DESK
VanEck Office and Commercial REIT ETF
DESK tracks a tiered modified market-cap weighted index composed of US-listed Office and Commercial REITs. The fund targets the top 25 highest ranked Office and Commerical REITs based on market cap and liquidity.
US
EQUITY
Passive
MANAGEMENT STYLE
1.7 M
ASSETS UNDER MGMT
50 bp
EXPENSES
Fund Basics
| Fund sponsor | VanEck |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 19, 2023 |
| Assets (mns) | $2 |
| Expense ratio | 50 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| VORNADO REALTY TRUST | 12.8 % |
| BOSTON PROPERTIES INC | 10.2 % |
| KILROY REALTY CORP | 9.5 % |
| SL GREEN REALTY CORP | 8.5 % |
| CORPORATE OFFICE PROPERTIES | 6.9 % |
| COUSINS PROPERTIES INC | 6.7 % |
| DOUGLAS EMMETT INC | 4.9 % |
| HIGHWOODS PROPERTIES INC | 4.3 % |
| SIMON PROPERTY GROUP INC | 4.3 % |
| REALTY INCOME CORP | 3.5 % |
Constituent Breakdown
| Number of holdings | 26 |
| Herfindahl-Hirschman Index | 614 |
| Wgt avg mkt cap (mns) | $11,539 |
| Large cap (>$10bn) | 27.3% |
| Mid cap ($2-10bn) | 61.0% |
| Small cap (<$2bn) | 11.7% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 99.8 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 23.5% | -- | -- | -- | -- | -- | 23.5% | Volatility | 24.1% | 29.0% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 2.5% |
| Avg. Bid/Ask (% of price) | 0.00% |
| ADV of underlying (mns) | $1,369 |
Technical Indicators
| Recent close | $42.81 |
| 30d moving avg. | $45.05 |
| Annualized volatility | 0.0% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 9.7% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DESK |
Expenses vs. DESK |
ALTAR Score™ vs. DESK |
|---|---|---|---|---|
| PPTY | US Diversified Real Estate ETF | 25.2% | +3 bp | -4.1% |
| RWR | SPDR Dow Jones REIT ETF | 20.8% | -25 bp | -3.6% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 19.9% | -39 bp | -3.5% |
| FRI | First Trust S&P REIT Index Fund | 19.8% | 0 bp | -3.7% |
| USRT | iShares Core U.S. REIT ETF | 19.4% | -42 bp | -3.4% |
| DFAR | Dimensional US Real Estate ETF | 18.6% | -31 bp | -3.3% |
| SCHH | Schwab U.S. REIT ETF | 18.6% | -43 bp | -3.1% |
| BLDG | Cambria Global Real Estate ETF | 18.4% | +10 bp | +5.3% |
| IRET | iREIT - MarketVector Quality REIT Index ETF | 18.4% | +10 bp | -3.4% |
| REAI | Intelligent Real Estate ETF | 18.0% | +9 bp | +3.2% |
Risk and Returns: DESK vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
DESK
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
DESK
10.2%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.6%. DESK's ALTAR Score™ is approximately
1.8 standard deviations
above
the category average. This places DESK in the 96th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DESKSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 192 |
| Avg. Expense Ratio | 31.0 bp |
| Std. Deviation | 25.7 bp |
| DESK (50 bp) Percentile rank | 77 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DESK | 50.0 | 0.0 | 50 |
| Peer Avg. | 44.0 | 16.8 | 60.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .