Copper ETFs Compared: COPX, CPER, ICOP, COPP and COPJ
A copper ETF can hold mining equities, futures contracts, or a mix of copper miners and wider metals producers. COPX holds broad global copper miners. CPER gets its commodity exposure from copper futures and a copper swap, backed by Treasury-bill and cash collateral. ICOP mixes copper miners with diversified and precious-metals producers. COPP is a copper-focused miners basket with a physical-copper sleeve, and COPJ owns the juniors. This comparison separates those mandates before looking at cost, assets, trading activity and holdings.
Four other US-listed copper funds sit outside this head-to-head comparison. COPA is another index-based copper-miners fund at a fraction of the size. KCOP is actively managed, pairing copper and mining exposure with an options-income strategy. CPXR targets twice the daily return of a copper-futures index, and COPZ twice the daily performance of COPX. All four appear in the asset map below, and the full universe lives on our copper ETF list.
Key Points
- The mandates differ materially. COPX owns broad global copper miners, CPER holds copper futures with no equities at all, ICOP spans copper and wider metals mining, COPP is the most copper-focused of the broad miners portfolios, and COPJ owns junior miners.
- COPX dwarfs the rest: $7.3B in assets as of August 2026, against $732M for CPER, $431M for ICOP, $263M for COPP and $145M for COPJ.
- CPER is a commodity pool that issues Schedule K-1 and K-3 tax information, and its futures roll costs can pull returns away from the spot copper price.
- AUM is a scale measure, not a complete liquidity measure. Compare recent share volume and the bid-ask spread shown by your broker before trading.
Choose by Priority
Match the fund structure to the exposure you want: copper futures, broad global miners, a wider metals basket, a copper-focused miners portfolio, or juniors.
| Fund | Closest fit | Main strength | Main trade-off |
|---|---|---|---|
| COPX | Largest fund; broad global copper miners | Largest asset base and highest trading volume in the group ($7.3B as of August 2026) | Diversified majors and gold miners account for 14.3% plus 4.3% of the August 2026 portfolio |
| CPER | Futures-based copper exposure | Holds copper futures directly, with no mining-company operating risk | Commodity pool: issues Schedule K-1 and K-3 tax information |
| ICOP | Lowest fee; copper plus wider metals mining | Lowest expense ratio in the group (0.47%) | Only 50% of the August 2026 portfolio is pure copper miners |
| COPP | Copper-focused miners with a physical-copper sleeve | Most copper-focused of the broad miners funds compared here (92.8% in copper miners, August 2026) | Heavy single-name concentration, with Freeport-McMoRan about a quarter of the August 2026 book |
| COPJ | Junior and developer copper miners | Dedicated junior-miner exposure the large-cap copper funds do not provide | Smallest fund in the group ($145M as of August 2026) |
Fund Comparison at a Glance
| Fund | Strategy / index | Inception | AUM (USD) | Exp. Ratio | Exchange |
|---|---|---|---|---|---|
| COPXGlobal X Copper Miners ETF | Solactive Global Copper Miners TR Index | Apr 2010 | $7.3B | 0.65% | NYSE Arca |
| CPERUnited States Copper Index Fund | SummerHaven Dynamic Copper Index TR | Nov 2011 | $732M | 0.88% | NYSE Arca |
| ICOPiShares Copper and Metals Mining ETF | STOXX Global Copper and Metals Mining Index | Jun 2023 | $431M | 0.47% | Nasdaq |
| COPPSprott Copper Miners ETF | Nasdaq Sprott Copper Miners Index | Mar 2024 | $263M | 0.66% | Nasdaq |
| COPJSprott Junior Copper Miners ETF | Nasdaq Sprott Junior Copper Miners Index | Feb 2023 | $145M | 0.75% | Nasdaq |
Where the Assets Sit
Tile area = assets under management, as of August 14, 2026. Combined AUM $9.0B across 9 funds. Colored tiles are the funds compared in this guide; gray tiles are the rest of the universe. Full universe: every fund on the list.
What’s Actually in These ETFs?
GSR classification of reported equity positions by each company’s primary material exposure; cash is excluded. This may differ from an issuer’s own classification. Dates are shown on each card.
Shared Equity Positions
23 companies appear in at least 3 of the 4 loaded equity portfolios. Weight bars show position sizing on a shared scale where a full bar is 24.86% of net assets; funds without a comparable full equity snapshot are omitted. Snapshot date(s): August 13, 2026; August 14, 2026.
4.66%
7.67%
24.86%
Not held
5.25%
5.25%
9.83%
Not held
4.74%
4.23%
8.2%
Not held
4.85%
4.46%
4.75%
Not held
1.59%
0.84%
1.36%
5.42%
1.78%
0.98%
1.41%
5.35%
Show 17 more shared positionsShow fewer shared positions
0.78%
0.44%
0.72%
5.08%
0.54%
0.29%
0.47%
4.34%
0.38%
0.21%
0.41%
3.63%
5.63%
2.87%
4.45%
Not held
5.07%
3.65%
5.28%
Not held
5.18%
4.41%
4.96%
Not held
0.47%
Not held
0.47%
4.31%
4.01%
4.1%
4.14%
Not held
0.4%
Not held
0.38%
3.99%
0.4%
Not held
0.37%
3.91%
3.82%
2.07%
3.62%
Not held
0.67%
Not held
0.6%
3.72%
3.64%
1.9%
2.63%
Not held
3.44%
1.62%
2.61%
Not held
2.22%
1.24%
2.13%
Not held
Not held
0.1%
0.15%
1.62%
1.44%
0.76%
1.4%
Not held
Fund-by-Fund Comparison
Global X Copper Miners ETF
Global X’s COPX tracks the Solactive Global Copper Miners Total Return Index and is the category’s largest fund by a wide margin, with $7.3B in assets as of August 2026 against under $1B for each of the other four. The portfolio held 40 stocks in August 2026: copper miners made up 79.8%, with the rest in diversified majors such as BHP and Glencore plus a small gold-miner sleeve. Reach is genuinely global, including China-listed producers such as Zijin Mining and Jiangxi Copper.
Strengths
- Largest asset base and highest trading volume in the group ($7.3B as of August 2026)
- Longest record of the equity funds here (Apr 2010 inception)
- Global reach, including China-listed producers
Trade-offs
- Diversified majors and gold miners account for 14.3% plus 4.3% of the August 2026 portfolio
- Mid-cap miners make it more volatile than broad materials funds
| Ticker | Top equity position | Mkt cap | Weight |
|---|---|---|---|
| HBM CN |  Hudbay Minerals Inc |
$12B | 5.63% |
| BHP AU |  BHP Group Ltd |
$221B | 5.32% |
| TECK/B |  Teck Resources Ltd |
$31B | 5.25% |
| FM |  First Quantum Minerals Ltd |
$26B | 5.18% |
| KGH |  KGHM |
$19B | 5.07% |
Top 5 positions from the complete reported equity portfolio dated August 13, 2026. Source: Global X holdings file. Cash excluded. Market caps as of August 15, 2026.
United States Copper Index Fund
CPER is not an equity fund. It is a commodity pool tracking the SummerHaven Dynamic Copper Index, and its August 2026 book held three exchange-traded copper futures contracts and a copper index swap, collateralised by Treasury bills and cash. The mandate centres on futures prices, not miner earnings, and its return can part company with spot copper: contract selection, rolling, expenses and collateral returns all sit in between. Tax reporting arrives as Schedule K-1 and K-3.
Strengths
- Holds copper futures directly, with no mining-company operating risk
- The only fund here whose mandate centres on copper futures
- Longest record after COPX (Nov 2011 inception)
Trade-offs
- Commodity pool: issues Schedule K-1 and K-3 tax information
- Roll costs can drag on returns when the futures curve is in contango
- Highest expense ratio in the group (0.88%)
| Ticker | Top position | Weight |
|---|---|---|
| HGH7 | FUTCopper Futures (Mar 2027) | 31.2% |
| HGZ6 | FUTCopper Futures (Dec 2026) | 31.18% |
| HGU6 | FUTCopper Futures (Sep 2026) | 31.17% |
| CPERTRS1T | FUTCopper Index Total Return Swap | 6.45% |
Top 5 positions from the complete reported portfolio dated August 14, 2026. Source: USCF holdings file. Treasury and cash collateral excluded.
iShares Copper and Metals Mining ETF
iShares’ ICOP tracks the STOXX Global Copper and Metals Mining Index. Copper miners were 50.4% of the August 2026 portfolio, with diversified miners another 36.1% and precious-metals producers 12.9%, so it behaves more like a copper-tilted metals-mining fund than a pure play; Grupo Mexico, BHP and Anglo American led the book. Its 0.47% expense ratio is the lowest of the five.
Strengths
- Lowest expense ratio in the group (0.47%)
- Diversified and precious-metals producers reduce reliance on pure copper miners
- Backed by the iShares platform
Trade-offs
- Only 50% of the August 2026 portfolio is pure copper miners
- Smaller asset base and lower trading volume than COPX
| Ticker | Top equity position | Mkt cap | Weight |
|---|---|---|---|
| GMEXICOB MM | $99B | 8.25% | |
| BHP AU | BHP Group Ltd |
$221B | 8.04% |
| AAL LN |  Anglo American PLC |
$56B | 7.94% |
| FCX |  Freeport-McMoRan Inc |
$93B | 7.67% |
| EVN | $19B | 5.36% |
Top 5 positions from the complete reported equity portfolio dated August 13, 2026. Source: iShares holdings file. Cash excluded. Market caps as of August 16, 2026.
Sprott Copper Miners ETF
Sprott’s COPP tracks the Nasdaq Sprott Copper Miners Index, and its August 2026 book was 92.8% copper-mining equities with a further 4.8% in units of the Sprott Physical Copper Trust, a sleeve none of the other equity funds carries. It is also the most concentrated portfolio here: Freeport-McMoRan alone was about a quarter of assets in August 2026.
Strengths
- Most copper-focused of the broad miners funds compared here (92.8% in copper miners, August 2026)
- Physical-copper sleeve via the Sprott Physical Copper Trust (4.8%)
Trade-offs
- Heavy single-name concentration, with Freeport-McMoRan about a quarter of the August 2026 book
- Short record (Mar 2024 inception) and a modest asset base ($263M)
| Ticker | Top equity position | Mkt cap | Weight |
|---|---|---|---|
| FCX | Freeport-McMoRan Inc |
$93B | 24.86% |
| TECK/B | Teck Resources Ltd |
$31B | 9.83% |
| ANTO LN |  Antofagasta PLC |
$48B | 8.2% |
| KGH | KGHM |
$19B | 5.28% |
| FM | First Quantum Minerals Ltd |
$26B | 4.96% |
Top 5 positions from the complete reported equity portfolio dated August 14, 2026. Source: Sprott holdings file. Cash excluded. Market caps as of August 15, 2026.
Sprott Junior Copper Miners ETF
COPJ applies the same Sprott index family to the small end of the market: producers, developers and explorers, including companies with limited or no operating revenue. The August 2026 portfolio held 69 positions with 97.5% in copper miners, led by Trekor Metals at around five percent. With $145M in assets it is the smallest fund in this comparison, and the one whose holdings overlap least with COPX.
Strengths
- Dedicated junior-miner exposure the large-cap copper funds do not provide
- Direct exposure to discovery and development-stage copper projects
- Wide diversification across 69 small positions
Trade-offs
- Smallest fund in the group ($145M as of August 2026)
- Juniors depend on external financing, and some holdings have limited or no operating revenue
| Ticker | Top equity position | Mkt cap | Weight |
|---|---|---|---|
| TGB |  Trekor Metals Ltd |
$3.1B | 5.42% |
| ERO |  Ero Copper Corp |
$3.5B | 5.35% |
| ATYM LN |  Atalaya Mining |
$1.9B | 5.08% |
| FFM AU |  FireFly Metals Ltd |
$1.0B | 4.34% |
| FDY CN |  Faraday Copper Corp |
$1.2B | 4.31% |
Top 5 positions from the complete reported equity portfolio dated August 14, 2026. Source: Sprott holdings file. Cash excluded. Market caps as of August 15, 2026.
Size, Trading Activity, and Costs
| Metric | COPX | CPER | ICOP | COPP | COPJ |
|---|---|---|---|---|---|
| AUM | $7.3B | $732M | $431M | $263M | $145M |
| Expense ratio | 0.65% | 0.88% | 0.47% | 0.66% | 0.75% |
| Avg daily volume (3m) | 3,305,227 | 565,240 | 98,991 | 121,053 | 78,472 |
| 2026 return | ▲ +20.28% | ▲ +14.62% | ▲ +21.51% | ▲ +19.33% | ▲ +12.62% |
| Track record | 16 yrs | 14 yrs | 3 yrs | 2 yrs | 3 yrs |
AUM, average volume and return as of August 14, 2026. Fund data is sourced from issuer fund pages and documents.
Risks
Copper prices are cyclical and policy-sensitive. Demand runs through construction, the grid, EVs and electronics, so a slowdown in any of them can move miners quickly, and tariffs, export rules and permitting decisions add policy risk on top.
CPER carries futures-specific risks the equity funds do not: roll costs when the futures curve is in contango, collateral and swap counterparty exposure, and Schedule K-1 tax treatment. Its return can diverge from both the spot copper price and the miners.
COPJ and, to a lesser degree, COPP hold small-cap and developer names. Juniors depend on external financing and some have limited or no operating revenue, so drawdowns can be deeper than the copper price alone implies. COPP also concentrates heavily in its largest position.
ICOP, COPP and COPJ launched in 2023 or later, so they carry less performance history across varied copper and equity-market conditions than COPX or CPER. Smaller funds can trade with wider spreads and face greater closure risk, although AUM alone does not establish either outcome.
Conclusion
The five funds provide distinct forms of exposure, and the mandate is the first thing to compare. CPER is built on copper futures; the other four hold mining equities, whose returns reflect copper prices alongside operating costs, currencies, project execution and the wider equity market. They can move more sharply than the metal, though not dependably so. COPX provides broad global miner exposure and trades most heavily. ICOP combines copper miners with a wider metals-mining portfolio at the lowest fee here. COPP is the most copper-focused of the broad miners portfolios and adds a small physical-copper position. COPJ concentrates on smaller producers, developers and explorers.
Expense ratios, spreads, portfolio concentration and tax structure can then be compared within the relevant form of exposure. Current holdings and trading conditions both change, so they are worth checking against each fund’s own disclosures, particularly in the three newer or smaller funds.
For the full fund universe, see our copper ETF list. To compare the underlying companies, start with the copper stocks list.
References
- Global X, COPX fund page and full holdings file, accessed August 15 2026.
- USCF Investments, CPER fund and holdings pages, accessed August 15 2026.
- iShares, ICOP fund page and holdings download, accessed August 15 2026.
- Sprott, COPP fund page and holdings, accessed August 15 2026.
- Sprott, COPJ fund page and holdings, accessed August 15 2026.