Breaking the AI Bottleneck: Introduction to AI Power Thematic ETFs - Global X ETFs Hong Kong

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  • The investment objective of the Global X Copper Miners ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive Copper Miners Index (the “Index”).
  • The Index is a new index and has minimal operating history by which investors can evaluate its previous performance. The Fund may be riskier than other exchange traded funds tracking more established indices with longer operating history.
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  • The investment objective of Global X China Clean Energy ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the Solactive China Clean Energy Index.
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  • The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.
  • Investment in Emerging Market, such as A-share market, may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risk, currency risks, political risk, legal and taxation risks, and the likelihood of a high degree of volatility.
  • The Stock Connect is subject to quota limitations. Where a suspension in the trading through the Stock Connect is effected, the Sub-Fund’s ability to invest in A-Shares or access Mainland China markets through the programme will be adversely affected.
  • Listed companies on the ChiNext market and/or STAR Board are usually subject to higher fluctuation in stock prices and liquidity risks, over-valuation risk, differences in regulation, delisting risk, and concentration risk.
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  • The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.
  • The Fund may suffer from a losses or delays when recovering the securities lent out. This may potentially affect its ability to meet payment and redemption obligations. Collateral shortfalls due to inaccurate pricing or change of value of securities lent, may cause significant losses to the Fund.
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Breaking the AI Bottleneck: Introduction to AI Power Thematic ETFs

By: Global X HK ETF Research

Today, the primary bottleneck for AI has shifted from software and semiconductor to a purely physical limitation: a critical global shortage of power and raw materials required to run AI data centres. Because AI models and semiconductors cannot function without a massive, stable supply of electricity, establishing the right infrastructure has become crucial. To help investors capitalize on this structural transition, we highlight a few specialized Hong Kong-listed ETFs (thematic ETFs) below.

[Table] AI Power Thematic ETFs

ETF Ticker Category Top 3 Holdings
Global X Copper Miners 3014 HK AI Power Upstream Southern Copper, GRUPO MEXICO SAB DE CV-SER B, Freeport-McMoRan
Global X AI Infrastructure 3401 HK AI Power Downstream Arista Networks, Southern Copper, Freeport-McMoRan
Global X China Clean Energy 2809 HK Single Country Yangtze Power, Sungrow, NARI

(Source) Mirae Asset Global Investments (HK), as of September 2026

AI Power Upstream: Global X Copper Miners ETF (3014 HK)

This ETF invests in globally leading copper miners. They are the primary beneficiaries of accelerating AI data centre buildouts and global power grid modernization, because:

  • Used Everywhere: Copper is needed for almost every part of AI grid. Green energy power plants use 4 to 6 times more copper than old fossil-fuel plants. Also, deep-sea internet cables need giant copper tubes to send power across oceans. Top mining companies are delivering robust profitability/earnings because their costs stay the same while copper prices go up.
  • Slow Supply vs. Fast Demand: Finding a new copper mine and starting to dig takes an average of 15+ years. While the demand for copper is exploding because of AI and green energy, the supply cannot grow fast enough.

[Figure] Copper price trend

(Source) Mirae Asset Global Investments (HK), as of September 2026

AI Power Downstream: Global X AI Infrastructure ETF (3401 HK)

This ETF focuses on the physical hardware needed to build, power, and cool AI server rooms. No matter which AI software wins the tech race, every company must buy heavy power grids, transformers, and cooling systems.

  • Years of Backed-Up Orders: For big tech companies, the biggest risk is delaying their AI projects, not the cost of the equipment. They happily pay higher prices just to get their hardware on time. Because of this, the companies in this ETF have years of backed-up orders, which support sales demands for the next several years.
  • Passing Costs to Buyers: When raw copper prices go up, the equipment makers in this ETF may be less affected. They have smart contracts that automatically pass the higher material costs onto their buyers.

[Table] Category Allocation of 3401 HK

Category Weight Products Relevant companies
Industrials 37% Transformers, liquid cooling systems, and heavy cables Vertiv, Schneider Electric, Eaton, GE Vernova
Materials 25% Copper mining and Uranium Southern Copper, Freeport-McMoRan, Antofagasta, Cameco
IT 23% High-speed network switches and connectors Arista Networks, Amphenol, Delta Electronics
Utilities 14% Clean power generation plants Constellation Energy, NextEra Energy

(Source) Mirae Asset Global Investments (HK), as of September 2026

Single Country: Global X China Clean Energy ETF (2809 HK)

China leads the global electrification wave and maintains the world’s most competitive supply chain for electrical infrastructure equipment.

A common misconception is that this ETF is heavily exposed to the volatile solar panel manufacturing segment. In reality, solar PV components account for only 15% of the index.

The dominant allocations are instead directed toward Grid hardware (30%) and Power inverters & Energy Storage Systems (25%). Furthermore, the ETF allocates 20% of its weight to relatively stable Clean Energy Utilities, which supply the constant, carbon-free baseload electricity required to keep AI servers running safely.

[Table] Category Breakdown of 2809 HK

Category Weight Role in the AI Power Chain Key Holdings
Grid Hardware & Automation 30% Sends power from plants to data centres over long distances NARI Technology, Xuji Electric
Power Inverters & Storage (ESS) 25% Smooths out unsteady green energy and stores it in mega-batteries for AI use Sungrow Power, GoodWe
Utilities 20% Generates steady, 24/7 carbon-free electricity China Yangtze Power
Solar PV Modules 15% Solar panel manufacturing LONGi Green Energy, Tongwei
Wind & Hydrogen 11% Wind turbine systems to diversify the clean energy supply Goldwind, Mingyang Smart Energy

(Source) Mirae Asset Global Investments (HK), as of September 2026

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