7 Copper ETFs and ETNs: Exploring Investment Options in the Copper Market

In the realm of copper investments, opportunities extend beyond traditional stock purchases. Investors can now gain exposure to this vital base metal through copper exchange-traded funds (ETFs) or copper exchange-traded notes (ETNs).

For those unfamiliar with these financial instruments, ETFs are securities that behave like stocks on exchanges but track indices, commodities, bonds, or asset baskets, similar to index funds. In the copper sector, various options exist - ETFs can follow specific groups of copper-focused companies, copper futures contracts, or even physical copper holdings.

ETNs, while also tracking underlying assets and trading like stocks, more closely resemble bonds. They are unsecured debt notes issued by institutions, which investors can hold until maturity or trade at will. However, it’s crucial to note that investors face total default risk if an ETN’s underwriter becomes insolvent.

As the energy transition gains momentum, the copper market outlook remains robust, with rising demand and supply concerns fueling investor interest. This article presents six copper ETFs and one copper ETN that merit consideration for those looking to capitalize on the copper market’s potential. All data is current as of May 5, 2025.

Global X Copper Miners ETF (ARCA:COPX)

With US$2.09 billion in assets under management, this ETF tracks the Solactive Global Copper Miners Index, encompassing copper exploration companies, developers, and producers. The fund’s expense ratio stands at 0.65 percent.

Currently, the ETF holds 39 positions, with First Quantum Minerals, Freeport-McMoRan, and Lundin Mining as its top three holdings.

United States Copper Index Fund (ARCA:CPER)

Managing US$162.94 million in assets, this fund aims to provide investors exposure to a copper futures portfolio without requiring a commodity futures account. It carries an expense ratio of 1.04 percent.

The fund tracks the SummerHaven Copper Index Total Return performance, which is calculated based on selected copper futures contracts on a monthly basis.

Sprott Physical Copper Trust (TSX:COP.U,OTCQX:SPHCF)

Launched in July 2024, this relatively new ETF is among the first to be based on physical copper. With US$96.59 million in assets under management, the fund has an expense ratio of 2.03 percent.

As of early May 2025, the trust held 10,157 metric tons of copper valued at US$96.59 million.

iShares Copper and Metals Mining ETF (NASDAQ:ICOP)

This ETF, with US$50.63 million in assets under management, tracks the STOXX Global Copper and Metals Mining Index, comprising public companies primarily engaged in copper and metal mining. Its expense ratio is 0.47 percent.

The fund represents a global portfolio of 41 copper companies, with Grupo Mexico, BHP, and Freeport McMoRan as its top three holdings.

Sprott Copper Miners ETF (NASDAQ:COPP)

Sprott Asset Management markets this ETF as the sole pure-play option focused on large-, mid-, and small-cap copper mining companies essential to the clean energy transition. Launched in March 2024, it has US$23.65 million in assets under management and an expense ratio of 0.65 percent.

The fund comprises 49 companies with a market cap of US$279 billion, rebalancing twice yearly. Freeport-McMoRan, Teck Resources, and Ivanhoe Mines are its top three holdings.

Sprott Junior Copper Miners ETF (NASDAQ:COPJ)

This pure-play ETF, focusing on small-cap copper miners, was introduced in February 2023. It manages US$12.6 million in assets with an expense ratio of 0.76 percent.

The fund consists of 40 companies, with Northern Dynasty Minerals, Solaris Resources, and Atalaya Mining as its top three holdings. Like its counterpart, COPJ rebalances biannually.

iPath Series B Bloomberg Copper Subindex Total Return ETN (OTC Pink:JJCTF)

With US$6.9 million in assets under management, this ETN provides exposure to the Bloomberg Copper Subindex Total Return. According to Gate, it “reflects the returns potentially available through an unleveraged investment in copper futures contracts.” Tied to the high-grade copper futures contract on the Comex, it carries an expense ratio of 0.75 percent.

Unlike ETFs, ETNs don’t own underlying assets but function similarly to uninsured bonds. Investors realize profits upon selling the note or at maturity.

This article is an updated version of content originally published by the Investing News Network in 2015.

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Securities Disclosure: Dean Belder owns shares of Northern Dynasty Minerals.