Owns companies worldwide that earn much of their revenue from mining, exploring for and refining copper, following an index.
COPA, the Themes Copper Miners ETF, is a $13 million ETF whose main story is the reshoring trade. Over the past year it returned +48.2%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The reshoring trade →
Infrastructure, critical metals and materials: what it takes to make more things at home.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | PAVE | 18.5% | $13.36bn | +13.5% | 0.47% |
| 2 | IGF | 14.0% | $10.07bn | +3.9% | 0.37% |
| 3 | XLB | 10.8% | $7.78bn | +10.9% | 0.08% |
| 4 | COPX | 10.1% | $7.25bn | +45.1% | 0.65% |
| 5 | XME | 5.7% | $4.09bn | +9.7% | 0.35% |
| 82 other ETFs | 40.9% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 87 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| COPA | −4.7% | +9.9% | +22.8% | +48.2% | – | – |
| The reshoring tradeits narrative | −4.9% | −3.8% | +9.5% | +14.5% | +20.1% | +12.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on September 24, 2024: +44.6% a year.
$10,000 invested September 30, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if COPA traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
COPA moves partly with the market. When the market has moved 1%, COPA has tended to move 1.36%.
COPA moves closely with the reshoring trade. When the reshoring trade has moved 1%, COPA has tended to move 1.62%.
Weekly returns over 105 weeks. The narrative is measured without COPA in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The reshoring trade
Each dot is one of 42 unlevered ETFs whose main narrative is the reshoring trade, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
COPA is the 6th cheapest of 41 ETFs in the reshoring trade. The dashed line is the middle of the group, 0.53% a year.
How it is built
An unlevered long ETF. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is COPA selling?
COPA’s main story is the reshoring trade, which covers infrastructure, critical metals and materials: what it takes to make more things at home.
Which ETFs compete with COPA?
The ETFs whose weekly returns move most like COPA’s over the past 3 years are COPX (0.98), EMET (0.97) and COPP (0.97).
How has COPA performed against its story?
Over the past year COPA returned +48.2%, the ETFs carrying the reshoring trade +14.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.80 with the story. Past performance only.
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