The Corgi Lithography & Semiconductor Photonics ETF (CBOE: EUV) was launched on May 6, 2025, as the first U.S.-listed fund targeting the photonics sector, which utilizes light for data transfer instead of traditional copper wiring. With $18.4 million in assets, the ETF has seen a lukewarm reception compared to the Roundhill Memory ETF. However, it boasts impressive early performance, with 15 of its 40 holdings already achieving over 100% gains in 2025. Notably, AXT Inc. leads with a staggering 651.7% increase, followed by Applied Optoelectronics Inc. at 440.1% and Lightwave Logic Inc. at 391.7%. The growth in the silicon photonics market is projected to accelerate from $2.8 billion in 2025 to $10.7 billion by 2032, driven largely by the demand from AI data centers. While the ETF is positioned to capitalize on this growth, analysts have raised questions about its composition, suggesting that many top holdings are more aligned with semiconductor manufacturing than pure photonics. This has led to the filing of additional ETFs with stricter definitions to better capture the photonics market.