ICOP vs THMZ

ICOPBiShares Copper and Metals Mining ETF

THMZBLazard Equity Megatrends ETF

In short

ICOP The copper-miner aisle has a price leader. ICOP tracks a global index of copper and metals miners for 0.47% a year, the lowest sticker in its peer group, with BlackRock's indexing machinery behind it.

THMZ Most thematic ETFs make you pick one trend and live with it. Lazard's megatrends fund is actively run across several themes at once, holding about 60 established companies worldwide and measuring itself against the global stock market.

Stated mandate

ICOP The Fund seeks to track an index of U.S. and non-U.S. equities of companies primarily engaged in copper and metal ore mining.

THMZ THMZ is the ticker shown for Lazard Equity Megatrends ETF on NASDAQ.

Why people hold it

• ICOP At 0.47% a year it is the cheapest fund in the copper-mining cohort, undercutting COPX (0.65%), COPP (0.66%), COPJ (0.75%) and KCOP (0.99%), and sitting below the group's 0.66% median.
• A rules-based pure play: it follows the STOXX Global Copper and Metals Mining Index, holding companies primarily engaged in copper and metal ore mining. Miners' shares, not copper futures, and no stock-picking.ishares.com
• Global by mandate, not by accident: the index reaches U.S. and non-U.S. miners, which is where much of the world's copper actually trades. Distributions are paid quarterly.ishares.com
• One of the stronger builds in a small copper-mining field, pairing the lowest fee in the group with a mainstream iShares index wrapper.

• THMZ Multi-theme by design: rather than one trend in a wrapper, the managers spread roughly 60 global holdings across several megatrends and let the theme mix evolve, with the MSCI All Country World Index as the yardstick.lazardassetmanagement.comlazardassetmanagement.com 2
• 0.50% net of a fee waiver (0.60% gross) sits below the median for global thematic funds, and level with AGNG, the aging-population ETF, at 0.50%.
• The mandate leans on established companies generally above $5 billion in market cap, emerging markets included. Blue-chip megatrends, not micro-cap moonshots.lazardassetmanagement.com
• Portfolio construction stands in the upper half of its global thematic peer group, and the fund pays distributions quarterly.

Worth knowing

• ICOP Non-diversified by design: a few dozen miners levered to one metal, with the largest names carrying a big slice. Copper prices and mine-level news drive the ride.ishares.com
• A large share of the basket is listed outside the U.S., so currency moves and foreign market risks come along with the copper exposure.ishares.com
• It launched in 2023, so the live record is short, and trading is moderate rather than heavy. Limit orders earn their keep on bigger tickets.

• THMZ No published index sits behind it. Which megatrends make the cut, and which names express them, is the manager's call, so there is nothing external to grade the stock picking against.lazardassetmanagement.com
• Trading is thin next to the giant index names, so the bid-ask gap can be wider and large orders need more care.
• It launched in 2025, so the record is short, and index-tracking rivals cost less: WRND charges 0.18% net of a fee waiver.

Full ICOP profile⁠

Full THMZ profile⁠