Astoria Real Assets ETF

Astoria Real Assets ETF (PPI) is an actively managed fund from AXS Investments that holds stocks and other funds tied to physical assets: energy, utilities, industrial equipment, metals and real estate. Its goal is growth that beats inflation over time. Its holdings lean toward power and grid companies plus a gold position. Its 0.57% expense ratio is slightly above the 0.50% charged by RPAR, the fund whose holdings overlap with it most.

• Over the year to Oct 27, 2026, PPI returned +7.3%.
• Its worst full calendar year was 2024 (+7.4%); its best was 2025 (+30.1%).
• The deepest fall in its price history was 25.1% (Apr 20, 2022 to Sep 26, 2022), recovered by Feb 15, 2024.

As of Jun 30, 2026, the fund held 78 securities; the ten largest made up 28.01% of assets.

• Over the three months to Jun 30, 2026, investors added a net $10.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.58%, -1.77%, -1.13%.

PPI does not track an index. AXS Investments is the adviser, and sub-adviser Astoria Portfolio Advisors picks the holdings. The fund must keep at least 80% of its net assets in "real asset" investments, meaning things linked to physical assets. A company counts if at least half of its revenue, profit or assets comes from things like energy, natural resources, real estate, utilities, infrastructure or commodities. The fund can also own master limited partnerships (MLPs, which are publicly traded partnerships, mostly in energy), royalty trusts, REITs and inflation-protected Treasuries (TIPS). It can also buy other ETFs, including commodity ETFs that use futures contracts.

Astoria works from the top down. It starts with big economic trends, then runs quantitative screens on valuation, growth, quality and momentum. It sells a holding when it no longer fits the strategy or no longer looks attractively priced. Portfolio turnover was 115%, so the fund trades a lot. It may also put up to 20% in financial companies that aren't real-asset businesses, and up to 20% in crypto funds and crypto or blockchain companies.

As of June 30, 2026, the fund held 78 positions, and the top 10 made up 28% of assets. The largest was SPDR Gold MiniShares (GLDM) at 5.8%, followed by GE Vernova (3.6%), ABB (2.9%), Engie (2.5%) and Simon Property Group (2.5%). About 67% of assets were in US companies. The fund reported no derivatives.

• PPI charges 0.57% a year, versus an average of 0.5% for the similar funds below.
• Of that, 0.55% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $58 in the first year and $714 over 10 years (assuming a 5% annual return).

The fund's stated goal is growth after inflation, using businesses tied to energy, power, metals and other physical assets.

PPI may add holdings that tend to do well when prices rise, such as utilities, grid-equipment makers and gold. But it is still mostly a stock fund. It launched in December 2021, so it has no record in the 2008 or 2020 crashes. In 2022, a year of high inflation, it fell 25.1% between April 20 and September 26. It didn't regain that peak until February 15, 2024, about 17 months after the low, though it still ended 2022 up 3.95%. A retiree who sold near that low would have locked in losses. Income is modest: a 1.5% trailing yield as of October 27, 2026, paid quarterly. Under the SEC's standard example, $10,000 would cost about $58 in fees in the first year and $714 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).