As we continue to ride the rally, stocks are looking fairly valued. Nevertheless, the markets are not perfectly efficient, and investors can still find some relatively cheap exchange traded fund bargain picks.

ETFs have to disclose holdings every day, which has allowed one investment research firm to quickly evaluate an ETF’s equity holdings with their analysts’ fair value estimates, writes Adam Zoll for Morningstar. Consequently, investors are able to find ETFs trading at a discount or premium to the value of their underlying holdings as calculated by Morningstar’s equity analysts.

“Currently the stock market is fairly valued, according to Morningstar’s equity analysts, and as a result, many ETFs – the majority of which are index-based and many of which track wide swaths of the market – are more or less fairly valued as well,” Zoll said.

However, there are still some opportunities to jump on. For instance, the Market Vectors Steel ETF (NYSEArca: SLX) is the most undervalued ETF on Morningstar’s list, trading around the mid-$40s despite a fair value estimate of $64. SLX tracks an index of 26 publicly traded steel industry firms. The fund has a 0.55% expense ratio.

Other bargain finds Morningstar has listed include:

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