#operating-leverage

#operating-leverage

COPX has returned roughly 154% over the trailing twelve months, reaching $95.70 as of February 27, 2026. The underlying commodity kept pace: LME copper prices climbed 33% year-over-year to $12,987 per metric ton as of January 2026, sitting at the 90th percentile of its historical range. Miners amplify commodity moves through operating leverage, and that amplification has driven the fund's outperformance relative to the underlying commodity over the period.