Here is a list of the top 20 holdings of REMXREMX - VanEck Rare...

Here is a list of the top 20 holdings of REMX
REMX - VanEck Rare Earth/Strategic Metals ETF | Holdings | VanEck
Number one is a cobalt company it is about 8 % of funds.
Number 4 is Lithium 7 % of fund
Lynas is number 7 and is about 5.3%

Since REMx was started they have diversified out of rare earths to keep the funds performance up. Even added Strategic metals to their name. This is great for holders. The tracking you mention is true and you correctly pointed it out. I see this as another indication that Lynas is just another cog in the Green movement and as that changes Lynas will move with the other Green stock and not be independent of it.

JMO the Green stock are like a balloon that people keep putting money into. It has grown very big. It is streched very tight. It may even feel warm and cozy inside. However it may pop if too much money is put in. If left in the sun money may expand and it will pop. If even the smallest pin pricks it, it will pop. To think there is something magical about Lynas and if something disrupts this market Lynas will escape it is just not being realistic.

Stock action on Monday sept 20th confirms just how closely Lynas is tied. The fact it fell so much more and has recovered less robustly shows it is in the upper half for vulnerability. JMO Ignore warning if you want but to not consider them is foolish. You do not need to believe but to not understand may be a mistake.

Here is a chart I made to shows Lynas compared ASX200 both at close Friday plus RMX, S&P 500 and DJIA a noon US EDT. I expected it to be more dramatic than it is! IT clearly shows Lynas going down more and recovering less. Ignore it if you wish but it may be a sign if markets have a strong correction Lynas will fall father and faster and recover slower than stocks in general. Lynas is sort of tracking REMX but in % terms it is not to close.

	Stock or index	Friday Sept 17 price	Monday 20 Close	% difference to Friday 17 price	Friday Sept 24 price.	% difference to Friday 17 price
1	Lynas	7.54	6.65	-11.8%	6.92	-8.96%
2	REMX	112	104	-7.1%	110	-1.82%
3	ASX 200	7403	7248	-2.1%	7342	-0.83%
4	S&P500	4432	4354	-1.8%	4444	0.27%
5	DJIA	34584	33919	-1.9%	34760	0.51%