Overview
The world's industrial miners — 310 producers of copper, iron ore, steel and aluminium, deliberately excluding gold and silver so the fund tracks industrial demand, not safe-haven flows.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BHP | BHP Group | 13.6% |
| FCX | Freeport-McMoRan | 6.5% |
| RIO | Rio Tinto Group | 6.1% |
| GLEN | Glencore plc | 4.7% |
| NUE | Nucor Corp. | 4.0% |
| AAL | Anglo American | 3.6% |
| VALE3 | Vale S.A. | 3.1% |
| RIO | Rio Tinto (ASX) | 2.6% |
| GMEXICO | Grupo México | 2.5% |
| STLD | Steel Dynamics | 2.3% |
Fund Details
Investment Thesis
The ex-gold design is the thesis: PICK rises when the world builds — electrification, data centres, rearmament — rather than when it panics. BHP, Freeport and Glencore lead a book levered to the copper-and-steel complex, and +23% over twelve months reflects the industrial-metals supercycle broadening. Every AI power build-out and grid upgrade lands in these order books, and new supply remains a decade of permitting away.
Who It's For
Investors who want the industrial-metals supercycle without gold diluting the signal — the construction-and-electrification trade through the companies that dig its raw materials.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $25.74 | -- |
| 2017 | $34.63 | +34.5% |
| 2018 | $26.98 | -22.1% |
| 2019 | $29.73 | +10.2% |
| 2020 | $36.85 | +23.9% |
| 2021 | $42.62 | +15.7% |
| 2022 | $41.00 | -3.8% |
| 2023 | $43.07 | +5.0% |
| 2024 | $34.99 | -18.8% |
| 2025 | $51.34 | +46.7% |
| Year | Yield |
|---|---|
| 2016 | 2.89% |
| 2017 | 2.89% |
| 2018 | 4.42% |
| 2019 | 5.70% |
| 2020 | 2.83% |
| 2021 | 6.01% |
| 2022 | 6.59% |
| 2023 | 4.42% |
| 2024 | 2.94% |
| 2025 | 3.52% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.8B | -- |
| 2017 | $1B | +25.0% |
| 2018 | $0.8B | -20.0% |
| 2019 | $1.0B | +25.0% |
| 2020 | $1.3B | +30.0% |
| 2021 | $1.5B | +15.4% |
| 2022 | $1.6B | +6.7% |
| 2023 | $1.7B | +6.3% |
| 2024 | $1.4B | -17.6% |
| 2025 | $2.2B | +57.1% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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