Composition
| # | Constituent | Ticker | Exchange | Secondary | Country | Sector | Weight |
|---|---|---|---|---|---|---|---|
| 1 | Lynas Rare Earths | LYC.AX | ASX | LYSDY (OTC) | Australia | Processing & Separation | 10.00% |
| 2 | MP Materials | MP | NYSE | — | USA | REE Mining & Extraction | 10.00% |
| 3 | JL Mag Rare-Earth | 6680.HK | HKEX | 300748.SZ | China | Magnet & Alloy Manufacturing | 10.00% |
| 4 | USA Rare Earth | USAR | NASDAQ | USARW (warrants) | USA | Magnet & Alloy Manufacturing | 10.00% |
| 5 | Neo Performance Materials | NEO.TO | TSX | NOPMF (OTC) | Canada | Magnet & Alloy Manufacturing | 10.00% |
| 6 | Ucore Rare Metals | UCU.V | TSXV | UURAF (OTC) | Canada | Processing & Separation | 8.90% |
| 7 | Arafura Rare Earths | ARU.AX | ASX | ARAFF (OTC) | Australia | Exploration Stage | 7.56% |
| 8 | Critical Metals | CRML | NASDAQ | — | British Virgin Islands | Exploration Stage | 6.54% |
| 9 | Lindian Resources | LIN.AX | ASX | — | Australia | Exploration Stage | 6.48% |
| 10 | Aclara Resources | ARA.TO | TSX | — | Canada | Exploration Stage | 5.28% |
| 11 | Meteoric Resources | MEI.AX | ASX | — | Australia | Exploration Stage | 4.94% |
| 12 | Pensana | PRE.L | LSE Main | — | United Kingdom | Exploration Stage | 4.50% |
| 13 | Australian Strategic Materials | ASM.AX | ASX | ASMMF (OTC) | Australia | Magnet & Alloy Manufacturing | 2.94% |
| 14 | Mkango Resources | MKA.L | LSE AIM | MKA.V (TSXV) | Canada | Exploration Stage | 2.87% |
★ marks constituents currently bound at the 10% single-name cap.
Sector summary
- REE Mining & Extraction
- 1 constituent · 10.0% weight
- Processing & Separation
- 2 constituents · 18.9% weight
- Magnet & Alloy Manufacturing
- 4 constituents · 32.9% weight
- Recycling & Urban Mining
- 0 constituents · 0% weight
- Exploration Stage
- 7 constituents · 38.2% weight
Cap binding
Five of fourteen constituents are at the 10% single-name cap. Their natural uncapped free-float weights at the Q2 2026 rebalance close were: Lynas 41.99%, MP Materials 32.75%, JL Mag 7.09%, USA Rare Earth 6.35%, Neo Performance Materials 2.93%. The cap redistributes excess weight pro-rata across the remaining constituents.
Lynas and MP Materials are at the cap on their own free-float market capitalization. JL Mag, USA Rare Earth, and Neo Performance Materials reach the cap through iterative redistribution from the larger names. The cap-bound set is unchanged from inception; Neo Performance Materials remains cap-bound despite the smallest uncapped weight because of the size of the Lynas + MP redistribution. Full reasoning for the inception construction is in the inaugural constituent note.