At a glance
PICK charges 0.39% a year, above the 0.27% average of the 6 funds most like it (the 5th cheapest of 7). It has $2.58B in assets, the 5th largest of that group; it paid 2.33% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +26.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds; over three years it returned +18.5% a year. At its worst it fell 41.4% in the 2020 crash (S&P 500: 33.7%) and 36.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 39 months after the lows. Its ten largest positions make up 47.4% of the fund, out of 280 in all.
The short version
iShares MSCI Global Metals & Mining Producers ETF (PICK) is a BlackRock index fund. It owns about 280 mining, steel and aluminum companies in developed and emerging markets, and it leaves out gold and silver miners on purpose. BHP Group was its largest holding at 13.8% as of August 31, 2026. The fund charges 0.39% a year. That is more than broad materials funds like Vanguard Materials ETF (0.09%) but less than Global X Copper Miners ETF (0.65%).
Price history
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PICK +26.0% 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 | |
|---|---|---|---|---|---|---|
| PICK official prospectus, to Dec 31, 2024 | — | -16.55% | — | +8.08% | +6.07% | — |
| MSCI All Country World Index Net index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| PICK price data to Oct 27, 2026 | +11.4% | +26.0% | +18.5% | +10.7% | +13.5% | +5.9% |
- Over the year to Oct 27, 2026, PICK returned +26.0%, 2nd of 7 among similar funds.
- Its 5-year annualized return was +10.7% and its 10-year +13.5%.
- In the 2020 COVID crash it fell 41.4% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2015 (-34.4%); its best was 2016 (+55.4%).
- The deepest fall in its price history was 63% (Feb 8, 2012 to Jan 20, 2016), recovered by Jan 2, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.4% | — |
| 2025 | +51.9% | — |
| 2024 | -16.3% | -16.55% |
| 2023 | +9.7% | +10.05% |
| 2022 | +2.7% | +3.35% |
| 2021 | +22.6% | +22.35% |
| 2020 | +27.4% | +26.97% |
| 2019 | +16.5% | +16.48% |
| 2018 | -18.6% | -18.51% |
| 2017 | +38.5% | +37.14% |
| 2016 | +55.4% | +57.16% |
| 2015 | -34.4% | -40.25% |
| 2014 | -17.6% | — |
| 2013 | -5.0% | — |
| 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 | Lost 41.4% over that stretch · deepest drop along the way 41.4%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.8% over that stretch · deepest drop along the way 36.3%, back to its old high 38.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5400 | |
| 2025 | $1.4800 | +29.8% |
| 2024 | $1.1400 | -36.7% |
| 2023 | $1.8000 | -36.8% |
| 2022 | $2.8500 | +13.5% |
| 2021 | $2.5100 | +202.4% |
| 2020 | $0.8300 | -49.4% |
| 2019 | $1.6400 | +27.1% |
| 2018 | $1.2900 | +54.5% |
| 2017 | $0.8350 | +122.1% |
| 2016 | $0.3760 | -92.9% |
| 2015 | $5.3120 | +194.5% |
| 2014 | $1.8040 | -33.5% |
| 2013 | $2.7120 |
What's inside
As of Aug 31, 2026, the fund held 280 securities; the ten largest made up 47.41% of assets. It also reported 3.68% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| BHP GROUP LIMITED | 13.81% | |
| RIO TINTO PLC | 6.33% | |
| FREEPORT-MCMORAN INC. | 6.30% | |
| GLENCORE PLC | 4.34% | |
| ANGLO AMERICAN PLC | 3.48% | |
| NUCOR CORPORATION | 3.21% | |
| VALE S.A. | 3.09% | |
| RIO TINTO LIMITED | 2.69% | |
| Grupo Mexico, S.A.B. de C.V. | 2.33% | |
| STEEL DYNAMICS, INC. | 1.85% | |
| ArcelorMittal SA | 1.84% | |
| Teck Resources Limited | 1.80% | |
| Zijin Mining Group Company Limited | 1.60% | |
| FIRST QUANTUM MINERALS LTD. | 1.32% | |
| VALTERRA PLATINUM LIMITED | 1.31% |
By country
Australia 23.09%United States 17.31%United Kingdom 11.06%Canada 7.3%Japan 5.24%By asset type
Stocks 98.92%Other 0.37%Preferred stock 0.1%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $443.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -10.91%, +1.58%, +9.70%.
How it works
PICK tracks the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index. MSCI starts with its broad ACWI Investable Market Index, which covers large, mid-size and small companies in developed and emerging markets. From that list, it picks companies focused on diversified metals, aluminum, steel and other precious metals and minerals. Any company in MSCI's gold-miner or silver-miner indexes is removed. MSCI, not BlackRock, decides which companies are in the index and how much each one weighs.
BlackRock Fund Advisors uses "representative sampling." This means the fund may hold a sample of stocks that matches the index's overall traits, such as company size, industry mix and yield, rather than every stock. At least 80% of assets go into index stocks or close equivalents like depositary receipts (certificates that stand for foreign shares). Up to 20% can go into futures, options, swaps, cash or other securities that help it track the index. Portfolio turnover was 10%, which is low.
The fund doesn't try to beat its index, and it doesn't move to cash when markets fall. It must keep at least 40% of assets in companies based or doing business outside the U.S. It may also lend out securities worth up to one-third of its assets. As of August 31, 2026, the top 10 holdings made up 47% of the fund, and Australia (23%) outweighed the U.S. (17%).
What it really costs
- PICK charges 0.39% a year, versus an average of 0.27% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PICK | $40 | $125 | $219 | $493 |
In a retirement portfolio
PICK is a concentrated, volatile bet on one global industry, so it fits best as a small add-on rather than a foundation.
PICK adds a focused bet on global miners and metal prices, but its price swings hard. It fell 41.4% in the 2020 COVID crash, then recovered in about four months. In 2022 it dropped 36.3% between April and July and didn't regain that peak until October 2025, nearly 39 months later. Its deepest fall was 63%, from February 2012 to January 2016, and it took until January 2018 to recover. In 2015 alone it lost 40.25%. It launched in 2012, so it has no record from 2008. Anyone forced to sell during a slump like these would lock in deep losses. Its yield was 2.33% as of October 27, 2026, paid twice a year, and it costs 0.39% a year. Past results don't predict future ones, 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 like BHP, Rio Tinto and Freeport-McMoRan, with gold and silver producers deliberately left out.
- Those who want metals exposure beyond the U.S. Australia alone made up 23% of assets as of August 31, 2026, ahead of the U.S. at 17%.
- People who can sit through falls like the 63% drop from 2012 to 2016 and who like a 2.33% yield paid twice a year.
Look elsewhere if
- Investors who want gold or silver miners, which this fund's index excludes by design.
- Cost-focused investors. Vanguard Materials ETF (0.09%) and Materials Select Sector SPDR Fund (0.08%) charge far less than PICK's 0.39%, though they hold broader materials companies.
- Retirees who may need to sell in a downturn. After its 2022 drop, PICK took nearly 39 months to get back to its previous peak.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PICK this fund | — | 0.39% | $2.58B | +26.0% | +18.5% |
| COPX Global X Copper Miners ETF | 30% | 0.65% | $7.34B | +29.0% | +34.1% |
| VAW Vanguard Materials ETF | 16% | 0.09% | $4.55B | +13.9% | +13.3% |
| FMAT Fidelity MSCI Materials Index ETF | 16% | 0.084% | $578.7M | +13.8% | +13.3% |
| IYM iShares U.S. Basic Materials ETF | 15% | 0.39% | $1.16B | +24.9% | +16.2% |
| XME SPDR S&P Metals & Mining ETF | 14% | 0.35% | $4.38B | +3.1% | +27.4% |
| XLB Materials Select Sector SPDR Fund | 10% | 0.08% | $8.17B | +18.5% | -10.3% |
Questions investors ask
Does PICK own gold mining stocks?
No. PICK's index, the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver IMI, removes every company in MSCI's gold-miner and silver-miner indexes. What's left are diversified miners, aluminum and steel producers, and miners of other precious metals, such as Valterra Platinum. As of August 31, 2026, the largest holdings were BHP Group (13.8%), Rio Tinto PLC (6.3%), Freeport-McMoRan (6.3%) and Glencore (4.3%). Investors who want gold exposure would need a separate fund.
Does PICK pay dividends?
Yes. PICK pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $1.32 per share, a yield of 2.33%. The money comes from the mining and steel companies the fund owns. Their profits rise and fall with metal prices, so the fund's income can change a lot from one year to the next. That makes it a less steady source of income than funds built around stable dividend payers.
PICK vs COPX: what's the difference?
Global X Copper Miners ETF (COPX) focuses on copper miners. PICK spreads its money across diversified miners and steel and aluminum producers. Of the funds we compared, COPX has the most holdings in common with PICK, but the overlap is still limited. COPX costs 0.65% a year, compared with 0.39% for PICK. As of October 27, 2026, COPX returned 34.1% a year over three years, compared with 18.5% for PICK. Over one year, COPX returned 29% and PICK 26%.
What is PICK's expense ratio?
PICK's expense ratio is 0.39% a year, with no fee waiver, according to its prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would be about $40 after one year, $219 after five years and $493 after ten. That is above the 0.27% average for similar funds and well above Fidelity MSCI Materials Index ETF (0.084%). It is below COPX (0.65%).
How much has PICK lost in a market crash?
A lot. PICK fell 41.4% between February 19 and March 23, 2020, then got back to its peak by late July. In 2022 it dropped 36.3% between April and July and didn't recover until October 2025. Its worst stretch was a 63% fall from February 2012 to January 2016, and it lost 40.25% in 2015 alone. Its three-year volatility, a measure of how widely its returns swing, was 26.7% as of October 27, 2026.