“We haven’t made up our mind yet, but we certainly laid the groundwork to do that,” Bernstein said in the article.
Fund providers, though, argue that any concerns are unfounded since the new copper ETFs would be miniscule compared to the 20 million ton global copper market – according to SEC filings, the physical copper ETFs would take up 183,000 tons of copper. After JP Morgan’s approval, many also expect the SEC to provide a similar ruling on BlackRock’s proposed copper fund due on Feb. 22. [SEC Pushes Back Ruling on iShares Copper ETF]
The threat of litigation could further impeded JP Morgan’s efforts to launch the fund – it is now two years since the asset manager first filed for regulatory approval on the copper fund.
For more information on copper, visit our copper category.
Max Chen contributed to this article.