MAAX — VanEck Muni Allocation ETF
Data updated: 2023-07-11
MAAX — VanEck Muni Allocation ETF. Municipal - National Bond · $2.31M AUM · 0.33% expense ratio. Holdings, fees, performance and SEC filings.
MAAX Fund Overview
MAAX — VanEck Muni Allocation ETF is a US ETF managed by VanEck ETF Trust, categorised as Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: VanEck ETF Trust
- Category: Municipal - National Bond
- Assets under management: $2.31M
- 1-year return: 0.1%
- Ticker: MAAX
- SEC CIK: 0001137360
- SEC series ID: S000062990
- Share class ID: C000204418
MAAX Investment Objective and Strategy
VanEck Muni Allocation ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by VanEck ETF Trust.
Investment objective
The investment objective of VanEck Muni Allocation ETF (the Fund) is maximum long-term after-tax return, consisting of capital appreciation and income generally exempt from federal income tax (other than federal alternative minimum tax (AMT)).
Principal investment strategy
"The Fund normally invests at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT). The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck ETFs that are registered under the applicable federal securities laws and that invest in publicly traded municipal bonds that cover the U.S. dollar-denominated investment grade and below investment grade (high yield or ""junk"" bonds) tax-exempt bond market. While the Adviser currently anticipates that the Fund will invest primarily in other VanEck ETFs, the Fund may also invest in unaffiliated exchange-traded products (""ETPs""), which could include ETFs and closed-end funds, that invest in municipal bonds.
The Fund does not have any limits on its investments in below investment grade securities (""junk"" bonds), and the Fund will have indirect exposure to below investment grade securities through its investments in ETPs. The Funds investment policy to invest at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT) may not be changed without shareholder approval. The Fund may count investments that generate income subject to the AMT toward its 80% investment policy. For purposes of this policy, the term assets means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the investment. The Adviser primarily uses a proprietary, rules-based allocation model (the Municipal Allocation Model), which considers various inputs to guide asset allocation decisions and select ETPs that provide exposure to tax-exempt investments and that the Adviser believes will offer enhanced risk-adjusted returns.
The term risk-adjusted returns does not imply that the Adviser employs low-risk strategies or that an investment in the Fund should be considered a low-risk or no risk investment. The Municipal Allocation Model uses various indicators to generate allocation signals among tax-exempt investments. These signals are used as inputs to determine ETP allocation and individual portfolio weights. The Municipal Allocation Model utilizes various indicators to identify periods of credit and duration risk. These indicators measure various risk metrics, which include but are not limited to, market prices and trends, volatility ( i.e. , the measure of historic and/or predicted future variation of returns for a given security or market index), yield spreads (i.e., the difference between yields on differing fixed income securities of varying maturities, credit ratings and risk), and relative yield ratios ( i.e., the yield on a security relative to the yield on a benchmark security).
The Adviser anticipates that the Municipal Allocation Model will evolve over time and may incorporate additional indicators and/or remove or modify existing indicators. The Adviser allocates the Funds assets to those ETPs that it believes will have returns that, in the aggregate, closely correlate (before fees and expenses) to the returns of the Municipal Allocation Model. The Municipal Allocation Model typically adjusts its allocation signals on a monthly basis, and the Adviser may adjust the Fund's portfolio allocation as needed in response to such changes in the Municipal Allocation Model. The Fund may engage in active and frequent trading of portfolio securities. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the 1940 Act) and, therefore, may invest a greater percentage of its assets in a particular issuer."
MAAX Performance
Total returns for MAAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 0.1% |
| 3 years (annualised) | -0.2% |
MAAX Risk Information
Risk metrics for MAAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.4%
MAAX Costs and Fees
MAAX costs about $33 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.33%
- Gross expense ratio: 0.33%
- Portfolio turnover: 98%
- Brokerage commissions: 6.99 bps of average net assets (SEC N-CEN)
MAAX Cashflows
Over the 12 months to 2023-04, VanEck Muni Allocation ETF had net outflows of $1.28M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-04 | $0 |
| 2023-03 | $0 |
| 2023-02 | $0 |
| 2023-01 | $0 |
| 2022-12 | −$419.95K |
| 2022-11 | $0 |
MAAX Debt Constituents
No individual debt constituents are reported in VanEck Muni Allocation ETF's latest SEC N-PORT filing.
MAAX Prospectus and SEC Filings
Official VanEck Muni Allocation ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-08-25
- Prospectus (485BPOS) — filed 2021-08-26
- Prospectus (485BPOS) — filed 2020-09-10
- Portfolio holdings (N-PORT) — filed 2023-06-22
- Portfolio holdings (N-PORT) — filed 2023-03-29
- Portfolio holdings (N-PORT) — filed 2022-12-27
- Annual census (N-CEN) — filed 2023-07-11
- Annual census (N-CEN) — filed 2022-07-13
Related Funds
Other Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.