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Data as of Nov 12, 2026.

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AIPO vs LUMA: Holdings Overlap & Returns

Return, fees and overlap, side by side.

Return gap
+7.7 pts
3 months to Nov 12, 2026: AIPO ahead, total return
Fee gap
0.31 pts
A year: AIPO 0.69%, LUMA 1.00%, per filings dated Dec 22, 2025 and Jul 8, 2026
Overlap
1%
Share of the two books held in common, holdings dated Nov 12, 2026 and Nov 11, 2026
Net flow
–
Needs daily flows for both funds

Pair scorecard

AIPO costs 0.31 points a year less; AIPO is far larger, $789m against $10m.

Points (pts) are percentage points.

AIPO vs LUMA: Holdings Overlap & Returns
MeasureAIPOLUMA
Return
Total return, 1 year+1.6%not published
Drawdown
Below its all-time high30.5%, high on Jun 22, 202633.8%, high on Oct 6, 2026
Against its benchmark
What it tracksAI infrastructure and chipsAI infrastructure and chips
Against the S&P 500, 1 yearbehind by 10.5 pts
Its benchmark, total return, 1 year+12.1%
Against its benchmark, 1 yearbehind by 10.5 pts
Cost and size
Expense ratio0.69%1.00%
Net assets, as of Nov 11, 2026$789m$10m
Active share vs the S&P 50086%99%
Holdings
Holdings in common1%

Method

Key numbers
67.9%
AIPO in the S&P 500
19.4%
LUMA in the S&P 500
+1.6%
AIPO total return, 1 year
−23.5%
LUMA total return, since launch, Jul 15, 2026
AIPO · 1 year to Nov 12, 2026 32% of its weight is outside the S&P 500
32% of its weight is outside the S&P 50068% of AIPO's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 12, 2026.68%32%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 87% · top ten 58% of the fund · 86 holdings as published by its issuer for Nov 12, 2026 · Nasdaq-100: 24% in32% of its weight is outside the S&P 50068% of AIPO's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 12, 2026.68%32%in the S&P 500outsideactive share 87% · Nasdaq-100: 24% in

68% of AIPO's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 12, 2026.

LUMA · 3 months to Nov 12, 2026 81% of its weight is outside the S&P 500
81% of its weight is outside the S&P 50019% of LUMA's weight is in S&P 500 companies and 81% is outside the index. Holdings as of Nov 11, 2026.19%81%in the S&P 500of its weight outside the S&P 500active share 99% · top ten 55% of the fund · 27 holdings as published by its issuer for Nov 11, 2026 · Nasdaq-100: 9% in81% of its weight is outside the S&P 50019% of LUMA's weight is in S&P 500 companies and 81% is outside the index. Holdings as of Nov 11, 2026.19%81%inoutside the S&P 500active share 99% · Nasdaq-100: 9% in

19% of LUMA's weight is in S&P 500 companies and 81% is outside the index. Holdings as of Nov 11, 2026.

What they share

1%

By the books each fund has filed, AIPO and LUMA hold 1% of their money in the same securities at the same weight. Holdings dated Nov 11, 2026 and Nov 12, 2026.

0 half 100%

half

1% in common

Positions both hold · largest shared weight first AIPO LUMA
Marvell Technology Inc 0.64% 3.84%
Only in one fund ↓
Only in AIPO
Quanta Services Inc 9.37%
Eaton Corp Plc 8.38%
Ge Vernova Inc 8.34%
Vertiv Holdings Co 6.58%
Broadcom Inc 4.85%
Bloom Energy Corp 4.63%
Alphabet Inc 4.38%
Constellation Energy Corp 4.00%
Only in LUMA
AYAR LABS INC 9.61%
COHERENT CORP 5.72%
MACOM TECHNOLOGY SOLUTIONS H 5.72%
AIXTRON SE 5.65%
LAND MARK OPTOELECTRONICS 5.31%
LUMENTUM HOLDINGS INC 4.74%
EOPTOLINK TECHNOLOGY INC L-A 4.71%
TOWER SEMICONDUCTOR LTD 4.61%
Check overlap with more funds →

Window by window

Window by window: AIPO vs LUMA: Holdings Overlap & Returns
Total returnvs its benchmark
WindowAIPOLUMAAIPOLUMA
3 months−21.3%−29.0%−18.9 pts vs VOO−20.7 pts vs EEM
6 months−27.8%–−29.6 pts vs VOO–
1 year+1.6%–−10.5 pts vs VOO–
Since launchNot the same days: AIPO Jul 2025 · LUMA Jul 2026+18.7%−23.5%−1.9 pts vs VOO−16.7 pts vs EEM

– means no data for this window. Open this comparison in the app →

Side by side

AIPO Defiance AI & Power Infrastructure ETF · Holds 86 stocks in aI infrastructure and chips, 68% of its weight in S&P 500 companies LUMA KraneShares Photonic and Optical ETF · Holds 27 stocks in aI infrastructure and chips, 19% of its weight in S&P 500 companies
Issuer Defiance KraneShares
Theme AI infrastructure and chips AI infrastructure and chips
In the S&P 500 67.9% 19.4%
Active share vs the S&P 500 86.5% 99.0%
In the Nasdaq-100 24.1% 8.6%
Holdings 86 27
Top ten, share of the fund 57.5% 54.7%
Expense ratio 0.69% 1.00%
Fee for the differing part 0.80% 1.01%
Total return, 1 year +1.6% −23.5% (since launch, Jul 15, 2026)
vs its benchmark −10.5 pts vs VOO −16.7 pts vs EEM (since launch, Jul 15, 2026)
Below its high −30.5% −33.8%
Net assets, as of Nov 11, 2026 $789m $10m

As of Nov 12, 2026. Source: ETFIQ.

1% of the two portfolios are the same securities at the same weight.

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About each fund
AIPO

By weight, 68% of AIPO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 86%. The top ten holdings are 58% of the fund across 86 positions, as published by its issuer for Nov 12, 2026. Over the year to Nov 12, 2026 the fund returned +1.6% with distributions reinvested against +12.1% for its benchmark, the S&P 500 Total Return Index, so a holder was behind by 10.5 pts. It sits 30.5% below its all-time high of Jun 22, 2026.

LUMA

By weight, 19% of LUMA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 55% of the fund across 27 positions, as published by its issuer for Nov 11, 2026. Since it first traded on Jul 15, 2026 the fund returned −23.5% with distributions reinvested. It sits 33.8% below its all-time high of Oct 6, 2026.

Questions people ask

Do AIPO and LUMA hold the same stocks?
By their latest filings, 1% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, AIPO or LUMA?
AIPO has 68% of its weight in S&P 500 names and LUMA has 19%, so LUMA differs more from the index.
Which is cheaper, AIPO or LUMA?
AIPO charges 0.69% a year and LUMA charges 1.00%, so AIPO is cheaper. Fees come from each fund's prospectus.
Other comparisons
AIPO vs IVEPAIPO vs COOLAIPO vs CGPTAIPO vs AIHYLUMA vs TCAILUMA vs CHPXLUMA vs CGPTLUMA vs IVEP
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AIPO on its own →LUMA on its own →AIPO dividend history →AIPO holdings →LUMA holdings →Method →Standards and sources →
Sources and dates
AIPO filings on SEC EDGAR ↗
AIPO prospectus with the expense ratio (SEC) ↗
Defiance page for AIPO ↗
LUMA filings on SEC EDGAR ↗
LUMA prospectus with the expense ratio (SEC) ↗
KraneShares page for LUMA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AIPO against LUMA, data as of Nov 12, 2026. https://etfiq.com/compare/themes/aipo-vs-luma

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.

AIPO and LUMA hold 1% of their weight in the same names.

AIPO on its own →LUMA on its own →
Growth of 100

AIPO and LUMA

Total return, distributions reinvested, 3 months.

AIPO −21.3%LUMA −29.0%
Aug 13, 2026Nov 12, 2026

AIPO −21.3%, LUMA −29.0%: AIPO +7.7 pts ahead, 3 months, Aug 13, 2026 to Nov 12, 2026.