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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThere is no single best critical-minerals ETF for every investor. For a broad U.S.-listed basket, SETM combines copper, lithium, rare earths and other materials in one equity fund. EART applies a rules-based index with 49 constituents and a 4% individual-weight cap. Australian investors can use ASX-listed XMET, while UCITS investors may consider REMX. WDIG is structurally different because it combines mining shares with metals futures. A lithium-only fund such as ILIT is a targeted complement, not a diversified substitute.
Your choice should follow four facts: where you can buy the fund, which minerals you want, whether you accept mining-company risks, and whether you want futures exposure. The figures below are reported by each issuer or regulator on the dates shown and can change.
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What a critical-minerals ETF actually owns
Most funds marketed around critical minerals own shares of mining, processing or materials companies rather than bars of metal. Your return therefore reflects both commodity prices and the businesses that produce them. A copper miner can lose money because of a permitting delay, a labor dispute, cost inflation, a weak local currency or a broad stock-market sell-off even when copper prices are stable.
“Critical minerals” is not one globally fixed list. Government lists differ by country and change over time. The funds in this guide use their own index rules, so a portfolio labeled critical materials may include uranium, silver, platinum-group metals, nickel, zinc, graphite or recycling companies alongside copper, lithium and rare-earth businesses.
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There is also a key structural divide:
- Equity ETFs: hold listed mining or materials companies. They add operational, political, currency, financing and equity-valuation risk to commodity exposure.
- Futures-linked ETFs: use derivatives to track metal prices or futures indexes. They can diverge from spot prices because of futures rolls, collateral returns, leverage rules and model assumptions.
- Hybrid ETFs: combine both approaches, making their behavior less intuitive than a plain mining-equity fund.
None of these products is a replacement for a diversified total-market portfolio. Sector concentration can produce large drawdowns, and past performance is not a forecast.
At-a-glance comparison
| ETF | Listing and domicile | Structure and stated scope | Fee or TER | Holdings or assets reported | Useful for |
|---|---|---|---|---|---|
| SETM | Nasdaq, United States | Mining and materials equities across a broad critical-materials basket | 0.65% total annual operating expenses | 157 issuers; $574.9 million AUM (June 30, 2026) | One U.S.-listed equity basket spanning several materials |
| EART | U.S.-listed; fund domicile and tax treatment should be checked in its prospectus | Tracks the Solactive Rare Earth and Critical Materials Index; rules-based equity portfolio | 0.59% total annual expenses | 49 index constituents (December 31, 2025); 4% individual-weight cap | Investors wanting explicit index rules and a rare-earth tilt |
| XMET | ASX, Australia; Australian domicile | Companies across the critical-minerals industry | 0.69% management fee and costs | A$126,986,781 net assets and 9,695,457 units (October 15, 2026) | Australian investors seeking a local exchange listing |
| REMX | UCITS listing; availability depends on your country and broker | Physically replicated basket of rare-earth and strategic-metals miners | 0.59% TER | $936.8 million AUM (October 16, 2026); launched September 24, 2021 | Eligible non-U.S. investors seeking a UCITS structure |
| WDIG | Listing venue and domicile depend on the share class | Approximately 90% global strategic-metals mining equities plus approximately 90% notional metals-futures exposure | 0.55% expense ratio | Launched May 7, 2026 | Investors deliberately seeking equity and futures exposure together |
| ILIT | U.S.-listed | U.S. and global companies primarily engaged in lithium mining and production | Not stated in the supplied fund description | Not stated in the supplied fund description | A lithium-specific satellite holding, not a diversified minerals fund |
Fees are not the only cost. Bid-ask spreads, brokerage commissions, foreign-exchange conversion, withholding taxes and the trading currency can matter, especially for investors buying an overseas listing.
SETM: broad U.S.-listed exposure
What it holds
Sprott’s fact sheet dated June 30, 2026 reports these material-equity weights: copper 26.58%, uranium 25.19%, lithium 19.08%, silver 14.60%, rare earths 11.40%, nickel 2.13%, manganese 0.50%, recycling 0.39% and graphite 0.14%. These are portfolio classifications, not direct ownership of physical commodities.
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The fund had 157 issuers, $574.9 million in assets under management and 0.65% total annual operating expenses on that date. Large positions included Freeport-McMoRan at 5.38%, Kazatomprom at 5.34%, Lynas Rare Earths at 5.09%, Cameco at 5.08%, PLS Group at 4.20%, Albemarle at 3.70%, MP Materials at 3.43%, Teck Resources at 3.27% and SQM at 3.15%.
What that means for diversification
SETM is broad by mineral category, but it is still a sector fund and is described by its issuer as non-diversified. Uranium and silver together accounted for almost 40% of the reported classification, so an investor seeking only copper, lithium and rare earths may receive more nuclear-fuel and precious-metals sensitivity than expected. The issuer’s “only ETF” wording is qualified to Morningstar’s Natural Resources Sector Equity ETF universe as of June 30, 2026; it is not a universal claim about every global fund.
Who may prefer it
SETM is a practical starting point for a U.S. investor who wants one Nasdaq-traded equity fund and accepts that the basket includes uranium and silver. It is less suitable when you need a tightly controlled mineral allocation, a UCITS wrapper or direct futures exposure.
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EART: rules-based rare-earth and critical-materials index
Index design
The March 1, 2026 summary prospectus says EART seeks to track the Solactive Rare Earth and Critical Materials Index and charges 0.59% in total annual expenses. The index covered ten categories as described in the prospectus: carbon fiber; cobalt; copper; graphene and graphite; lithium; manganese; nickel; platinum and palladium; rare-earth elements; and zinc.
As of December 31, 2025, the index had 49 constituents. A company generally must derive at least 50% of aggregate revenue from a qualifying category. Diversified lithium companies can qualify with 25% to 50% lithium revenue. No individual constituent can exceed 4%, and the index rebalances semi-annually.
Benefits and limitations
The revenue tests make EART’s exposure more transparent than a fund that simply labels every materials producer “critical.” The 4% cap limits single-stock concentration, although category and country concentration can still be substantial. Semi-annual rebalancing means the portfolio can drift between reviews as share prices and company revenues change.
The prospectus identifies commodity-price, emerging-market, China A-share, small-capitalization, political and operating risks. Those risks can appear simultaneously: a company may depend on Chinese processing, operate in an emerging market and have a small stock-market value. EART is therefore not a low-volatility substitute for a broad equity index.
XMET: the ASX-listed route
Mandate and portfolio
Betashares says XMET aims to track an index, before fees and expenses, that provides diversified exposure to companies across the critical-minerals industry. Its page explicitly lists copper, lithium, nickel, cobalt, graphite, manganese, silver and rare-earth elements. The management fee and costs are 0.69%.
On October 15, 2026, the page showed 9,695,457 units and net assets of A$126,986,781. Displayed holdings were Anglo American 6.1%, Teck Resources 5.9%, Southern Copper 5.8%, Freeport-McMoRan 5.7%, BHP 5.7%, Antofagasta 5.6%, Lundin Mining 5.2%, First Quantum 4.8%, SQM 4.7%, First Majestic Silver 4.5%, Lynas 4.3%, MP Materials 4.2% and Pilbara Minerals 3.8%.
Why domicile matters
For an Australian investor, an ASX listing can simplify trading in Australian dollars and local account administration. It does not remove company-level exposure to foreign currencies, overseas mines or political events. Investors elsewhere should check whether their broker offers the ASX, how foreign dividends and capital gains are taxed, and whether the fund’s Australian domicile fits their reporting obligations.
REMX: a UCITS strategic-metals option
VanEck lists REMX as the VanEck Rare Earth and Strategic Metals UCITS ETF. It has a 0.59% total expense ratio, $936.8 million in assets under management as of October 16, 2026, and a September 24, 2021 inception date. The portfolio targets rare-earth and strategic-metals mining companies, including producers or developers associated with neodymium, dysprosium, cobalt, lithium and titanium.
The fund is described as diversified across geographies and physically replicated. “Physically replicated” here refers to holding the underlying securities rather than obtaining exposure through a synthetic swap; it does not mean the fund stores physical minerals. UCITS status can be important for European and other eligible investors, but a U.S. reader should not assume that a broker will offer REMX or that its tax treatment will match a U.S.-domiciled ETF.
WDIG: why equity-plus-futures exposure is different
WisdomTree’s May 7, 2026 launch release describes WDIG as combining approximately 90% exposure to global strategic-metals mining equities with approximately 90% notional exposure to commodity-metals futures. Targeted materials include aluminum, cobalt, copper, lead, lithium, nickel, platinum, silver, tin, zinc and rare-earth elements. The stated expense ratio is 0.55%.
The two “90%” figures describe different things: one is equity exposure and the other is futures notional exposure. They should not be added as if the fund owned 180% of stocks. Futures exposure can create gains or losses unrelated to a miner’s share price and can be affected by contango, backwardation, contract rolls, collateral income, margin requirements and the fund’s index methodology. Derivative and model risk make WDIG less straightforward than SETM, EART, XMET or REMX.
When WDIG can make sense
WDIG may suit an experienced investor who specifically wants mining companies and a derivatives sleeve in one vehicle and understands that futures returns may diverge from spot-metal prices. It is a poor choice if you want a simple, easily explained equity allocation or cannot tolerate derivative-related tracking differences.
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ILIT: a lithium complement, not an all-minerals answer
iShares describes ILIT as tracking U.S. and global companies primarily engaged in lithium mining and production. That focus can fill a portfolio gap when lithium is your highest-conviction theme. It cannot, by itself, diversify across copper and rare earths, and lithium-company returns remain exposed to project execution, processing capacity, battery-demand cycles and equity-market valuation.
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A common construction is to use a broad fund as the core and add a smaller lithium allocation only if you deliberately want more lithium sensitivity. The appropriate size depends on your overall portfolio, risk capacity and investment horizon; the fund description does not establish a universal allocation.
How the funds differ on the risks that matter
Mineral mix
SETM has reported weights for nine material groups and a particularly large uranium allocation. EART’s index rules span ten categories with a rare-earth and critical-materials design. XMET names eight major categories on its product page. REMX emphasizes rare earths and strategic metals, while WDIG adds a futures basket covering base, precious and strategic metals. Compare the actual holdings and index methodology rather than relying on the word “critical.”
China and emerging-market exposure
Mining and processing supply chains are global. EART’s prospectus specifically warns about China A-shares and emerging markets. The other funds can also own companies with operations, customers or processing links in China or other higher-risk jurisdictions, even when the ETF itself is listed in the United States, Australia or a UCITS market. Review geographic and revenue exposure in the latest holdings file.
Concentration
EART’s 4% constituent cap is explicit. SETM’s largest reported positions were near 5%, and XMET’s displayed holdings ranged from 3.8% to 6.1%. A fund can be capped at the company level yet concentrated by commodity, country or mining stage. Developers with no production can behave differently from established diversified miners.
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Assets under management provide context but do not guarantee tight spreads. Check the live bid-ask spread, average volume and the time of day you trade. Use limit orders for less-liquid listings, especially across time zones. A lower annual fee can be outweighed by repeated spread and currency-conversion costs.
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Equity, political and operating risk
Mine permitting, royalties, taxes, environmental liabilities, accidents, strikes, water availability, power costs and nationalization policies can change a company’s value quickly. Currency movements matter because revenue, debt and operating costs may be in different currencies. A falling stock market can push mining shares down even when the underlying metal is rising.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical selection process
- Confirm eligibility. Check your country, account type and broker for the exact ticker, exchange, share class and currency. Do not assume a U.S. investor can buy a UCITS fund or that an Australian listing is available in a standard account.
- Choose the structure. Select an equity-only fund for a straightforward mining-company allocation. Consider WDIG only if you understand futures, derivatives and notional exposure.
- Map the mineral mix. Decide whether uranium and silver belong in your allocation. If your goal is specifically copper, lithium and rare earths, compare the reported weights and index rules rather than the fund name.
- Check concentration. Review the latest top-ten holdings, country weights, market-cap exposure and producer-versus-developer mix. Compare those with your existing shares and funds.
- Calculate all-in costs. Add the stated expense ratio or management costs to brokerage, spread, foreign-exchange conversion and applicable taxes.
- Read the current documents. Before trading, review the latest fact sheet, prospectus, index methodology, holdings file and risk disclosures. The figures in this guide are dated snapshots, not permanent specifications.
- Set a portfolio limit and rebalance rule. Decide in advance how much sector exposure you can lose without jeopardizing your goals and when you will rebalance. A written rule helps prevent chasing a commodity rally.
Common mistakes and how to avoid them
- Confusing miners with metal ownership: A mining ETF can fall because a company’s costs rise or a project is delayed. Use futures-linked exposure only when you understand its roll mechanics.
- Assuming “critical” means diversified: A fund may be diversified across companies but concentrated in one commodity, country or development stage.
- Ignoring domicile: U.S., Australian and UCITS funds can have different withholding, estate-tax, reporting and account-eligibility consequences. Obtain tax advice for your jurisdiction.
- Buying from stale holdings: Constituent weights and assets change. Use the latest issuer data before placing an order.
- Using a market order in a thin session: Cross-listed miners and overseas ETFs can have wider spreads outside their home-market hours. A limit order controls the maximum price you pay.
- Treating a thematic ETF as a core portfolio: These funds do not provide the broad sector and country diversification of a total-market strategy.
Which fund fits which investor?
| Investor need | Most relevant starting point | Why | What to verify first |
|---|---|---|---|
| One broad U.S.-listed basket | SETM | Reported exposure to copper, lithium, rare earths and several additional materials | Comfort with uranium and silver weights, 0.65% expenses and non-diversified status |
| Rules-based category and revenue screens | EART | Ten categories, 49 constituents, 4% cap and semi-annual rebalance | Emerging-market, China, small-cap and political risks |
| Australian exchange access | XMET | ASX listing and explicit copper, lithium, nickel, cobalt, graphite, manganese, silver and rare-earth exposure | 0.69% costs, spread, currency and Australian tax treatment |
| UCITS access | REMX | Rare-earth and strategic-metals miners in a physically replicated UCITS fund | Broker eligibility, local tax rules and geographic weights |
| Equities plus commodity futures | WDIG | Combines global miners with a futures sleeve | Roll, derivative, model and notional-exposure behavior |
| Dedicated lithium tilt | ILIT | Focused lithium-mining and production-company exposure | Use as a satellite because it does not cover copper and rare earths |
Bottom line for a diversified critical-minerals allocation
For many U.S. investors, SETM is the clearest broad starting point, but its uranium and silver exposure means it is not a pure copper-lithium-rare-earth fund. EART is the more rules-defined alternative, with a 0.59% expense ratio, ten categories, 49 constituents and a 4% constituent cap. XMET is the natural exchange-listed route for Australian investors, REMX addresses eligible UCITS markets, and WDIG belongs in a separate category because of its futures overlay. ILIT is best understood as a lithium satellite.
The right answer is therefore a fit decision, not a ranking. Match the fund’s domicile, mineral weights, concentration, structure, costs and risks to your existing portfolio, then confirm the current documents before buying.
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Is there one ETF that covers every critical mineral?
No. Each fund defines its own universe. SETM, EART and XMET provide broad baskets, but their categories and weights differ; none guarantees complete exposure to every mineral on every government list.
Are mining ETFs the same as owning copper, lithium or rare-earth prices?
No. Mining shares add company, financing, operating, political, currency and equity-market risks. Futures-linked exposure has separate roll and derivative risks.
Can a U.S. investor buy REMX?
Do not assume so. REMX is a UCITS product, and availability, account eligibility and tax treatment depend on your broker and jurisdiction.
Is ILIT diversified across critical minerals?
No. ILIT focuses on companies primarily engaged in lithium mining and production, so it does not by itself diversify across copper and rare earths.
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