Fund Comparison at a Glance

Fund	Ticker	Index	Inception	AUM (USD)	Exp. Ratio	Exchange
VanEck Rare Earth and Strategic Metals ETF	REMX	MVIS Global Rare Earth/Strategic Metals Index	Oct 2010	~$2.6B	0.58%	NYSE Arca
Global X Rare Earth & Critical Materials ETF	EART	Solactive Rare Earth & Critical Materials Index	Jan 2022	~$51M	0.59%	Nasdaq
Sprott Rare Earths Ex-China ETF	REXC	Nasdaq Sprott Rare Earths Ex-China Index	Apr 2026	<$5M*	0.65%	Nasdaq

AUM as of April 15, 2026. REMX AUM from VanEck fact sheet (March 31, 2026). EART AUM from Global X fact sheet (February 28, 2026). *REXC launched April 15, 2026; AUM reflects initial seed capital only.

What’s Actually in These ETFs?

The chart below breaks down each fund’s holdings by primary material category, based on full holdings data as of April 15, 2026.¹²³

The divergence is significant. REMX, despite its name, held more lithium by portfolio weight than rare earths as of April 15, 2026. Its top holding was Albemarle Corporation (ALB) at 8.77%, followed by Pilbara Minerals (PLS AU) at 7.14%, Ganfeng Lithium Group (1772 HK) at 5.69%, and Sociedad Quimica y Minera de Chile (SQM) at 5.59%. None of these companies are primarily rare earth businesses. The index REMX tracks, the MVIS Global Rare Earth/Strategic Metals Index, includes companies involved in a broad range of strategic metals, of which lithium qualifies. Investors seeking exposure specifically to neodymium, dysprosium, and praseodymium may be surprised.

EART goes further in breadth. More than a third of its portfolio sits in copper miners, including Freeport-McMoRan (FCX), Anglo American (AAL LN), Grupo Mexico (GMEXICOB MM), Southern Copper (SCCO), and Antofagasta (ANTO LN) as its five largest positions. The fund’s Solactive Rare Earth & Critical Materials Index takes an expansive view of what constitutes a critical material, including copper, platinum group metals, and a range of industrials alongside rare earths proper.

The table below isolates the rare-earth-focused component of each fund versus all other materials:

Classification based on primary material exposure of each holding as of April 15, 2026 holdings files. Country allocation data from VanEck fact sheet (March 31, 2026) and Global X fact sheet (February 28, 2026).

Key Holdings Across All Three ETFs

Six companies appear in two or more of the rare earths ETFs. Their combined weighting illustrates how differently each fund interprets its mandate. Data as of April 15, 2026.

Lynas Rare Earths Ltd

LYC AU 🇦🇺 Australia Rare Earths

The world’s largest rare earths producer outside China. The only company to appear in all three ETFs, reflecting its unique status as a pure-play, ex-China producer at scale.

REMX

8.00%

EART

3.78%

REXC

21.12%

MP Materials Corp

MP 🇺🇸 United States Rare Earths

Operator of Mountain Pass — the only active rare earth mine in the United States. A top-2 holding in REXC; absent from EART’s copper-heavy mandate.

REMX

5.70%

EART

Not held

REXC

19.59%

Albemarle Corp

ALB 🇺🇸 United States Lithium

The world’s largest lithium producer. Its presence as the top holding in both REMX and EART shows how broadly both funds interpret the critical materials mandate.

REMX

8.77%

EART

4.14%

REXC

Not held

Pilbara Minerals Ltd

PLS AU 🇦🇺 Australia Lithium

One of Australia’s largest hard-rock lithium miners (Pilgangoora, WA). Its appearance in two rare earth ETFs reflects index rules that treat lithium as a strategic metal.

REMX

7.14%

EART

3.66%

REXC

Not held

China Northern Rare Earth Group

600111 C1 🇨🇳 China Rare Earths

China’s largest rare earth producer. Present in both REMX and EART; entirely excluded from REXC. The clearest illustration of what the ex-China screen actually removes.

REMX

6.62%

EART

3.77%

REXC

Excluded (China-listed)

Iluka Resources Ltd

ILU AU 🇦🇺 Australia Rare Earths

Australian mineral sands miner building the Eneabba rare earth refinery — Australia’s first integrated RE facility. Held in REMX and REXC; absent from EART.

REMX

3.42%

EART

Not held

REXC

5.13%

Bar widths scaled relative to largest weight in table (REXC / Lynas 21.12% = 100%). Data as of April 15, 2026.

VanEck Rare Earth and Strategic Metals ETF (REMX)

NYSE Arca: REMX | AUM: ~USD $2.6 billion | Expense Ratio: 0.58% | Inception: October 27, 2010

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VanEck Rare Earth and Strategic Metals ETF (REMX) is by far the dominant fund in this space by assets, with approximately USD $2.6 billion under management as of its March 31, 2026 fact sheet. It seeks to replicate the MVIS Global Rare Earth/Strategic Metals Index, which VanEck’s parent company MarketVector Indexes owns and Solactive AG maintains.⁴ The index covers companies generating at least 50% of their revenues from rare earth and strategic metals operations broadly defined, which is why lithium miners qualify.

The top 10 holdings as of the April 15, 2026 data file account for roughly 61% of the fund. Among them, Albemarle (ALB) at 8.77%, Pilbara Minerals (PLS AU) at 7.14%, Ganfeng Lithium (1772 HK) at 5.69%, and SQM (SQM) at 5.59% are all primarily lithium businesses. The fund’s two genuine rare earth specialists among the top 10 are Lynas Rare Earths (LYC AU) at 8.00% and China Northern Rare Earth (600111 C1) at 6.62%. MP Materials (MP) and Shenghe Resources round out the rare earth component of the top 10.

China accounted for 29.7% of the fund’s portfolio as of the March 31, 2026 fact sheet, making it the single largest country allocation. Australia followed at 24.3% and the United States at 20.6%. For investors with concerns about geopolitical risk or restrictions on Chinese securities, this is a material consideration. REMX held 34 positions as of the April 15, 2026 holdings file.

On cost, REMX’s 0.58% net expense ratio is modest for a thematic fund. Its size also means it typically trades with a tight bid-ask spread, an important practical advantage for investors entering and exiting positions.

Global X Rare Earth & Critical Materials ETF (EART)

Nasdaq: EART | AUM: ~USD $51 million | Expense Ratio: 0.59% | Inception: January 24, 2022

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Global X Rare Earth & Critical Materials ETF (EART) is the mid-sized fund of the three by AUM, at approximately USD $51 million as of its February 2026 fact sheet — larger than the newly launched REXC but a small fraction of REMX’s ~USD $2.6 billion. The fund tracks the Solactive Rare Earth & Critical Materials Index, which takes the broadest possible interpretation of the “critical materials” mandate among the three ETFs covered here. Effective March 1, 2026, the fund was renamed from the Global X Disruptive Materials ETF (DMAT) and its benchmark was simultaneously renamed from the Solactive Disruptive Materials Index.⁵

The fund’s top five positions as of the April 15, 2026 holdings file were all copper-related: Freeport-McMoRan (FCX) at 4.59%, Anglo American (AAL LN) at 4.36%, Grupo Mexico (GMEXICOB MM) at 4.24%, Southern Copper (SCCO) at 4.21%, and Antofagasta (ANTO LN) at 4.19%. Copper miners collectively represented approximately 34% of the fund as of April 15, 2026. Lynas Rare Earths (LYC AU) and China Northern Rare Earth (600111 C1) were the primary rare earth holdings, at 3.78% and 3.77% respectively, with the full rare earth bucket totalling approximately 19% across the fund.

The fund’s 49 holdings are more geographically diverse than REMX. South Africa accounted for 16.7% of the portfolio as of February 2026, driven by platinum group metals producers including Valterra Platinum, Impala Platinum, and Sibanye Stillwater. China represented 25.1% of the fund. The EART sector breakdown at that date showed Materials at 87.1%, Industrials at 10.6%, and Information Technology at 2.3%. Investors considering EART should understand they are acquiring broad critical materials exposure, not a concentrated rare earths position.

Sprott Rare Earths Ex-China ETF (REXC)

Nasdaq: REXC | AUM: Newly launched | Expense Ratio: 0.65% | Inception: April 14, 2026

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Sprott Rare Earths Ex-China ETF (REXC) launched on April 15, 2026 as the first US-listed ETF with an explicit mandate to invest at least 80% of its assets in rare earths companies while excluding all Chinese-listed securities.⁶ The fund is advised by Sprott Asset Management USA, Inc. with ALPS Advisors, Inc. serving as sub-adviser. It tracks the Nasdaq Sprott Rare Earths Ex-China Index, which was co-developed by Nasdaq and SAM LP using a proprietary methodology to identify companies deriving at least 50% of their revenue or assets from rare earth mining, exploration, development, separation, refining, or production.

The index’s Chinese Securities exclusion covers China A Shares, China B Shares, H-Shares, Red Chips, S Chips, N Shares, and P Chips. As of the April 15, 2026 holdings data, the fund held 34 positions and was approximately 99% allocated to rare-earth-focused companies. The two dominant positions were Lynas Rare Earths (LYC AU) at 21.12% and MP Materials (MP) at 19.59%, reflecting the index’s concentration in the two largest ex-China rare earth producers. These two positions alone account for approximately 40% of the fund.

The remaining portfolio is spread across smaller Australian, Canadian, US, and UK-listed rare earth developers including USA Rare Earth (USAR), Arafura Rare Earths (ARU AU), Iluka Resources (ILU AU), Lindian Resources (LIN AU), NioCorp (NB), Brazilian Rare Earths (BRE AU), Neo Performance Materials (NEO CN), and approximately 25 smaller names. The index is reconstituted and rebalanced semi-annually in June and December. Individual position weights are capped at 20%, and the aggregate weight of constituents above 5% is capped at 49%.

REXC carries the highest expense ratio of the three funds at 0.65%. Being newly launched, it has negligible AUM and no trading history, which has direct implications for liquidity and bid-ask spread costs discussed in the next section.

Size, Liquidity, and Hidden Costs

Expense ratios are the most visible cost of holding an ETF, but for thematic funds trading thinner volumes, the bid-ask spread can easily exceed the annual fee on any single transaction. This is particularly relevant when comparing a nearly USD $2.6 billion fund against a newly launched one.

REMX’s scale means authorized participants maintain tight markets in the shares; the bid-ask spread in normal conditions is typically a fraction of a percent. EART’s USD $51 million in assets is serviceable but noticeably smaller; spreads can widen in volatile sessions. REXC, having launched with minimal seed capital, should be treated as illiquid by institutional standards until meaningful AUM accumulates. The REXC prospectus itself discloses this risk, noting that “there can be no assurance that the Fund will achieve an economically viable size” and that “an active trading market for shares may not develop or be maintained.”

REMX’s 1-year return through March 31, 2026 was +125.4% (NAV basis), reflecting the surge in rare earth and strategic metals equities over that period. EART’s comparable return was +155.6% through February 28, 2026, outperforming REMX over the same general period on a percentage return basis, though the asset bases and benchmarks differ. REXC has no performance history.

Risks

REXC carries new-fund risk that is material at this stage. Sprott’s prospectus discloses that new and smaller funds “may not attract sufficient assets to achieve investment and trading efficiencies” and that an active trading market “may not develop or be maintained.” Investors entering REXC early accept wider bid-ask spreads, potential premium/discount volatility relative to NAV, and the possibility of fund closure if AUM fails to reach a viable scale. These are not hypothetical risks for a fund that launched yesterday.

Index definitions drive exposure in ways that may not match investor expectations. REMX’s mandate for “rare earth and strategic metals” encompasses lithium under its current index methodology, making it substantially a lithium fund by weight. EART’s “rare earth and critical materials” mandate includes copper and platinum group metals. Neither name is misleading by the standards of the relevant index prospectus, but investors relying on the fund name alone to infer exposure will be surprised by the holdings breakdown.

China concentration is a two-edged risk in REMX and EART. China represented approximately 30% of REMX’s portfolio and 25% of EART’s as of early 2026. Chinese securities in these funds include exchange-listed A-shares accessible via Stock Connect, creating operational and regulatory complexity. On one hand, excluding China entirely (as REXC does) means forgoing exposure to the world’s largest rare earth producers by volume. On the other hand, any US or Australian government action to restrict investment in Chinese strategic metals companies would immediately affect REMX and EART holders.

REXC’s concentration in two positions is high. Lynas Rare Earths and MP Materials together represent approximately 40% of REXC’s portfolio at launch. Both companies are at different stages of development and face project-specific execution risks. A significant negative event at either company would have an outsized effect on the fund’s performance. The index’s 20% single-position cap and 49% aggregate cap for positions above 5% provide structural limits, but these caps still permit heavy concentration in the two largest names.

The ex-China rare earth universe is genuinely small. Outside China, there are limited numbers of rare earth companies with sufficient scale and liquidity to qualify for an index. REXC’s 34 holdings include many micro- and small-cap explorers and developers with no revenue, high capital requirements, and dependence on equity financing. The fund’s prospectus notes that companies involved in rare earth exploration “typically operate at a loss and are dependent on securing equity and/or debt financing.” Periods of risk-off sentiment or capital market stress can be particularly damaging to small-cap miners regardless of commodity fundamentals.

Conclusion

The launch of REXC creates a genuinely distinct option for investors who want exposure to the rare earth supply chain outside China. For the first time, US investors can access a fund where the label and the portfolio actually match: approximately 99% of holdings are in companies whose primary business is rare earth mining, exploration, or processing, with Chinese securities explicitly excluded. That is a different product from what REMX or EART deliver, and it fills a gap that has been evident since geopolitical pressure on the rare earth supply chain intensified.

REMX remains the practical default for most investors in this space. Its USD $2.6 billion in assets, 15-year track record, and tight trading spreads make it the most operationally accessible option. Investors should simply understand that they are buying a strategic metals fund with a heavy lithium skew, not a pure rare earths vehicle. EART, the smallest and most broadly defined of the three, is better understood as a critical materials fund; its copper and platinum group metals exposure may suit investors who want to avoid concentration in any single metal theme.

For REXC, the key question in the months ahead is whether it can attract sufficient AUM to become a functionally liquid instrument. Sprott’s track record with its uranium and critical minerals ETFs suggests the firm knows how to market thematic funds to an interested audience. If rare earth supply chain concerns continue to escalate, REXC is positioned to capture that interest. For now, early investors should weigh the genuine portfolio differentiation it offers against the liquidity risks that come with any newly launched small-cap focused ETF.