At a glance
RAAX charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.05B in assets, the 7th largest of that group; it paid 2.06% of its price in distributions over the past 12 months, annual. Over the past year it returned +17.3% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +19.4% a year. At its worst it fell 33.9% in the 2020 crash (S&P 500: 33.7%) and 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 18 months after the lows. Its ten largest positions make up 56.3% of the fund, out of 126 in all.
The short version
VanEck Inflation Allocation ETF (RAAX) is an actively managed fund of funds holding mostly other ETFs tied to commodities, gold, energy, infrastructure and real estate, plus individual stocks. A data-driven model shifts the mix using price trends and volatility, aiming to beat inflation and limit losses in long market declines. As of June 30, 2026, VanEck Commodity Strategy ETF (20.8%) and VanEck Merk Gold ETF (18.6%) led the portfolio; it costs 0.69% a year.
Price history
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RAAX +17.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RAAX official prospectus, to Dec 31, 2025 | — | +27.20% | — | +14.77% | — | +7.95% |
| Bloomberg Commodity Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +15.77% | — | +10.64% | — | +5.67% |
| S&P 500® Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | — | +15.13% |
| RAAX price data to Oct 27, 2026 | +14.0% | +17.3% | +19.4% | +11.7% | — | +8.7% |
- Over the year to Oct 27, 2026, RAAX returned +17.3%, 1st of 8 among similar funds.
- Its 5-year annualized return was +11.7%.
- In the 2020 COVID crash it fell 33.9% and regained its old high 11.8 months after the low.
- Its worst full calendar year was 2020 (-8.3%); its best was 2025 (+26.8%).
- The deepest fall in its price history was 33.9% (Feb 21, 2020 to Mar 18, 2020), recovered by Mar 11, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.0% | — |
| 2025 | +26.8% | +27.20% |
| 2024 | +12.5% | +12.41% |
| 2023 | +6.7% | +6.14% |
| 2022 | +1.5% | +1.83% |
| 2021 | +21.6% | +28.83% |
| 2020 | -8.3% | -13.73% |
| 2019 | +6.1% | +6.24% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.5% over that stretch · deepest drop along the way 33.9%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6% over that stretch · deepest drop along the way 23.5%, back to its old high 18.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8200 | +51.9% |
| 2024 | $0.5400 | -42.6% |
| 2023 | $0.9400 | +147.4% |
| 2022 | $0.3800 | -82.4% |
| 2021 | $2.1600 | +55.4% |
| 2020 | $1.3900 | +127.9% |
| 2019 | $0.6100 |
What's inside
As of Jun 30, 2026, the fund held 126 securities; the ten largest made up 56.33% of assets.
| Fund held | Weight | |
|---|---|---|
| VanEck Commodity Strategy ETF | 20.80% | |
| VanEck Merk Gold ETF | 18.64% | |
| Global X US Infrastructure Development ETF | 4.37% | |
| VanEck Energy Income ETF | 3.27% | |
| State Street Energy Select Sector SPDR ETF | 2.28% | |
| First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund | 1.58% | |
| VanEck Natural Resources ETF | 1.45% | |
| iShares Global Industrials ETF | 1.43% | |
| Williams Cos Inc | 1.26% | |
| State Street Materials Select Sector SPDR ETF | 1.26% | |
| Quanta Services Inc | 1.24% | |
| State Street Utilities Select Sector SPDR ETF | 1.22% | |
| iShares U.S. Infrastructure ETF | 1.14% | |
| Kinder Morgan Inc | 1.14% | |
| iShares Residential and Multisector Real Estate ETF | 1.13% |
By country
United States 88.84%Canada 3.92%Ireland 1.62%Japan 0.8%Germany 0.75%By asset type
Stocks 99.78%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $371.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.12%, -2.91%, -3.89%.
How it works
RAAX does not track an index. Its prospectus, filed January 27, 2026, refers to it as VanEck Real Assets ETF. VanEck aims for long-term "real returns", meaning returns after inflation, while trying to limit losses during long market declines. Under normal conditions, the fund puts at least 80% of its assets into exchange-traded products (ETPs) that give exposure to real assets. These include commodities such as gold, real estate, natural resources and infrastructure. The ETPs can be ETFs, commodity pools or exchange-traded notes.
A proprietary quantitative model sets the mix. It reads signals such as stock and commodity price trends, volatility and how different assets move in relation to each other. The adviser can add, drop or change these indicators over time. When the signals change, the fund can shift its weights, and it may trade often. Reported portfolio turnover was 11%.
The fund reaches commodities through a wholly owned subsidiary in the Cayman Islands. This setup helps it stay within the tax rules for funds. The subsidiary is generally capped at 25% of assets at each fiscal quarter-end. Because many holdings are other funds, holders also pay those funds' fees indirectly. As of June 30, 2026, about 61% of assets sat in other funds, led by VanEck Commodity Strategy ETF (20.8%) and VanEck Merk Gold ETF (18.6%). About 37% sat in individual stocks such as Williams, Quanta Services and Kinder Morgan.
What it really costs
- RAAX charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.2% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $1,078 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RAAX | $70 | $264 | $473 | $1,078 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It is built to beat inflation through real assets and held up in 2022, a high-inflation year, but it fell sharply in the 2020 crash.
RAAX could add a slice of assets that react to inflation differently from ordinary stocks and bonds. In 2022, a year of high inflation, it gained 1.83%. Even so, it fell 23.5% between April and September 2022 and took about 18 months to recover. It offered little shelter in the 2020 crash. It dropped 33.9% in under a month, needed nearly a year to get back to its peak and lost 13.73% for calendar 2020. It launched in 2018, so it has no 2008 record. Anyone selling shares in a year like that could be selling well below the high. Its trailing yield was 2.06% as of October 27, 2026, paid once a year, and it costs 0.69%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors worried about inflation who want one fund spread across commodities, gold, energy, infrastructure and real estate, with a quantitative model setting the mix.
- Stock-heavy portfolios wanting a diversifier: as of October 27, 2026, its one-year beta, a gauge of sensitivity to stock market moves, was 0.47.
- Those wanting actively managed real-asset exposure: as of December 31, 2025, its five-year annual return was 14.77%, versus 10.64% for the Bloomberg Commodity Index.
Look elsewhere if
- Anyone needing dependable downside protection: despite its aim of limiting losses, it fell 33.9% in early 2020 and 23.5% during 2022.
- Retirees wanting regular income: its yield over the past year was 2.06% as of October 27, 2026, paid in a single annual distribution.
- Cost-focused investors: it charges 0.69% a year, and its top two holdings are VanEck's own funds, a potential conflict its prospectus discloses.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| RAAX this fund | 0.69% | $1.05B | +17.3% | +19.4% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is RAAX a good inflation hedge?
Its record is mixed. RAAX aims to beat inflation by owning commodities, gold, energy and infrastructure. In 2022, a year of high inflation, it returned 1.83%. But it still fell 23.5% between April and September of that year and did not recover until April 2024. In the 2020 crash it fell 33.9%. Over the five years to December 31, 2025, it returned 14.77% a year, compared with 10.64% for the Bloomberg Commodity Index.
Does RAAX pay dividends?
Yes, once a year. RAAX paid $0.82 per share over the 12 months to October 27, 2026, a trailing yield of 2.06%. The payout comes from the income of the funds and stocks it owns, such as Williams and Kinder Morgan, so the amount can change from year to year. Investors who rely on regular monthly cash would need to plan around a single yearly payment.
How does RAAX compare with the S&P 500?
It has trailed the S&P 500 since launch but has had some strong stretches. As of December 31, 2025, RAAX returned 7.95% a year since its 2018 launch, compared with 15.13% for the S&P 500. Over five years the two were close: 14.77% for RAAX and 14.42% for the index. Over one year RAAX led, 27.2% to 17.88%. Its commodities and gold behave differently from a stock index, which is the main reason to own it.
What does RAAX hold?
Mostly other ETFs. As of June 30, 2026, it had 126 holdings and $1.05 billion in net assets. About 61% sat in other funds and about 37% in individual stocks. The largest holdings were VanEck Commodity Strategy ETF (20.8%), VanEck Merk Gold ETF (18.6%), Global X US Infrastructure Development ETF (4.4%) and VanEck Energy Income ETF (3.3%). About 89% of the exposure was in the United States.
What is the RAAX expense ratio?
RAAX charges 0.69% a year after a 0.20% fee waiver, according to its prospectus filed January 27, 2026. Its management fee is 0.50%. The SEC's standard example assumes $10,000 invested with a 5% yearly return. In that example, the cost would be about $70 after one year, $264 after three, $473 after five and $1,078 after ten. As a fund of funds, it also pays a share of its underlying ETFs' fees indirectly.