ETF Evaluator:
Mast HedgeIndex Adaptive Equities ETF (HXE)
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Best Performing in Equity Hedged Over the Last Year
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ETF Details
Mast HedgeIndex Adaptive Equities ETF Overview
Mast HedgeIndex Adaptive Equities ETF (HXE) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Mast Investments launched the ETF in 2026.
The investment seeks long-term capital appreciation.
The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Equity securities include common stock, preferred stock, warrants and rights, investment company securities, real estate investment trusts (“REITs”), American Depository Receipts (“ADRs”), European Depository Receipts (“EDRs”), and Global DepositoryReceipts (“GDRs”). It is non-diversified.
About Mast HedgeIndex Adaptive Equities ETF (HXE)
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 Adaptive Equities ETF has 93 securities in its portfolio. The top 10 holdings constitute 60.1% 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 Adaptive Equities ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Mast HedgeIndex Adaptive Equities ETF has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 25.7% There is 1.3% 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). Mast HedgeIndex Adaptive Equities ETF has 73.0% of the portfolio in cash.
Assets Under Management
The fund has $30 million in total assets, which is below the $290 million average for the Equity Hedged 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.
HXE 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 Adaptive Equities ETF expense ratio is high compared to funds in the Equity Hedged category. Mast HedgeIndex Adaptive Equities ETF has an expense ratio of 0.99%, which is 28% higher than its category average, making the fund expense ratio grade a F. 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 Adaptive Equities 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 97% for the Equity Hedged category.
Recently, in the month of August 2026, Mast HedgeIndex Adaptive Equities ETF returned 0.0%, which earned it a grade of NA, as the Equity Hedged category had an average return of 1.8%. 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 Adaptive Equities ETF has a trailing yield of 0.00%, which is below the 3.60% 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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HXE 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 |
|
| HXE Return (NAV) | na | na | na | na | na | na |
| HXE Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Equity Hedged Avg | 1.8% | 0.3% | 14.0% | 13.3% | 6.9% | 7.8% |
| HXE Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| HXE Tax-Cost Ratio | na | na | na | na | na | na |
HXE Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HXE Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| HXE 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 |
| Equity Hedged Avg | 9.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| HXE 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: | $ 30 Mil |
| Share Class Assets: | $ 30 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 8/28/26)
| # of Holdings: | 93 |
| % in Top 10 Holdings: | 60.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 25.7% |
| Foreign Stock: | 1.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 73.0% |
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 (%): | 0.78% |
