IQ
RAAX
VanEck Real Assets ETF
Category StocksIssuer VanEckNet assets $1.4bnFee 0.55%
Trading · VanEck Real Assets ETF

RAAX bid-ask spread and liquidity

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As of Nov 2, 2026, RAAX closed +0.33% from its NAV, and on 95% of the 2 days to then it was within ±0.33%.

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RAAX fund page
·
Not scored

IQ Liquidity Score

· 2 of 6 measured · Nov 4, 2026
$1.6m
its holdings can absorb a day
+0.33%
latest close, Nov 2
±0.33%
95% of days within
0 · Hard to trade100 · Trades like a giant

How easily this fund trades, from 0 to 100 on the same anchors for every fund; 100 is best. Method →

Cost to trade
Not measured · the issuer's 30-day median spread is not read for this fund
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Capacity
Holdings can absorb $1.6m a day, Nov 4, 2026
6.7
Price fidelity
Not measured · 2 days of closing premium are held, under the 20 needed
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Primary market
4 active dealers of 37; largest 40% of creations and redemptions, N-CEN to Sep 30, 2025
65.0
Bad-day behaviour
Not measured · 1 of the 10 worst days and 1 other days are held, under the 5 and 60 needed
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Depth
Not measured · needs trade and quote data
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Capacity: what its holdings can absorb in a day. Price fidelity: how close its price stays to NAV, the value of what it holds. Primary market: the dealers who create and redeem its shares. Bad-day behaviour: its premium on the market’s worst days. Depth: the dollars quoted at the bid and the ask. How to read the score →

Premium or discount to valueDaily, 2 days to Nov 2, 2026 · the ±1% band marked

Above zero: a premium. Below: a discount.

RAAX premium or discount to NAV, 2 days+1%0−1%Oct 30, 2026Nov 2, 2026
Latest close, Nov 2
+0.33%
95% of days within
±0.33%
Days more than 1% from NAV
0 of 2
Widest
+0.33%, Nov 2, 2026

Its holdings trade on markets that close before New York, so its closing premium carries the move since then.

CapacityWhat its holdings making up 95% of the weight can absorb a day, at 10% of each one’s volume
Holdings can absorb
$1.6m

RAAX’s holdings can absorb $1.6m a day, measured on its own holdings, as of Nov 4, 2026. A $1m order is 62.91% of a day’s capacity.

The holding that sets the limit: VanEck Commodity Strategy ETF (PIT), 25.04% of the fund, $4.0m a day traded, the median of 20 days to Nov 4, 2026.

Who makes the market

Authorized participants · N-CEN, the year to Sep 30, 2025
Active dealers
4
of 37 authorized
Largest
40%
of creations and redemptions
One dealer
No
4 active

4 of 37 authorized participants created or redeemed RAAX shares in the year to Sep 30, 2025. From the fund’s Form N-CEN, filed Dec 9, 2025.

APs create and redeem shares. Every AP →

Active APs, largest first, by share of dollars created and redeemed: Merrill Lynch Professional Clearing Corp. (39.7%), Virtu Americas LLC (33.3%), Jane Street Capital, LLC (24.3%), Goldman Sachs & Co. LLC (2.6%). 33 more were listed and created or redeemed nothing.

What retail orders paid

One way on $10,000, Sep 2026
All wholesalers read
$2.32
Fidelity customers
−$0.04
Vanguard customers
$1.73
Robinhood customers
$1.95
Schwab customers
$3.55

In Sep 2026, retail market orders in RAAX paid $2.32 one way on $10,000, against $6.71 at the quote.

84% of shares filled better than the quote.

Aug 2025Grey: old format, orders of 100 to 9,999 sharesSep 2026

Where it trades

Q2 2026, 62 trading days
Odd lots, of exchange volume
9.8%

In Q2 2026, odd lots were 9.8% of RAAX’s exchange volume.

Off exchange means wholesalers and dark pools. Odd lots are orders under 100 shares, a sign of retail trading.

How to place the order

To buy or to sell, up to $100,000
When
Its holdings trade on markets that close before New York, so its price can drift from their value later in the day.
Size
Up to $15,895 is 1% of what its holdings can absorb in a day, for a buy or a sell.
Watch
The premium to NAV, charted above: a buyer pays more, and a seller gets less, when it is wide.
Why low volume does not mean illiquid →Limit orders vs market orders for ETFs →
Not measured yet: these need trade data
Spread through the day

Median spread by half hour, 30 days.

Buyers against sellers

Volume bought at the ask against volume sold at the bid.

Retail flow, estimated

Trades priced in fractions of a cent, a sign of retail orders.

Large trades

Trades above $500k: how many, and their share of volume.

Closing auction

Share of the day’s volume at the close.

Questions people ask

Does RAAX trade at a premium or discount to NAV?

It closed +0.33% from its NAV on Nov 2, 2026. On 95% of the 2 days to then it was within ±0.33%, and it closed more than 1% from NAV on 0 of them.

Who is the AP for RAAX?

RAAX’s latest Form N-CEN, for the period ending Sep 30, 2025, lists 37 authorized participants (APs), and 4 created or redeemed shares. The largest were Merrill Lynch Professional Clearing Corp. (39.7%), Virtu Americas LLC (33.3%), Jane Street Capital, LLC (24.3%) of the dollars its APs created and redeemed.

Who is the LMM for RAAX?

RAAX’s lead market maker (LMM) on NYSE Arca is Jane Street Capital, LLC. Lead market maker per NYSE Arca, as of Nov 1, 2026.
Where to next
ETF trading costs and liquidity→Cost-to-trade checker→Why low volume does not mean illiquidguide →Limit orders vs market orders for ETFsguide →How the IQ Liquidity Score is builtmethod →RAAX fund page→
Sources and dates
Premium to NAVETFIQ, close against the issuer’s NAV · Oct 30, 2026 to Nov 2, 2026
CapacityETFIQ, each holding’s 20-day median dollar volume · to Nov 4, 2026
DealersForm N-CEN · the year to Sep 30, 2025
Retail ordersSEC Rule 605 reports · Sep 2026
Where it tradesSEC MIDAS · Q2 2026

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.

Cite this pageCitation, APA and Markdown

ETFIQ, RAAX trading: cost, capacity, premium and dealers, data as of Nov 4, 2026. https://etfiq.com/funds/raax/trading/

Open data →

The score measures trading conditions, not the fund. ETFIQ makes no recommendations.