It is curious. The index methodology which the ETF tracks is here (confirmed that the underlying index has also included WA1 as of May 1st). Presumably the committee considers Madura and/or the possibility of IOCG in West Arunta sufficient to satisfy criterion b) b. for the Selection Pool: "a company is expected to generate a significant part of its revenues in copper mining and/or closelyrelated activities (e.g. exploration or refining of copper) in the future". It seems Solactive, the index provider, and the ETF issuer, Mirae, work in close coordination, and I don't think the committee index inclusion and consequent large share purchase would have been done on a whim. Lastly, thought-provoking to see how a niche 2b USD AUM ETF taking a 50bps position in WA1 eats 1.6% of the share register. It will be an interesting period when other ETFs, particularly index trackers, need to build positions.
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