At a glance
COPA charges 0.35% a year, below the 0.6% average of the 5 funds most like it (the cheapest of 6). It has $13.0M in assets, the 6th largest of that group; it paid 3.9% of its price in distributions over the past 12 months, annual. Over the past year it returned +32.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds. Its ten largest positions make up 41.9% of the fund, out of 49 in all.
The short version
Themes Copper Miners ETF (COPA) is an index fund that tracks the BITA Global Copper Mining Select NTR Index. The index holds about 50 companies worldwide that mine, explore for, refine or earn royalties on copper. Its annual fee (expense ratio) of 0.35% is lower than all five similar funds, which average 0.60%. The trade-offs are size and volatility: it held only about $13 million as of June 30, 2026, and its price swings far more than the broad stock market.
Price history
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COPA +32.4% 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 | |
|---|---|---|---|---|---|---|
| COPA official prospectus, to Dec 31, 2025 | — | +97.20% | — | — | — | +59.12% |
| COPA price data to Oct 27, 2026 | +9.2% | +32.4% | — | — | — | +35.0% |
- Over the year to Oct 27, 2026, COPA returned +32.4%, 3rd of 6 among similar funds.
- Its worst full calendar year was 2025 (+100.8%); its best was 2025 (+100.8%).
- The deepest fall in its price history was 34.7% (Oct 7, 2024 to Apr 8, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.2% | +97.20% |
| 2025 | +100.8% | — |
| 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 | $1.8400 |
What's inside
As of Jun 30, 2026, the fund held 49 securities; the ten largest made up 41.9% of assets.
| Holding | Weight | |
|---|---|---|
| Freeport-McMoRan Inc | 8.53% | |
| Glencore PLC | 4.45% | |
| Hudbay Minerals Inc | 4.33% | |
| BHP Group Ltd | 4.06% | |
| Jiujiang Defu Technology Co Lt | 3.76% | |
| First Quantum Minerals Ltd | 3.50% | |
| Anglo American PLC | 3.49% | |
| Lundin Mining Corp | 3.35% | |
| Teck Resources Ltd | 3.28% | |
| Antofagasta PLC | 3.14% | |
| Southern Copper Corp | 3.09% | |
| ATALAYA MINING COPPER SA | 2.90% | |
| Capstone Copper Corp | 2.82% | |
| TREKOR METALS LTD | 2.73% | |
| Ivanhoe Mines Ltd | 2.73% |
By country
Canada 37.57%United States 13.63%Australia 13.43%China 12.55%United Kingdom 5.13%By asset type
Stocks 99.61%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $41K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.17%, +13.20%, -9.09%.
How it works
COPA is passively managed. It aims to match the BITA Global Copper Mining Select NTR Index, before fees. The index comes from BITA GmbH, which is independent of the fund's adviser, Themes Management Company. BITA scores each company by the share of its revenue that comes from copper mining, exploration, refining or royalties. A company qualifies if that share is at least 30%. It also qualifies if it ranks among the top five by copper revenue in dollars, a route that can let in large diversified companies.
Further screens remove companies from India, Indonesia, Malaysia, the Philippines, Russia, South Korea, Sri Lanka, Thailand, Vietnam and Zimbabwe. They also remove companies worth under $100 million and stocks averaging under $100,000 of daily trading over three months. Every company that passes goes into the index. Weights start from free-float market value (counting only shares available to the public), adjusted for copper exposure and trading liquidity. No stock may exceed 10%. Stocks above 4.5% may total no more than 45%, and emerging-market companies are capped at 40% combined. The index rebalances quarterly.
The fund owns mining shares, not copper, so it can lag or outpace the metal's price. Shares priced in foreign currencies add exchange-rate risk. The prospectus reports 42% portfolio turnover, the share of holdings replaced over a year.
What it really costs
- COPA charges 0.35% a year, versus an average of 0.6% for the similar funds below (1st of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COPA | $36 | $113 | $197 | $443 |
In a retirement portfolio
A single-industry fund of copper mining stocks that moved about 2.2 times as much as the broad market over the year to October 27, 2026, fits as a small add-on, not a foundation.
COPA could add focused exposure to copper producers. It has no record from the 2008, 2020 or 2022 downturns because it launched in September 2024. Its only full calendar year, 2025, brought a 97.2% gain. But its deepest drop was 34.7%, from October 7, 2024, to April 8, 2025. It regained that peak by July 2, 2025, about three months after the low. Anyone forced to cash out near that low would have locked in a loss of about a third.
Payouts over the 12 months to October 27, 2026, equaled a 3.9% yield, made in a single annual distribution. Its 0.35% expense ratio is lower than all five similar funds compared. In the SEC's standard example, that works out to $36 in the first year on $10,000. Past results don't predict future ones, and a retirement plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking copper-miner exposure at low cost: COPA's 0.35% expense ratio compares with a 0.60% average across five similar funds.
- Investors holding it as a small slice who can tolerate steep swings, such as a 34.7% fall between October 2024 and April 2025.
- Those wanting about 50 global copper stocks under a 10% single-stock cap; Freeport-McMoRan, Glencore and Hudbay led as of June 30, 2026.
Look elsewhere if
- Anyone wanting to track the copper price itself: COPA holds mining company shares, which can lag or outpace the metal.
- Investors who prefer bigger, established funds: COPA had about $13 million on June 30, 2026, versus $7.3 billion for COPX on July 31, 2026.
- Retirees needing steady income or a long track record: COPA pays once a year and launched only in September 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| COPA this fund | — | 0.35% | $13.0M | +32.4% | — |
| COPX Global X Copper Miners ETF | 57% | 0.65% | $7.34B | +29.0% | +34.1% |
| ICOP iShares Copper and Metals Mining ETF | 48% | 0.47% | $428.8M | +34.1% | +33.4% |
| COPP Sprott Copper Miners ETF | 44% | 0.65% | $285.7M | +36.3% | — |
| EMET VanEck Copper and Electrification Metals ETF | 40% | 0.66% | $34.2M | +18.9% | +20.5% |
| EART Global X Rare Earth & Critical Materials ETF | 21% | 0.59% | $38.8M | +4.5% | +21.5% |
Questions investors ask
What does COPA hold?
COPA held 50 positions as of June 30, 2026, almost all of them stocks. The largest was Freeport-McMoRan at 8.5%, followed by Glencore (4.4%), Hudbay Minerals (4.3%), BHP Group (4.1%) and Jiujiang Defu Technology (3.8%). The top 10 made up 41.9% of assets. By country, Canada led with 37.6%, ahead of the United States (13.6%), Australia (13.4%) and China (12.6%).
What's the difference between COPA and COPX?
The biggest differences are cost and size. Both hold copper mining stocks, and about 57% of their holdings overlap, based on their latest SEC holdings filings. COPA's expense ratio is 0.35%, versus 0.65% for Global X Copper Miners ETF (COPX). COPX is far larger, with about $7.3 billion in net assets as of July 31, 2026. COPA had roughly $13 million as of June 30, 2026. Over the year to October 27, 2026, COPA returned 32.4% and COPX 29%.
Does COPA pay dividends?
Yes, but only once a year. COPA's payouts over the 12 months to October 27, 2026, totaled $1.84 per share, a trailing yield of 3.9%. Because there is a single annual payment, income arrives in one lump rather than a steady monthly stream. ETF payouts can include capital gains as well as dividends. Mining companies' payouts also tend to rise and fall with commodity prices, so future amounts could differ noticeably.
How has COPA performed since launch?
COPA has posted big gains with big swings in its short life. According to its prospectus, it returned 97.2% for the year ended December 31, 2025. From its September 24, 2024, launch through that date, it averaged 59.12% a year. Based on market prices, it gained 32.4% over the year to October 27, 2026, but fell 12.6% in the last month of that period. Its deepest drop through that date was 34.7%, from October 2024 to April 2025.
Does COPA track the price of copper?
No. COPA owns shares of companies that mine, explore for, refine or collect royalties on copper. It does not hold the metal or copper futures. Its prospectus warns that these stocks may do better or worse than the copper price over the short or long term. Miners also face their own risks, including exchange rates, political unrest, failed exploration and running out of ore. As a result, the fund can move quite differently from copper itself.