Themes Copper Miners ETF (COPA US) – Portfolio Construction Methodology

The underlying BITA Global Copper Mining Select NTR Index targets global copper mining, exploration, refining and royalty companies. The universe covers major exchanges, excludes companies from countries such as India, Indonesia and Russia, and requires market cap ≥USD 100 million and ADVT ≥USD 100,000. A revenue-based exposure score measures copper revenue share; companies qualify if share is ≥30% or they rank in the top 5 by copper-revenue dollars. Constituents are weighted by free-float market cap scaled by exposure, then liquidity-optimised to constrain trades versus value traded. Stock weights are capped at 10%, positions above 4.5% cannot exceed 45%, emerging markets are capped at 40%, and each holding has a 0.1% floor. At least 80% of index weight must be in high-exposure copper miners, expanding the revenue-leader set from top 5 to top 10 if needed. The index is reconstituted and rebalanced quarterly in March, June, September and December.

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