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PFXF

VanEck
Preferred Securities ex Financials ETF

As of November 30, 2025

Fund Details

Fund Ticker PFXF
Intraday NAV (IIV) PFXFIV
Index Ticker PFAN4PM
Total Net Assets ($M) 2,000.34
Number of Holdings 112
Exchange NYSE Arca
Commencement 07/16/12
Distribution Frequency Monthly

Yield

30-Day SEC Yield1 6.63%
*30-Day SEC Yield reflects the investment income earned after deducting a fund’s expenses for the period. This yield does not necessarily reflect the yield that an investor will receive. Distributions may vary from time to time.
*30-Day SEC Yield reflects the investment income earned after deducting a fund’s expenses for the period. This yield does not necessarily reflect the yield that an investor will receive. Distributions may vary from time to time.

Fees and Expenses

Management Fee 0.40%
Other Expenses --
Acquired Fund Fees and Expenses --
Gross Expense Ratio 0.40%
Fee Waivers and
Expense Reimbursement		 --
Net Expense Ratio 0.40%

Van Eck Absolute Return Advisers Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at May 1, 2026. “Other Expenses” have been restated to reflect current fees.

About PFXF

The VanEck Preferred Securities ex Financials ETF (PFXF®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN4PM), which is intended to track the overall performance of U.S. exchange-listed hybrid debt, preferred stock and convertible preferred stock issued by non-financial corporations.

Top 10 Holdings

Holding Name
Maturity
 % of Net Assets
Boeing Co/The 10/15/2027 9.11
Strategy Inc 4.22
Albemarle Corp 03/01/2027 3.90
Nextera Energy Inc 06/01/2027 3.38
Hewlett Packard Enterprise Co 09/01/2027 2.86
Nextera Energy Inc 11/01/2027 2.40
Microchip Technology Inc 03/15/2028 2.38
At&T Inc 2.07
Pg&E Corp 12/01/2027 2.04
At&T Inc 11/01/2066 1.85
Top 10 Total 34.21
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Performance History:

Average Annual Total Returns* (%)

Month End as of 11/30/25 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12
PFXF (NAV) -0.28 0.99 6.83 5.47 7.50 3.83 5.19 5.14
PFXF (Share Price) -0.43 0.78 7.01 5.09 7.71 3.77 5.19 5.14
PFAN4PM (Index) 0.27 1.60 7.03 6.09 7.89 4.35 5.45 5.35
Performance Differential (NAV - Index) -0.55 -0.61 -0.20 -0.62 -0.39 -0.52 -0.26 -0.21
Quarter End as of 09/30/25 1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12
PFXF (NAV) 1.28 5.68 7.15 5.33 8.66 5.13 5.37 5.23
PFXF (Share Price) 1.25 5.57 7.51 5.14 8.86 5.13 5.33 5.25
PFAN4PM (Index) 1.31 5.23 6.72 5.33 8.92 5.55 5.57 5.40
Performance Differential (NAV - Index) -0.03 0.45 0.43 -- -0.26 -0.42 -0.20 -0.17

*Returns less than one year are not annualized.

Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021 forward, the index data reflects that of the Fund's underlying index, the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. Index history which includes periods prior to June 1, 2021 links performance and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The Fund’s prospectus has not been submitted for approval to the Belgian Financial Services and Markets Authority (Autoriteit voor Financiële Diensten en Markten / Autorité des Services et Marchés Financiers) and, accordingly, the shares may not be distributed by way of public offering in Belgium and may only be offered to a maximum of 99 investors or to institutional and professional investors (as defined in Article 5, §3 of the Law of July 20, 2004, and as extended by the provisions of the Belgian Royal Decree of September 26, 2006 . These materials may be distributed in Belgium only to such prospective investors for their personal use and may not be used for any other purpose or passed on to any other person in Belgium. Shares will only be offered to such qualifying prospective investors.

Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021 forward, the index data reflects that of the Fund's underlying index, the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. Index history which includes periods prior to June 1, 2021 links performance and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Investors should not expect to buy or sell shares at NAV.

PFXF

VanEck
Preferred Securities ex Financials ETF

As of November 30, 2025

Top 10 Countries

Country % of Net Assets
United States 97.04
Canada 1.95
Bermuda 0.96
Other/Cash 0.05
Top 10 Total 100.00

Industry Weightings

Sector % of Net Assets
■ Electric Utilities & IPPs 19.28
■ Software & IT Services 9.19
■ Aerospace & Defense 9.11
■ Utilities 8.79
■ Diversified Financials 7.94
■ Telecommunication Services 7.38
■ Real Estate 6.59
■ Residential & Commercial REITs 5.43
■ Chemicals 3.90
■ Food, Beverage & Tobacco 3.66
■ Telecommunications Services 3.12
■ Computers; Phones & Household Electrncs 2.86
■ Semiconductors & Semiconductor Equipmnt 2.38
■ Automobiles & Components 2.02
■ Healthcare Equipment & Supplies 1.61
■ Healthcare Providers & Services 1.50
■ Homebuilding / Household Goods 0.96
■ Machinery; Equipment & Components 0.90
■ Automobiles & Auto Parts 0.85
■ Oil & Gas Related Equipment and Srvices 0.53
■ Commercial & Professional Services 0.53
■ Energy 0.46
■ Diversified Retail 0.36
■ Professional & Commercial Services 0.32
■ Consumer Goods Conglomerates 0.26
■ Other/Cash 0.05

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. Index returns assume that dividends have been an investment in the Fund may be subject to risks which includes, among others, preferred securities, convertible securities, hybrid Securities, foreign securities, credit, interest rate, floating rate, subordinated obligations, REITs, small- and medium-capitalization companies, utilities sector, real estate sector, communication services sector, market, operational, call, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small- and medium-capitalization companies may be subject to elevated risks.

An investment in the Fund may be subject to risks which includes, among others, preferred securities, convertible securities, hybrid Securities, foreign securities, credit, interest rate, floating rate, subordinated obligations, REITs, small- and medium-capitalization companies, utilities sector, real estate sector, communication services sector, industrials sector, market, operational, call, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount, liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small- and medium-capitalization companies may be subject to elevated risks.

ICE Data Indices, LLC and its affiliates (“ICE Data”) indices and related information, the name "ICE Data", and related trademarks, are intellectual property licensed from ICE Data, and may not be copied, used, or distributed without ICE Data's prior written approval. The licensee's products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by ICE Data. ICE Data MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.  

This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.

Van Eck Securities Corporation, Distributor, a wholly-owned subsidiary of Van Eck Associates Corporation | 666 Third Avenue | New York, NY 10017

FUND TICKER: PFXF 800.826.2333 VANECK.COM