PICK ETF Review: Is Global Metals & Mining Worth Buying?

iShares MSCI Global Metals & Mining Producers ETF provides diversified exposure to the world's largest mining companies across iron ore, copper, gold, and industrial metals — the broadest single-fund allocation to the global metals supply chain that underpins industrial civilization.

Last updated: 2026-02-02 · Data: Yahoo Finance, fund prospectuses, SEC filings

What Is PICK?

The iShares MSCI Global Metals & Mining ETF provides exposure to companies that extract and process metals worldwide, tracking the MSCI ACWI Select Metals & Mining Investable Market Index. BlackRock launched this fund in 2012 to capture the global mining sector across developed and emerging markets.

With a 0.39% expense ratio and $1.2 billion in assets, PICK offers diversified access to everything from iron ore giants to copper specialists across multiple continents.

Current Snapshot

Why It Matters for Real Asset Investors

Mining sits at the intersection of every Energy Macro thesis. These companies own the raw materials that power grid buildouts, electrification, and the physical economy that benefits from currency debasement.

When central banks print money, it flows into hard assets—and miners control the supply. When governments mandate renewable energy transitions, they need massive quantities of copper, lithium, and rare earths. When infrastructure spending accelerates, steel demand surges. PICK captures this dynamic across global markets, not just U.S. players.

The sector thrives during reflation periods and struggles when growth expectations collapse. Unlike energy infrastructure that generates steady cash flows, mining is cyclical and volatile—but that volatility creates opportunity when positioned correctly within broader macro cycles.

Top Holdings

BHP Group (11.4%) - Australia's mining giant with diversified exposure to iron ore, copper, and coal. The ultimate play on Chinese infrastructure demand and global steel production.

Rio Tinto (6.7%) - British-Australian miner dominating iron ore and aluminum. Their Pilbara operations in Western Australia are among the world's most efficient.

Freeport-McMoRan (5.4%) - Arizona-based copper specialist with major operations in Indonesia and Peru. Pure-play exposure to the electrification theme.

Glencore (4.0%) - Swiss commodity trading house with mining operations spanning coal, copper, and zinc. Unique business model combining production with marketing.

Vale (3.5%) - Brazilian iron ore powerhouse and major nickel producer. Key supplier to global steel mills and battery manufacturers.

Anglo American (3.4%) - British miner focused on diamonds, platinum, and copper. Significant exposure to South African mining assets.

Nucor (2.8%) - American steel producer using electric arc furnace technology. Benefits from domestic manufacturing reshoring trends.

How It Fits the Portfolio

PICK serves as a macro hedge within real asset allocations, not a core holding. The global diversification matters—you're not just betting on U.S. mining policy but capturing worldwide resource demand patterns.

Position sizing should reflect the sector's volatility. This isn't steady infrastructure cash flow—it's a leveraged play on commodity cycles and global growth expectations. Consider it tactical exposure that scales up during reflation periods and down during growth scares.

The ETF pairs well with energy infrastructure (steady income) and direct commodity exposure (pure price sensitivity). When fiscal spending accelerates globally, PICK often outperforms broader equity markets because mining companies have high operational leverage to volume increases.

Regime Signals

PICK thrives during three specific conditions: dollar weakness (makes commodities cheaper for foreign buyers), rising inflation expectations (hard assets benefit), and synchronized global growth (demand for raw materials surges).

The ETF struggles when central banks tighten aggressively, China's property sector contracts, or recession fears spike. Mining stocks often lead both up and down cycles, making them useful regime change indicators.

Watch for PICK's relative performance versus the S&P 500—when it starts outperforming consistently, it signals markets are pricing in reflation rather than deflation.

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Frequently Asked Questions

What does PICK invest in?

PICK holds the world's largest diversified mining companies: BHP, Rio Tinto, Glencore, Vale, Freeport-McMoRan, and Anglo American. These companies mine iron ore, copper, coal, aluminum, nickel, and other industrial metals across every continent. PICK provides one-fund exposure to the entire commodity mining sector, diversified across metals, geographies, and companies.

What is the expense ratio of PICK?

PICK charges a 0.39% expense ratio, which is very competitive for a global mining ETF. The fund tracks the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Index, focusing on industrial and base metals producers while excluding precious metals miners. This keeps PICK focused on the industrial commodity cycle rather than monetary metals.

How does PICK differ from more focused mining ETFs?

PICK is the broadest mining ETF available, spanning multiple metals and global geographies. This diversification means PICK is less volatile than focused ETFs like COPX (copper only) or REMX (rare earths only). The trade-off is that PICK will underperform specialized ETFs when their specific commodity is rallying. PICK is best for investors who want general mining exposure without concentrating in a single metal.

How does PICK fit into the Energy Macro framework?

PICK provides the broad industrial metals foundation within Energy Macro's real asset allocation. While COPX targets copper specifically and REMX targets strategic metals, PICK captures the full mining ecosystem that supplies the raw materials for infrastructure, construction, and manufacturing globally. It serves as a diversified commodities equity allocation that complements more targeted positions.

For our complete allocation framework across real assets, infrastructure, and income strategies, see The Blackout Fortune Playbook.

Last updated: February 1, 2026 | Data: Yahoo Finance, iShares