Global X Copper Miners ETF retains its Morningstar Medalist Rating of Bronze. The portfolio maintains a sizable cost advantage over competitors, priced within the second-lowest fee quintile among peers.  

 The strategy's effective investment philosophy supports an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained an overweight in volatility exposure and an underweight in liquidity exposure compared with category peers. High volatility exposure is attributed to companies with a higher standard deviation of returns. And a low liquidity exposure is rooted in stocks with lower trading volumes, limiting managers' flexibility. The equity team managing this passive strategy earns a Low People Pillar rating. The strategy's parent organization earns the firm an Average Parent Pillar rating, and this rating is inherited from vehicles belonging to the same branding entity and is indirectly assigned by an analyst.

Analyst Rating

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Taseko Mines

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. Global X Copper Miners ETF earns an Above Average Process Pillar rating. The predominant contributor to the rating is the fund's excellent long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category average, which suggests that the process was successful over that period. This fund tracks an index, which also increases its process rating. Historical data, such as Morningstar's Active/Passive Barometer, shows that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. 

The investment strategy as stated in the fund's prospectus is:  The investment seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, and of the Solactive Global Copper Miners Total Return Index.  The fund invests at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the underlying index. The underlying index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry. The fund is non-diversified. 

 The portfolio is overweight in basic materials by 49.2 percentage points in terms of assets compared with the category average, and its financial services allocation is similar to the category. The sectors with low exposure compared to category peers are energy and industrials, underweight the average by 27.8 and 7.3 percentage points of assets, respectively. The portfolio is composed of 43 holdings and is relatively concentrated. In particular, 49.9% of the strategy's assets are housed within the top 10 holdings, as opposed to the typical peer's 23.9%. And finally, in terms of portfolio turnover, looking at year-over-year movements, 24% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Above Average

Process

Global X’s equity team receives a Low People Pillar rating. The number one detractor from the rating is the parent firm's five-year success ratio of 30%. The measure indicates the percentage of a firm's funds that survived and beat their respective category's median return for the period. The parent's relatively low success ratio suggests that the firm could do better across its fund lineup. The parent firm's five-year retention rate of 67% also limits the team. The experience of the management team, which averages four years at this fund, limits the rating as well.

People

Mirae Asset Global Investments is a Korean asset manager and a key player in the Asian financial market. It is a wholly owned subsidiary of Mirae Asset Financial Group, founded by Hyeon Joo Park. Park’s leadership and entrepreneurial spirit have been the driving force behind the global rise of Mirae, and he holds a majority stake in the business. 
Mirae Asset has grown significantly over the years (USD 198 billion as of December 2022) across a diversified platform, of which about 60% of assets are managed in South Korea. We believe that Mirae’s core mutual fund business in the Asia-Pac region is relatively strong. It has a collaborative structure, a strong and large investment team, low manager turnover, competitive fees, and a disciplined approach to product-development pointing toward better stewardship practices relative to peers in these markets. However, this is in stark contrast to its exchange-traded fund business, which accounts for 41% of the total assets. 
The firm’s ETF lineup focuses largely on high-risk thematic strategies that seem gimmicky, emphasizing short-term asset-gathering. The firm appears to leverage trending topics such as robotics and artificial intelligence, virtual reality and gaming, and cloud computing. There’s a notable concern regarding the potential liquidation of these funds since they seem to be designed around investment fads. Furthermore, these products are often expensive, especially compared with broadly diversified index funds and ETFs. Unsurprisingly, Mirae's reflexive product-development strategy has led to an increase in fund closures.
Our experience engaging with the MAGI team to gather critical information for the parent assessment has not been as positive. It hasn’t been as transparent in its disclosures, and unlike its peers, its responsiveness has been inadequate. We prefer firms with a more transparent corporate culture. Overall, these actions hold us back, and the firm retains its Parent Pillar rating of Average.

Average

Parent

Global X Copper Miners ETF

COPX tracks a market-cap-weighted index of global copper mining companies.

United States Copper Index Fund

iPath Bloomberg Copper Subindex Total Return ETN

Copper prices and related exchange traded funds climbed Friday on growing expectations of strong demand out of top consumer China, along with historically low inventories. On Wednesday, the United States Copper Index Fund (NYSEARCA: CPER) was up 3.1% and iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEArca: JJC) was 2.4% higher.

Favorable Fundamentals Support the Case for Copper ETFs

Copper-related exchange traded funds slipped after copper prices hit a two-year high in response to Chinese manufacturing data strengthening to a two-year high and a weakening U.S. dollar. On Wednesday, the United States Copper Index Fund (NYSEARCA: CPER) was down 1.4% and iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEArca: JJC) was 0.8% lower.

Copper ETFs Gain Momentum as China’s Economy Rebounds

Copper-related exchange traded funds climbed Wednesday, with copper prices breaking above $3 per pound for the first time in over two years, on improving Chinese demand and problems in the global supply chain. On Wednesday, the United States Copper Index Fund (NYSEARCA: CPER) was up 0.2% and iPath Series B Bloomberg Copper Subindex Total Return [.

Copper ETFs Rise on Improving Fundamentals

Copper prices have been soaring in recent times courtesy of rebounding factory activity data from China. But the rally may not last long.

Copper ETFs Surging: Will the Rally Last?

Copper prices will likely gain further on China???s manufacturing sector rebound and policy easing.

Good Times Ahead for Copper ETFs?

Copper prices, often viewed as an important gauge of economic health and activity are rebounding and there are signs the Global X Copper Miners ETF (NYSEARCA: COPX) will go along for the ride.

Copper Miners ETFs Is Awakening and its Rally Could be Sizable

With an economic slowdown in China all but inevitable as a direct result of the novel coronavirus outbreak, copper markets and related ETFs could continue to weaken on the diminished industrial demand from the largest consumer in the world.

Copper ETFs Could Corrode on Increasing Concerns Over China’s Economy

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Investors speculating on the copper market have a lot of options, but one of the easiest is through ETFs and global forecasts for copper prices are upbeat.

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The United States Copper Index Fund (NYSEARCA: CPER) and the iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEArca: JJC) are trading modestly higher to start the year, the pair copper exchange traded products could have some upside in store if some market observers’ proclamations about the red metal’s prices prove accurate.

Why This Copper ETN Could be Ready to Rally

Copper Miners: Breadth Continues To Improve

By MarketGyrations Demand for copper has exceeded supply for years and 2019 looks to be no different. China is the top consumer of copper and recent trade statistics paint a bullish picture.

Easing Trade Tensions, China Demand Should Help Global X Copper Miners ETF

Easing Trade Tensions And Demand From China Should Help The Global X Copper Miners ETF

Overall, now seems like a good time to slowly build a position in copper miners.

COPX: Supply Shortages May Push Copper Much Higher

Global X Copper Miners ETF: Why The Endurance Nature Of Copper Will Pay Off

Copper has been a laggard in the metals complex this year, but the iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEArca: JJC) is coming off a strong October and there are inklings that rally in the red metal could be extended. However, dueling views of the industrial metal remain in place.

Bullish Musings Appear in Copper Space

iPath Series B Bloomberg Copper Subindex Total Return ETN

The iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEArca: JJC) jumped nearly 5% in October, good for one of the best performances among industrial metals exchange traded products, but investors may want to be careful about joining the copper party right now.

A Gloomy Outlook For The Copper ETN

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The price action in the red metal has been strong.

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As measured by the iPath B Bloomberg Copper Total Return ETN, copper is doing pretty well this year.

News for Global X Copper Miners ETF ETF (COPX)