ETF Evaluator:
Mast HedgeIndex Managed Futs Strat ETF (HXF)
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Best Performing in Systematic Trend Over the Last Year
| 32.4% | American Beacon AHL Trend ETF (AHLT) |
| 30.3% | Cambria Chesapeake Pure Trend ETF (MFUT) |
| 27.8% | iMGP DBi Managed Futures Strategy ETF (DBMF) |
| 27.2% | Blueprint Chesapeake Multi-Asst Trnd ETF (TFPN) |
| 22.8% | Fidelity Managed Futures ETF (FFUT) |
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ETF Details
Mast HedgeIndex Managed Futs Strat ETF Overview
Mast HedgeIndex Managed Futs Strat ETF (HXF) is an actively managed Alternative Systematic Trend exchange-traded fund (ETF). Mast Investments launched the ETF in 2012.
The investment seeks to achieve positive absolute returns that have a low correlation to the returns of broad stock and bond markets.
The fund advisor seeks diverse exposure to macro trading opportunities such as significant price trends, both up and down, across asset classes, geographies and time horizons. The fund may take long and/or short positions in asset classes, and the fund’s advisor dynamically adjusts its exposure to individual asset classes utilizing trend-following and macro trading approaches. The fund is non-diversified.
About Mast HedgeIndex Managed Futs Strat ETF (HXF)
There are 1 members of the management team with an average tenure of 10.79 years: Yung-Shin Kung (2015). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Credit Suisse Mgd Futures Liquid TR USD index with a weighting of 100%. Mast HedgeIndex Managed Futs Strat ETF has 34 securities in its portfolio. The top 10 holdings constitute 47.0% 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 Managed Futs Strat ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. Mast HedgeIndex Managed Futs Strat ETF has 24.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.9% There is 7.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 40.7% (24.0% domestic bond, 16.7% foreign bond and 0.0% convertible bond). Mast HedgeIndex Managed Futs Strat ETF has 46.8% of the portfolio in cash.
Assets Under Management
The fund has $62 million in total assets, which is below the $468 million average for the Systematic Trend 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.
HXF 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 Managed Futs Strat ETF expense ratio is high compared to funds in the Systematic Trend category. Mast HedgeIndex Managed Futs Strat ETF has an expense ratio of 1.30%, which is 52% 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 Managed Futs Strat 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 52% for the Systematic Trend category.
Recently, in the month of August 2026, Mast HedgeIndex Managed Futs Strat ETF returned 2.4%, which earned it a grade of A, as the Systematic Trend 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 Managed Futs Strat ETF has a trailing yield of 2.94%, which is above the 2.62% category average.
The fund normally distributes its income quarterly 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.
Mast HedgeIndex Managed Futs Strat ETF Grades
Year to date, the ETF has returned 5.0%, 6.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.5% over the past year (grade of D), -2.0% over the past three years (grade of F) and 1.1% per year over the past five years (grade of F) and 0.6% per year over the past 10 years (grade of F).
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HXF 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 |
|
| HXF Return (NAV) | 2.4% | -0.1% | 12.5% | -2.0% | 1.1% | 0.6% |
| HXF Return (Price) | 2.4% | -0.1% | 12.5% | -2.0% | 1.1% | 0.6% |
| NAV +/- Price Return | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% |
| Systematic Trend Avg | 1.8% | 0.4% | 19.0% | 6.3% | 5.5% | 2.4% |
| HXF Grade (NAV) | A | D | D | F | F | F |
| +/- Category (NAV) | 0.6% | -0.5% | -6.5% | -8.4% | -4.4% | -1.8% |
| HXF Tax-Cost Ratio | na | na | 1.2% | 1.0% | 2.3% | 1.3% |
HXF Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HXF Return (NAV) | 5.0% | -5.2% | -5.6% | -6.2% | 21.4% | 7.5% | 1.9% | -4.4% | -4.0% | -1.5% | 3.8% |
| HXF Return (Price) | 5.0% | -5.2% | -5.6% | -6.2% | 21.4% | 7.5% | 1.9% | -4.4% | -4.0% | -1.5% | 3.8% |
| NAV +/- Price Ret | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Systematic Trend Avg | 11.0% | 4.1% | 5.7% | -1.3% | 14.9% | 7.6% | 2.2% | -3.9% | -2.3% | -0.9% | -0.5% |
| HXF Grade (NAV) | F | F | F | F | C | D | B | C | F | C | A |
| +/- Category | -6.0% | -9.3% | -11.3% | -4.8% | 6.5% | -0.1% | -0.4% | -0.5% | -1.7% | -0.5% | 4.3% |
| Risk Measures | |
| Beta: | 0.09 |
| R-Squared: | 1% |
| Standard Deviation: | 10.1% |
| Category Risk Index: | 0.92 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.83 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 62 Mil |
| Share Class Assets: | $ 62 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 1.30% |
| Index Fund: | No |
| Index Tracked: | Bloomberg Global Aggregate TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 10.8 years | |||
| Average Tenure: 10.8 years | |||
| Managers (Year): Kung Yung-Shin (2015) | |||
Portfolio Composition (as of 9/30/24)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 47.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 24.2% |
Portfolio Allocation |
|
| Domestic Stock: | 4.9% |
| Foreign Stock: | 7.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 24.0% |
| Foreign Bond: | 16.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 46.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Mast Investments |
| Phone Number: | 833-829-0010 |
| Website: | www.fpafunds.com |
| Inception Date: | September 28, 2012 |
Expenses and Fees
| Expense Ratio (%): | 1.30% (Rating: High) |
| Category Average Expense Ratio (%): | 0.85% |
