What are copper miners ETFs?
Copper miners ETFs own shares in the companies that dig copper out of the ground, not the metal itself. Only COPP holds a small slice of the metal, through about 5% in the Sprott Physical Copper Trust. Five US-listed funds make up the group, and each holds mining companies from outside the US. The same names recur: Freeport-McMoRan, Teck Resources, Southern Copper, Lundin Mining and First Quantum Minerals are each held by four of the five funds, and Hudbay Minerals and Capstone Copper by three.
All five are index funds, meaning they follow a rules-based list of stocks rather than a manager's picks. None uses leverage, inverse bets or options. Global X's COPX launched in 2010 and tracks the Solactive Global Copper Miners Total Return Index. It spreads its money more evenly than ICOP or COPP: its five biggest positions, led by BHP, are about 5% each. iShares' ICOP covers copper and other metal ore miners and puts about 8% each in BHP, Anglo American, Grupo Mexico and Freeport-McMoRan. Sprott's COPP is the most concentrated, with nearly 25% in Freeport-McMoRan and 75% in its 10 largest holdings. Sprott's COPJ tracks the Nasdaq Sprott Junior Copper Miners Index of smaller miners such as Faraday Copper. Themes ETF's COPA, the newest, also includes companies that refine copper.
Costs run from 0.35% a year for COPA to 0.75% for COPJ. The median is 0.65%, which is what COPX charges. ICOP costs 0.47% and COPP 0.66%.
With only five funds, the five largest hold all of the group's roughly $8.2 billion, and COPX alone has about $7.3 billion of it. The other four launched in 2023 and 2024. They range from about $429 million in ICOP down to about $13 million in COPA.
Copper miners ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 5 biggest copper miners ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Freeport-mcmoran Inc. | 4 of 5 | 7.91% |
| Teck Resources Limited | 4 of 5 | 5.38% |
| Southern Copper Corporation | 4 of 5 | 4.49% |
| Lundin Mining Corporation | 4 of 5 | 4.27% |
| First Quantum Minerals Ltd. | 4 of 5 | 4.25% |
| Hudbay Minerals Inc. | 3 of 5 | 4.33% |
| Capstone Copper Corp. | 3 of 5 | 3.29% |
| Bhp Group Limited | 2 of 5 | 5.48% |
| Antofagasta plc | 2 of 5 | 4.63% |
| Ivanhoe Mines Ltd | 2 of 5 | 2.68% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest copper miners ETFs, side by side
Swipe the table to see all 5 funds.
| COPX | ICOP | COPP | COPJ | COPA | |
|---|---|---|---|---|---|
| Net assets | $7.34B | $428.8M | $285.7M | $150.9M | $13.0M |
| Expense ratio | 0.65% | 0.47% | 0.66% | 0.75% | 0.35% |
| Holdings | 48 | 56 | 80 | 69 | 49 |
| In the 10 largest | 50.34% | 61.13% | 75.19% | 43.14% | 41.9% |
| Biggest holding | Bhp Group Limited (5.48%) | Bhp Group Limited (8.18%) | Freeport-mcmoran Inc (24.82%) | Faraday Copper Corp (4.98%) | Freeport-McMoRan Inc (8.53%) |
| Yield | 2.52% | 1.79% | 2.13% | 11.59% | 3.9% |
| 1-year return | +29.0% | +34.1% | +36.3% | +26.5% | +32.4% |
| 3 years, a year | +34.1% | +33.4% | — | +45.1% | — |
| 5 years, a year | +18.3% | — | — | — | — |
| Worst drop, past year | -27.8% | -25.4% | -28.9% | -32.3% | -28.1% |
| Launched | 2010 | 2023 | 2024 | 2023 | 2024 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
COPX vs ICOP
COPX has $7.3 billion and a record back to 2010. iShares' ICOP has about $429 million and launched in 2023. ICOP costs less, 0.47% a year against 0.65%, but is more top-heavy: its 10 largest holdings make up 61% of the fund versus 50% for COPX. BHP, the biggest holding in both, is 8.2% against 5.5%. About 55% of their assets overlap. In the year ended October 27, 2026, ICOP returned 34.1% and COPX 29%. Their worst peak-to-trough drops were 25.4% and 27.8%. COPX may suit investors who value size and history; ICOP, those focused on cost.
COPX vs COPP
Sprott's COPP holds 80 positions but is far more concentrated than COPX. Freeport-McMoRan is 24.8% of the fund and the top 10 make up 75%, against 50% in COPX, whose largest holding, BHP, is 5.5%. COPP also owns a 5.2% stake in the Sprott Physical Copper Trust. Fees are nearly identical at 0.66% and 0.65%, and about 55% of assets overlap. In the year ended October 27, 2026, COPP returned 36.3% to COPX's 29%, with worst drops of 28.9% and 27.8%. COPP may suit those comfortable with a big bet on Freeport; COPX, those wanting a broader spread.
COPX vs COPJ
These two barely overlap: they share only 9 holdings and about 6.5% of assets. COPX owns established producers. Sprott's COPJ tracks the Nasdaq Sprott Junior Copper Miners Index of smaller companies, and its largest holding, Faraday Copper, is about 5%. COPJ costs more, 0.75% a year against 0.65%, and is less top-heavy, with 43% in its 10 largest holdings versus 50%. In the year ended October 27, 2026, COPJ returned 26.5% and COPX 29%. COPJ's worst drop was deeper, 32.3% against 27.8%. COPJ may suit investors seeking smaller, earlier-stage miners; COPX, those wanting larger ones.
How much do the largest copper miners ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| COPX and COPA | 59.4% | 34 | |
| COPX and COPP | 55.4% | 22 | |
| COPX and ICOP | 54.6% | 33 | |
| ICOP and COPP | 48.2% | 21 | |
| ICOP and COPA | 48.2% | 34 | |
| COPP and COPA | 43.8% | 23 | |
| COPJ and COPA | 14.6% | 11 | |
| COPP and COPJ | 11.2% | 62 | |
| COPX and COPJ | 6.5% | 9 | |
| ICOP and COPJ | 2.7% | 7 |
From each fund’s full holdings in its latest N-PORT report.
How have copper miners ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing copper miners ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | COPP Sprott Copper Miners ETF | $285.7M | 0.66% | -10.3% | +10.6% | +36.3% | — |
| 2 | ICOP iShares Copper and Metals Mining ETF | $428.8M | 0.47% | -8.8% | +12.9% | +34.1% | +33.4% |
| 3 | COPX Global X Copper Miners ETF | $7.34B | 0.65% | -11.6% | +7.2% | +29.0% | +34.1% |
| 4 | COPJ Sprott Junior Copper Miners ETF | $150.9M | 0.75% | -13.1% | -0.1% | +26.5% | +45.1% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How copper miners ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| COPX | not yet launched | -47.4% | -21.0% |
| ICOP | not yet launched | not yet launched | not yet launched |
| COPP | not yet launched | not yet launched | not yet launched |
| COPJ | not yet launched | not yet launched | not yet launched |
| COPA | not yet launched | not yet launched | not yet launched |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives copper miners ETFs?
Copper miners make money from copper sales, so profits rise and fall with the metal's price. Demand follows the economy, because construction, power grids, vehicles and electronics all use copper. Mines have high fixed costs. A modest move in the copper price can mean a much bigger swing in profit, so miners' shares often move further than the metal. Strikes, accidents, permit delays and changes to mining taxes or royalties can hurt earnings. A strong US dollar tends to weigh on copper, which is priced in dollars. Junior miners, the focus of COPJ, also depend on exploration results and on raising new money.
Only COPX is old enough to show how these funds behave in a crash. In the 2020 COVID crash it fell 47.4%, against 33.7% for the S&P 500. In the 2022 bear market it lost 21%, a little less than the S&P 500's 24.5%, so not every downturn hits miners harder. COPX launched after the 2008 crisis, when the S&P 500 fell 55.2%. The other four began in 2023 or 2024. In the year ended October 27, 2026, their worst drops ran from 25.4% for ICOP to 32.3% for COPJ.
Copper miners ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | COPA Themes Copper Miners ETF | 0.35% | $35 a year | $13.0M |
| 2 | ICOP iShares Copper and Metals Mining ETF | 0.47% | $47 a year | $428.8M |
| 3 | COPX Global X Copper Miners ETF | 0.65% | $65 a year | $7.34B |
| 4 | COPP Sprott Copper Miners ETF | 0.66% | $66 a year | $285.7M |
| 5 | COPJ Sprott Junior Copper Miners ETF | 0.75% | $75 a year | $150.9M |
Ordinary funds with at least $10 million in net assets. The median ordinary copper miners ETF charges 0.65% a year; leveraged and inverse funds usually charge more.
Do copper miners ETFs pay dividends?
5 of the 5 ordinary copper miners ETFs with a page here paid distributions over the last 12 months, with a median yield of 2.52%.
| Highest yields | Yield | Net assets |
|---|---|---|
| COPJ Sprott Junior Copper Miners ETF | 11.59% | $150.9M |
| COPX Global X Copper Miners ETF | 2.52% | $7.34B |
| COPP Sprott Copper Miners ETF | 2.13% | $285.7M |
| ICOP iShares Copper and Metals Mining ETF | 1.79% | $428.8M |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a copper miners ETF
- Cost ranges from 0.35% to 0.75%. COPA is cheapest at 0.35% a year, followed by ICOP at 0.47%. COPX charges 0.65%, COPP 0.66% and COPJ 0.75%. The cheapest fund is also the smallest, with about $13 million in assets.
- Big producers or junior miners. COPJ tracks an index of junior copper miners such as Faraday Copper and Ero Copper. It shares only about 6.5% of its assets with COPX. COPP owns 62 of the same stocks as COPJ, but in small amounts.
- How concentrated each fund is. COPP puts nearly 25% in Freeport-McMoRan and 75% in its 10 largest holdings. ICOP keeps 61% in its top 10 and COPX 50%. COPA and COPJ are the most spread out, at about 42% and 43%.
- Copper only, or wider metals mining. ICOP's index covers copper and other metal ore miners, so diversified giants BHP and Anglo American rank near the top. COPA's index includes copper refiners. COPP holds about 5% in the Sprott Physical Copper Trust.
- Track record and fund size. COPX dates to 2010 and has about $7.3 billion. The others launched in 2023 or 2024, and COPA has about $13 million. Small funds can have wider gaps between bid and ask prices and are more likely to close.
- All index funds with global holdings. All five track indexes, such as the Solactive Global Copper Miners Total Return Index for COPX and the Nasdaq Sprott Copper Miners Index for COPP. All hold miners outside the US. None is leveraged, inverse or option-based.
What are the risks of copper miners ETFs?
- Big swings tied to one metal. Profits depend on the copper price, so share prices jump around. In the year ended October 27, 2026, volatility, a measure of how widely prices swing, ran from 41.4% for ICOP to 48.2% for COPP.
- Steep drops even in good years. Each fund gained over the year ended October 27, 2026, yet each also fell at least 25.4% from a peak along the way. In the 2020 crash, COPX lost 47.4% against 33.7% for the S&P 500.
- Heavy bets on a few miners. COPP keeps 24.8% in Freeport-McMoRan and 75% in its 10 largest holdings. ICOP keeps 61% in its top 10. A strike, accident or setback at one big company can hit these funds hard.
- Owning two funds adds little variety. Freeport-McMoRan, Teck, Southern Copper, Lundin Mining and First Quantum each sit in four of the five funds. COPX shares about 59% of its assets with COPA and about 55% with ICOP and COPP.
- Junior miners carry extra risk. COPJ holds junior miners. These are typically smaller companies that may still be exploring or building mines and often need to raise fresh money. COPJ fell as much as 32.3% in the year ended October 27, 2026, the most of the five.
List of all copper miners ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | COPX Global X Copper Miners ETF | $7.34B | 0.65% | 2.52% | +7.2% | +29.0% | +18.3% |
| 2 | ICOP iShares Copper and Metals Mining ETF | $428.8M | 0.47% | 1.79% | +12.9% | +34.1% | — |
| 3 | COPP Sprott Copper Miners ETF | $285.7M | 0.66% | 2.13% | +10.6% | +36.3% | — |
| 4 | COPJ Sprott Junior Copper Miners ETF | $150.9M | 0.75% | 11.59% | -0.1% | +26.5% | — |
| 5 | COPA Themes Copper Miners ETF | $13.0M | 0.35% | 3.9% | +9.2% | +32.4% | — |
Questions investors ask about copper miners ETFs
What is the largest copper miners ETF?
The Global X Copper Miners ETF (COPX) is the largest by far. It has about $7.3 billion in net assets, more than the other four copper miners ETFs combined. It launched in April 2010 and tracks the Solactive Global Copper Miners Total Return Index. Next in size are the iShares Copper and Metals Mining ETF (ICOP), with about $429 million, and the Sprott Copper Miners ETF (COPP), with about $286 million.
What is the cheapest copper miners ETF?
The Themes Copper Miners ETF (COPA) has the lowest expense ratio at 0.35%. The expense ratio is the yearly fee taken from the fund's assets. COPA is also the smallest and newest fund, with about $13 million and a September 2024 launch. Next is the iShares Copper and Metals Mining ETF (ICOP) at 0.47%. COPX charges 0.65% and COPP 0.66%. The Sprott Junior Copper Miners ETF (COPJ) charges 0.75%, the highest in the group.
COPX vs ICOP: what's the difference?
COPX is much larger and older; ICOP costs less and is more concentrated. COPX charges 0.65% a year, has 48 holdings and keeps about 50% in its top 10. ICOP charges 0.47%, has 56 holdings and keeps about 61% in its top 10, with bigger stakes in diversified miners such as BHP and Anglo American. About 55% of their assets overlap. In the year ended October 27, 2026, ICOP returned 34.1% and COPX 29%.
How many copper miners ETFs are there?
Five US-listed ETFs focus on copper miners: Global X's COPX, iShares' ICOP, Sprott's COPP and COPJ, and Themes ETF's COPA. Together they hold about $8.2 billion, most of it in COPX. All five are index funds holding mining stocks from around the world. None is leveraged, inverse or option-based. Four of the five launched in 2023 or 2024, so most have short track records.
Is there a copper ETF that holds the metal itself?
Not in this group. All five ETFs own shares of mining companies. Miners' shares tend to swing more than copper itself because their profits magnify moves in the metal's price. The one partial exception is Sprott's COPP, which holds about 5.2% in the Sprott Physical Copper Trust, a trust that holds physical copper. Funds that track the copper price directly, usually through futures contracts, are a different type of product and are not covered here.
Do copper miners ETFs pay dividends?
Yes, all five pay dividends, passing along what their mining companies pay. As of October 27, 2026, the median yield was 2.52%, which is COPX's figure. ICOP yielded 1.79%, COPP 2.13% and COPA 3.9%. COPJ showed 11.59%, which is unusually high for a fund of small junior miners. That figure may reflect a one-off payout rather than steady income. Mining dividends tend to rise and fall with copper prices, so payouts can vary a lot from one year to the next.
Do copper miners ETFs hold Freeport-McMoRan?
Yes, four of the five do. Freeport-McMoRan (FCX) is tied with Teck Resources, Southern Copper, Lundin Mining and First Quantum Minerals as the most widely held stock in the group. Its weight varies widely: about 24.8% of Sprott's COPP, 8.5% of COPA and 7.9% of ICOP. That makes COPP the fund most tied to one company's results, for better or worse.
What is a junior copper miners ETF?
It is a fund of smaller mining companies, often ones still exploring, developing or just starting to produce copper. The only one in this group is the Sprott Junior Copper Miners ETF (COPJ). It tracks the Nasdaq Sprott Junior Copper Miners Index and has 69 holdings, such as Faraday Copper, Trekor Metals and Atalaya Mining. It costs 0.75% a year and shares only about 6.5% of its assets with COPX. It fell as much as 32.3% in the year ended October 27, 2026.
Is there a Vanguard, Fidelity or Schwab copper miners ETF?
No. None of the three offers a copper miners ETF. The largest copper miners ETFs come from Global X (COPX), iShares (ICOP) and Sprott (COPP), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts.
