The ASX-traded WIRE ETF aims to track the Solactive Global Copper Miners Total Return Index, before costs. The holdings are spread across several countries, including Canada 36%, Australia 13%, China 10%, the US 9% and Japan 8%. Of the 40 stocks held, the five largest positions are First Quantum 5.5%, Antofagasta 5.1%, Lundin Mining 5.1%, Zijin Mining 5.1%, and Glencore 4.8%.
- The WIRE ETF has an ok 0.65% expense ratio considering its overseas holdings, and tracks its benchmark reasonably well, considering the lack of hedging. Over the last year, the ETF has advanced by +2.4% compared to the index +4.2%.
The WIRE 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 $13 area, ultimately targeting a retest of $16.
MM is bullish towards the WIRE ETF
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