Tidal Trust III

The Aura AI Photonics ETF, trading under the ticker PHOX on NYSE Arca, has launched as one of the first US-listed funds built specifically around optical interconnects, silicon photonics, and laser-based transceivers for AI data centers. The fund, part of the Tidal Trust III series with Tidal Investments as adviser and a prospectus dated July 29, 2026, carries total annual operating expenses of 0.60%. PHOX aims to solve the problem that broad semiconductor ETFs allocate only low single-digit weight to photonics pure-plays, even as optical interconnects become a critical bottleneck in AI infrastructure. The fund is best sized as a 2% to 5% satellite position, and investors must tolerate potential drawdowns of 30% or more given its concentrated, single-subsector bet with no track record.