On the other hand, the broader SPDR Metals & Mining ETF (NYSEArca: XME) was up 0.5% Friday.

Investors who want to focus on U.S. steel may find a better opportunity in XME, which includes a hefty 49.7% tilt toward steel producers, along with coal & consumable fuels 14.1%, aluminum 12.0%, gold 9.0%, silver 6.3% and copper 5.1%.

XME tries to reflect the performance of the S&P Metals & Mining Select Industry Index, which is designed to track the metals and mining segment of the S&P Total Market Index, a broad U.S. equity market index. However, unlike the traditional cap-weighted indexing methodology, XME follows a more equally weighted approach.

This also goes to show that ETF investors should take the time to perform their due diligence when looking into an ETF option. It is important to consider an ETF’s underlying holdings and indexing methodology before diving in.

Consequently, investors who want U.S.-based steel exposure may be better served with a play like XME, even if U.S. steel only makes up about half of the fund’s portfolio, as there are no other targeted alternatives currently available.