At a glance
SETM charges 0.65% a year, above the 0.6% average of the 4 funds most like it (the 4th cheapest of 5). It has $574.9M in assets, the 3rd largest of that group; it paid 1.73% of its price in distributions over the past 12 months, annual. Over the past year it returned +2.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds; over three years it returned +19.4% a year. Its ten largest positions make up 41.9% of the fund, out of 158 in all.
The short version
Sprott Critical Materials ETF (SETM) is an index fund that tracks the Nasdaq Sprott Critical Materials Index. That index holds about 90 to 120 companies that mine, refine or supply uranium, copper, lithium, rare earths, silver and other metals used in the shift to cleaner energy. Each company is weighted by its size and by how much of its revenue comes from these materials. The 0.65% expense ratio is above the 0.60% average for similar funds, and the price swings sharply.
Price history
The interactive chart needs JavaScript.
SETM +2.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SETM official prospectus, to Dec 31, 2025 | — | +94.50% | — | — | — | +14.79% |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | — | — | +20.78% |
| Nasdaq Sprott Critical Materials Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +95.05% | — | — | — | +15.69% |
| SETM price data to Oct 27, 2026 | -9.9% | +2.4% | +19.4% | — | — | +8.5% |
- Over the year to Oct 27, 2026, SETM returned +2.4%, 3rd of 5 among similar funds.
- Its worst full calendar year was 2024 (-13.2%); its best was 2025 (+95.2%).
- The deepest fall in its price history was 42.8% (May 20, 2024 to Apr 8, 2025), recovered by Jul 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.9% | — |
| 2025 | +95.2% | +94.50% |
| 2024 | -13.2% | -13.09% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4500 | +45.2% |
| 2024 | $0.3100 |
What's inside
As of Jun 30, 2026, the fund held 158 securities; the ten largest made up 41.91% of assets.
| Holding | Weight | |
|---|---|---|
| Freeport-mcmoran Inc | 5.37% | |
| Nac Kazatomprom Jsc | 5.33% | |
| Lynas Rare Earths Ltd | 5.08% | |
| Cameco Corp | 5.07% | |
| Pls Group Ltd | 4.20% | |
| Albemarle Corp | 3.69% | |
| Mp Materials Corp | 3.42% | |
| Uranium Energy Corp | 3.33% | |
| Teck Resources Ltd | 3.26% | |
| Sociedad Quimica Y Minera De Chile Sa | 3.15% | |
| Cia De Minas Buenaventura Saa | 2.93% | |
| Antofagasta Plc | 2.78% | |
| First Majestic Silver Corp | 2.69% | |
| Paladin Energy Ltd | 2.56% | |
| Hecla Mining Co | 2.54% |
By country
Canada 34.5%Australia 21.31%United States 20.94%KZ 5.33%Peru 3.29%By asset type
Stocks 99.9%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $102.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.12%, +0.46%, -15.44%.
How it works
SETM is passively managed. Before fees, it aims to match the total return of the Nasdaq Sprott Critical Materials Index. Sprott is the adviser and ALPS Advisors, Inc. is the sub-adviser. They generally buy every stock in the index at its index weight. Under normal conditions, at least 80% of net assets must go to critical materials mining companies. These are firms that earn at least half their revenue or hold at least half their assets in metals such as uranium, copper, lithium, nickel, cobalt, graphite, rare earths and silver.
To join the index, a company needs a free-float market value of at least $100 million. Free float means the shares that are actually available to trade. It also needs average daily trading of at least $0.5 million. Each company's market value is then multiplied by an "intensity score." That score is the share of revenue the company earns from critical materials. Early-stage explorers and other firms without meaningful revenue get a flat 50%. No single stock can exceed 4.75%, and no single commodity group can exceed 25%. Any extra weight is spread across the other holdings.
The index is rebuilt and rebalanced twice a year, in June and December. Prices drift between rebalances. As of June 30, 2026, Freeport-McMoRan, NAC Kazatomprom, Lynas Rare Earths and Cameco were each just above 5% of the fund. Portfolio turnover was 55%. The fund can also own listed closed-end trusts that hold critical materials directly.
What it really costs
- SETM charges 0.65% a year, versus an average of 0.6% for the similar funds below (4th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SETM | $66 | $208 | $362 | $810 |
In a retirement portfolio
It is a narrow, very volatile bet on mining stocks, so it fits better as a small side position than as a core holding.
SETM launched in February 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its own short history has been rough. From May 20, 2024 to April 8, 2025 it fell 42.8%. It made that loss back by July 22, 2025, about 3.4 months after the low. According to the prospectus, it lost 13.09% in 2024 and gained 94.5% in 2025. Through October 27, 2026 it was down 9.9% for the year, with one-year volatility of 46.4% and a beta of 2.25. Beta measures how much a fund moves relative to the broad market, so 2.25 means it has moved more than twice as much. Anyone who has to sell shares during a slump could lock in deep losses. Income is small: a 1.73% trailing yield as of October 27, 2026, paid once a year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund covering uranium, copper, lithium, rare earth and silver miners, rather than a separate ETF for each metal.
- People holding a small satellite position who can live through drops like the 42.8% fall from May 2024 to April 2025.
- Investors comfortable owning mostly foreign stocks: about 35% Canadian and 21% Australian, with only about 21% in US companies as of June 30, 2026.
Look elsewhere if
- Retirees who need steady income: the trailing yield was 1.73% as of October 27, 2026, and it pays only once a year.
- Cost-focused investors: the 0.65% expense ratio is above the 0.60% peer average and higher than REMX (0.56%) and EART (0.59%).
- Anyone who may need the money soon: the fund lost 29.8% in the six months through October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SETM this fund | — | 0.65% | $574.9M | +2.4% | +19.4% |
| EMET VanEck Copper and Electrification Metals ETF | 36% | 0.66% | $34.2M | +18.9% | +20.5% |
| EART Global X Rare Earth & Critical Materials ETF | 25% | 0.59% | $38.8M | +4.5% | +21.5% |
| REMX VanEck Rare Earth and Strategic Metals ETF | 25% | 0.56% | $2.69B | -20.8% | -1.0% |
| NLR VanEck Uranium and Nuclear ETF | 23% | 0.61% | $4.21B | -33.4% | +15.0% |
Questions investors ask
What does SETM invest in?
SETM invests in mining and related companies tied to energy-transition metals. It tracks the Nasdaq Sprott Critical Materials Index. As of June 30, 2026, it held 158 stocks, and the top 10 made up 41.9% of assets. The largest were Freeport-McMoRan, NAC Kazatomprom, Lynas Rare Earths, Cameco and PLS Group. Most of the money was in Canadian, Australian and US companies, covering uranium, copper, lithium, rare earths and silver.
How has SETM performed since launch?
Performance has swung widely. According to the prospectus, SETM returned an average of 14.79% a year from its February 2023 launch through December 31, 2025. Its index returned 15.69% and the S&P 500 returned 20.78% over that period. The fund lost 13.09% in 2024 and gained 94.5% in 2025. Based on price, it was down 9.9% for the year through October 27, 2026.
Does SETM pay a dividend?
Yes, but only once a year, and the amount is small. As of October 27, 2026, SETM paid $0.45 per share over the trailing 12 months, a yield of 1.73%. The payout comes from dividends paid by the mining companies it owns, so it can rise or fall with metal prices and company profits. The fund is built mainly for growth, not regular income.
What's the difference between SETM and EMET?
Both own metals miners, but they overlap only about 36%. The VanEck Copper and Electrification Metals ETF (EMET), as its name suggests, focuses on copper and electrification metals. SETM also holds large uranium and rare earth positions. Fees are almost the same: 0.65% for SETM and 0.66% for EMET. As of June 30, 2026, SETM was much larger, at about $575 million against $34 million. As of October 27, 2026, EMET's one-year return was 18.9%, compared with 2.4% for SETM.
How much does SETM cost to own?
SETM's expense ratio is 0.65% a year, according to its prospectus filed April 30, 2026. That is above the 0.60% average of similar funds. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, total costs come to about $66 after one year, $208 after three years, $362 after five years and $810 after ten years. Trading spreads and taxes are extra.