At a glance
SLX charges 0.55% a year, above the 0.4% average of the 6 funds most like it (the 5th cheapest of 7). It has $170.0M in assets, the 6th largest of that group; it paid 1.3% of its price in distributions over the past 12 months, annual. Over the past year it returned +30.7% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +21.0% a year. At its worst it fell 47.8% in the 2020 crash (S&P 500: 33.7%) and 33.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows. Its ten largest positions make up 58.1% of the fund, out of 39 in all.
The short version
VanEck Steel ETF (SLX) is an index fund that tracks the MarketVector Global Steel Index, about 40 iron ore miners and steelmakers such as BHP, Vale, Rio Tinto and Nucor. It is a narrow, global bet on one industry, with about four-fifths of assets outside the US as of June 30, 2026. Its 0.55% expense ratio is above the 0.40% average for similar metals and materials funds, and its price swings are large.
Price history
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SLX +30.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SLX official prospectus, to Dec 31, 2025 | — | +47.16% | — | +18.21% | +19.77% | — |
| SLX price data to Oct 27, 2026 | +19.7% | +30.7% | +21.0% | +17.1% | +15.9% | +7.6% |
- Over the year to Oct 27, 2026, SLX returned +30.7%, 1st of 7 among similar funds.
- Its 5-year annualized return was +17.1% and its 10-year +15.9%.
- In the 2020 COVID crash it fell 47.8% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2008 (-63.8%); its best was 2009 (+112.8%).
- The deepest fall in its price history was 82.2% (May 16, 2008 to Jan 25, 2016), recovered by Jan 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.7% | — |
| 2025 | +47.4% | +47.16% |
| 2024 | -17.9% | -17.93% |
| 2023 | +31.2% | +31.23% |
| 2022 | +14.3% | +13.87% |
| 2021 | +28.0% | +27.91% |
| 2020 | +20.6% | +20.57% |
| 2019 | +12.0% | +11.02% |
| 2018 | -19.3% | -18.94% |
| 2017 | +24.5% | +23.87% |
| 2016 | +95.8% | +95.77% |
| 2015 | -42.0% | — |
| 2014 | -26.3% | — |
| 2013 | +4.2% | — |
| 2012 | +4.7% | — |
| 2011 | -32.9% | — |
| 2010 | +19.7% | — |
| 2009 | +112.8% | — |
| 2008 | -63.8% | — |
| 2007 | +84.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.7% over that stretch · deepest drop along the way 82%, back to its old high 170.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.8% over that stretch · deepest drop along the way 47.8%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.1% over that stretch · deepest drop along the way 33.6%, back to its old high 4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.3200 | -36.5% |
| 2024 | $2.0800 | +0.5% |
| 2023 | $2.0700 | -28.1% |
| 2022 | $2.8800 | -23.4% |
| 2021 | $3.7600 | +353.0% |
| 2020 | $0.8300 | -36.2% |
| 2019 | $1.3000 | -40.4% |
| 2018 | $2.1800 | +89.6% |
| 2017 | $1.1500 | +187.5% |
| 2016 | $0.4000 | -61.5% |
| 2015 | $1.0400 | -10.3% |
| 2014 | $1.1600 | +18.4% |
| 2013 | $0.9800 | -9.3% |
| 2012 | $1.0800 | -5.3% |
| 2011 | $1.1400 | +10.7% |
| 2010 | $1.0300 | +5.1% |
| 2009 | $0.9800 | -27.9% |
| 2008 | $1.3600 | +177.6% |
| 2007 | $0.4900 |
What's inside
As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 58.14% of assets. It also reported 3.1% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| BHP Group Ltd | 7.74% | |
| Vale SA | 7.50% | |
| Rio Tinto PLC | 7.38% | |
| Nucor Corp | 6.15% | |
| Steel Dynamics Inc | 5.46% | |
| Rio Tinto Ltd | 5.06% | |
| ArcelorMittal SA | 5.02% | |
| Nippon Steel Corp | 4.69% | |
| Fortescue Ltd | 4.62% | |
| Reliance Inc | 4.53% | |
| POSCO Holdings Inc | 4.19% | |
| Tenaris SA | 3.93% | |
| China Steel Corp | 3.08% | |
| BlueScope Steel Ltd | 2.60% | |
| SSAB AB | 2.33% |
By country
Australia 22.98%United States 20.08%Luxembourg 10.78%Brazil 9.64%Japan 9.38%By asset type
Stocks 100.02%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $13.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.71%, +7.21%, -10.97%.
How it works
SLX aims to match the MarketVector Global Steel Index, before fees and expenses. MarketVector Indexes GmbH publishes the index, and it is a wholly owned subsidiary of VanEck, the fund's adviser. The index holds companies that mainly mine and process iron ore, make, process, fabricate or recycle steel, or run steel plants and related services. They can be any size and can be foreign or from emerging markets. As of December 31, 2025, the index had 38 companies, worth between about $1.3 billion and $153.3 billion each.
The index is "modified market-cap weighted" and "float-adjusted." That means larger companies get larger weights, counting only the shares the public can trade. The index rules then adjust those weights rather than relying on size alone. The fund normally puts at least 80% of its assets in index stocks. It does not try to beat the index or move into cash for protection. It is also "non-diversified": it can put more money into a single company than a typical fund. As of June 30, 2026, its top 10 holdings made up 58.1% of the fund.
The fund uses no leverage, options or derivatives. Portfolio turnover, meaning how much of the portfolio was traded in a year, was 107%. Trading costs from that turnover are not part of the expense ratio. Most holdings are foreign, so currency moves also affect returns. A small cash position of about 3.1% appears to be collateral from securities lending, where the fund lends shares to other investors for a fee.
What it really costs
- SLX charges 0.55% a year, versus an average of 0.4% for the similar funds below (5th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.09% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $790 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SLX | $56 | $196 | $348 | $790 |
In a retirement portfolio
SLX holds about 40 companies in a single cyclical industry and has suffered losses of more than 80%, so it fits as a small add-on rather than a foundation.
SLX offers targeted exposure to steel and iron ore, but its history shows how far it can fall. It lost 82.2% from its May 2008 peak to its January 2016 low and did not regain that peak until January 2023, nearly 15 years later. Its worst calendar year was 2008, at -63.8%. In the 2020 crash it fell 47.8% but recovered by November 2020. In 2022 it dropped 33.6% before recovering by January 2023. Someone selling shares to cover expenses during a slump like 2008 would have locked in deep losses. Income is modest: the trailing yield was 1.3% as of October 27, 2026, paid once a year. At 0.55%, costs come to $56 in the first year in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, targeted stake in global steelmakers and iron ore miners such as BHP, Vale and Nucor alongside broader holdings.
- People who can handle large swings: 24% one-year volatility and an 82.2% peak-to-trough fall that began in 2008.
- Those seeking non-US exposure, with Australia, Brazil, Japan, Luxembourg and the UK making up most of the fund as of June 30, 2026.
Look elsewhere if
- Retirees who rely on steady income; the trailing yield was 1.3% as of October 27, 2026, paid only once a year.
- Cost-focused investors; 0.55% is above the 0.40% peer average and well above Vanguard Materials ETF (VAW) at 0.09%.
- Anyone who may need to sell during a downturn; after its 2008 peak the fund took until January 2023 to recover.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SLX this fund | — | 0.55% | $170.0M | +30.7% | +21.0% |
| PICK iShares MSCI Global Metals & Mining Produce… | 16% | 0.39% | $2.58B | +26.0% | +18.5% |
| XME SPDR S&P Metals & Mining ETF | 15% | 0.35% | $4.38B | +3.1% | +27.4% |
| PYZ Invesco Dorsey Wright Basic Materials Momen… | 14% | 0.6% | $72.1M | +6.6% | +17.0% |
| FXZ First Trust Materials AlphaDEX Fund | 13% | 0.61% | $368.2M | +24.0% | +10.5% |
| IYM iShares U.S. Basic Materials ETF | 10% | 0.39% | $1.16B | +24.9% | +16.2% |
| VAW Vanguard Materials ETF | 8% | 0.09% | $4.55B | +13.9% | +13.3% |
Questions investors ask
Is SLX good for retirement?
SLX is a narrow, high-risk fund, so it is usually considered only as a small part of a retirement portfolio. It holds about 40 steel and iron ore companies. It fell 82.2% from May 2008 to January 2016 and did not regain its 2008 peak until January 2023. Its 1.3% trailing yield, as of October 27, 2026, is paid once a year. It may suit investors who can hold through long slumps without selling.
What does SLX invest in?
SLX holds steelmakers and iron ore miners from the MarketVector Global Steel Index. As of June 30, 2026, its largest holdings were BHP Group (7.7%), Vale (7.5%), Rio Tinto PLC (7.4%), Nucor (6.1%) and Steel Dynamics (5.5%), and its top 10 made up 58.1% of the fund. By country, Australia (23.0%) and the US (20.1%) were the largest, followed by Luxembourg, Brazil, Japan and the UK.
Does SLX pay a dividend?
Yes, SLX pays a dividend once a year. Over the 12 months to October 27, 2026, it paid $1.32 per share, for a trailing yield of 1.3%. The dividends come from the steel and mining companies it owns, so the amount can change a lot from year to year as commodity prices and company profits rise and fall. Because it pays annually, it isn't built for regular monthly or quarterly income.
What's the difference between SLX and PICK?
SLX focuses on steel and iron ore, while iShares MSCI Global Metals & Mining Producers ETF (PICK) covers metals and mining producers more broadly. The funds share only about 16% of their holdings. PICK costs 0.39% a year against SLX's 0.55%, and it is far larger, with about $2.58 billion in assets as of August 31, 2026, against about $170 million for SLX. As of October 27, 2026, SLX returned 30.7% over one year and PICK returned 26%.
How has SLX performed over the long term?
SLX has delivered strong long-term returns, with sharp swings along the way. As of December 31, 2025, its average annual returns were 47.16% over one year, 18.21% over five years and 19.77% over ten years. It also lost 18.94% in 2018 and 17.93% in 2024. Its worst quarter was a 41.9% drop in early 2020. A 47.11% gain in late 2020 followed. Past returns don't predict future results.