The top 10 critical minerals funds give professional and institutional investors structured exposure to the metals supply chains underpinning the energy transition, defence procurement, and advanced manufacturing. As Western governments move from strategic rhetoric to direct market intervention — the US Department of Defense’s $400 million equity stake in MP Materials being the most visible example — fund managers are reconfiguring portfolios around battery metals, rare earths, uranium, and copper. The result is a growing field of thematic vehicles with meaningfully different approaches to the same structural demand story.
How We Ranked the Top 10 Critical Minerals Funds
This ranking covers exchange-traded funds and thematic equity vehicles with primary exposure to critical minerals funds as defined by major government watchlists — including the US Critical Minerals Institute’s Top 24, the EU Critical Raw Materials Act list, and the UK Critical Minerals Strategy. Funds are assessed on four criteria: thematic precision (how cleanly the portfolio maps to critical minerals versus bulk commodities); AUM as a proxy for institutional validation and liquidity; expense ratio as a cost drag on long-term returns; and structural breadth — whether the fund captures the full value chain (mining, refining, processing, recycling) or concentrates at a single stage.
This list is companion to our Top 10 Critical Minerals ETFs [VERIFY — confirm live before linking], which covers the same universe with emphasis on fund mechanics. Here the focus is on portfolio construction, thematic mandate, and the strategic context driving each fund’s investment case. Pure uranium funds are included where uranium appears on the relevant government critical minerals list, but funds where uranium is incidental rather than primary are excluded.
1. Sprott Critical Materials ETF (SETM) — USA
SETM is the most explicitly mandated fund on this list, tracking the Sprott Critical Materials Index across uranium, copper, lithium, rare earths, cobalt, nickel, and graphite. AUM approximately $320 million. The index methodology screens for companies deriving the majority of revenue from the critical minerals basket, maintaining thematic discipline absent in broader mining funds. For investors whose brief requires demonstrable alignment with government critical materials definitions, SETM’s multi-commodity construction is the most defensible single-vehicle solution available. Expense ratio: 0.65%. The fund’s uranium weighting — typically 20–25% — means performance is partly driven by nuclear power policy rather than the battery metals cycle alone.
2. VanEck Rare Earth/Strategic Metals ETF (REMX) — USA
REMX tracks the MVIS Global Rare Earth/Strategic Metals Index, covering companies involved in producing, refining, and recycling rare earth elements and strategic metals. AUM approximately $580 million, making it the most widely held pure-play fund in the rare earth and strategic metals space. Holdings include Albemarle, Pilbara Minerals, and China Northern Rare Earth Group. The fund’s weighting toward processing and refining companies — not just miners — gives it exposure to the value-added stages of the supply chain where margins are typically higher but Chinese concentration is greatest. This is the primary vehicle through which institutional investors access the rare earth price cycle via equity rather than futures. Expense ratio: 0.57%.
3. VanEck Copper and Green Metals ETF (EMET) — USA
EMET (formerly GMET) targets companies driving the low-carbon economy, explicitly emphasising copper alongside lithium, nickel, cobalt, and rare earth elements. AUM figures are smaller than REMX and LIT, reflecting a newer vintage and more specific mandate, but the fund’s construction is analytically strong — it captures the electrification infrastructure buildout (copper-intensive) alongside the battery supply chain in a single vehicle. For investors who want grid and EV exposure combined, rather than battery metals alone, EMET’s mandate is the cleanest fit. Expense ratio: 0.66%.
4. Global X Lithium & Battery Tech ETF (LIT) — USA
LIT tracks the full lithium value chain from hard-rock and brine mining through carbonate and hydroxide refining to battery cell production, with AUM of approximately $1.2 billion making it the largest single-mineral critical minerals fund by assets. The fund’s inclusion of battery manufacturers alongside miners introduces downstream correlation to EV adoption rates — useful for investors who want to express a view on the entire EV supply chain rather than isolating the lithium price specifically. Holdings include Albemarle, SQM, Tianqi Lithium, and Panasonic. Expense ratio: 0.75%.
5. Sprott Rare Earths Ex-China ETF (REXC) — USA
REXC targets rare earth supply chains operating outside China — a strategic construction that directly mirrors Western government reshoring policy. The fund captures the wave of defence-backed mining and processing initiatives: companies such as Lynas Rare Earths, MP Materials, and Energy Fuels, all of which have received direct US Department of Defense funding since 2022. For investors whose mandate requires geopolitical risk filtering — specifically excluding Chinese-controlled rare earth producers — REXC is the only fund explicitly constructed around that constraint. As Western governments escalate direct equity investment in non-Chinese rare earth producers, the fund’s investable universe is effectively being de-risked by policy. Expense ratio: 0.75%.
6. Optica Rare Earths & Critical Materials ETF (CRIT) — USA
CRIT focuses on the extraction, processing, and recycling of rare earth elements and critical materials vital to tech hardware and aerospace defence supply chains. The fund sits at the intersection of the defence procurement cycle and the energy transition — a positioning that has become increasingly relevant as the Pentagon moves from grants to equity stakes in critical minerals producers. Its mandate covers the companies most directly exposed to US and allied government industrial policy. Expense ratio: 0.85% — the highest on this list, reflecting the specialist construction and smaller AUM of a newer thematic vehicle.
7. iShares MSCI Global Metals & Mining Producers ETF (PICK) — USA
PICK provides equity exposure to major diversified miners including BHP Group, Rio Tinto, Freeport-McMoRan, and Glencore, tracking the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver index. AUM approximately $1.7 billion. The fund captures copper and nickel exposure through the world’s largest mining companies, embedding critical minerals within large-cap equity positions that carry higher daily liquidity and lower volatility than pure-play critical minerals funds. PICK is the appropriate vehicle for investors who want critical minerals exposure with lower tracking risk and tighter bid-ask spreads. Expense ratio: 0.39%.
8. Amplify Lithium & Battery Technology ETF (BATT) — USA
BATT blends lithium and cobalt mining equities with battery technology developers and EV manufacturers. AUM approximately $170 million. The fund’s inclusion of technology companies alongside miners means it offers a different risk profile to pure mining equity funds — more correlated to EV adoption rates and battery technology commercialisation than to commodity spot prices directly. Holdings span Panasonic, Samsung SDI, Lithium Americas, and Livent. For investors who want to capture the full EV supply chain — materials and technology — rather than isolating the commodity extraction stage, BATT’s hybrid construction is the most practical vehicle. Expense ratio: 0.59%.
9. Sprott Lithium Miners ETF (LITP) — USA
LITP is a concentrated pure-play vehicle tracking global lithium mining companies, avoiding downstream technology manufacturers to provide direct exposure to the commodity price cycle. AUM is smaller than LIT’s, reflecting the narrower mandate. The fund’s construction is appropriate for investors who want leveraged exposure to the lithium price itself — via the mining companies whose profitability is most directly tied to carbonate and hydroxide spot prices — without the dilution of battery manufacturer allocations. Expense ratio: 0.65%.
10. Sprott Uranium Miners ETF (URNM) — USA
URNM concentrates on uranium mining companies, capturing structural demand from nuclear power capacity additions driven by AI data centre power requirements and the ongoing coal phase-out. AUM approximately $1.8 billion. Uranium’s inclusion on every major government critical minerals list — US, UK, EU, Australia — makes URNM a defensible addition to a critical minerals portfolio, though its performance is driven by nuclear energy policy rather than the battery supply chain. For investors whose mandates follow government critical minerals definitions rather than the technology metals supply chain specifically, URNM represents the highest-liquidity uranium-specific option. Expense ratio: 0.85%.
Summary Comparison: Top 10 Critical Minerals Funds 2026
| Fund | Ticker | Primary Focus | AUM (approx.) | Expense Ratio | Key Feature |
|---|---|---|---|---|---|
| Sprott Critical Materials ETF | SETM | Broad basket | $320m | 0.65% | Most explicitly mandated to critical minerals definition |
| VanEck Rare Earth/Strategic Metals | REMX | Rare earths, strategic metals | $580m | 0.57% | Largest pure-play rare earth fund by AUM |
| VanEck Copper & Green Metals | EMET | Copper, Li, Co, REEs | N/A | 0.66% | Grid + battery supply chain in one vehicle |
| Global X Lithium & Battery Tech | LIT | Full lithium value chain | $1.2bn | 0.75% | Largest critical minerals fund by AUM |
| Sprott Rare Earths Ex-China | REXC | Non-Chinese rare earths | N/A | 0.75% | Only fund explicitly excluding Chinese producers |
| Optica Rare Earths & Critical Materials | CRIT | REEs, defence supply chain | N/A | 0.85% | Defence + tech hardware mandate |
| iShares Global Metals & Mining | PICK | Diversified base metals | $1.7bn | 0.39% | Lowest cost; highest liquidity |
| Amplify Lithium & Battery Tech | BATT | Li, Co + battery tech | $170m | 0.59% | Hybrid mining + technology mandate |
| Sprott Lithium Miners | LITP | Lithium miners only | N/A | 0.65% | Pure-play lithium price exposure |
| Sprott Uranium Miners | URNM | Uranium | $1.8bn | 0.85% | Highest liquidity uranium vehicle |
The Outlook for Critical Minerals Funds in 2026
Critical minerals funds are entering a structurally different investment environment in 2026. The US Department of Defense’s direct equity investment in MP Materials — $400 million for a preferred stock position, coupled with a ten-year guaranteed floor price for neodymium-praseodymium output — represents a policy shift that changes the risk profile of the companies these funds hold. When governments underwrite production economics, the commodity price risk that has historically made critical minerals equities volatile is partially socialised. Funds with holdings in defence-backed producers — REXC, SETM, and CRIT most directly — stand to benefit from this de-risking effect, while broader vehicles like PICK and LIT will absorb it indirectly through their larger-cap holdings. The primary headwind remains China’s dominance at the refining stage, which continues to create event risk across the rare earth and battery metals supply chains. For context on the capital flows driving this shift, see our coverage of the 2026 mining supercycle. Further supply and demand projections by mineral are published by the IEA Critical Minerals unit. Fund prospectuses and holdings data are available directly from Sprott Asset Management.
What is the difference between critical minerals funds and standard mining ETFs?
Standard mining ETFs typically track broad commodity indices that include gold, silver, iron ore, and thermal coal alongside technology and battery metals. Critical minerals funds use index methodologies that screen for companies specifically involved in minerals on government strategic lists — lithium, cobalt, nickel, rare earths, copper, graphite, uranium — filtering out bulk commodities. The thematic discipline means stronger correlation to the energy transition and defence supply chain drivers, but also higher concentration risk.
Which critical minerals fund has the most diversified exposure?
Sprott’s SETM is the most explicitly diversified vehicle, covering uranium, copper, lithium, rare earths, cobalt, nickel, and graphite under a single mandate. iShares PICK offers broader diversification by AUM and liquidity, but its large-cap mining allocation dilutes thematic purity. Investors needing to satisfy a critical minerals mandate by definition rather than broad mining exposure should start with SETM.
Are any of these funds available as UCITS products for UK or European investors?
Most of the funds on this list are US-listed on NYSE Arca and not directly UCITS-compliant. VanEck and Global X both operate European fund ranges with UCITS-equivalent exposure to rare earths and lithium. UK and European professional investors can access US-listed ETFs through platforms offering MiFID professional investor classification, or should contact their broker for available UCITS alternatives.
How does the Pentagon’s direct investment in MP Materials affect these funds?
MP Materials (NYSE: MP) is a holding in several funds on this list, including REMX and REXC. The DoD’s $400 million preferred stock investment and ten-year floor price guarantee for NdPr magnets substantially changes the company’s risk profile — converting commodity price risk into a quasi-government contract structure. Funds with significant MP Materials positions benefit directly; the broader implication for critical minerals funds is that US government intervention is beginning to de-risk the mining equities these funds hold, which could structurally reduce volatility across the category.
What will change critical minerals fund rankings in the next 12 months?
Three factors are most likely to reshape the ranking. First, further DoD equity investments or offtake contracts in non-Chinese producers will accelerate AUM flows into funds with those holdings — REXC and CRIT are most exposed to this upside. Second, any Chinese export restriction expansion beyond gallium, germanium, and graphite — into rare earth magnets or antimony — would trigger price spikes benefiting REMX and SETM. Third, fund launches: Sprott, VanEck, and Global X are all active in building the critical minerals ETF product range, and a new launch with a tighter mandate could displace lower-AUM entries on this list within 12 months.
