Global X Copper Miners ETF (COPX): A Direct Way to Play the AI Infrastructure Build-Out
Copper has quietly become one of the most important materials behind the next phase of global growth, and the setup heading into 2026 looks increasingly compelling. As data centers, AI infrastructure, electric vehicles, and renewable energy projects continue to scale, demand for copper is rising at the same time supply constraints are tightening. That combination matters.
Rather than trying to pick individual miners, we like the simplicity of gaining broad exposure through the Global X Copper Miners ETF (COPX). The fund offers access to a diversified basket of copper producers around the world and captures upside tied directly to higher copper prices. Shares trade around $70, after already gaining roughly 80% in 2025, reflecting just how strong the trend has been.
What stands out is that this demand is not speculative. Data center construction alone requires massive amounts of copper for power distribution and cooling infrastructure. S&P Global notes that large-scale data center projects are already facing global supply chain constraints for key materials like copper. At the same time, the U.S. Department of the Interior has added copper to its list of critical minerals, highlighting how strategic the metal has become.
COPX currently holds 41 copper mining stocks, with no single position dominating the portfolio. Its top holdings include established global operators such as Lundin Mining, KGHM Polska Miedz, Boliden, Southern Copper, and Freeport-McMoRan, each representing roughly 5% or less of assets. That structure helps reduce single-company risk while keeping exposure tightly focused on the copper theme.
We also view copper as an increasingly important “AI metal.” Global data center electricity demand is expected to grow sharply over the coming decades, and copper remains essential for transmitting that power efficiently. With annual data center power demand growth running near 20% and expected to stay elevated, copper demand is unlikely to cool anytime soon.
For investors looking ahead to 2026, COPX offers a clean, diversified way to participate in a structural trend driven by AI, electrification, and energy transition, without having to bet on any one miner getting everything right.
