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Related Funds

MORT
VanEck Vectors Mortgage REIT Income ETF

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VanEck Vectors BDC Income ETF

XMPT
VanEck Vectors CEF Municipal Income ETF

PFXF
VanEck Vectors Preferred Securities ex Financials ETF

Fund Description

The VanEck Vectors^® Preferred Securities ex Financials ETF (PFXF^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Wells Fargo^® Hybrid and Preferred Securities ex Financials Index. The Index is intended to track the overall performance of U.S.-listed preferred securities excluding those with a financial sector classification, including securities that, in Wells Fargo Securities LLC's judgment, are functionally equivalent to preferred securities such as convertible securities, depository preferred securities and perpetual subordinated debt.

Fund Ticker
PFXF
Exchange
NYSE Arca
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
WHPSL
Index Rebalancing
Monthly

as of 04/16/21

30-Day SEC Yield¹
5.07%
Total Net Assets
$944.7M
Number of Holdings
140
Options
Expected
Gross Expense Ratio²
0.44%
Net Expense Ratio/TER²
0.41%
Distribution Frequency
Monthly

Schedule a Call

Morningstar™ Ratings³
as of 03/31/2021

Category	Overall	3 Year	5 Year
Preferred Stock	4 stars of 53 funds	5 stars of 53 funds	3 stars of 45 funds

Key Points

High Income Potential
Historically, a company's preferred securities have offered higher yield than its common stock and senior debt

Differentiated Exposure
Index excludes traditional financial companies, which dominate broad-based indices, resulting in greater diversification without sacrificing yield

Low Expense Ratio
PFXF's net expense ratio is 59% less than the mutual fund and ETF category average*

Yield
as of 04/16/21

30-Day SEC Yield¹
5.07%
Distribution Yield¹
2.57%
12-Month Yield¹
4.74%

¹See Important Disclosure for definitions.

Fees & Expenses²

Management Fee
0.40%
Other Expenses
0.04%
Acquired Fund Fees and Expenses
--
Gross Expense Ratio
0.44%
Fee Waivers and
Expense Reimbursement
-0.03%
Net Expense Ratio/TER²
0.41%

²Expenses for PFXF are capped contractually at 0.40% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

Fund Ticker
PFXF
Index Total Return Ticker
WHPSL
NAV
PFXFNV
Intraday NAV (IIV)⁵
PFXFIV
Shares Outstanding
44,600,000
Estimated Cash
PFXFEU
Total Cash
PFXFTC
CUSIP
92189F429
ISIN
US92189F4292

⁵See IIV Details. Source: Bloomberg

Investment Professionals

Peter Liao, CFA

Portfolio Manager and Head of Equity ETFs
Oversees the Equity ETF Investment Management Team including development and management of index replication and optimization strategies
Joined VanEck in 2005
CFA charterholder; member of the CFA Society New York
BA, Mathematics and Economics, New York University

Guo Hua (Jason) Jin

Portfolio Manager and Analyst for Equity ETFs
Joined VanEck in 2007
Prior to his current role, held a portfolio administration position at VanEck
Previously, Portfolio Analyst at Evaluation Associates
BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo

Griffin Driscoll

Analyst for Equity ETFs
Joined VanEck in 2018
Prior to joining VanEck, ETF Basket Operations Analyst at JPMorgan
BS, Finance, Providence College

Ralph Lasta

Analyst for Equity ETFs
Joined VanEck in 2019
Prior to VanEck, Intermediate Representative, Exchange Traded Funds at BNY Mellon.
BS, Accounting, Hunter College

Prices as of 04/16/21

	NAV/ Market Price	Volume 30-Day Avg./ Last Trading Day	Daily Change NAV/ Last Price	YTD Change NAV/ Last Price	Premium/ Discount	Prem/Discount Distribution Charts	NAV & Prem/Discount History	30-Day Median Bid Ask Spread	NAV Chart
PFXF	$21.18 $21.20	229,993 150,466	$0.02 / +0.11% $0.04 / +0.19%	+4.51% +4.51%	$0.02 0.08%			0.09%

Premium/Discount History as of 04/16/21

		Calendar Year 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
	Days closed at a premium	138	17	46	34	20
PFXF	Days closed at NAV	33	9	8	10	12
	Days closed at a discount	82	37	10	20	29

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

Month End as of 03/31/21
Quarter End as of 03/31/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 07/16/12
PFXF (NAV)	3.84	2.07	2.07	34.22	8.46	6.52	--	6.26
PFXF (Share Price)	4.26	2.42	2.42	33.14	8.60	6.52	--	6.31
WHPSL (Index)	3.88	1.50	1.50	34.36	8.75	6.53	--	6.30
Performance Differential (NAV - Index)	-0.04	0.57	0.57	-0.14	-0.29	-0.01	--	-0.04

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 07/16/12
PFXF (NAV)	3.84	2.07	2.07	34.22	8.46	6.52	--	6.26
PFXF (Share Price)	4.26	2.42	2.42	33.14	8.60	6.52	--	6.31
WHPSL (Index)	3.88	1.50	1.50	34.36	8.75	6.53	--	6.30
Performance Differential (NAV - Index)	-0.04	0.57	0.57	-0.14	-0.29	-0.01	--	-0.04

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

Top 10 Holdings (%) as of 03/31/21 Daily Holdings

Total Holdings: 140

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full data

	Holding Name	Maturity	Country^†	Currency	% of Net Assets
	ARCELORMITTAL SA	05/18/2023	Luxembourg	USD	3.32
	NEXTERA ENERGY INC	03/01/2023	United States	USD	2.99
	NEXTERA ENERGY INC	09/01/2023	United States	USD	2.39
	AVANTOR INC	05/15/2022	United States	USD	2.26
	PG&E CORP	08/16/2023	United States	USD	2.20
	APTIV PLC	06/15/2023	Jersey	USD	2.19
	AT&T INC	Perpetual	United States	USD	2.14
	SOUTHERN CO/THE	08/01/2022	United States	USD	2.12
	NEXTERA ENERGY INC	09/01/2022	United States	USD	2.08
	BECTON DICKINSON AND CO	06/01/2023	United States	USD	1.95
Top 10 Total (%)					23.63

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 03/31/21

Country
% of Net Assets
■
United States
89.16
■
Luxembourg
3.32
■
Canada
3.12
■
Bermuda
2.70
■
United Kingdom
2.19
■
Other/Cash
-0.49

Currency Exposure (%)

as of 03/31/21

U.S. Dollar
100.49
Other/Cash
-0.49

Sector Weightings (%) as of 03/31/21

Sector
% of Net Assets
■
Electric Utilities & IPPs
31.3
■
Residential & Commercial REITs
17.5
■
Telecommunications Services
9.4
■
Healthcare Equipment & Supplies
5.5
■
Multiline Utilities
5.3
■
Banking Services
4.5
■
Automobiles & Auto Parts
4.2
■
Food & Tobacco
4.1
■
Oil & Gas Related Equipment and Srvices
3.9
■
Metals & Mining
3.3
■
Insurance
2.8
■
Diversified Retail
2.1
■
Machinery; Equipment & Components
1.9
■
Professional & Commercial Services
1.5
■
Software & IT Services
0.8
■
Pharmaceuticals
0.6
■
Water & Related Utilities
0.5
■
Office Equipment
0.5
■
Natural Gas Utilities
0.4
■
Real Estate Operations
0.3
■
Oil & Gas
0.2
■
Other/Cash
-0.5

Credit Quality (%) as of 03/31/21

Composite		% of Net Assets
Investment Grade	AAA	0.33
	A	2.21
	BBB	42.17
Non-Investment Grade	BB	17.73
	B	3.13
Total Investment Grade	--	44.70
Total Non-Investment Grade	--	20.85
Not Rated	--	34.93

Source: Bloomberg. Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.