VanEck Office and Commercial REIT ETF

VanEck Office and Commercial REIT ETF (DESK) tracks the MarketVector US Listed Office and Commercial REITs Index, a basket of about two dozen real estate investment trusts (REITs) focused on office, industrial and retail property. It gives targeted exposure to those landlords, with 67% in ten holdings and only about $3.3 million in net assets as of June 30, 2026. Its 0.51% annual cost is more than double the 0.23% average of similar funds.

• Over the year to Oct 27, 2026, DESK returned -0.2%, 6th of 6 among similar funds.
• Its worst full calendar year was 2025 (-10.4%); its best was 2024 (+16.1%).
• The deepest fall in its price history was 28.6% (Oct 18, 2024 to Mar 27, 2026), not yet recovered.

As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 67.08% of assets. It also reported 8.35% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $684K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +11.88%, +4.72%, +9.52%.

DESK is an index fund: it tries to track the MarketVector US Listed Office and Commercial REITs Index before fees. VanEck, the fund's adviser, owns the index provider, MarketVector Indexes GmbH. To be added, a US-listed REIT must earn at least 50% of its revenue from office (excluding medical and life sciences offices), industrial or retail property and be worth at least $500 million. As of December 31, 2025, the index had 24 members worth about $382 million to $118.2 billion each.

Weights follow a modified, float-adjusted market capitalization approach: larger companies get bigger slices, counting only shares that trade freely, with adjustments that can limit the biggest names. As of June 30, 2026, Vornado Realty Trust, Cousins Properties and BXP were each about 10% of the fund, followed by SL Green Realty and Kilroy Realty at nearly 8% each. The top ten made up 67% of assets.

The index resets its membership twice a year and its weights quarterly. Portfolio turnover was 13%. Because the fund is passive, it generally keeps a struggling company until the index drops it. As a non-diversified fund, it can hold large single positions. Part of its quarterly distributions is expected to count as return of capital, which isn't taxed when paid but lowers your tax basis, possibly raising taxable gains later.

• DESK charges 0.51% a year, versus an average of 0.23% for the similar funds below (5th of 6, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $640 over 10 years (assuming a 5% annual return).

DESK is a narrow, top-heavy and very small REIT fund whose 28.6% decline had not been recovered as of October 27, 2026, which suits a minor side position more than a core one.

As a small side position, DESK could add quarterly income and targeted exposure to office, industrial and retail landlords. It launched in September 2023, so it has no record from the 2008, 2020 or 2022 downturns. It lost 10.37% in 2025, its worst calendar year. Its deepest drop, 28.6% from an October 18, 2024 peak to a March 27, 2026 low, had not been recovered as of October 27, 2026. Its three-year volatility (how widely returns swing) was 25.1%. Someone drawing cash during a slump could lock in losses. The trailing 12-month yield was 4.99% as of October 27, 2026, though part may be return of capital. In the SEC's standard example ($10,000 earning 5% a year), costs would total $52 after one year and $640 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.