Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Declines By 23.4%

VanEck Steel ETF (NYSEARCA:SLX) was the recipient of a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 23,748 shares, a decrease of 23.4% from the February 26th total of 30,988 shares. Based on an average trading volume of 103,809 shares, the days-to-cover ratio is presently 0.2 days. Approximately 1.2% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SLX. Highline Wealth Partners LLC acquired a new stake in shares of VanEck Steel ETF in the third quarter valued at $25,000. Geneos Wealth Management Inc. acquired a new position in VanEck Steel ETF during the 3rd quarter worth about $30,000. Farther Finance Advisors LLC lifted its stake in VanEck Steel ETF by 288.5% during the 4th quarter. Farther Finance Advisors LLC now owns 610 shares of the exchange traded fund’s stock worth $52,000 after acquiring an additional 453 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in VanEck Steel ETF during the 4th quarter valued at about $72,000. Finally, CoreCap Advisors LLC boosted its holdings in VanEck Steel ETF by 286.6% during the 4th quarter. CoreCap Advisors LLC now owns 924 shares of the exchange traded fund’s stock valued at $78,000 after acquiring an additional 685 shares during the period.

VanEck Steel ETF Stock Performance

NYSEARCA:SLX opened at $88.17 on Friday. VanEck Steel ETF has a fifty-two week low of $51.69 and a fifty-two week high of $103.00. The company has a 50 day moving average price of $94.83 and a 200 day moving average price of $84.88. The stock has a market capitalization of $175.46 million, a P/E ratio of 14.09 and a beta of 1.33.

VanEck Steel ETF Company Profile

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore. The Index includes companies primarily involved in a variety of activities related to steel production, including the operation of manufacturing mills and fabrication of steel products.