AXS Astoria Inflation Sensitive ETF
Name
As of 04/16/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
14.4%
1 yr return
25.7%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$58.1 M
Holdings in Top 10
37.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.71%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/16/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PPI - Profile
Distributions
- YTD Total Return 14.4%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 1.7%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameAXS Astoria Inflation Sensitive ETF
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST II
-
Inception DateDec 29, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn Davi
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing principally in securities across multiple asset classes which have the potential to benefit, either directly or indirectly, from increases in the rate of rising costs of goods and services (i.e., inflation). These investments are expected to include, but are not limited to, equity securities of companies engaged in the energy, financials, industrial, and materials sectors, as well as investments in other ETFs (“Underlying ETFs”) that directly or indirectly invest in commodities or fixed income securities. The Fund’s investments in equity interests are generally expected to include common stock, general and limited partnership interests of publicly traded master limited partnerships (“MLPs”) and units of royalty trusts.
The Fund may invest in non-U.S. securities, including depositary receipts. AXS Investments LLC serves as the Fund’s investment advisor (the “Advisor”) and Astoria Portfolio Advisors LLC serves as the investment sub-advisor to the Fund (“Astoria”). Astoria manages the investment strategy and portfolio selection for the Fund.
In pursuing its investment strategy, Astoria seeks to identify investments that it believes are positioned to benefit from a sustained inflationary environment, such as companies the overall profits of which are expected to increase with rising consumer, producer, and raw material prices. Examples of companies that Astoria believes may benefit from a rising interest rate environment include, but are not limited to, financial services companies, consumer discretionary companies, such as homebuilders and household durables, companies producing industrial machinery, metals and steel, and companies engaged in the exploration, production, transportation and mining of commodity assets, such as oil, gas, coal, agriculture, minerals and other real assets, including the passive ownership of royalties or production streams of such assets. Astoria expects that the Fund’s portfolio generally will include the equity securities of approximately 50-60 issuers that may range from mid- to large capitalization companies.
Although the majority of the Fund’s portfolio securities are expected to be of issuers that are either domiciled in or earn a majority of their revenues from activities within the United States, the Fund also may have significant exposure to issuers that are either domiciled in or earn a majority of their revenues from activities within Asia, Canada, or Europe.
The Fund may also invest in Underlying ETFs with exposure to commodities that have an opportunity to benefit from higher demand, elevated global growth, or a shortage of supply, including, but not limited to, crude oil, copper, natural gas, gold, silver, platinum, palladium, soybean, live cattle, coffee, and corn. The Underlying ETFs typically gain exposure to these commodities through the use of commodity-linked derivatives, including futures contracts. The Fund may also invest in Underlying ETFs that invest in investment grade fixed income securities of any maturity including inflation-protected public obligations of the U.S. Treasury, commonly known as “TIPS.” The Fund may also invest in equity ETFs which have the potential to benefit from rising inflation.
In selecting investments for the Fund’s portfolio, Astoria employs a top-down quantitative approach selecting the companies which pass various fundamental screens, such as valuations, growth prospects, quality ratios, and momentum measures. Astoria’s research and analysis seeks to leverage data from a variety of external sources as well as internal research in order to identify and capitalize on trends that have implications for individual companies, sectors or commodities exposures. Astoria expects to sell portfolio holdings when it determines they no longer fit the Fund’s investment strategy or are no longer attractively valued on a fundamental basis.
The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”).
PPI - Performance
Return Ranking - Trailing
Period | PPI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 14.4% | -23.7% | 16.4% | 4.51% |
1 Yr | 25.7% | -8.9% | 48.3% | N/A |
3 Yr | N/A* | -2.2% | 16.4% | N/A |
5 Yr | N/A* | -0.7% | 13.4% | N/A |
10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Return Ranking - Calendar
Period | PPI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.9% | -40.8% | 20.6% | N/A |
2022 | 1.4% | -21.0% | 24.5% | N/A |
2021 | N/A | -24.2% | 27.8% | N/A |
2020 | N/A | -23.1% | 11.7% | N/A |
2019 | N/A | -100.0% | 20.6% | N/A |
Total Return Ranking - Trailing
Period | PPI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 14.4% | -23.7% | 16.4% | 1.50% |
1 Yr | 25.7% | -12.8% | 48.3% | N/A |
3 Yr | N/A* | -3.4% | 16.4% | N/A |
5 Yr | N/A* | -1.1% | 13.4% | N/A |
10 Yr | N/A* | 0.9% | 11.8% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PPI Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.3% | -40.8% | 20.6% | N/A |
2022 | 4.0% | -21.0% | 24.5% | N/A |
2021 | N/A | -24.2% | 27.8% | N/A |
2020 | N/A | -23.1% | 11.7% | N/A |
2019 | N/A | -2.9% | 23.1% | N/A |
PPI - Holdings
Concentration Analysis
PPI | Category Low | Category High | PPI % Rank | |
---|---|---|---|---|
Net Assets | 58.1 M | 1.12 M | 110 B | 85.75% |
Number of Holdings | 36 | 2 | 10961 | 74.74% |
Net Assets in Top 10 | 21.5 M | -31.7 M | 22 B | 82.88% |
Weighting of Top 10 | 37.13% | 10.8% | 100.0% | 45.45% |
Top 10 Holdings
- World Gold Trust SPDR GLD MINIS 4.70%
- Wisdomtree Trust ENHANCED COMMODITY STRATEGY FD 4.17%
- DISCO Corp. NPV 3.90%
- Builders Firstsource, Inc. COM USD0.01 3.78%
- Rheinmetall AG NPV 3.76%
- Ishares Trust 0-5 YR TIPS ETF 3.63%
- Vanguard Malvern Funds SH-TERM INFL PROTECTED ETF 3.59%
- Rio Tinto PLC ORD GBP0.10 3.33%
- Canadian Natural Resources Limited COM NPV 3.28%
- abrdn Precious Metals Basket ETF Trust PHYSICAL PRECIOUS METALS BASKET SHARES ETF 2.99%
Asset Allocation
Weighting | Return Low | Return High | PPI % Rank | |
---|---|---|---|---|
Stocks | 99.22% | -45.72% | 98.42% | 3.34% |
Cash | 0.78% | -97.12% | 185.58% | 73.90% |
Preferred Stocks | 0.00% | -0.03% | 14.00% | 75.37% |
Other | 0.00% | -1.25% | 197.12% | 15.45% |
Convertible Bonds | 0.00% | 0.00% | 25.49% | 81.42% |
Bonds | 0.00% | -39.76% | 93.84% | 90.81% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PPI % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 40.29% | 96.18% |
Technology | 0.00% | 0.00% | 39.48% | 96.39% |
Real Estate | 0.00% | 0.00% | 90.14% | 96.82% |
Industrials | 0.00% | 0.09% | 32.39% | 6.16% |
Healthcare | 0.00% | 0.00% | 30.30% | 86.84% |
Financial Services | 0.00% | 0.00% | 30.34% | 4.03% |
Energy | 0.00% | 0.00% | 38.61% | 2.55% |
Communication Services | 0.00% | 0.00% | 28.59% | 95.75% |
Consumer Defense | 0.00% | 0.00% | 31.85% | 94.90% |
Consumer Cyclical | 0.00% | 0.00% | 20.84% | 98.51% |
Basic Materials | 0.00% | 0.00% | 60.23% | 1.70% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PPI % Rank | |
---|---|---|---|---|
US | 58.78% | -4.82% | 95.75% | 5.64% |
Non US | 40.45% | -46.69% | 57.06% | 15.87% |
PPI - Expenses
Operational Fees
PPI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.71% | 0.16% | 2.71% | 85.18% |
Management Fee | 0.70% | 0.00% | 1.70% | 52.25% |
12b-1 Fee | N/A | 0.00% | 1.00% | 3.19% |
Administrative Fee | N/A | 0.01% | 0.70% | N/A |
Sales Fees
PPI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
PPI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 2.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
PPI Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 441.00% | N/A |
PPI - Distributions
Dividend Yield Analysis
PPI | Category Low | Category High | PPI % Rank | |
---|---|---|---|---|
Dividend Yield | 1.66% | 0.00% | 10.92% | 44.07% |
Dividend Distribution Analysis
PPI | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
PPI | Category Low | Category High | PPI % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -5.20% | 6.33% | N/A |
Capital Gain Distribution Analysis
PPI | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.073 | OrdinaryDividend |
Dec 29, 2023 | $0.130 | OrdinaryDividend |
Sep 29, 2023 | $0.184 | OrdinaryDividend |
Jun 29, 2023 | $0.226 | OrdinaryDividend |
Mar 29, 2023 | $0.245 | OrdinaryDividend |
Dec 22, 2022 | $0.201 | OrdinaryDividend |
Sep 30, 2022 | $0.166 | OrdinaryDividend |
Sep 29, 2022 | $0.166 | OrdinaryDividend |
Jun 29, 2022 | $0.241 | OrdinaryDividend |
PPI - Fund Manager Analysis
Managers
John Davi
Start Date
Tenure
Tenure Rank
Dec 30, 2021
0.42
0.4%
John Davi, founder and Chief Investment Officer of Astoria, is the portfolio manager responsible for the day-to-day management of the Fund’s portfolio. Mr. Davi has over 20 years of experience in portfolio management, including macro-ETF strategies, quantitative research and portfolio construction. Prior to Astoria, Mr. Davi served as head of Morgan Stanley’s institutional ETF content, advising private funds and asset managers on ETF portfolio construction and commenced his portfolio management career at Merrill Lynch’s Global Equity Derivatives group.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.03 | 30.27 | 6.52 | 9.25 |