Sprott Physical Copper Trust

Sprott Physical Copper Trust

Sprott Physical Copper Trust was launched in 2017 by Sprott Inc., the Canadian asset manager focused on precious metals and commodities. The trust issues redeemable units that trade on the NYSE Arca under ticker COPX, though unlike typical ETFs, units are backed by physical copper stored in LME-registered warehouses. The trust holds refined copper cathode and wire bars, sourced from LME-approved brands. The metal is stored in facilities operated by LME-listed warehouse companies, with regular audits. The trust's prospectus permits redemption in physical metal at scale, though most investors buy and sell units on exchange without ever taking delivery. The fund structure avoids the performance drag of futures roll yields, a key differentiator. As of 2024, the trust had net assets of approximately $130 million, according to Bloomberg data. The trust distributes a nominal dividend from storage fee income. Sprott Asset Management, the advisor, charges a management fee of 0.45% annually. The trust has no exposure to copper mining companies, processing equities or futures derivatives, purely physical metal. The structural differentiator is the physical copper mandate itself: copper is not a typical physical ETF metal. Unlike gold or silver, which have long-standing custodial infrastructure, copper requires specialized storage, insurance, and quality certification. The trust's ability to navigate those logistical barriers makes it a distinct vehicle for commodity allocators seeking direct commodity exposure without supply-chain or contango risks.