Commodities hedge fund RK Capital Management has lost its bid to stop a copper exchange-traded fund that it warned could “wreak havoc on the U.S. and global economy.”

The Securities and Exchange Commission last week approved a rule change at NYSE Arca that will allow the launch of a physical copper ETF. That fund will be launched by JPMorgan Chase, but is expected to be followed by two others, from BlackRock and ETF Securities.

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Copper ETF Approved Over Hedge Fund’s Objections | FINalternatives.