What is the main difference in investment approach between CPER and ICOP?

The US Copper Index Fund (CPER) provides exposure to copper futures, tracking commodity price movements without holding company shares. In contrast, the iShares Copper and Metals Mining ETF (ICOP) invests in equities of mining companies. This means CPER is tied to metal spot or futures prices, while ICOP's performance depends on the operational success and stock market valuation of mining firms. Understanding this distinction is crucial for interpreting their different risk and return profiles.

How do expense ratios affect the returns of CPER and ICOP?

CPER has an expense ratio of 0.97%, whereas ICOP charges 0.47%. This 0.50 percentage point difference means ICOP has lower ongoing costs. Over time, higher fees reduce the net return to investors. For example, on a $10,000 investment, the annual fee difference is $50. While small annually, this drag compounds, making lower expense ratios like ICOP's generally more cost-efficient, assuming all other factors remain equal.

Why does one fund pay dividends while the other does not?

ICOP pays a 1.63% dividend yield because it holds shares of mining companies that distribute profits to shareholders. CPER has a 0.00% dividend yield because it tracks copper futures, which are financial contracts rather than income-generating companies. Futures do not produce cash flow or dividends. Therefore, investors in ICOP may receive regular income, while those in CPER rely solely on capital appreciation from copper price movements.

Which fund has a longer track record, and why does it matter?

CPER was established on 15 November 2011, giving it a significantly longer track record than ICOP, which began on 21 June 2023. A longer history allows investors to see how a fund performed through various economic cycles and commodity super-cycles. ICOP's shorter lifespan means less verifiable data on its long-term behaviour, making it harder to assess how its mining equity strategy handles prolonged downturns or rallies.

How does the fund size of CPER compare to ICOP?

CPER has net assets of $736 million, making it larger than ICOP, which holds $480 million in assets. Larger asset bases can sometimes provide better liquidity and narrower bid-ask spreads for traders. However, fund size alone does not guarantee performance. Investors should consider both assets under management and trading volume when evaluating ease of entry and exit, as smaller funds may occasionally face liquidity constraints during volatile market conditions.

Do CPER and ICOP share any top holdings?

No, the two funds do not share any top-10 holdings. This is expected because CPER holds futures contracts and lacks disclosed top holdings in the provided data, while ICOP holds specific mining equities like Freeport-McMoRan (FCX) and Newmont (NEM). The lack of overlap highlights their fundamentally different structures: CPER is a commodity derivative vehicle, while ICOP is an equity fund. Investors seeking pure copper price exposure versus mining company risk are investing in distinct asset classes.

What specific risks does ICOP face that CPER does not?

ICOP is exposed to company-specific risks inherent in holding mining equities, such as operational issues, labour strikes, regulatory changes, or mismanagement within individual firms like Vale or Rio Tinto. CPER, tracking futures, avoids these equity risks but faces commodity-specific risks like roll yield costs or contango. Therefore, ICOP's performance can diverge from the spot copper price due to corporate factors that do not affect the underlying metal price itself.

How does CPER's structure impact its sensitivity to copper prices?

CPER provides direct exposure to copper futures, meaning its price moves closely with the commodity's market value. However, futures markets can experience contango, where future prices are higher than spot prices, potentially creating a drag on returns as contracts are rolled over. Unlike ICOP, CPER is not influenced by corporate earnings or stock market sentiment. This makes it a purer play on copper supply and demand dynamics, albeit with structural costs inherent to commodity derivatives.

Which fund is more cost-effective regarding management fees?

ICOP is more cost-effective with an expense ratio of 0.47% compared to CPER's 0.97%. The 0.50 percentage point difference means ICOP is cheaper to hold annually. While expense ratios are only one factor in investment selection, lower costs preserve more of an investor's capital over time. Beginners should weigh this fee advantage against the different risk profiles, as CPER's higher fee reflects the complex structure of managing a futures-based commodity fund.

Where can I find more information on CPER's issuer and index?

For CPER, the issuer and index tracked are listed as 'not available' in the current ground truth data. This lack of transparency can be a hurdle for detailed due diligence. Investors might need to consult the fund's official prospectus or the issuer's website for specific index methodology or counterparty risks. In contrast, ICOP is clearly issued by iShares, providing a familiar framework for understanding its governance and operational standards.

What should beginners know about holding futures-based funds?

Beginners should understand that futures-based funds like CPER do not hold the physical metal. Instead, they hold contracts that expire and must be rolled over into new ones. This process can incur costs or losses if the market is in backwardation or contango. Additionally, CPER's lack of dividends and 'not available' top holdings means investors are relying on price movement alone, without the income or equity transparency provided by a fund like ICOP.

How do sector weights differ between CPER and ICOP?

Sector weights are 'not available' for both funds in the provided data. For CPER, this is because it tracks a commodity index rather than holding equities organised by sectors. For ICOP, while it holds mining stocks, the specific sector breakdown (e.g., diversified metals vs pure copper miners) is not disclosed here. Investors must rely on individual top holdings, like FCX or VALE, to infer ICOP's sector composition, as broad sector data is missing for both.

CPER vs ICOP

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Explore a detailed comparison of the US Copper Index Fund (CPER) and the iShares Copper and Metals Mining ETF (ICOP). This page examines expense ratios, net assets, dividend yields and holding structures, while noting that index tracking data is not available for either fund. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

CPER

Metric

ICOP

0.97%

Expense Ratio

0.47%

0.00%

Dividend Yield

1.63%

$735.98M

Net Assets

$480.19M

Holdings

100

Nov 15, 2011

Inception Date

Jun 21, 2023

–

Index Tracked

–

Commodities Focused

Fund Category

Natural Resources

ICOP costs about $50.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Discover More Comparisons

COPP vs ICOP

Compare COPP and ICOP ETFs by examining fees, holdings, and dividends. Review expense ratios and net assets to assess tracking and performance factors.

COPJ vs ICOP

Compare COPJ and ICOP ETFs. Review 0.75% and 0.47% expense ratios, dividend yields, and junior copper versus broader metals mining holdings.

COPX vs ICOP

Compare COPX and ICOP copper miner ETFs: 0.65% vs 0.47% expense ratio, 47 vs 63 holdings, 2.22% vs 1.64% yield, and $7.43B vs $480M in assets.

Investment Analysis

CPER

Pros

The fund provides direct exposure to copper futures without equity risk.
With $736 million in assets, it is one of the larger pure-play copper vehicles.
Inception in 2011 offers a longer track record than many new alternatives.

Considerations

The high expense ratio of 0.97 per cent adds considerable drag over time.
Dividend yield is zero, providing no income for holders.
Top holdings and sector weights are currently not available.

ICOP

Pros

Costs are lower at 0.47 per cent compared with most commodity ETFs.
Holders benefit from a 1.63 per cent dividend yield from mining companies.
Provides broad access to diversified mining equities rather than a single commodity.

Considerations

Established only in June 2023, limiting the verifiable long-term track record.
Assets under management are smaller at $480 million than some peers.
Holds specific equities, introducing company-specific risks and operational exposure.

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Balance commodity price speculation with equity stakes in producers. Diversify exposure to raw materials, hedge inflation, and invest smart with Nemo.

Aimee Silverwood | Financial Analyst

25 July 2025

Read Insight

Related Market Insights

Paper vs Physical: The Smart Way to Play Commodities

Balance commodity price speculation with equity stakes in producers. Diversify exposure to raw materials, hedge inflation, and invest smart with Nemo.

Aimee Silverwood | Financial Analyst

25 July 2025

Read Insight

About CPER and ICOP

CPER (CPER)

The US Copper Index Fund is an exchange-traded fund designed to help investors gain exposure to copper prices through futures contracts. Rather than holding physical copper, this fund tracks a commodity index composed of copper futures, aiming to reflect changes in the metal’s market value. It was launched on November 15, 2011, and currently has net assets of approximately USD 736 million. The fund carries an expense ratio of 0.97%, which is typical for commodity-focused ETFs that involve rolling futures contracts. It holds 27 positions, and importantly, it does not pay dividends, making it more suitable for investors focused on capital appreciation tied to copper price movements. As with all commodity investments, values can rise and fall based on global economic conditions, supply and demand dynamics, and currency fluctuations. Returns are not guaranteed, and this fund is best suited for those who understand the risks associated with commodity markets and are looking to diversify their portfolio beyond traditional stocks and bonds.

ICOP (ICOP)

iShares Copper and Metals Mining ETF (ICOP) is an exchange-traded fund that gives investors targeted exposure to companies involved in copper and other metals mining. Managed by iShares (BlackRock), the ETF typically includes producers, developers and related service companies across global mining hubs. Its performance is closely linked to commodity prices — particularly copper — and broader industrial demand, which means returns can be cyclical and volatile. ICOP can offer a convenient way to gain sector-level exposure without selecting individual miners, but be mindful of concentration risks (large miners can dominate holdings), country and regulatory risks, and currency effects. Fees, index methodology and turnover can affect outcomes, so check the current prospectus and factsheet before investing. This summary is educational and not personal advice; values can fall as well as rise and past performance is not a guide to future results.

Which Baskets Do They Appear In?

Paper Vs. Physical

Discover a carefully curated collection of investments that balance commodity price speculation with the companies that bring those resources to market. Our analysts have selected these assets to give you exposure to both sides of the materials economy in one strategic package.

Published: 17 June 2025

Explore Basket

Which Baskets Do They Appear In?

Paper Vs. Physical

Published: 17 June 2025

Explore Basket

Buy CPER or ICOP in Nemo

🆓

Zero Commission

Trade stocks, ETFs, and more with zero commission. Keep more of your returns.

🔒

Trusted & Regulated

Part of Exinity Group 2015, serving over a million customers globally.

💰

6% Interest on Cash

Earn 6% AER on uninvested cash with daily interest payments.

CPER vs ICOP

Fund Snapshot