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LAZR
Tema Photonics & Optical ETF
The Most Pre-IPO Anthropic Exposure of Any U.S.-Listed ETF.¹
Why Invest in LAZR?
Anthropic Exposure
LAZR offers the most exposure to Anthropic by portfolio weight of any U.S.-listed ETF.¹
¹Bloomberg, Sep 30, 2026
Photonics Growth Potential
The market opportunity tied to advanced AI data movement is forecast to grow roughly 9x between 2026 and 2028.²
²Goldman Sachs, 2026
AI Expertise
LAZR is backed by an exclusive partnership with SemiAnalysis, the leading independent research firm focused on semiconductors and AI infrastructure.
Portfolio Highlights
Anthropic is an AI safety and research company that developed Claude, a leading large language model at the forefront of AI commercialization, available through enterprise APIs and consumer products.
Lumentum is a leading manufacturer of optical and photonic products whose lasers and transceivers are critical enablers of high-speed communication inside and between data centers.
Aixtron is a German manufacturer of MOCVD deposition equipment—the specialized reactors used at the heart of compound semiconductor devices, including lasers used in photonic devices.
Portfolio Holdings are subject to change. Review current holdings below.
Fund Overview
Fund Details
As of October 08, 2026
Ticker
LAZR
CUSIP
87975E743
Inception Date
06/29/26
Total Expense Ratio
0.75%
AUM
$116,272,143
Primary Exchange
NYSE
# of Holdings
26
Portfolio Manager
Hong Yi Chen, CFA
Fund Summary
The Tema Photonics & Optical ETF (LAZR) invests in companies enabling faster data movement between the chips, servers, and data centers powering AI. This includes pre-IPO exposure to Anthropic—a driving force behind the AI revolution and the infrastructure investment required to power it.
Portfolio Breakdown
Top 10 Holdings
As of October 09, 2026
Company
% of Nav
LUMENTUM HOLDINGS INC
18.32%
AXT INC
9.37%
ANTHROPIC SPV EXPOSURE
8.85%
AIXTRON SE
7.41%
LANDMARK OPTOELECTRONICS CORP
5.48%
APPLIED OPTOELECTRONICS INC
5.02%
FURUKAWA ELECTRIC CO LTD
4.02%
TOWER SEMICONDUCTOR LTD
3.58%
YUANJIE SEMICONDUCTOR TECHNOLOGY CO LTD
3.55%
YANGTZE OPTICAL FIBRE & CABLE JOINT STOCK LTD CO
3.23%
Country Breakdown
United States
42.97%Taiwan
11.19%China
11.03%Germany
7.41%Others
27.40%Industry Breakdown
Information Technology
84.80%Others
8.83%Industrials
4.02%Cash & Cash Equivalents
2.35%
Frequently Asked Questions About the LAZR ETF
As of Oct 7, 2026
What types of companies does LAZR invest in?
LAZR invests in companies enabling faster data movement between the chips, servers, and data centers powering AI. The portfolio focuses primarily on photonics and optical technologies, alongside complementary, high-conviction opportunities that Tema believes are critical to scaling AI.
Why does LAZR invest in Anthropic?
LAZR provides exposure to companies enabling AI to scale. Anthropic is one of the world’s leading AI developers and a critical driver of investment across the ecosystem. Our conviction in Anthropic is reflected in its position as a top holding in LAZR.
How does LAZR invest in Anthropic?
LAZR provides exposure to Anthropic through a special purpose vehicle, or SPV. SPVs are an established structure for investing in private companies and have been used by ETFs before.
Is LAZR the lowest-cost ETF offering exposure to Anthropic?
Yes. Based on our review of U.S.-listed ETFs with Anthropic exposure, we believe LAZR offers the lowest-cost access. Investors pay a flat 0.75% expense ratio, with no additional brokerage, management, or performance fees associated with the private market exposure—otherwise known as 0/0/0.
What does 0/0/0 mean?
There are no brokerage, management, or performance fees associated with LAZR’s Anthropic position. We believe this offers the lowest-cost private market exposure available in an ETF and reflects Tema’s commitment to acting as a fiduciary on behalf of investors.
Does LAZR offer a greater portfolio weight in Anthropic than any other ETF?
Yes. Based on Tema’s review of U.S.-listed ETFs, LAZR currently has the largest portfolio weight in Anthropic. Tema intends to maintain Anthropic as a top holding, although holdings and position sizes are subject to change.
How is the Anthropic position valued?
LAZR’s Anthropic position was acquired and is marked at an implied $1.39 trillion valuation, a premium to the company’s last publicly disclosed funding round but a discount to known secondary market transactions.*
*Source: Forge, Sep 1, 2026
How does the Anthropic position affect LAZR’s NAV?
LAZR trades on the New York Stock Exchange, where its market price is determined throughout the day by supply and demand. The fund’s net asset value is calculated at the end of each trading day. Because Anthropic is held through an SPV, changes in its underlying valuation may be reflected less frequently than changes in LAZR’s publicly traded holdings.
- Performance
- Distributions
- Premium / Discount
Prices & Performance
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As of
Sep 30, 2026
- Sep 30, 2026
- Sep 30, 2026
LAZR
3 months
1 Year
3 Years
5 Years
Since inception
NAV
-11.69%
-11.69%
-10.24%
-10.24%
Market Price
-12.14%
-12.14%
-10.13%
-10.13%
Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods of less than one year are not annualized.
The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. The first trading date is typically several days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the first trade date because there is no bid/ask spread until the fund starts trading.
Distributions
Record Date
Ex-Date
Payable Date
Total Distribution
Income
-0.49
0.32
0.3
0.55
1.09
-0.04
Premium/Discount
Сhart
Table
Days Traded at Nav
Days Traded at Premium
Days Traded at Discount
2026/Q2
1
1
0
2026/Q3
0
44
20
LAZR NAV / Market Price
NAV$44.72
Daily Change
-$2.91
-6.11%
Market Price$44.50
Daily Change
-$3.28
-6.86%
Premium/Discount-0.49%
30-Day Median Bid/Ask Spread0.36%
As of October 08, 2026
October-26
September-26
August-26
July-26
June-26
Portfolio Manager
Hong Yi Chen, CFA
Hong Yi Chen is an Investment Partner at Tema ETFs. Hong has 15 years of investment experience, primarily at Majedie Asset Management and Liontrust Asset Management, where he managed US and global funds with over $1 billion in assets under management. He also has experience as a long/short equity analyst. Hong holds a degree in Economics from Cambridge University and is a CFA charter holder.
How to buy
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*Neither Tema ETFs LLC nor undefined ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.
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Risk Information
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.
Special Purpose Vehicles and Private Company Risk: 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.