What factors influence the price of metals ETFs?

Several factors can influence the price of metals ETFs. Changes in the economy tend to have the most significant impact on metals demand and prices, and can meaningfully influence metals ETF prices. Additionally, factors such as investor demand, interest rates, inflation, and trade policy can affect the prices of metal ETFs.

Are metal ETFs affected by global economic conditions?

Yes, metal ETFs are affected by global economic conditions. A recession can reduce demand for industrial metals, such as copper and iron ore, causing metal prices to fall and weighing on the value of ETFs focused on these commodities. On the other hand, the value of precious metals such as gold and silver typically rises when economic conditions worsen, making precious metals ETFs a good safe haven investment during times of trouble.

Do metal ETFs pay dividends?

Some metal ETFs pay dividends. Funds that invest in mining companies usually pay dividends because many of the mining companies they hold pay them. For example, as of August 2026, PICK has a 2.3% trailing 12-month yield, while XME's distribution yield is 0.4%, and REMX had a 0.4% 30-day yield. However, ETFs that invest in physical metals (e.g., DBB) don't pay dividends because these investments don't generate income.

What is the best ETF for industrial metals?

The best ETF for industrial metals is the iShares MSCI Global Metals & Mining Producers ETF. It focuses on companies that primarily mine or produce industrial metals. It has meaningful exposure to the top industrial metals (26.7% in iron ore and steel, 13.8% in copper, and 5.7% in aluminum) and diversified metals and mining companies (51.0% of its net assets) that primarily focus on industrial metals.

Which metal ETF is best?

The iShares MSCI Global Metals & Mining Producers ETF is the best metal ETF. It offers the most diversified exposure across the metals sector, with 257 holdings, and has a low expense ratio of 0.39%.

Is it good to buy a metal ETF now?

Investing in a metals ETF could be a good buy now. If you're currently concerned about inflation or geopolitical risk, now would be a good time to consider buying a precious metals ETF. Meanwhile, if you believe the global economy will continue expanding, now would be a good time to invest in an industrial metals ETF focused on companies that mine copper, aluminum, and iron ore. The prices of those metals rise when demand is growing, which tends to happen during periods of economic expansion when demand outpaces supply.

Does Vanguard have a metals fund?

Vanguard offers the Vanguard Global Capital Cycles Fund (NASDAQMUTFUND: VGPM.X). The fund aims to invest at least 25% of its assets into precious metals and mining securities. The fund also invests in companies that own high-quality infrastructure (e.g., utilities and telecommunications).

4 Best Metals ETFs for 2026 and How to Invest

Here are some of the largest exchange-traded funds focused on the metals industry.

By Matthew DiLallo – Updated Aug 6, 2026 at 11:08 AM EST | Fact-checked by Frank Bass

Key Points

The SPDR S&P Metals & Mining ETF provides diversified exposure to the U.S. metals and mining sector.
The iShares MSCI Global Metals ETF targets the top global non-precious metal miners.
The VanEck Rare Earth and Strategic Metals ETF focuses on metals crucial to tech and green energy.

Metal exchange-traded funds (ETFs) are investment funds that hold shares of metal mining companies or invest in metal futures contracts. Metals are crucial raw materials for infrastructure, manufacturing, and many emerging technologies. That’s why demand for everything from copper and iron ore to lithium and rare-earth tends to rise over time, often in cycles.

For investors who want broad exposure without picking individual mining stocks, exchange-traded funds (ETFs) on metals can be a simple way to invest in the sector. These funds typically invest in mining companies, metal-focused producers, or (in some cases) metal futures.

Below are the top metal ETFs to consider now.

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4 top metal ETFs for 2026:

There are several ETFs focused on the metals and mining sector, providing investors with many options. Here are some of the top ETFs focused on nonprecious metals (industrial metals such as iron ore, copper, and aluminum, as well as strategic and rare-earth metals) to consider adding to your portfolio:

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Ticker Information Table
Name and ticker	Current price
SPDR Series Trust - State Street SPDR S&P Metals & Mining ETF (NYSEMKT:XME)	$99.86
iShares - iShares Msci Global Metals & Mining Producers ETF (NYSEMKT:PICK)	$58.48
VanEck ETF Trust - VanEck Rare Earth And Strategic Metals ETF (NYSEMKT:REMX)	$55.78
Invesco Db Multi-Sector Commodity Trust - Invesco Db Base Metals Fund (NYSEMKT:DBB)	$24.75

Data as of Oct 14, 2026. Showing 4 of 4 total entries.

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1. State Street SPDR S&P Metals & Mining ETF

NYSEMKT: XME

SPDR Series Trust - State Street SPDR S&P Metals & Mining ETF

Today's Change

(-3.76%) $-3.90

Current Price

$99.86

Key Data Points

AUM

$4.1B

Dividend Yield

0.35%

Expense Ratio

0.35%

Top Holdings

CLF

5.74%

5.46%

STLD

5.35%

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The State Street SPDR S&P Metals & Mining ETF seeks to provide investors with exposure to metals and mining stocks by tracking the S&P Metals and Mining Select Industry Index. It holds shares of mining companies in the following subsectors of the metals and mining sector: aluminum, coal and consumable fuels, copper, diversified metals and mining, gold, precious metals and minerals, silver, and steel. The ETF had nearly $4.2 billion in assets under management (AUM) across 39 holdings in August 2026, led by the following five:

Centrus Energy (NYSE:LUE): 4.9% of the fund's holdings
Hecla Mining (HL -7.91%): 4.7%
Uranium Energy (UEC -6.55%): 4.6%
Coeur Mining (CDE -7.87%): 4.6%
Newmont Mining (NEM -3.49%): 4.5%

The ETF uses an equal-weight strategy, providing investors with targeted exposure to the entire U.S. metals and mining sector, including precious metals. It has the following allocation to metals:

Steel: 29.8%
Gold: 18.4%
Coal and consumable fuels: 17.8%
Diversified metals and mining: 16.0%
Aluminum: 8.9%
Silver: 4.6%
Copper: 4.5%

It charges a relatively low ETF expense ratio of 0.35%. The ETF is ideal for investors seeking exposure to the U.S. metals sector. The ETF can also provide some income, with a 0.4% distribution yield as of August 2026.

2. iShares MSCI Global Metals & Mining Producers ETF

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NYSEMKT: PICK

iShares - iShares Msci Global Metals & Mining Producers ETF

Today's Change

(-2.39%) $-1.43

Current Price

$58.48

Key Data Points

AUM

$2.4B

Dividend Yield

2.25%

Expense Ratio

0.39%

Top Holdings

BHP.AX

13.85%

FCX

6.61%

RIO.L

6.32%

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The iShares MSCI Global Metals & Mining Producers ETF offers investors targeted access to the global metals and mining industry, minus precious metals. The ETF had over $2.3 billion in AUM across 257 mining stocks in August 2026, led by the following five:

BHP Group (BHP -1.99%): 13.4% of the fund's holdings.
Rio Tinto (RIO -1.95%): 6.4%.
Freeport-McMoRan (FCX -3.87%): 6.0%.
Glencore (GLNCY -2.58%): 4.3%.
Nucor (NUE +1.30%): 3.6%.

The ETF takes a market-weighted approach to the global non-precious metals mining sector. It offers exposure to:

Diversified metals and mining: 51.0%
Steel: 26.7%
Copper: 13.8%
Aluminum: 5.7%
Precious metals and minerals: 2.8%

It charges a reasonable expense ratio of 0.39%. The fund's features make it ideal for those seeking to invest in an ETF weighted toward the largest non-precious metals miners worldwide. It also offers income potential, with a trailing 12-month dividend yield of 2.3% as of early August 2026.

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3. VanEck Rare Earth/Strategic Metals ETF

NYSEMKT: REMX

VanEck ETF Trust - VanEck Rare Earth And Strategic Metals ETF

Today's Change

(-2.91%) $-1.67

Current Price

$55.78

Key Data Points

AUM

$1.6B

Dividend Yield

2.33%

Expense Ratio

0.53%

Top Holdings

SQM

8.61%

ALB

8.14%

6.75%

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The VanEck Rare Earth and Strategic Metals ETF provides investors with targeted exposure to companies that produce, refine, and recycle rare-earth and strategic metals and minerals. The ETF had $2.1 billion in AUM and held shares of 37 rare-earth and strategic metals companies in August 2026, led by the following five:

Albemarle (ALB +0.33%): 7.5% of the fund's holdings
China Northern Rare Earth Group (SHSE:600111): 7.2%.
Pilbara Minerals (OTC:PILB.F): 7.0%
Lynas Rare Earths (LYC -5.14%): 7.0%.
MP Materials (MP -5.84%): 6.3%

The ETF allows investors to own a basket of companies focused on mining materials important to the technology and green energy sectors. It charges a modest 0.53% fee for access to these emerging metals. REMX also offers some income potential, with a 30-day yield of 0.4%.

4. Invesco DB Base Metals Fund

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NYSEMKT: DBB

Invesco Db Multi-Sector Commodity Trust - Invesco Db Base Metals Fund

Today's Change

(-1.16%) $-0.29

Current Price

$24.75

Key Data Points

AUM

$342M

Dividend Yield

2.42%

Expense Ratio

0.81%

Top Holdings

AGPXX

93.75%

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The Invesco DB Base Metals Fund enables investors to access commodity futures in a convenient, cost-effective way. The fund focuses on some of the most liquid and widely used base metals, such as aluminum, zinc, and copper. As of August 2026, the fund had $371 million in AUM across the following holdings:

LME Primary Aluminum futures: 29.2% of its net assets
LME Copper futures: 25.7%.
COMEX Copper futures: 25.3%
LME Nickel futures: 11.5%.
LME Zinc futures: 9.0%.
LME Lead futures: 3.9%

The ETF uses leverage and collateralizes futures contracts with cash, U.S. Treasury bills, and other Invesco products built around government debt.

The fund is somewhat speculative, as futures contracts can be highly volatile. It charges investors a modest expense ratio of 0.81%. The ETF is best for sophisticated investors who want to make a short-term trade on the thesis that base metals prices will rise sharply in the near term.

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How to buy metals ETFs

Open your brokerage account: Log in to your brokerage account where you handle your investments. If you don't have one yet, take a look at our favorite brokers and trading platforms to find the right one for you.
Search for the ETF: Enter the ticker into the search bar to bring up the ETF’s trading page.
Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this ETF.
Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
Submit your order: Confirm the details and submit your buy order.
Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.

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Benefits and risks of investing in metals ETFs

Investing in metals ETFs isn't for everyone. Here are some of the pros and cons of investing in the metals sector.

Benefits:

Rising demand: Growing demand for metals tends to drive up prices over the long term. That provides investors with the opportunity to profit from the metals market.
Inflation hedge: Metals can also be a good way to hedge against inflation, as their prices should keep pace with, or even exceed, the inflation rate.
Passive investment: Investing in metal ETFs allows investors to broadly bet on rising metal prices without picking individual metal stocks.

Risks:

Volatility: Metal prices can be highly volatile, especially during economic downturns.
Not a perfect hedge: Metals stocks and ETFs often aren't a perfect hedge against inflation.
Potential for underperformance: The top metals stocks could deliver higher returns than a metals ETF.

Methodology: How these ETFs were chosen

Several ETFs focus on metals. This group stood out for their differentiated focus on non-precious metals, size, and cost. Those features should enable these ETFs to deliver returns at or above their benchmarks over the long-term.

Should you invest in metal ETFs?

Metal ETFs can be a practical way to invest in long-term demand for the metals that power infrastructure, manufacturing, and new energy technologies. But they’re cyclical and can be volatile. For many investors, a metal ETF makes the most sense as a small, diversified position to capitalize on a catalyst rather than a core holding.

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Investing in metals ETFs: FAQ

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About the Author

Matt DiLallo has been a contributing Motley Fool stock analyst specializing in the energy, industrials, and real estate sectors since 2012. He also covers dividend-paying stocks, pre-IPO companies, ETFs, and other investing topics. He holds an MBA from Liberty University.

TMFmd19

@MatthewDiLallo

Matt DiLallo has positions in BHP Group. The Motley Fool recommends BHP Group, Lynas Rare Earths Ltd, MP Materials, and Steel Dynamics. The Motley Fool has a disclosure policy.

4 Best Metals ETFs for 2026 and How to Invest

Here are some of the largest exchange-traded funds focused on the metals industry.

Key Points

4 top metal ETFs for 2026:

1. State Street SPDR S&P Metals & Mining ETF

Key Data Points

2. iShares MSCI Global Metals & Mining Producers ETF

Key Data Points

3. VanEck Rare Earth/Strategic Metals ETF

Key Data Points

4. Invesco DB Base Metals Fund

Key Data Points

How to buy metals ETFs

Benefits and risks of investing in metals ETFs

Methodology: How these ETFs were chosen

Should you invest in metal ETFs?

Related investing topics

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Investing in metals ETFs: FAQ

What factors influence the price of metals ETFs?

What factors influence the price of metals ETFs?

Are metal ETFs affected by global economic conditions?

Are metal ETFs affected by global economic conditions?

Do metal ETFs pay dividends?

Do metal ETFs pay dividends?

What is the best ETF for industrial metals?

What is the best ETF for industrial metals?

Which metal ETF is best?

Which metal ETF is best?

Is it good to buy a metal ETF now?

Is it good to buy a metal ETF now?

Does Vanguard have a metals fund?

Does Vanguard have a metals fund?

About the Author

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4 top metal ETFs for 2026:

Key Data Points

How to buy metals ETFs

Benefits and risks of investing in metals ETFs

Methodology: How these ETFs were chosen

Should you invest in metal ETFs?

7 Best Materials Stocks for 2026 and How to Invest

5 Best Gold Stocks for 2026 and How to Invest

5 Best Mining Stocks for 2026 and How to Invest

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Investing in metals ETFs: FAQ

What factors influence the price of metals ETFs?

What factors influence the price of metals ETFs?

Are metal ETFs affected by global economic conditions?

Are metal ETFs affected by global economic conditions?

Do metal ETFs pay dividends?

Do metal ETFs pay dividends?

What is the best ETF for industrial metals?

What is the best ETF for industrial metals?

Which metal ETF is best?

Which metal ETF is best?

Is it good to buy a metal ETF now?

Is it good to buy a metal ETF now?

Does Vanguard have a metals fund?

Does Vanguard have a metals fund?

Key Data Points

Key Data Points

Key Data Points

4. Invesco DB Base Metals Fund

2. iShares MSCI Global Metals & Mining Producers ETF