ETF Evaluator:
VanEck Steel ETF ()
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(as of Aug 26)
Best Performing in Natural Resources Over the Last Year
| 88.7% | Global X Copper Miners ETF (COPX) |
| 83.8% | Themes Copper Miners ETF (COPA) |
| 82.3% | Sprott Copper Miners ETF (COPP) |
| 81.2% | Sprott Junior Copper Miners ETF (COPJ) |
| 76.4% | iShares Copper and Metals Mining ETF (ICOP) |
Risk
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Risk
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ETF Details
VanEck Steel ETF Overview
VanEck Steel ETF (SLX) is a passively managed Sector Equity Natural Resources exchange-traded fund (ETF). VanEck launched the ETF in 2006.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketVector™ Global Steel Index.
The fund normally invests at least 80% of its total assets in securities that comprise the fund’s benchmark index. The steel index is a modified market-capitalization weighted, float-adjusted index comprised of publicly traded companies primarily involved in mining and processing of iron ore, the production, processing, fabrication and recycling of steel products, the operation of steel production facilities and related services, and/or recycling of steel products. The fund is non-diversified.
About VanEck Steel ETF (SLX)
There are 2 members of the management team with an average tenure of 11.04 years: Peter Liao (2006) and Ralph Lasta (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MarketVector Global Steel NR USD index with a weighting of 100%. VanEck Steel ETF has 42 securities in its portfolio. The top 10 holdings constitute 58.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VanEck Steel ETF is part of the Equity global asset class and is within the Sector Equity ETF group. VanEck Steel ETF has 69.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 30.1% There is 69.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck Steel ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $168 million in total assets, which is below the $1 billion average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VanEck Steel ETF expense ratio is average compared to funds in the Natural Resources category. VanEck Steel ETF has an expense ratio of 0.55%, which is 4% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VanEck Steel ETF has a portfolio turnover rate of 107%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Natural Resources category.
Recently, in the month of July 2026, VanEck Steel ETF returned 6.7%, which earned it a grade of A, as the Natural Resources category had an average return of -2.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VanEck Steel ETF has a trailing yield of 1.25%, which is below the 2.30% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VanEck Steel ETF Grades
Year to date, the ETF has returned 24.3%, 17.8 percentage points better than the category, which translates into a grade of A. The fund has returned 56.9% over the past year (grade of B), 17.3% over the past three years (grade of A) and 14.7% per year over the past five years (grade of A) and 16.5% per year over the past 10 years (grade of A).
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SLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SLX Return (NAV) | 6.7% | 1.8% | 56.9% | 17.3% | 14.7% | 16.5% |
| SLX Return (Price) | 7.2% | 2.0% | 57.4% | 17.3% | 14.7% | 16.5% |
| NAV +/- Price Return | -0.515% | -0.176% | -0.491% | -0.025% | -0.000% | -0.009% |
| Natural Resources Avg | -2.2% | -9.2% | 33.5% | 9.8% | 7.4% | 10.4% |
| SLX Grade (NAV) | A | A | B | A | A | A |
| +/- Category (NAV) | 8.9% | 11.0% | 23.4% | 7.5% | 7.3% | 6.1% |
| SLX Tax-Cost Ratio | na | na | 0.6% | 1.1% | 1.6% | 1.4% |
SLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SLX Return (NAV) | 24.3% | 47.2% | -17.9% | 31.3% | 14.1% | 28.3% | 20.3% | 11.2% | -19.0% | 24.0% | 95.8% |
| SLX Return (Price) | 24.3% | 47.4% | -17.9% | 31.2% | 14.3% | 28.0% | 20.6% | 11.2% | -19.3% | 24.4% | 95.8% |
| NAV +/- Price Ret | -0.000% | 0.005% | 0.002% | -0.005% | 0.017% | -0.012% | 0.013% | 0.1% | 1.4% | 1.6% | 0.1% |
| Natural Resources Avg | 6.5% | 43.5% | -6.0% | 9.9% | -7.3% | 30.1% | 22.9% | 18.4% | -16.7% | 25.1% | 28.4% |
| SLX Grade (NAV) | A | B | F | A | A | C | C | F | D | C | A |
| +/- Category | 17.8% | 3.7% | -11.9% | 21.4% | 21.4% | -1.8% | -2.6% | -7.2% | -2.3% | -1.1% | 67.4% |
| Risk Measures | |
| Beta: | 1.31 |
| R-Squared: | 52% |
| Standard Deviation: | 23.0% |
| Category Risk Index: | 0.95 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.88 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 169 Mil |
| Share Class Assets: | $ 169 Mil |
| Turnover: | 107.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 19.8 years | |||
| Average Tenure: 11.0 years | |||
| Managers (Year): Liao Peter (2006), Lasta Ralph (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 58.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 69.9% |
Portfolio Allocation |
|
| Domestic Stock: | 30.1% |
| Foreign Stock: | 69.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VanEck |
| Phone Number: | 800-826-2333 |
| Website: | www.marketvectorsetfs.com |
| Inception Date: | October 10, 2006 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.53% |
