At a glance
COPP charges 0.66% a year, above the 0.53% average of the 4 funds most like it (the 4th cheapest of 5). It has $285.7M in assets, the 3rd largest of that group; it paid 2.13% of its price in distributions over the past 12 months, annual. Over the past year it returned +36.3% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds. Its ten largest positions make up 75.2% of the fund, out of 80 in all.
The short version
Sprott Copper Miners ETF (COPP) is an index fund that tracks the Nasdaq Sprott Copper Miners Index. The index holds copper mining companies plus a small slice of physical copper through the Sprott Physical Copper Trust. The fund is highly concentrated: Freeport-McMoRan made up about 25% of assets as of June 30, 2026. Its 0.66% expense ratio is above the 0.53% average of similar copper miner funds.
Price history
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COPP +36.3% 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 | |
|---|---|---|---|---|---|---|
| COPP official prospectus, to Dec 31, 2025 | — | +73.04% | — | — | — | +40.22% |
| S&P 500 Total Return Index index, same period | — | +17.88% | — | — | — | +20.78% |
| Nasdaq Sprott Copper Miners Index index, same period | — | +74.59% | — | — | — | +40.95% |
| COPP price data to Oct 27, 2026 | +10.6% | +36.3% | — | — | — | +30.1% |
- Over the year to Oct 27, 2026, COPP returned +36.3%, 1st of 5 among similar funds.
- Its worst full calendar year was 2025 (+74.0%); its best was 2025 (+74.0%).
- The deepest fall in its price history was 44.3% (May 20, 2024 to Apr 8, 2025), recovered by Sep 29, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +74.0% | +73.04% |
| 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 | $0.8200 |
What's inside
As of Jun 30, 2026, the fund held 80 securities; the ten largest made up 75.19% of assets.
| Holding | Weight | |
|---|---|---|
| Freeport-mcmoran Inc | 24.82% | |
| Teck Resources Ltd | 9.92% | |
| Antofagasta Plc | 9.23% | |
| Sprott Physical Copper Trust | 5.16% | |
| Kghm Polska Miedz Sa | 4.83% | |
| Southern Copper Corp | 4.77% | |
| First Quantum Minerals Ltd | 4.65% | |
| Lundin Mining Corp | 4.27% | |
| Hudbay Minerals Inc | 4.24% | |
| Capstone Copper Corp | 3.29% | |
| Ivanhoe Mines Ltd | 2.68% | |
| Sandfire Resources Ltd | 2.55% | |
| Mmg Ltd | 1.89% | |
| Amman Mineral Internasional Pt | 1.74% | |
| Ngex Minerals Ltd | 1.37% |
By country
Canada 42.47%United States 31.15%United Kingdom 9.53%Poland 4.83%Australia 3.96%By asset type
Stocks 98.8%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $8.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.35%, +13.94%, -9.46%.
How it works
COPP is a passive fund run by Sprott, with ALPS Advisors as sub-adviser. It aims to match the Nasdaq Sprott Copper Miners Index, before fees. A company qualifies if at least 50% of its revenue or assets come from mining, exploring, developing or producing copper. The index can also hold closed-end trusts that keep at least half their assets in physical copper. To join, a stock needs a free float value of at least $50 million. Free float means the shares available for public trading. To stay in, it needs at least $30 million, and it must also meet minimum daily trading levels.
Stocks are weighted by free float market value, with caps. The index is rebuilt every June and December. At those points the largest company is capped at 24%, the second and third at 10% each, other companies above 5% at 25% combined, and everyone else at 4.75%. Physical copper is set at 4.75%. Between resets, weights drift with prices. As of June 30, 2026, Freeport-McMoRan was 24.8% and the Sprott Physical Copper Trust was 5.2%.
The fund generally buys every stock in the index but may use a representative sample instead. It is non-diversified, so a few stocks can carry a lot of weight. The copper trust is run by a Sprott affiliate, and the fund has policies meant to handle that conflict of interest. Holdings include emerging and frontier market stocks, which adds currency risk. Portfolio turnover was 29%.
What it really costs
- COPP charges 0.66% a year, versus an average of 0.53% for the similar funds below (4th of 5, cheapest first).
- Of that, 0.65% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COPP | $67 | $211 | $368 | $822 |
In a retirement portfolio
COPP is a concentrated bet on one industry that has moved about 2.4 times as much as the broad market, so it fits as a small add-on rather than a foundation.
COPP launched on March 5, 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 44.3%, from May 20, 2024 to April 8, 2025. It got back to its old peak by September 29, 2025, about 5.7 months after the low. Anyone who had to withdraw money near that low would have locked in heavy losses. Its only full calendar year, 2025, returned 73.04%. For the year to October 27, 2026, volatility was 48.2% and beta was 2.43. Beta compares a fund's swings with the broad market's, so 2.43 means about 2.4 times as large. The 2.13% trailing yield is paid once a year. The fund costs 0.66% a year, or $67 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, 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 a small, targeted position in copper miners such as Freeport-McMoRan, Teck Resources and Antofagasta alongside a diversified core.
- Those who want some physical copper inside a miners fund, through the Sprott Physical Copper Trust (about 5% as of June 30, 2026).
- People who could have held through swings like the 44.3% drop between May 2024 and April 2025 without needing to cash out.
Look elsewhere if
- Cost-conscious investors: the 0.66% expense ratio is higher than ICOP (0.47%), COPA (0.35%) and the 0.53% average of similar funds.
- Retirees who need regular income: the 2.13% trailing yield is paid only once a year.
- Anyone wanting broad diversification: the fund is non-diversified, with about 75% in its top 10 holdings and roughly 25% in Freeport-McMoRan.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| COPP this fund | — | 0.66% | $285.7M | +36.3% | — |
| COPX Global X Copper Miners ETF | 55% | 0.65% | $7.34B | +29.0% | +34.1% |
| ICOP iShares Copper and Metals Mining ETF | 48% | 0.47% | $428.8M | +34.1% | +33.4% |
| COPA Themes Copper Miners ETF | 44% | 0.35% | $13.0M | +32.4% | — |
| EMET VanEck Copper and Electrification Metals ETF | 41% | 0.66% | $34.2M | +18.9% | +20.5% |
Questions investors ask
Is COPP a good investment for retirement?
COPP is better seen as a small, higher-risk side holding than a core retirement fund. It owns only copper miners and a slice of physical copper. Its deepest drop was 44.3%, from May 2024 to April 2025, and its one-year volatility was 48.2% as of October 27, 2026. It pays its 2.13% trailing yield once a year. It may suit investors who can hold a small position through sharp swings.
What's the difference between COPP and COPX?
Both funds own copper mining stocks, and about 55% of their holdings overlap. COPX, the Global X Copper Miners ETF, is much larger: about $7.3 billion in net assets as of July 31, 2026, against about $286 million for COPP as of June 30, 2026. The costs are nearly the same, at 0.65% for COPX and 0.66% for COPP. COPP also holds physical copper through the Sprott Physical Copper Trust. In the year to October 27, 2026, COPP returned 36.3% and COPX returned 29%.
Does COPP pay dividends?
Yes, but only once a year. COPP's trailing 12-month yield was 2.13% as of October 27, 2026, or about $0.82 per share. The payout comes from dividends paid by the mining companies it owns. Those dividends tend to rise and fall with copper prices and company profits, so the amount can change a lot from one year to the next. That makes it an unreliable source of steady income.
What is COPP's expense ratio?
COPP's expense ratio is 0.66% a year, according to its prospectus filed April 30, 2026. That includes a 0.65% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return costs about $67 over one year, $211 over three, $368 over five and $822 over ten. Among five similar copper funds, COPP ranks fourth on cost. Their average is 0.53%, with COPA at 0.35% and ICOP at 0.47%.
What are COPP's top holdings?
As of June 30, 2026, COPP's largest holdings were Freeport-McMoRan (24.8%), Teck Resources (9.9%), Antofagasta (9.2%), the Sprott Physical Copper Trust (5.2%), KGHM Polska Miedz (4.8%) and Southern Copper (4.8%). The top 10 made up about 75% of assets across 80 holdings. By country, Canada was 42.5% and the United States 31.2%. Most of the rest was in the United Kingdom, Poland, Australia and Hong Kong.