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ETF Comparison

DRAM vs LUMA: Which Is the Better Pick in 2026?

A head-to-head comparison of Roundhill Memory ETF and KraneShares Photonic and Optical ETF covering yield, cost, risk, and income potential.

Data updated September 4, 2026

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

DRAM has outpaced LUMA over the year to date, posting a 115.02% total return against 0.99%. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTDSince Jul 2026
DRAM115.02%3.99%
LUMA0.99%0.99%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jul 2026” measures every fund from July 15, 2026 — the youngest fund's first trading day — so all funds share one comparison window.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricDRAMLUMA
Full nameRoundhill Memory ETFKraneShares Photonic and Optical ETF
IssuerRoundhill InvestmentsKraneShares
Last Close$59.69 as of September 4, 2026$24.40 as of September 4, 2026
Distribution rate
Distribution Safety Score™
Expense ratio0.65%1.00%
AUM$26.0B$9.71M
Distribution frequencyNoneAnnual
Underlying index
ObjectiveSeeks capital appreciation by investing at least 80% of net assets in the equity securities of memory companies, or in swaps and forward contracts that provide equivalent exposure.Seeks capital appreciation by investing in public and private companies worldwide that build photonic and optical hardware — optical interconnects, transceivers, fiber-optic cables, lasers, and other light-based infrastructure moving data for AI and the modern digital economy.
Asset classEquityEquity
Inception date04/02/202607/14/2026

— Distribution rate, Safety-Adjusted Yield, last dividend, and ex-dividend date are not yet available because DRAM launched April 2026 and LUMA launched July 2026; these fields will populate after the first distribution.

Bottom lineWe won't call this one: DRAM launched April 2026 and LUMA launched July 2026, so there is not yet a track record to compare. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer ETF as provisional. What is already clear from the numbers above: the two do not cost the same — DRAM charges 0.65% against 1.00% for LUMA, and on funds tracking the same thing that gap compounds every year you hold.

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ETFs55
Total AUM$37.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.

See our curated list of related YouTube videos on DRAM.

ETFs36
Total AUM$8.80B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

KraneShares is known for pioneering thematic and alternative ETF strategies that capture emerging trends and specialized market segments. The issuer's fund lineup spans income-focused strategies, including covered call and high-yield approaches, alongside thematic funds targeting areas like artificial intelligence, cryptocurrency, cannabis, and other innovative sectors. KraneShares distinguishes itself through a diversified portfolio of specialized ETFs designed for investors seeking exposure beyond traditional asset classes, with a particular emphasis on capturing opportunities in evolving industries and alternative income generation strategies.

See our curated list of related YouTube videos on LUMA.

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Quick verdict

DRAM (Roundhill Memory ETF) and LUMA (KraneShares Photonic and Optical ETF) are both ETFs, but they take different approaches.

DRAM is cheaper with an expense ratio of 0.65% compared to 1.00%.

Deep dive

Yield & income

On a $10,000 investment, DRAM has no reported distribution yield yet, so a monthly income estimate is not available, while LUMA has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates.

DRAM yield
LUMA yield

Cost & efficiency

Over 10 years on $10,000, DRAM would cost approximately $650 in fees vs $1,000 for LUMA (simplified, not compounded). The $350.00 difference may be offset by yield or performance.

DRAM ER0.65%
LUMA ER1.00%

Strategy & risk

DRAM is an ETF built around a thematic strategy, while LUMA is an ETF built around technology exposure.

Fund details

DRAM is managed by Roundhill Investments (launched 04/02/2026) with $26.0B in assets. LUMA is managed by KraneShares (launched 07/14/2026) with $9.71M in assets.

DRAM AUM$26.0B
LUMA AUM$9.71M

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Frequently asked questions

Which of DRAM or LUMA pays more dividend income?

LUMA currently reports a distribution yield, while DRAM has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between DRAM and LUMA?

DRAM (Roundhill Memory ETF) is an ETF built around a thematic strategy, while LUMA (KraneShares Photonic and Optical ETF) is an ETF built around technology exposure. They are issued by Roundhill Investments and KraneShares respectively.

Can I hold both DRAM and LUMA?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, DRAM or LUMA?

DRAM has an expense ratio of 0.65% while LUMA charges 1.00%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in DRAM vs LUMA generate?

At current rates, DRAM has not established a distribution history yet, so a monthly income estimate is not available. LUMA has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, DRAM or LUMA?

DRAM has outpaced LUMA over the year to date, posting a 115.02% total return against 0.99%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DRAM vs LUMA — at a glance

Generated September 5, 2026.

Overview

DRAM and LUMA are both thematic technology ETFs betting on infrastructure buildouts for artificial intelligence, but they target different hardware layers. DRAM focuses on memory semiconductors — the chips that store and retrieve data in computing systems — while LUMA targets photonic and optical components, including transceivers, fiber cables, and lasers that move data between systems. Both are nascent funds launched in 2026 with no distributions, but they differ sharply in scale and selectivity.

How they differ

The biggest difference is fund size and maturity. DRAM has accumulated $26.0B in assets since its 04/02/2026 launch, while LUMA stands at just $9.71M since 07/14/2026. That difference reflects both timing and investor appetite: DRAM's memory-chip thesis has broader institutional recognition, while LUMA's photonics exposure is narrower and newer.

Second, DRAM's expense ratio of 0.65% undercuts LUMA's 1.00%, a meaningful gap for buy-and-hold investors, especially if the smaller fund struggles to scale.

Third, their underlying exposures sit on different parts of the AI infrastructure stack. DRAM holds memory semiconductors — essential to every data center, gaming rig, and edge device — making it a core-layer play. LUMA's optical and photonic components are higher-margin specialty hardware for data interconnection, concentrated among fewer public companies and relying partly on private-company exposure, which carries valuation opacity and liquidity risk.

Who each is best for

DRAM: Fits investors seeking broad exposure to the memory-semiconductor cycle through a single vehicle, with conviction that memory demand from AI infrastructure, cloud computing, and consumer electronics will drive sustained chip pricing and capacity expansion.

LUMA: Fits investors with a targeted thesis on optical data-movement infrastructure as a bottleneck in AI scaling, willing to accept smaller scale, higher expense drag, and exposure to illiquid private holdings in exchange for a more specialized hardware bet.

Key risks to know

  • Concentration risk in semiconductor supply chain: DRAM's focus on memory chips ties it to a handful of dominant manufacturers and geographies; disruptions to fabrication capacity, trade restrictions on advanced chip sales, or oversupply cycles can swing valuations sharply. LUMA's narrower optical and photonics market compounds this risk, with even fewer publicly traded players and greater reliance on private-company valuations that may not reflect public-market price discovery.
  • Early-fund liquidation and closure risk: Both funds are extremely young with limited track records. LUMA's $9.71M makes it vulnerable to asset hemorrhage if the photonics narrative falters or investor interest wanes; small, thematic ETFs have historically closed when assets fall below operational viability thresholds.
  • Private-company valuation opacity in LUMA: By holding private companies alongside public ones, LUMA introduces mark-to-model risk — private holdings are revalued by the fund manager, not by public markets — and may not reflect current investor sentiment or liquidity conditions. This also complicates tax-loss harvesting and creates potential NAV gaps at the expense of shareholders.
  • AI infrastructure demand assumptions: Both funds rest on the premise that AI scaling will require sustained, rising memory and optical bandwidth. If AI adoption plateaus, capex budgets shift, or efficiency gains reduce hardware demand per unit of computation, both portfolios face headwinds regardless of individual company execution.

Bottom line

DRAM offers larger scale, lower costs, and exposure to a more established semiconductor subsector; LUMA pursues a more specialized optical-infrastructure thesis with higher fees and no institutional AUM cushion. If you want broad memory-semiconductor exposure at a reasonable cost, DRAM's profile aligns better; if you believe optical bottlenecks will drive disproportionate returns and can tolerate illiquidity and a younger fund, LUMA may fit. Both funds lack performance history and distributions, so past returns cannot guide evaluation — thesis conviction and risk tolerance should drive the choice.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

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