RAAX: Quality Remains, But Valuation Is Catching Up

VanEck Real Asset Allocation ETF offers diversified real asset exposure, blending commodities, gold, infrastructure, and REITs in a tactical, actively managed structure. RAAX has delivered strong returns—38.11% one-year NAV and 9.72% annualized since inception—but its top-heavy allocation to commodities and gold introduces macro concentration risk. The fund’s 0.69% net expense ratio (after waivers) remains a persistent drag, especially given additional underlying ETF fees not fully captured in headline expenses.

I rate RAAX Hold: macro tailwinds persist, but with gold volatility, possible Fed tightening, and high fees, I prefer patience or a pullback before adding.