ETF Evaluator:
Mast HedgeIndex Corporate Arbitrage ETF (HXA)
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Best Performing in Relative Value Arbitrage Over the Last Year
| 13.2% | Calamos CEF Income & Arbitrage ETF (CCEF) |
| 13.2% | Relative Value Arbitrage () |
| 0.0% | Calamos Tax-Aware Collateral ETF (CBOX) |
| 0.0% | Mast HedgeIndex Corporate Arbitrage ETF (HXA) |
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ETF Details
Mast HedgeIndex Corporate Arbitrage ETF Overview
Mast HedgeIndex Corporate Arbitrage ETF (HXA) is an actively managed Alternative Relative Value Arbitrage exchange-traded fund (ETF). Mast Investments launched the ETF in 2026.
The investment seeks long-term capital appreciation.
To pursue these investment strategies, the fund invests in a diversified portfolio of instruments, including equities, closed-end funds, rights, warrants, and derivatives. The fund may invest a significant portion of its assets in investment grade money market instruments, which may include, but are not limited to, U.S. government securities, U.S. government agency securities, short-term fixed income securities, money market mutual fund shares, and cash and cash equivalents. The fund is non-diversified.
About Mast HedgeIndex Corporate Arbitrage ETF (HXA)
There are 3 members of the management team with an average tenure of 0.03 years: Yung-Shin Kung (2026), Christopher Mullen (2026) and Brett Johnson (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Mast HedgeIndex Corporate Arbitrage ETF has 164 securities in its portfolio. The top 10 holdings constitute 148.3% 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.
Mast HedgeIndex Corporate Arbitrage ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Mast HedgeIndex Corporate Arbitrage ETF has 13.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 24.6% There is 13.2% 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). Mast HedgeIndex Corporate Arbitrage ETF has 62.2% of the portfolio in cash.
Assets Under Management
The fund has $49 million in total assets, which is below the $534 million average for the Relative Value Arbitrage 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.
HXA 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 Mast HedgeIndex Corporate Arbitrage ETF expense ratio is high compared to funds in the Relative Value Arbitrage category. Mast HedgeIndex Corporate Arbitrage ETF has an expense ratio of 0.99%, which is 31% lower than 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. Mast HedgeIndex Corporate Arbitrage ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 74% for the Relative Value Arbitrage category.
Recently, in the month of August 2026, Mast HedgeIndex Corporate Arbitrage ETF returned 0.0%, which earned it a grade of NA, as the Relative Value Arbitrage category had an average return of 1.6%. 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.
Mast HedgeIndex Corporate Arbitrage ETF has a trailing yield of 0.00%, which is below the 6.82% category average.
The fund normally distributes its income annually and its capital gains annually.
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.
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HXA Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HXA Return (NAV) | na | na | na | na | na | na |
| HXA Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Relative Value Arbitrage Avg | 1.6% | 2.1% | 13.2% | na | na | na |
| HXA Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| HXA Tax-Cost Ratio | na | na | na | na | na | na |
HXA Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HXA Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| HXA Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Relative Value Arbitrage Avg | 9.7% | 13.3% | na | na | na | na | na | na | na | na | na |
| HXA Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 50 Mil |
| Share Class Assets: | $ 50 Mil |
| Turnover: | na |
| Expense Ratio: | 0.99% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Kung Yung-Shin (2026), Mullen Christopher (2026), Johnson Brett (2026) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 164 |
| % in Top 10 Holdings: | 148.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 13.2% |
Portfolio Allocation |
|
| Domestic Stock: | 24.6% |
| Foreign Stock: | 13.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 62.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Mast Investments |
| Phone Number: | 833-829-0010 |
| Website: | www.fpafunds.com |
| Inception Date: | August 20, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.99% (Rating: High) |
| Category Average Expense Ratio (%): | 1.44% |
