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COPJ gained 109% in 2025 and grew from $37M to a top performer by equal-weighting 50 copper miners.
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JPMorgan projects copper at $12,075 per metric ton through 2026 driven by AI data center demand.
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COPX offers $3.5B in assets with major producers and gained 97% in 2025 with less volatility than COPJ.
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The Sprott Junior Copper Miners ETF (NASDAQ:COPJ) posted a 109% gain in 2025, turning a $37 million fund into one of the year’s top performers. Investors who bought in early 2025 around $18 saw shares close near $39.
COPJ’s equal-weighting strategy across roughly 50 copper mining companies meant every position from exploration-stage juniors to small producers participated. When copper prices surged and smaller miners outperformed, the structure amplified gains beyond traditional market-cap weighted funds.
The macro story for 2026 centers on whether copper prices can sustain momentum above $12,000 per metric ton on the London Metal Exchange. JPMorgan projects an average of $12,075 through 2026, citing data center demand as the primary driver. Every new AI training cluster, hyperscale data center expansion, and grid upgrade requires substantial copper for wiring, power transmission, and cooling infrastructure.
Watch monthly updates from the International Copper Study Group for supply-demand balance reports. Published mid-month, these track global refined copper production against consumption. When inventories tighten or production disruptions emerge, junior miners with near-term production potential see outsized stock moves. The 2025 rally demonstrated this when supply concerns and AI infrastructure buildout converged.
Interest rate policy matters more for junior miners than established producers. These companies burn cash on exploration and development, making financing costs critical. If the Federal Reserve cuts rates in 2026, junior miners’ ability to fund projects improves and their stocks typically respond positively. If rates stay elevated, development timelines extend and share dilution through equity raises becomes more likely.
COPJ’s structure gives roughly 4.5% weight to each top holding, from Ivanhoe Electric (NASDAQ:IE) to Ero Copper (NYSE:ERO) to Taseko Mines (NYSE:TGB). A $2.3 billion market cap exploration company gets similar exposure to established producers. When small-caps surge, as they did in 2025 with gains exceeding 100% for multiple holdings, the equal-weight approach captures full momentum.
The risk cuts both ways. Junior miners face operational setbacks, permitting delays, and financing challenges that can crater individual stocks. Check Sprott’s monthly fact sheet and holdings file, updated within the first week of each month, to monitor position changes. The fund rebalances semi-annually in June and December, which can trigger significant turnover.
COPJ’s 0.78% expense ratio is reasonable for a specialized sector ETF. With just $61 million in assets, liquidity can be choppy during market stress. The median 30-day bid-ask spread of 0.55% means higher trading costs than mega-cap ETFs.
The Global X Copper Miners ETF (NASDAQ:COPX) offers a more established alternative with $3.5 billion in assets and a 0.65% expense ratio. COPX holds major producers like Freeport-McMoRan (NYSE:FCX) and Southern Copper (NYSE:SCCO) alongside smaller names, providing copper exposure with less volatility. The fund gained roughly 97% in 2025, strong but more measured than COPJ’s junior-focused approach.
COPX’s deeper liquidity and longer track record since 2010 make it easier to trade size without moving the market.
COPJ’s 2026 performance will hinge on whether copper prices hold above $12,000 per metric ton as AI infrastructure spending continues, and whether the fund’s small-cap holdings can deliver on development milestones without major dilution or operational setbacks.
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