ICOP
iShares Copper and Metals Mining ETF
ICOP tracks a market-capitalization weighted index composed of stocks of copper and metal ore mining companies globally. Stocks are quantitatively screened to identify stocks with significant revenue tied to this space.
Global
EQUITY
Passive
MANAGEMENT STYLE
101.9 M
ASSETS UNDER MGMT
47 bp
EXPENSES
Fund Basics
| Fund sponsor | iShares |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 21, 2023 |
| Assets (mns) | $102 |
| Expense ratio | 47 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| GRUPO MEXICO S.A.B. DE C.V. CLASS B | 8.6 % |
| ANGLO AMERICAN PLC | 7.9 % |
| BHP BILLITON LTD | 7.6 % |
| FREEPORT-MCMORAN COPPER | 6.5 % |
| NEWMONT MINING CORP | 5.2 % |
| ANTOFAGASTA PLC | 4.9 % |
| TECK RESOURCES LTD-CLS B | 4.8 % |
| SOUTHERN COPPER CORP | 4.7 % |
| LUNDIN MINING CORP | 4.5 % |
| EVOLUTION MINING LTD | 4.4 % |
Constituent Breakdown
| Number of holdings | 48 |
| Herfindahl-Hirschman Index | 469 |
| Wgt avg mkt cap (mns) | $44,336 |
| Large cap (>$10bn) | 71.9% |
| Mid cap ($2-10bn) | 6.6% |
| Small cap (<$2bn) | 2.6% |
| Developed mkts. | 66.9% |
| Emerging mkts. | 15.6% |
Country Exposure
 |
CANADA | 20.9 % |
 |
UNITED STATES | 16.3 % |
 |
AUSTRALIA | 14.8 % |
 |
BRITAIN | 8.6 % |
 |
MEXICO | 8.6 % |
 |
SWITZERLAND | 3.5 % |
 |
BRAZIL | 3.3 % |
 |
POLAND | 2.7 % |
 |
HONG KONG | 1.4 % |
 |
CHINA | 0.9 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 51.3% | 30.8% | 33.0% | -- | -- | -- | -- | 21.7% |
| Dividend Yield | 0.0% | 0.0% | 1.6% | -- | -- | -- | -- | 1.2% |
| Total Returns | 51.3% | 30.8% | 34.6% | -- | -- | -- | -- | 22.9% | Ann. Volatility | 32.6% | 32.6% | 31.8% | -- | -- | -- | -- | 31.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.51 | 6% |
| MSCI EAFE | 0.04 | 0% |
| MSCI Emg Mkts | -0.33 | 2% |
Liquidity Measures
| Avg. volume (000) | 46 |
| ADV traded (mns) | $2 |
| Turnover | 1.7% |
| Avg. Bid/Ask (% of price) | 0.20% |
Technical Indicators
| Recent close | $37.75 |
| 30d moving avg. | $37.82 |
| Annualized volatility | 23.2% |
| Relative strength (RSI) | 61 |
| Short interest | 0.6% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| COPX | Global X Copper Miners ETF | 50.8% | +18 bp | +5.8% |
| COPA | Themes Copper Miners ETF | 45.3% | -12 bp | +4.6% |
| CRIT | Optica Rare Earths & Critical Materials ETF Optica Rare Eart | 40.4% | +38 bp | +6.1% |
| GMET | VanEck Green Metals ETF | 35.5% | +16 bp | +7.8% |
| PICK | iShares MSCI Global Metals & Mining Producers ETF | 28.3% | -8 bp | +11.2% |
| BATT | Amplify Lithium & Battery Technology ETF | 27.3% | +12 bp | +2.8% |
| EV | Mast Global Battery Recycling & Production ETF | 22.9% | +18 bp | +6.7% |
| MXI | iShares Global Materials ETF | 19.9% | -6 bp | +7.4% |
| DMAT | Global X Disruptive Materials ETF | 19.8% | +12 bp | +7.3% |
| GNR | SPDR S&P Global Natural Resources ETF | 15.7% | -7 bp | +10.7% |
Risk and Returns: ICOP vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/7/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
ICOP
8.0%
Cat. Avg
4.3%
ALTAR Score™ Calculation
Category Overview
There are 369 funds in the Global Equity category, with an average ALTAR Score™
of 4.3% and a standard deviation of
3.1%. ICOP's ALTAR Score™ is approximately
1.2 standard deviations
above
the category average. This places ICOP in the 88th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
ICOPSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive Global Equity ETFs |
| # of ETFs | 62 |
| Avg. Expense Ratio | 49.2 bp |
| Std. Deviation | 21 bp |
| ICOP (47 bp) Percentile rank | 46 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| ICOP | 47.0 | 19.6 | 66.6 |
| Peer Avg. | 49.2 | 30.9 | 80.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .