Global X has expanded its ETF range in Europe with the launch of a copper mining strategy.
The Global X Copper Miners UCITS ETF (COPX) is listed on the London Stock Exchange and Deutsche Boerse with a total expense ratio (TER) of 0.65%.
Physically-replicated, COPX tracks the Solactive Global Copper Miners v2 index which currently offers exposure to 39 companies involved in copper mining.
Global X already has a mirror strategy in the US, the Global X Copper Miners ETF (COPX), which launched in April 2010 and has gathered $949m assets under management (AUM) since launch.
Although the ETF this side of the pond tracks a newly-created index which has a larger weighting to companies in Australia and the US and smaller exposure to China.
Morgane Delledonne, director of research, Europe, at Global X, said: “Copper is useful for a wide range of applications including construction, industrial machinery, transportation, electric generation, and electronics.
"2021 has proven to be a transformational year for copper, and we have a strong long-term outlook for copper demand driven by trends poised to disrupt the global economy."
COPX is the eleventh ETF Global X has launched in November. The issuer kicked-off the month with the launch of three ETFs offering exposure to cloud computing, US infrastructure and biotechnology, ETF Stream revealed.
Subsequently, the firm unveiled seven thematic ETFs last week including Europe’s first pure-play Internet of Things (IoT) strategy, ETF Stream revealed.
The ETF issuer entered the European market in December 2020 with the launch of two ETFs and the appointment of Rob Oliver (pictured) as head of business development for Europe from JP Morgan.