ETF Evaluator:
Astoria Real Asset ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Global Moderately Aggressive Allocation Over the Last Year
| 26.3% | Astoria Real Asset ETF (PPI) |
| 25.5% | Keating Active ETF (KEAT) |
| 21.0% | Global Moderately Aggressive Allocation () |
| 19.1% | Fundamentals First ETF (KNOW) |
| 18.5% | iShares Core 80/20 Aggressive Allc ETF (AOA) |
Risk
Index
Risk
Index
ETF Details
Astoria Real Asset ETF Overview
Astoria Real Asset ETF (PPI) is an actively managed Allocation Global Moderately Aggressive Allocation exchange-traded fund (ETF). AXS launched the ETF in 2021.
The investment seeks long-term capital appreciation in inflation-adjusted terms.
The fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests at least 80% of its net assets in investments providing significant exposure to real assets (“real asset-related investments”). The fund managers consider an equity security of a company to be a real asset-related investment if it either (i) derives at least 50% of its revenues or profits from, or (ii) has at least 50% of its assets committed to, real assets. The fund is non-diversified.
About Astoria Real Asset ETF (PPI)
There are 2 members of the management team with an average tenure of 2.67 years: John Davi (2021) and Nick Cerbone (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. Astoria Real Asset ETF has 85 securities in its portfolio. The top 10 holdings constitute 27.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Astoria Real Asset ETF is part of the Allocation global asset class and is within the Allocation ETF group. Astoria Real Asset ETF has 28.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 64.7% There is 28.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Astoria Real Asset ETF has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $157 million in total assets, which is below the $810 million average for the Global Moderately Aggressive Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PPI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Astoria Real Asset ETF expense ratio is average compared to funds in the Global Moderately Aggressive Allocation category. Astoria Real Asset ETF has an expense ratio of 0.58%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Astoria Real Asset ETF has a portfolio turnover rate of 115%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Global Moderately Aggressive Allocation category.
Recently, in the month of July 2026, Astoria Real Asset ETF returned -0.7%, which earned it a grade of D, as the Global Moderately Aggressive Allocation category had an average return of 0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Astoria Real Asset ETF has a trailing yield of 1.31%, which is below the 1.95% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Astoria Real Asset ETF Grades
Year to date, the ETF has returned 14.6%, 3.5 percentage points better than the category, which translates into a grade of A. The fund has returned 26.3% over the past year (grade of A) and 18.1% over the past three years (grade of A).
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PPI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PPI Return (NAV) | -0.7% | -3.5% | 26.3% | 18.1% | na | na |
| PPI Return (Price) | -0.6% | -3.7% | 26.3% | 18.3% | na | na |
| NAV +/- Price Return | -0.031% | 0.151% | -0.015% | -0.131% | na | na |
| Global Moderately Aggressive Allocation Avg | 0.6% | 0.6% | 21.0% | 16.7% | 8.7% | 10.1% |
| PPI Grade (NAV) | D | F | A | A | na | na |
| +/- Category (NAV) | -1.2% | -4.1% | 5.3% | 1.5% | na | na |
| PPI Tax-Cost Ratio | na | na | 0.6% | 0.6% | na | na |
PPI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PPI Return (NAV) | 14.6% | 29.8% | 7.0% | 11.8% | 4.0% | na | na | na | na | na | na |
| PPI Return (Price) | 14.5% | 30.1% | 7.3% | 11.3% | 4.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.006% | 0.009% | 0.042% | -0.038% | 0.019% | na | na | na | na | na | na |
| Global Moderately Aggressive Allocation Avg | 11.1% | 20.1% | 10.2% | 15.0% | -6.1% | 15.4% | 12.8% | 22.5% | -7.8% | 20.0% | 7.6% |
| PPI Grade (NAV) | A | A | F | F | A | na | na | na | na | na | na |
| +/- Category | 3.5% | 9.6% | -3.2% | -3.3% | 10.1% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.14 |
| R-Squared: | 52% |
| Standard Deviation: | 14.8% |
| Category Risk Index: | 1.17 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.20 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 157 Mil |
| Share Class Assets: | $ 157 Mil |
| Turnover: | 115.0% |
| Expense Ratio: | 0.58% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Davi John (2021), Cerbone Nick (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 85 |
| % in Top 10 Holdings: | 27.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 28.3% |
Portfolio Allocation |
|
| Domestic Stock: | 64.7% |
| Foreign Stock: | 28.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 6.7% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AXS |
| Phone Number: | 833-297-2587 |
| Website: | |
| Inception Date: | December 30, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.58% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.58% |
