DESK vs. HIPS ETF Comparison

Comparison of VanEck Office and Commercial REIT ETF (DESK) to Master Income ETF (HIPS)

DESK

VanEck Office and Commercial REIT ETF

DESK Description

The fund normally invests at least 80% of its total assets in Office and Commercial Real Estate Companies. The index is comprised of equity securities of Office and Commercial Real Estate Companies and is intended to give investors a means of tracking the overall performance of U.S exchange-listed real estate investment trusts (REITs) involved in the office and commercial real estate markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$44.94

Average Daily Volume

615

Number of Holdings ^*

* may have additional holdings in another (foreign) market

HIPS

Master Income ETF

HIPS Description

The Master Income ETF seeks to track the total return performance, before fees and expenses, of the TFMS HIPS 300 Index. The Index is constructed to capture 300 high income securities, typically with pass-through structures, across the following sectors: (i) closed-end funds (“CEFs”), (ii) mortgage real estate investment trusts (“REITs”), (iii) commercial equity REITs, (iv) residential/diversified REITs, (v) asset management and business development companies (“BDCs”), and (vi) energy production and energy transportation & processing companies. Energy-related companies included in the Index are expected to primarily be structured as master limited partnerships (“MLPs”). CEFs included in the Index are limited to taxable, debt-based funds and may include CEFs that invest primarily in bank loans, high-yield securities (also known as “junk bonds”), foreign securities (including those in emerging markets), and mortgage- or asset-backed securities. The Index is constituted using proprietary methodology developed by Trust and Fiduciary Management Services, Inc. The Index Provider determines the relative weightings of the securities in the Index and publishes information regarding the market value of the Index.

Grade (RS Rating)

Last Trade

$12.69

Average Daily Volume

35,371

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	DESK	HIPS
30 Days	1.93%	-1.34%
60 Days	7.81%	-0.18%
90 Days	13.32%	4.00%
12 Months	39.14%	15.30%

0 Overlapping Holdings

	Symbol	Grade	Weight in DESK	Weight in HIPS	Overlap

DESK Overweight 24 Positions Relative to HIPS

Symbol	Grade	Weight
VNO	B	11.46%
BXP	C	9.97%
KRC	B	8.85%
SLG	B	8.34%
CDP	A	6.59%
CUZ	B	6.45%
EQC	C	4.6%
HIW	C	4.51%
DEI	B	4.21%
SPG	A	3.91%
O	D	3.58%
PLD	F	3.26%
ESRT	D	2.71%
PDM	B	2.52%
KIM	A	2.47%
AAT	B	2.46%
DEA	C	2.42%
WPC	F	1.91%
PGRE	C	1.89%
REG	B	1.73%
JBGS	D	1.57%
BDN	D	1.46%
HPP	F	1.04%
REXR	F	1.0%

DESK Underweight 37 Positions Relative to HIPS

Symbol	Grade	Weight
LTC	A	-2.86%
BGX	C	-2.8%
JQC	C	-2.76%
JFR	A	-2.72%
ARCC	B	-2.7%
FCT	A	-2.67%
SBRA	B	-2.67%
BXSL	B	-2.65%
ALX	D	-2.65%
GTY	C	-2.65%
OHI	B	-2.65%
BLW	C	-2.64%
EFT	A	-2.62%
GLPI	C	-2.6%
ET	A	-2.59%
SLRC	C	-2.59%
NBB	C	-2.57%
FSK	B	-2.55%
GBDC	D	-2.54%
DSU	C	-2.53%
EPD	A	-2.52%
FDUS	D	-2.51%
KRP	B	-2.5%
DMLP	A	-2.49%
MPLX	A	-2.49%
WES	D	-2.47%
EPR	D	-2.46%
CQP	B	-2.44%
PAA	C	-2.43%
NNN	D	-2.41%
USAC	F	-2.37%
BSM	C	-2.35%
GSBD	F	-2.33%
PK	D	-2.32%
NMFC	F	-2.23%
NHS	D	-2.08%
GNL	D	-2.02%