At a glance
ICOP charges 0.47% a year, below the 0.58% average of the 5 funds most like it (the 2nd cheapest of 6). It has $428.8M in assets, the 2nd largest of that group; it paid 1.79% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +34.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 6 funds; over three years it returned +33.4% a year. Its ten largest positions make up 61.1% of the fund, out of 56 in all.
The short version
The iShares Copper and Metals Mining ETF (ICOP) is a BlackRock index fund. It tracks the STOXX Global Copper and Metals Mining Index and holds shares of copper and metal ore mining companies around the world. Its yearly expense ratio of 0.47% is below the 0.58% average of similar copper-miner funds and under the 0.65% charged by Global X Copper Miners ETF (COPX). Like its peers, it is highly volatile and focused on a single industry.
Price history
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ICOP +34.1% 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 | |
|---|---|---|---|---|---|---|
| ICOP official prospectus, to Dec 31, 2025 | — | +77.87% | — | — | — | +28.44% |
| S T O X X Emerging Markets All Cap Index index, same period | — | +29.77% | — | — | — | +16.14% |
| S T O X X Global Copper and Metals Mining Index index, same period | — | +78.54% | — | — | — | +29.23% |
| ICOP price data to Oct 27, 2026 | +12.9% | +34.1% | +33.4% | — | — | +26.5% |
- Over the year to Oct 27, 2026, ICOP returned +34.1%, 2nd of 6 among similar funds.
- Its worst full calendar year was 2024 (+1.1%); its best was 2025 (+78.0%).
- The deepest fall in its price history was 38.7% (May 20, 2024 to Apr 8, 2025), recovered by Sep 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.9% | — |
| 2025 | +78.0% | +77.87% |
| 2024 | +1.1% | +1.29% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $0.9200 | +95.7% |
| 2024 | $0.4700 |
What's inside
As of Jun 30, 2026, the fund held 56 securities; the ten largest made up 61.13% of assets.
| Holding | Weight | |
|---|---|---|
| BHP GROUP LIMITED | 8.18% | |
| ANGLO AMERICAN PLC | 8.07% | |
| Grupo Mexico, S.A.B. de C.V. | 7.96% | |
| FREEPORT-MCMORAN INC. | 7.91% | |
| Teck Resources Limited | 5.38% | |
| RIO TINTO PLC Other | 5.15% | |
| EVOLUTION MINING LIMITED | 5.02% | |
| ANTOFAGASTA PLC | 4.63% | |
| SOUTHERN COPPER CORPORATION | 4.49% | |
| Lundin Mining Corporation | 4.35% | |
| FIRST QUANTUM MINERALS LTD. | 4.25% | |
| KGHM POLSKA MIEDZ SPOLKA AKCYJNA | 3.70% | |
| BARRICK MINING CORPORATION | 3.50% | |
| VALE S.A. Other | 3.37% | |
| NEWMONT CORPORATION | 3.29% |
By country
Canada 27.11%United Kingdom 17.97%Australia 16.45%United States 15.68%Mexico 7.97%By asset type
Stocks 91.33%Other 8.63%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $11.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.32%, +10.24%, -9.97%.
How it works
ICOP tracks the STOXX Global Copper and Metals Mining Index, which is built by STOXX Ltd. STOXX starts with a broader index, the STOXX Global Copper Universe Index. It removes any stock with a free-float market value (the value of shares available to the public) under $100 million, or average daily trading under $1 million. The rest are chosen in tiers. Tier 1 is companies whose main business is copper ore mining. If there are fewer than 50 of these, Tier 2 adds companies that earn 25% to 50% of their revenue from copper mining, until the index reaches 50 stocks. Tier 3 always adds firms with large copper revenues that missed Tiers 1 and 2. Together, Tier 3 stocks are capped at 20% of the index.
Stocks are weighted by float-adjusted market value, so bigger companies count for more. No single stock can exceed 8%. At each rebalance, stocks above 4.5% can make up no more than 45% combined. As of June 30, 2026, BHP, Anglo American, Grupo Mexico and Freeport-McMoRan each made up about 8% of the fund. Membership is reset each September, and weights are rebalanced quarterly.
BlackRock uses representative sampling. This means it buys a set of stocks meant to behave like the index, which may not include every member. At least 80% of net assets must be in index components. The fund may also hold cash, use derivatives and lend out securities worth up to one-third of its total assets.
What it really costs
- ICOP charges 0.47% a year, versus an average of 0.58% for the similar funds below (2nd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ICOP | $48 | $151 | $263 | $591 |
In a retirement portfolio
It is a narrow, volatile bet on copper and metal mining stocks, so it fits better as a small slice of a portfolio than as a core position.
ICOP adds an industry that broad stock funds hold only lightly, but the ride is rough. Its 1-year beta (how strongly it moves with the broad market) was 2.09 as of October 27, 2026, roughly twice the market's swings. It fell 38.7% from May 20, 2024 to April 8, 2025, and it didn't recover until September 15, 2025. Its worst calendar year was 2024, when it gained 1.29%. Because it launched in June 2023, it has no record through the 2008, 2020 or 2022 downturns. Anyone who needs to sell shares in a bad year could lock in deep losses. The yield was 1.79% as of October 27, 2026, paid twice a year, and the expense ratio is 0.47%. 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, global stake in miners such as BHP, Anglo American, Grupo Mexico and Freeport-McMoRan, at a 0.47% expense ratio.
- People comparing copper-miner ETFs who want a lower fee than COPX's 0.65% and prefer an iShares index fund from BlackRock.
- Long-horizon investors who can sit through drops like the 38.7% fall from May 2024 to April 2025 without selling.
Look elsewhere if
- Retirees who need steady income. The 1.79% yield as of October 27, 2026 is modest and is paid only twice a year.
- Anyone who wants direct copper price exposure. ICOP owns mining stocks, which also carry company, currency and political risks.
- Investors who want a long track record. ICOP launched in June 2023, so it has no history through the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ICOP this fund | — | 0.47% | $428.8M | +34.1% | +33.4% |
| EMET VanEck Copper and Electrification Metals ETF | 56% | 0.66% | $34.2M | +18.9% | +20.5% |
| COPX Global X Copper Miners ETF | 55% | 0.65% | $7.34B | +29.0% | +34.1% |
| COPP Sprott Copper Miners ETF | 48% | 0.65% | $285.7M | +36.3% | — |
| COPA Themes Copper Miners ETF | 48% | 0.35% | $13.0M | +32.4% | — |
| EART Global X Rare Earth & Critical Materials ETF | 29% | 0.59% | $38.8M | +4.5% | +21.5% |
Questions investors ask
Is ICOP good for retirement?
ICOP is better suited to a small, higher-risk slice of a retirement portfolio than to a core holding. It owns only mining stocks, and its 10 largest positions made up about 61% of assets as of June 30, 2026. It fell 38.7% between May 2024 and April 2025. It gained 77.87% in 2025 but only 1.29% in 2024. Its 1.79% yield as of October 27, 2026 is paid twice a year. Past results don't predict future ones.
What's the difference between ICOP and COPX?
Both funds hold copper mining stocks, and about 55% of their holdings overlap, but they differ in cost and size. ICOP charges 0.47% a year, compared with 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, while ICOP had about $429 million as of June 30, 2026. Over the three years through October 27, 2026, ICOP returned 33.4% a year and COPX returned 34.1%.
Does ICOP pay dividends?
Yes. ICOP pays dividends twice a year, passing along income from the mining companies it holds. Over the 12 months through October 27, 2026, it paid about $0.89 per share, a yield of 1.79%. Mining companies' payouts tend to rise and fall with commodity prices and profits, so the amount can change a lot from one payment to the next. The fund is not built to be an income fund.
Does ICOP hold physical copper?
No. ICOP owns shares of mining companies, not copper metal. As of June 30, 2026, its largest holdings were BHP Group (8.2%), Anglo American (8.1%), Grupo Mexico (8.0%) and Freeport-McMoRan (7.9%). Because it holds stocks, its returns depend on copper prices and also on each company's costs, debt and management, and on the countries where it operates. Currency moves matter too, since most of its holdings are outside the US.
How volatile is ICOP?
Very. ICOP's annualized volatility (a measure of how much its price swings) was 35.1% over the three years through October 27, 2026. Its 1-year beta of 2.09 means it moved about twice as much as the broad market. Its deepest drop was 38.7%, from May 20, 2024 to April 8, 2025, and it recovered by September 15, 2025. Its strongest quarter was a 26% gain, and its weakest was a 19.02% loss in the quarter that ended December 31, 2024.