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
2.4 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 +
| BOSTON PROPERTIES INC | 10.3 % |
| VORNADO REALTY TRUST | 10.3 % |
| SL GREEN REALTY CORP | 9.6 % |
| COUSINS PROPERTIES INC | 9.4 % |
| KILROY REALTY CORP | 8.7 % |
| HIGHWOODS PROPERTIES INC | 4.7 % |
| CORPORATE OFFICE PROPERTIES | 4.5 % |
| DOUGLAS EMMETT INC | 4.0 % |
| REALTY INCOME CORP | 3.9 % |
| SIMON PROPERTY GROUP INC | 3.6 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 613 |
| Wgt avg mkt cap (mns) | $12,190 |
| Large cap (>$10bn) | 27.9% |
| Mid cap ($2-10bn) | 55.6% |
| Small cap (<$2bn) | 15.2% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 99.5 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -10.7% | 8.1% | -- | -- | -- | -- | -- | 9.3% |
| Dividend Yield | 0.0% | 0.8% | -- | -- | -- | -- | -- | 2.4% |
| Total Returns | -10.7% | 8.9% | -- | -- | -- | -- | -- | 11.7% | Ann. Volatility | 30.5% | 26.4% | -- | -- | -- | -- | -- | 29.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.92 | 35% |
| MSCI EAFE | 0.41 | 7% |
| MSCI Emg Mkts | 0.24 | 1% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.00% |
Technical Indicators
| Recent close | $40.75 |
| 30d moving avg. | $38.67 |
| Annualized volatility | 19.5% |
| Relative strength (RSI) | 58 |
| Short interest | 0.1% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| PPTY | US Diversified Real Estate ETF | 26.0% | +3 bp | +7.8% |
| RWR | SPDR Dow Jones REIT ETF | 21.3% | -25 bp | +7.5% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 20.7% | -39 bp | +7.9% |
| FRI | First Trust S&P REIT Index Fund | 20.1% | 0 bp | +7.4% |
| REAI | Intelligent Real Estate ETF | 19.9% | +9 bp | +13.2% |
| USRT | iShares Core U.S. REIT ETF | 19.7% | -42 bp | +7.7% |
| SCHH | Schwab U.S. REIT ETF | 19.0% | -43 bp | +8.0% |
| DFAR | Dimensional US Real Estate ETF | 18.9% | -31 bp | +8.0% |
| FREL | Fidelity MSCI Real Estate Index ETF | 17.9% | -42 bp | +7.6% |
| IYR | iShares U.S. Real Estate ETF | 17.4% | -10 bp | +7.4% |
Risk and Returns: 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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 6/16/2025
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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
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™
12.7%
Cat. Avg
5.9%
ALTAR Score™ Calculation
Category Overview
There are 935 funds in the US Equity category, with an average ALTAR Score™
of 5.9% and a standard deviation of
2.3%. 's ALTAR Score™ is approximately
2.9 standard deviations
above
the category average. This places in the 99th 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 |
| (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) |
|
|---|---|---|---|
| 50.0 | 0.0 | 50 | |
| Peer Avg. | 43.7 | 16.7 | 60.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .