Copper and Critical Minerals ETFs in Singapore: COPX, REMX, Lithium and More

In its Global Critical Minerals Outlook 2026, published in July, the International Energy Agency (IEA) projects that copper records the largest volume growth of any critical mineral, adding about 7 million tonnes of demand to 2040 under today's policy settings. On the supply side, the agency sees a copper deficit of about 25% in 2035, narrowed from around 30% in last year's Outlook, based on the mines already in the pipeline.

Critical minerals are the metals that power grids, electric vehicles, batteries, data centres and defence systems depend on: copper, lithium, nickel, cobalt, graphite, rare earths and a long tail of minor metals. Their supply chains are concentrated. Excluding rare earths, the top refining country's average share of supply rose to 72% in 2025, up from 70% in 2023.

For investors, the link between a tonnage forecast and a fund return is loose. Most copper and critical minerals ETFs own shares of mining, refining and battery companies, and those shares respond to costs, debt, politics and the wider stock market as well as to metal prices.

The main choices are a copper miners fund such as COPX, a broad mining fund such as GDIG, a rare earths and strategic metals fund such as REMX, lithium and battery funds such as BATT or LIT, and a uranium fund such as URA.

This guide explains what drives demand for copper and critical minerals, how each type of ETF is built, what they hold and cost, why miner shares behave differently from metal prices, how much the funds overlap, and how a small thematic allocation can sit beside a global core.

Copper and critical minerals ETFs at a glance

These five funds cover copper, diversified mining, rare earths, batteries and uranium. All hold company shares, and only GDIG is domiciled outside the US.

Source: Global X semi-annual report to 30 April 2026, VanEck GDIG factsheet (30 September 2026), VanEck REMX (22 October 2026), Amplify BATT (as of 25 October 2026). Holdings dates differ by fund.

Why copper and critical minerals matter in 2026

Electrification runs on metal. Power lines, transformers, motors and data centre cabling use copper; batteries use lithium, nickel, cobalt, graphite and manganese; permanent magnets in EV motors and wind turbines use rare earths. As grids expand and more cars and storage systems run on batteries, the volume of metal needed per unit of energy rises.

Demand growth by mineral

The IEA's Stated Policies Scenario gives different growth paths for each metal. Lithium sees the strongest growth, rising more than threefold to 2040, while demand for nickel, graphite and rare earths grows by 50% to 90%. Copper starts from a much larger base, so its 7 million tonnes of extra demand is the biggest increase in volume.

These are scenario projections built on stated government policies. They describe what the energy system might need; prices and company profits are a separate question.

Supply chains are more than mining

Ore has to be mined, concentrated, smelted or refined, and then turned into products such as copper cathode, lithium hydroxide or magnet alloys. Each stage can be a bottleneck. For gallium, graphite, manganese and rare earths, China is the top refiner with over 90% of global supply.

Policy risk has risen with that concentration. The number of mineral tariff codes subject to Chinese export controls has tripled since 2023, China curbed sulphuric acid exports in May 2026 after sulphur supplies were disrupted, and critical mineral investment fell 9% in 2025. New mines also take many years to permit and build, so supply responds slowly to higher prices.

Critical mineral value chain from mining to end products, with the stages each ETF covers

COPX: copper miners, not copper itself

COPX holds shares of companies that mine copper. It tracks the Solactive Global Copper Miners Total Return Index and launched on 19 April 2010, and its expense ratio was 0.65% for the six months to 30 April 2026.

On that date, the largest holdings were Glencore at 5.3%, Teck Resources at 5.2%, BHP at 5.0%, and Antofagasta and Zijin Mining at 4.9% each. The top five added up to 25.3% of the fund. Canada was the biggest country weight at 19.9%, followed by China at 15.1%, Australia at 14.6% and Chile at 9.3%.

Several of those companies mine much more than copper. BHP is one of the world's largest iron ore producers, Glencore also mines coal, zinc and nickel, and Zijin produces gold. COPX therefore carries some exposure to other metals, and its returns follow mining equities more than the copper price on the London Metal Exchange.

Investors who want the copper price itself use futures-based funds, which roll contracts monthly and carry the same roll costs and gains as oil futures funds.

GDIG: a broad mining fund in UCITS form

GDIG, the VanEck S&P Global Mining UCITS ETF, is the only Irish-domiciled fund in this group. It tracks the S&P Global Mining Reduced Coal Index, charges a 0.50% TER, has ISIN IE00BDFBTQ78 and accumulates its income. It trades in US dollars on the London Stock Exchange under the ticker GDIG.

GDIG is much broader than COPX, with 188 holdings. On 30 September 2026, BHP was the largest at 9.17%, followed by Newmont at 5.79% and Rio Tinto and Freeport-McMoRan at 4.79% each; the top 10 made up 43.59%. Australia (27.71%), Canada (24.14%) and the US (16.73%) were the biggest country weights.

Gold and precious metals companies feature heavily. Newmont, Agnico Eagle, Barrick, Wheaton Precious Metals and Franco-Nevada together made up 18.51% of the fund within the top 10 alone.

REMX: rare earths, lithium and strategic metals

REMX tracks the MVIS Global Rare Earth/Strategic Metals Index, with a 0.53% expense ratio and 37 holdings on 22 October 2026. VanEck has agreed to cap operating expenses at 0.57% through at least 1 May 2027.

Despite the name, REMX's two largest holdings were lithium producers, SQM at 8.74% and Albemarle at 8.60%, and Pilbara Minerals, another lithium miner, held 5.62%. Rare earth companies included China Northern Rare Earth at 7.39%, MP Materials at 6.75% and Lynas Rare Earths at 6.12%, alongside producers of molybdenum and tungsten.

China was the largest country weight at 29.27% on 30 September 2026, followed by Australia at 24.65% and the US at 17.71%. With 37 holdings and heavy exposure to Chinese policy, REMX is one of the more concentrated and volatile funds in the group.

Lithium and battery ETFs: BATT and LIT

Battery funds mix three kinds of company: miners of lithium, nickel and copper; makers of cells and battery materials; and buyers of batteries, such as EV makers. The mix decides how closely the fund follows metal prices.

BATT tracks the EQM Lithium & Battery Technology Index, with a 0.59% total expense ratio and 52 holdings on 23 October 2026. Its issuer page on 25 October 2026 listed Tesla as the largest holding at 9.15%, followed by BHP at 7.15%, Freeport-McMoRan at 6.64%, battery maker CATL at 4.98% and BYD at 4.85%. China (27.48%) and the US (25.54%) were the largest country weights on 30 September 2026.

That makes BATT part metals fund, part EV and battery technology fund. Tesla's share price depends on car sales, software and valuation as much as on lithium. LIT, the Global X Lithium & Battery Tech ETF, takes a similar approach across lithium miners and battery producers.

URA: uranium miners and nuclear components

URA is the most concentrated fund here. It charged 0.69% for the six months to 30 April 2026, and on that date Cameco alone made up 23.1% of the fund. The top five, including Oklo, NexGen Energy, Uranium Energy and Kazatomprom, added up to 47.3%.

URA also held 4.3% in Sprott Physical Uranium Trust, a fund that owns uranium itself, and 7.1% in two South Korean engineering and construction groups. Canada (36.3%), the US (23.3%) and South Korea (15.1%) were the main country weights. Uranium demand depends on nuclear policy and reactor construction more than on batteries or grids, so URA behaves differently from the other four.

Copper price vs copper mining shares

A mining company's profit is revenue minus costs, and much of a mine's cost base is fixed in the short run. When the metal price rises, revenue goes up while costs stay roughly the same, so profit rises by a bigger percentage. The same effect works in reverse.

Take a miner with revenue of 100 and costs of 70, leaving a profit of 30. If the copper price rises 10%, revenue becomes 110 and profit becomes 40, a gain of 33.3%. If the price falls 10%, profit drops to 20.

Example only. Assumes revenue of 100 before the price change, fixed costs and no change in output, tax or hedging.

The higher the cost base, the stronger the swing. Real miners also hedge part of their output, face rising energy and labour costs, carry debt and pay dividends, and some sell by-products such as gold or molybdenum. A miner's share price can therefore beat copper in a rising market and fall faster in a downturn, while also reacting to news about a single mine, a tax change or a strike.

How a 10% or 20% move in the copper price changes a miner's profit at cost bases of 70 and 80

How much the funds overlap

Thematic funds often hold the same large miners. BHP appeared in the top 10 of three of these funds: 5.0% of COPX on 30 April 2026, 9.17% of GDIG on 30 September 2026 and 7.15% of BATT in October 2026. Freeport-McMoRan was 4.79% of GDIG and 6.64% of BATT.

Split S$10,000 equally across COPX, GDIG and BATT, and BHP alone makes up about 7.1% of the total, or roughly S$711, using those weights. Add a global equity fund, which typically holds the largest listed miners as well, and the concentration in a handful of diversified miners grows further.

Source: Global X semi-annual report, VanEck GDIG, VanEck REMX, Amplify BATT (as of 25 October 2026). Holdings dates differ by fund.

Holdings change every quarter, so check the latest lists before combining funds. Picking one fund per job, such as COPX for copper or BATT for the battery chain, keeps overlap easier to manage than holding several broad mining funds at once.

Top holdings shared across COPX, GDIG and BATT, with BHP's weight in each fund

Costs, concentration and cross-border tax

Expense ratios across these funds run from 0.50% to 0.69% a year, well above the cost of a broad global index fund. Order fees, FX conversion and bid-ask spreads come on top, and spreads tend to be wider on smaller thematic funds.

Concentration matters more. The top five holdings made up between about 25% (COPX) and 47% (URA) of each fund on their latest reporting dates, and country weights lean heavily towards Canada, Australia, China and the US.

Domicile affects tax. Dividends from US-domiciled ETFs such as COPX, REMX, BATT and URA are US-source income, which faces a default 30% US withholding tax for nonresident aliens. US-domiciled fund shares also count as US-situated assets, and executors must file Form 706-NA when those assets exceed US$60,000. GDIG is an Irish fund and accumulates its income instead of paying it out.

Singapore generally does not tax individuals on gains from selling investments, though trading frequently for profit can change that. None of this is tax advice.

To buy US- or London-listed funds, you need a broker or platform with access to those exchanges and, for US funds, a W-8BEN form on file. Check that you have the right ticker and listing, since several of these funds trade on more than one exchange.

Risks and scenarios

Metal prices move in long cycles, and mining shares amplify them.

Chinese demand and policy. China is the largest buyer of most industrial metals and the main refiner of many. A slowdown in its construction or manufacturing, or new export controls, can move prices quickly in either direction.

New supply and substitution. High prices encourage new mines, recycling and substitution, such as aluminium for copper in some cables or new battery chemistries that use less cobalt or nickel. The IEA's narrowing copper gap shows how quickly forecasts can change.

Commodity booms and busts. Lithium prices, for example, more than doubled amid strong demand from energy storage and constrained supply. Miners that expand at the top of a cycle can struggle when prices fall.

Single-company and political risk. Mines sit in countries with changing tax regimes, royalties and permitting rules, and a strike or accident at one large mine can hit a fund with high top-10 weights.

Building a small thematic sleeve beside a global core

Most investors who use these funds keep them as a satellite next to a diversified core, such as a global equity ETF. The core already holds large miners at small weights, so a thematic fund adds a targeted tilt.

Choose the fund that matches the view you hold. COPX fits a view on copper demand from grids and electrification; GDIG covers the mining sector broadly, gold miners included; BATT and LIT combine battery metals with manufacturers; REMX targets rare earths and lithium; URA is a bet on nuclear power.

Size the sleeve so that a 40% or 50% fall in it would be uncomfortable but manageable for the portfolio as a whole. Rebalancing once or twice a year keeps a strong run in one theme from quietly taking over.

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Mining shares can fall much further than the metals they produce, so you could get back far less than you invest.

Frequently asked questions

Short answers on copper, rare earth and battery ETFs for Singapore investors.

Is COPX a copper futures ETF?

COPX holds shares of copper mining companies, with no futures contracts. Its returns follow those companies' profits and share prices, which usually move more than the copper price itself and also reflect the other metals the miners produce.

Does REMX hold lithium companies?

Yes. On 22 October 2026, its two largest holdings were lithium producers SQM and Albemarle, and Pilbara Minerals was also in the top 10. Rare earth producers such as China Northern Rare Earth, MP Materials and Lynas make up much of the rest.

What is the best copper ETF for Singapore investors?

It depends on the exposure you want. COPX gives focused exposure to copper miners at a 0.65% expense ratio, while GDIG spreads across 188 mining companies in an Irish UCITS structure at 0.50%. Futures-based copper funds follow the metal price more closely but carry roll costs.

How risky are rare earth ETFs?

They are among the more volatile thematic funds. REMX held 37 companies, with China accounting for 29.27% of the fund on 30 September 2026, so Chinese export policy and a few large holdings can drive returns.

Is copper demand rising in 2026?

The IEA projects copper demand to grow by about 7 million tonnes to 2040 under stated policies, driven by grids, EVs and electrification. Its estimate of the 2035 supply gap narrowed to 25% in the 2026 edition, from around 30% a year earlier.

Can I buy these ETFs with SRS money?

Only through a provider that supports it. Many SRS brokerages only support SGX-listed securities, so US- and London-listed funds need a platform with a dedicated SRS route for them.