group, Inc. (OTCID:LRGR) ("Luminar" or the "Company"), a financial technology and alternative financing company operating through its Fortun-branded subsidiaries, today announced preliminary results for the first quarter ended March 31, 2026, reflecting significant year-over-year growth across both operating key performance indicators and GAAP financial metrics.
For Q1 2026, the Company funded approximately $3.46 million, compared to approximately $1.79 million in Q1 2025, representing 93.5% year-over-year growth. Amounts received increased to approximately $3.28 million, compared to approximately $1.80 million in Q1 2025, representing 82.4% growth. The number of deals funded increased to 462, compared to 261 in Q1 2025, representing 77.0% growth.
On a GAAP basis, Q1 2026 revenue increased to approximately $1.54 million, compared to approximately $846,429 in Q1 2025, representing 82.2% growth. GAAP net income increased to approximately $421,358, compared to approximately $166,862 in Q1 2025, representing 152.5% growth. Net income margin improved to approximately 27% in Q1 2026, compared to approximately 20% in Q1 2025.
As of the close of March 2026, the Company's non-GAAP accounts receivable increased to approximately $9.61 million, compared to approximately $4.00 million at the close of March 2025, representing 140.3% growth.
"These results reflect the continued expansion of our Fortun operating platform and the increasing demand we are seeing from small and mid-sized businesses seeking fast, flexible access to capital," said Yoel Damas, Chief Executive Officer of Luminar Media Group, Inc. "We are particularly pleased that our growth is not limited to a single metric. Funding volume, collections, deal count, GAAP revenue, GAAP net income and receivables all increased meaningfully year-over-year, demonstrating continued execution across the business."
Juan M. Sese, Chief Financial Officer of Luminar Media Group, Inc., added, "Q1 2026 reflects strong operating leverage in the platform. While amount funded increased 93.5% year-over-year, GAAP net income increased 152.5%, and net income margin improved from approximately 20% to approximately 27%. We believe this demonstrates the scalability of our vertically integrated model as we continue to strengthen reporting, controls and operational discipline."
Q1 2026 Compared to Q1 2025
Metric
Q1 2026
Q1 2025
%
Amount Funded
$
3,460,400
$
1,788,600
93.5
%
Amount Received
$
3,278,593
$
1,797,612
82.4
%
Number of Deals
462
261
77.0
%
GAAP Revenue
$
1,541,953
$
846,429
82.2
%
GAAP Net Income
$
421,358
$
166,862
152.5
%
Net Income Margin
27
%
20
%
-
Non-GAAP Accounts Receivable at March 31
$
9,606,289
$
3,997,197
140.3
%
The Company believes the comparison of operating KPIs and GAAP financial results provides investors with a broader view of the Company's performance. Operating KPIs such as amount funded, amount received, number of deals and non-GAAP accounts receivable help illustrate the growth and scale of the Company's revenue-based financing platform, while GAAP revenue and net income reflect the Company's financial performance under generally accepted accounting principles.
About Luminar Media Group, Inc.
Luminar Media Group, Inc. (OTC Pink:LRGR), operating through its Fortun-branded subsidiaries, is focused on providing revenue-based financing and related financial technology solutions to small and mid-sized businesses. Through its vertically integrated platform, the Company manages origination, underwriting, funding, servicing and collections, with a focus on helping businesses access flexible working capital.
Non-GAAP Financial Measures
This press release includes certain non-GAAP operating metrics, including non-GAAP accounts receivable. The Company uses these metrics internally to evaluate portfolio activity, capital deployment, collections and operating performance. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Investors are encouraged to review GAAP financial results together with operating KPIs to better understand the Company's business performance.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the Company's future financial and operating performance, growth expectations, business strategy and objectives, anticipated market demand, plans to scale operations, the timing and completion of its year-end financial close, and the timing of publication of its official financial statements and related disclosures. Forward-looking statements are often identified by words such as "will," "expects," "believes," "anticipates," "intends," "plans," "estimates," "projects," "outlook," or similar expressions.
The financial results, operating metrics, and other figures referenced in this press release are preliminary and unaudited and are based on information currently available to management. Such figures remain subject to the completion of the Company's financial close procedures, internal review, and, where applicable, audit or additional review by the Company's independent accounting firm. Accordingly, the Company's final reported results may differ from the preliminary results presented herein, and such differences may be material.
These statements are based on management's current expectations and assumptions, including assumptions regarding market conditions, customer and partner behavior, access to capital, and the Company's ability to execute its business plan. These assumptions may prove to be incorrect, and there can be no assurance that any forward-looking statements will be achieved.
Actual results and future events may differ materially from those expressed or implied in the forward-looking statements due to a number of risks and uncertainties, including, among others: the Company's ability to execute its business strategy and achieve anticipated operational results; the preliminary and unaudited nature of the financial results and operational metrics referenced in this press release, which are subject to revision and may change, potentially materially, as the Company completes its financial close and audit or review processes; the Company's ability to obtain or maintain adequate liquidity and financing on acceptable terms, or at all; changes in competitive, economic, market, or regulatory conditions; risks relating to counterparties, vendors, and strategic partners; risks associated with acquisitions, integrations, or other strategic initiatives; and volatility in the Company's stock price and trading volume, including risks associated with trading on the OTC markets. This list of factors is not exhaustive.
Forward-looking statements speak only as of the date they are made. You should not place undue reliance on these statements. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release.
Investor Contact:
Hayden IR
James Carbonara
[email protected]
(646) 755-7412
Corporate name change aligns the public company with its Fortun operating subsidiaries and long-term brand strategy
MIAMI, FL / ACCESS Newswire / May 21, 2026 / Fortun Holdings, Corp. (OTCID:LRGR), a diversified financial services holding company focused on revenue-based financing and related financial technology solutions for small and medium-sized businesses, today announced that it has officially changed its corporate name with the State of Delaware to Fortun Holdings, Corp.
The corporate name change is now effective under Delaware law and is already beginning to reflect on certain trading platforms and market data systems. The Company expects additional platforms and data providers to update their records as their systems process the corporate action.
The Company remains in the process of completing the related ticker symbol change and regulatory review. While no assurance can be given as to timing or approval, Fortun Holdings, Corp., will continue trading under its current ticker symbol LRGR until any ticker symbol change is approved and becomes effective. The Company currently expects to provide a further update once the requested ticker symbol FRTU has been approved and becomes effective for trading.
"This official name change represents an important step in aligning our public company identity with the Fortun brand, our operating subsidiaries, and the business we are building," said Yoel Damas, President and Chief Executive Officer of Fortun Holdings, Corp. "Fortun is the name our customers, partners, and stakeholders recognize across our revenue-based financing platform, and we believe the corporate name change better reflects our current operations and long-term strategic direction."
Fortun Holdings, Corp. operates through its Fortun-branded subsidiaries, which are focused on providing revenue-based financing and related alternative funding solutions to small and medium-sized businesses. The Company believes the name change supports a clearer and more unified corporate identity as it continues to execute its growth strategy, strengthen its corporate infrastructure, and position the business for future capital markets opportunities.
The Company intends to continue communicating material developments through appropriate public disclosure channels.
About Fortun Holdings, Corp.
Fortun Holdings, Corp., formerly Luminar Media Group, Inc., is a diversified financial services holding company focused on revenue-based financing and related financial technology solutions for small and medium-sized businesses. Through its Fortun-branded subsidiaries, the Company provides working capital solutions designed to help business owners access flexible funding based on business performance.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding the Company's corporate name change, the anticipated adoption of the new corporate name by trading platforms and market data providers, the Company's pending ticker symbol change, the potential approval and effectiveness of the requested ticker symbol FRTU, the Company's growth strategy, business objectives, corporate positioning, and future capital markets opportunities.
Forward-looking statements are based on management's current expectations, assumptions, and beliefs, and are often identified by words such as "expects," "believes," "anticipates," "intends," "plans," "may," "will," "should," "could," "hopes," "seeks," or similar expressions. These statements are not guarantees of future performance or results, and actual results may differ materially from those expressed or implied.
There can be no assurance that the requested ticker symbol change will be approved, that any trading platform or market data provider will update its systems within any particular timeframe, or that the Company will achieve any of its strategic, operational, or capital markets objectives. The Company undertakes no obligation to update any forward-looking statements except as required by applicable law.
Investor Relations Contact:
Hayden IR
James Carbonara
[email protected]
(646) 755-7412
