SETM: The Critical Materials Trade Has Already Re-Rated, And Most Advisors Still Aren't Looking

SETM is up roughly 135% trailing twelve months on a basket of mining and refining names tied to uranium, copper, lithium, rare earths, and silver. China expanded rare earth export controls to twelve elements last fall; the Pentagon took a 15% equity stake in MP Materials with a price floor. SETM offers broad allies-weighted exposure at 65 basis points, but volatility is real with a 1.39 beta and a 43% max drawdown since inception.