Is COPA a Buy? What to Consider in 2026
Last updated July 2026
Short answer
The case for COPA is simple: low-cost, diversified exposure to BITA Global Copper Mining Select Index at a 0.35% expense ratio, anchored by names like FCX, GLEN, HBM. If that is the exposure you want and you do not already own most of it through another fund, COPA is a strong core holding. The catch is concentration in its top names and overlap with broad-market funds you may already hold. Whether it is a buy comes down to whether you want BITA Global Copper Mining Select Index and at what cost. Not a recommendation; Walnut is not an investment adviser.
What are you buying with COPA?
COPA tracks the BITA Global Copper Mining Select Index, holding companies that derive significant revenue from copper mining, exploration, refining, and royalties. The fee is 0.35%. Versus the larger Sprott Copper Miners ETF (COPP), COPA's key difference is its lower expense ratio, though it is a much smaller fund with less trading volume.
Largest holdings (approximate as of mid-2026; verify on Themes ETFs's fund page):
| Rank | Ticker | Company | % of COPA | |
|---|---|---|---|---|
| 1 | FCX | Freeport-McMoRan Inc. | ~8.3% | |
| 2 | GLEN | Glencore plc | ~4.4% | |
| 3 | HBM | Hudbay Minerals Inc. | ~4.1% | |
| 4 | BHP | BHP Group Limited | ~4.1% | |
| 5 | 601702 | Jiujiang Defu Technology | ~3.8% | |
| 6 | FM | First Quantum Minerals | ~3.6% | |
| 7 | AAL | Anglo American plc | ~3.5% | |
| 8 | LUN | Lundin Mining Corporation | ~3.3% | |
| 9 | TECK | Teck Resources Limited | ~3.3% | |
| 10 | ANTO | Antofagasta plc | ~3.2% |
What's the case for COPA?
COPA is the Themes Copper Miners ETF. It tracks the BITA Global Copper Mining Select Index, holding around 50 to 60 global copper miners such as Freeport-McMoRan, Glencore, Southern Copper, and Antofagasta. The fee is 0.35%, low for a mining thematic. It suits investors who want diversified exposure to copper producers as a play on electrification and grid demand. The obvious peer is the larger Sprott Copper Miners ETF (COPP); COPA competes mainly on cost.
In its favour: it gives you BITA Global Copper Mining Select Index exposure in one ticker at a 0.35% expense ratio, which is simple to hold and cheap to own.
What should you weigh before buying COPA?
- Cost vs alternatives: 0.35% is the fee; compare it to funds tracking a similar index.
- Concentration: check how much of COPA sits in its largest holdings (FCX, GLEN, HBM).
- Overlap: if you already own a broad-market fund, you may already hold much of this.
- Tracking scope: COPA only gives you BITA Global Copper Mining Select Index; it will not capture what sits outside that index.
How do you decide if COPA is a buy?
The useful question is rarely “will COPA go up?” It is “does this exposure fit my plan, at a cost I am happy with, without doubling up on what I already own?” Walnut connects your real brokerage so you can see exactly how COPA would overlap with your current holdings, analyze it by chatting through Claude or ChatGPT, and place any trade yourself. You stay in control.
The bottom line on COPA
The bottom line: COPA is a low-cost core building block for BITA Global Copper Mining Select Index exposure, not a tactical bet on a single name. If you want BITA Global Copper Mining Select Index exposure and the 0.35% fee is competitive for you, it does its job well. If you already own that exposure through another fund, adding it mostly doubles a fee without adding diversification. Decide from your goal and your existing holdings, not from where the market sat last week. Walnut is not an investment adviser.
Build a portfolio around COPA with Walnut
Use COPA as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
Is COPA a good ETF to buy?
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Walnut is informational, not investment advice. Whether COPA fits depends on your goals, time horizon, and what you already hold. It tracks BITA Global Copper Mining Select Index at a 0.35% expense ratio, so the questions that matter are whether you want that exposure, whether you already own it through another fund, and whether the cost is competitive for what it does.
What does COPA actually hold?
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COPA tracks BITA Global Copper Mining Select Index. Its largest positions include FCX, GLEN, HBM, BHP, 601702 and others (approximate, verify on Themes ETFs's fund page). The holdings are what you are really buying, not the ticker.
What is COPA's expense ratio?
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0.35% as of mid-2026. Over decades, the expense ratio is one of the few things you can control, so it is worth comparing against close alternatives that track a similar index.
Does COPA pay a dividend?
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COPA distributes a dividend with an approximate yield of ~3.7% (mid-2026). See the COPA dividend page for how distributions work. Verify the current figure with Themes ETFs.
What are the risks of buying COPA?
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Like any index ETF, weigh concentration (how much sits in the top holdings), overlap with funds you already own, and whether BITA Global Copper Mining Select Index matches the exposure you actually want. COPA only gives you BITA Global Copper Mining Select Index, not what sits outside it.
How do I decide if COPA is right for me?
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Start from your goal, then check four things: what COPA holds, its cost versus alternatives, how much it overlaps with what you already own, and whether the exposure fits your time horizon and risk tolerance. Walnut can analyze the overlap against your real holdings; you keep your broker and approve any trade.
Walnut is informational, not investment advice. Figures are approximations stamped to mid-2026; verify current data with Themes ETFs or your broker. Nothing here is a recommendation to buy, sell, or hold any security.