Robert Powell — editor of TheStreet's Retirement Daily — often reviews exchange-traded funds for those saving for or living in retirement; in his issue, he looks at new ETF that gives exposure to the municipal bond market.

VanEck has launched the VanEck Vectors Municipal Allocation ETF (MAAX), an ETF that gives exposure to the municipal bond market, primarily through other VanEck ETFs. MAAX is actively managed using a quantitative model that incorporates momentum and macroeconomics.

According to Steve McCarten, an ETF industry consultant with nearly 20 years of experience with ETFs, MAAX is the 57th ETF from VanEck ETFs, the eight largest ETF issuer based on assets under management ($34.1 billion).

McCarten says MAAX is a fund-of-funds ETF that seeks maximum long-term after-tax returns consisting of capital appreciation and income generally exempt from federal income tax.

"The fund seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to existing VanEck Vectors municipal exchange-traded products that invest in tax-exempt bonds," he says.

Currently the fund holds four existing VanEck ETFs: HYD, MLN, ITM, and SHYD.

Based on these holdings, the largest state exposure offered by MAAX is California, with a weighting of 14.4%, followed by New York State with 10.8%. MAAX has an expense ratio of 0.36%, which includes a management fee of .08% and is listed on CBOE Global Markets.

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