iShares Copper & Metals Mining ETF (ICOP US) $US29.05

The US-traded ICOP ETF aims to track an index composed of US and non-US equities of companies primarily engaged in copper and metals ore mining, before costs. The holdings are spread across several countries, including Canada 24%, Australia 19%, the US 16%, and Mexico 9%. Of the 43 stocks held, the five largest positions are Grupo Mexico 8.9%, BHP 8%, Free-Port McMoran 7.5%, First Quantum 6.4%, and Antofagasta 6.4% – a different and more concentrated mix than the WIRE/COPX ETFs..

• The ICOP ETF has an expense ratio of 0.47% which is okay considering its overseas holdings, and has tracked its benchmark very well in its short time of operation: year-to-date, the ETF has advanced by +15.01% compared to the index +16.04%.

The ICOP ETF is well-positioned for global electrification over the coming years, a trend we believe in strongly.

• We like the risk/reward towards this ETF as it consolidates around the $28-29 area, ultimately targeting a retest of $35.