iShares MSCI Global Metals & Mining Producers ETF

PICK

Market cap $886M

iShares MSCI Global Metals & Mining Producers ETF has surged over 26% since May 2025, outperforming the base metals composite. PICK benefits from strong Q3 and year-to-date gains in copper, aluminum, tin, and other base metals, reflecting robust sector fundamentals. The ETF offers leveraged upside to base metals, supported by structural copper deficits, Chinese demand, and global energy transition trends.

The iShares MSCI Global Metals & Mining Producers ETF provides diversified exposure to global metals and mining producers, excluding gold, silver, and uranium. PICK is more value-oriented and less volatile than XME but has underperformed due to currency headwinds and lack of precious metals exposure. PICK is suitable for investors seeking metals and mining exposure without gold and silver, especially if they already hold precious metals elsewhere.

I reiterate my buy rating on iShares MSCI Global Metals & Mining Producers ETF, supported by attractive valuation, high EPS growth, and a compelling PEG ratio under 1.0x. A falling dollar and international exposure provide macro tailwinds, with metals and mining stocks benefiting from currency translation and global demand. Technical indicators, including a golden cross and a bullish reverse head and shoulders pattern, suggest near-term upside potential for PICK toward a $47 price target.

iShares MSCI Global Metals & Mining Producers ETF offers diversified exposure to global metals and mining, benefiting from long-term trends in clean energy and infrastructure demand. The short-term outlook for key metals like copper, iron, and aluminum is negative due to weak commodity prices and China's slowdown, justifying a 'hold' rating. PICK stands out for its lower expense ratio, higher dividend yield, and broader diversification compared to peers, but lacks exposure to surging gold and silver.

The tech-heavy Nasdaq-100 index slipped into a bear market in April after President Donald Trump announced his "Liberation Day" tariffs. But most of America's top trading partners are now at the negotiating table, giving investors confidence that a global trade war can be averted.

Copper and base metals experienced extreme volatility due to U.S. tariff anticipation, but fundamentals remain strong for infrastructure and green energy demand. The iShares MSCI Global Metals & Mining Producers ETF, tracking top global metals miners, proved optimal for scale-down buying during corrections, rebounding sharply after April's selloff. Despite recent price swings, PICK's fundamentals and ETF grades remain solid, with only momentum temporarily impacted by volatility.

China's metal markets are waking up post-Lunar New Year, and JPMorgan analyst Dominic O'Kane is tracking some eye-catching trends.

I upgrade iShares MSCI Global Metals & Mining Producers ETF to a buy due to favorable macro shifts, low valuation, and bullish technical patterns. PICK's portfolio focuses on large-cap value stocks in diversified metals and mining, with BHP Group as the largest holding. Despite recent underperformance, PICK's attractive price-to-earnings ratio and strong EPS growth rate make it a compelling investment.

The PICK ETF is favored for its diversified exposure to base metals, despite short-term bearish trends, with potential for gains as the sector recovers. Tariffs and sanctions, particularly from the Trump administration, could distort metal prices, but Chinese demand remains the critical factor for price direction. PICK ETF has remained in a trading range, with technical support at $34.60 and $31.86, and a scale-down approach is recommended for adding positions.

PICK ETF has a low P/E ratio and high dividend yield but struggles due to a weak technical situation and features high concentration risk. The ETF's performance is heavily influenced by the US Dollar Index and its significant exposure to both US and foreign SMID caps. PICK's top holdings, including BHP, Rio Tinto, Freeport-McMoRan, and Glencore, require close monitoring for fundamental and technical cues.