Market Overview - U.S. equities experienced modest losses amid geopolitical tensions and mixed economic signals, with the S&P 500 down 0.3% to 6,915.6, the Dow down 0.5% to 49,098.7, and the Nasdaq down 0.1% to 23,501.2 [2][3] - Year-to-date performance shows Russell 2000 up 7.5%, S&P Mid Cap 400 up 5.5%, DJIA up 2.2%, Nasdaq Composite up 1.1%, S&P 500 up 1.0% [1] Sector Performance - Energy sector gained 3.1% and materials sector rose 2.6%, driven by commodity strength, while financials and real estate sectors fell 2.5% due to interest rate sensitivities [3] - Third-quarter GDP was revised upward to 4.4%, and Q4 S&P 500 growth projections increased to 8.2% [3] Commodities and Economic Outlook - Commodities saw a rally, with gold prices around $4,980 per ounce and silver surpassing $100 [4] - Markets expect no rate changes at the upcoming Fed meeting, with a focus on inflation progress and potential cuts later in the year [4] Corporate Earnings - Major tech companies including Microsoft, Meta Platforms, Apple, and Tesla are set to report earnings next week, with market attention on their guidance to maintain upward momentum [5][4] - The price action of these mega-cap stocks is crucial as the market remains near record highs [5] Rare Earth Investment - The Trump Administration plans to invest $1.6 billion in USA Rare Earth Inc for a 10% stake, with the stock rising 9% on Friday and 46% over the last five days [6] Copper Market Insights - Bernstein forecasts a significant copper shortage beginning in 2027, coinciding with the mass scaling of AI infrastructure, highlighting the critical role of copper in electricity delivery for data centers [9] - The AI supercycle and copper supercycle are expected to align as demand for copper increases [9] Investment Vehicles - The United States Copper Index Fund (CPER) is noted as a pure copper ETF that tracks copper futures, providing direct commodity exposure [11] - Sprott Copper "Miner" ETF (COPP) focuses on copper mining stocks while allocating a portion to physical copper, making it a blended investment option [13]

Core Viewpoint - The Sprott Copper Miners ETF (COPP) will include a 4.75% allocation to physical copper, making it the only ETF providing investment exposure to physical copper alongside copper mining equities [1][2][3] Group 1: ETF Modification - Effective June 23, 2025, the Nasdaq Sprott Copper Miners Index (NSCOPP) will be modified to include a 4.75% allocation to physical copper through the Sprott Physical Copper Trust [2] - This modification aims to enhance investment opportunities in the copper sector, which is critical for meeting global energy demands [3] Group 2: Market Positioning - COPP will be the only ETF that offers pure-play exposure to large-, mid-, and small-cap copper miners, alongside physical copper [1][3] - The addition of physical copper is expected to provide unprecedented access to this essential metal, which is increasingly important in the context of rising energy needs [3] Group 3: Sprott's ETF Family - COPP is part of Sprott's expanding range of critical materials and precious metals ETFs, which also includes ETFs focused on uranium, lithium, and nickel [4] - The Sprott ETFs aim to track the performance of various indices related to critical materials, providing diverse investment options in the natural resources sector [4]