
LAZR Delivers Pre-IPO Exposure to One of the World’s Most Consequential Companies


Tema ETFs (&#34;Tema&#34;), a leader in institutional-quality and actively managed exchange-traded funds, today announced that the

LAZR Delivers Pre-IPO Exposure to One of the World’s Most Consequential Companies


Tema ETFs ("Tema"), a leader in institutional-quality and actively managed exchange-traded funds, today announced that the <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftemaetfs.com%2Flazr&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=Tema+Photonics+%26amp%3B+Optical+ETF+%28LAZR%29&amp;index=1&amp;md5=375e686b90f9acbc201d0351dd764c12" shape="rect">Tema Photonics &amp; Optical ETF (LAZR)</a> 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. Holdings are subject to change.


LAZR invests in companies enabling faster data movement between the chips, servers, and data centers powering AI. Consistent with Tema’s long-term, fundamental investment approach, Anthropic complements that focus as a critical driver of AI investment with the potential to create durable value as AI scales.


"LAZR was designed to deliver exposure to companies enabling AI to scale," said Maurits Pot, Founder and CEO of Tema ETFs. "Arguably no company is more important to that scaling than Anthropic, and we are pleased to provide shareholders with access to an investment opportunity that is in such high demand."


LAZR is the first institutionally managed photonics ETF launched <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftemaetfs.com%2Fpress%2Ftema-etfs-and-semianalysis-launch-exclusive-semiconductor-etf-partnership&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=in+partnership+with+SemiAnalysis&amp;index=2&amp;md5=ff5c1230e3533ae3e2c7bd38dd6d26ef" shape="rect">in partnership with SemiAnalysis</a>, the leading independent research firm specializing in semiconductors and AI infrastructure.


Exposure to Anthropic is delivered through a special purpose vehicle (SPV), an established means of investing in private companies.


About Tema ETFs


Tema builds institutional-quality ETFs for a range of market environments, targeting structural growth, durable core, and liquid alternatives solutions. Founded in 2022, Tema is backed by Index Ventures, Accel Partners, Zinal Growth, and over a dozen financial services CEOs.


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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.temaetfs.com%2FLAZR&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=www.temaetfs.com%2FLAZR&amp;index=3&amp;md5=95cf1f3f9314ffe8ed73d7c8f8156fe1" shape="rect">www.temaetfs.com/LAZR</a>. Read the prospectus carefully before investing.


Investing involves risk including possible loss of principal. There is no guarantee the fund&#39;s investment strategy will be successful.


Institutional-quality qualification is premised on the &gt;90% estimated institutional adoption of Tema&#39;s funds to date as of Jul 20, 2026 and the institutional background and track record of Tema&#39;s investment team.


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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftemaetfs.com%2Flazr&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=https%3A%2F%2Ftemaetfs.com%2FLAZR&amp;index=4&amp;md5=7a7f4a5f75a57ee488b13eb0436906b7" shape="rect">https://temaetfs.com/LAZR</a> for more information.


Tema ETFs LLC serves as the investment adviser to Tema Photonics &amp; 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.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260721894113r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260721894113/en/" rel="nofollow">https://www.businesswire.com/news/home/20260721894113/en/</a>
Media Contact
 
 Steve Munroe
 Tema ETFs
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:PR@temaetfs.com" shape="rect">PR@temaetfs.com</a>

LAZR

Tema Photonics & Optical ETF (LAZR) Adds Anthropic as Top Holding

Tema's LAZR ETF Adds Anthropic Pre-IPO Exposure, Concentrating AI Exposure

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 LAZR Delivers Pre-IPO Exposure to One of the World’s Most Consequential Companies


Tema ETFs (&amp;#34;Tema&amp;#34;), a leader in institutional-quality and actively managed exchange-traded funds, today announced that the
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 Tema&#039;s LAZR ETF disclosed a pre-IPO exposure to Anthropic, representing about 12.06% of net assets. This aligns LAZR with AI infrastructure beneficiaries while increasing concentration risk via a private holding. The move could attract inflows if Anthropic&#039;s private valuation remains favorable, influencing NAV dynamics and liquidity considerations for the fund.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Tema&#039;s LAZR adds Anthropic exposure via SPV. Anthropic equals 12.06% of LAZR NAV.</li><li>Exposure via SPV enables pre-IPO access; SPV may bring liquidity risk.</li><li>LAZR is the first institutionally managed photonics ETF with SemiAnalysis.</li><li>Anthropic weight backing risk/return; fund may change holdings.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Anthropic (N/A): Private AI company; exposure via LAZR SPV; potential IPO/valuation dynamics could affect fund NAV.</li><li>Tema Photonics &amp; Optical ETF (LAZR): Fund delivering AI/photonic exposure; Anthropic positions significantly within LAZR&#039;s NAV.</li><li>Tema ETFs LLC (N/A): Sponsor of LAZR; drives strategy and disclosures related to fund holdings and risk.</li><li>SemiAnalysis (N/A): Research partner; collaboration linked to LAZR launch and strategic positioning.</li><li>Vigilant Distributors, LLC (N/A): Fund distributor; part of the LAZR fund’s distribution framework and FINRA checks.</li></ul>
 </section>

 <section data-block="category">
 <h3>Industry News</h3>
 Category: Industry News. This item reflects a strategic fund exposure move impacting an AI/photonic thematic ETF, with implications for fund flows, NAV composition, and liquidity dynamics rather than an operating or earnings catalyst for a public company.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>Anthropic weight accounted for about 12.06% of LAZR NAV as of release.</li><li>SPV structure introduces liquidity and valuation risk for the fund.</li><li>Tema ETFs&#039; partnership with SemiAnalysis could attract institutional interest in LAZR.</li><li>No immediate material price catalyst for Luminar&#039;s stock from this ETF news.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>Tema Photonics &amp; Optical ETF (LAZR) acquired exposure to Anthropic.</li><li>Anthropic represented 12.06% of LAZR&#039;s net assets as of the release date.</li><li>Exposure delivered via a special purpose vehicle (SPV) to a private company.</li><li>LAZR is described as the first institutionally managed photonics ETF launched in partnership with SemiAnalysis.</li><li>Disclosures note risks associated with SPVs and non-exchange traded private securities.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 LAZR stock likely remains flat to mildly up on AI-theme inflows within 1–3 quarters.
 </section>
</section>



LAZR Delivers Pre-IPO Exposure to One of the World’s Most Consequential Companies


Tema ETFs ("Tema"), a leader in institutional-quality and actively managed exchange-traded funds, today announced that the <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftemaetfs.com%2Flazr&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=Tema+Photonics+%26amp%3B+Optical+ETF+%28LAZR%29&amp;index=1&amp;md5=375e686b90f9acbc201d0351dd764c12" shape="rect">Tema Photonics &amp; Optical ETF (LAZR)</a> 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. Holdings are subject to change.


LAZR invests in companies enabling faster data movement between the chips, servers, and data centers powering AI. Consistent with Tema’s long-term, fundamental investment approach, Anthropic complements that focus as a critical driver of AI investment with the potential to create durable value as AI scales.


"LAZR was designed to deliver exposure to companies enabling AI to scale," said Maurits Pot, Founder and CEO of Tema ETFs. "Arguably no company is more important to that scaling than Anthropic, and we are pleased to provide shareholders with access to an investment opportunity that is in such high demand."


LAZR is the first institutionally managed photonics ETF launched <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftemaetfs.com%2Fpress%2Ftema-etfs-and-semianalysis-launch-exclusive-semiconductor-etf-partnership&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=in+partnership+with+SemiAnalysis&amp;index=2&amp;md5=ff5c1230e3533ae3e2c7bd38dd6d26ef" shape="rect">in partnership with SemiAnalysis</a>, the leading independent research firm specializing in semiconductors and AI infrastructure.


Exposure to Anthropic is delivered through a special purpose vehicle (SPV), an established means of investing in private companies.


About Tema ETFs


Tema builds institutional-quality ETFs for a range of market environments, targeting structural growth, durable core, and liquid alternatives solutions. Founded in 2022, Tema is backed by Index Ventures, Accel Partners, Zinal Growth, and over a dozen financial services CEOs.


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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.temaetfs.com%2FLAZR&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=www.temaetfs.com%2FLAZR&amp;index=3&amp;md5=95cf1f3f9314ffe8ed73d7c8f8156fe1" shape="rect">www.temaetfs.com/LAZR</a>. Read the prospectus carefully before investing.


Investing involves risk including possible loss of principal. There is no guarantee the fund&#39;s investment strategy will be successful.


Institutional-quality qualification is premised on the &gt;90% estimated institutional adoption of Tema&#39;s funds to date as of Jul 20, 2026 and the institutional background and track record of Tema&#39;s investment team.


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 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Ftemaetfs.com%2Flazr&amp;esheet=54574240&amp;newsitemid=20260721894113&amp;lan=en-US&amp;anchor=https%3A%2F%2Ftemaetfs.com%2FLAZR&amp;index=4&amp;md5=7a7f4a5f75a57ee488b13eb0436906b7" shape="rect">https://temaetfs.com/LAZR</a> for more information.


Tema ETFs LLC serves as the investment adviser to Tema Photonics &amp; 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.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260721894113r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260721894113/en/" rel="nofollow">https://www.businesswire.com/news/home/20260721894113/en/</a>
Media Contact
 
 Steve Munroe
 Tema ETFs
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:PR@temaetfs.com" shape="rect">PR@temaetfs.com</a>

Tema's LAZR ETF disclosed a pre-IPO exposure to Anthropic, representing about 12.06% of net assets. This aligns LAZR with AI infrastructure beneficiaries while increasing concentration risk via a private holding. The move could attract inflows if Anthropic's private valuation remains favorable, influencing NAV dynamics and liquidity considerations for the fund.

Tema Photonics & Optical ETF (LAZR) Adds Anthropic as Top Holding

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Industry News

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