Centered on liquid real asset markets, seeks to outperform commodity benchmarks on a risk-adjusted basis by employing machine learning techniques to model cyclical dynamics and optimize across a range of systematic strategies with fundamental and tactical origins.
Mast HedgeIndex Managed Futures Strategy ETF
Overview
Investment Strategy
Leadership
Yung-Shin Kung, is a Partner in Manteio and Head & CIO of Mast Investments1. Mr. Kung is an industry pioneer in the development and management of liquid alternative investment strategies. In 2024, he founded Mast Investments to absorb UBS Asset Management’s Quantitative Investment Strategies department.
At UBS and, before that, at Credit Suisse, he was a Managing Director and Head & CIO of the Quantitative Investment Strategies department. He joined Credit Suisse from Merrill Lynch, where he was a Director in the Financial Products Group from 2006-2009.
Prior to his time at Merrill Lynch, Mr. Kung spent eight years at Credit Suisse First Boston in several areas including structured debt capital markets, technology investment banking, and alternative investments. Mr. Kung began his career at Credit Suisse First Boston in 1997. He served on the Advisory Board of the Rutgers Big Data in San Francisco Certificate Program and is a member of the University of Chicago’s Leaders in Philanthropy. Mr. Kung holds a B.A. in Economics from the University of Chicago, where he was elected Phi Beta Kappa, and fulfilled the college’s requirements for a B.A. in Statistics.
1 Mast Investments refers to Manteio Scalable Technologies, LLC, the investment advisor to the Fund.
Gross Expense Ratio
Pursuant to the Investment Advisory Agreement between the Advisor and the Trust, on behalf of each fund has agreed to pay the below annual unitary management fee.
|
Fund
|
Fees *
|
Ticker
|
CUSIP
|
|---|---|---|---|
|
Mast HedgeIndex Managed Futures Strategy ETF
|
0.80%
|
HXF US Equity
|
30254T437
|
* Contractual Advisory Fees As a Percentage of Average Daily Net Assets
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Performance information current to the most recent month-end is available by calling (+1 917-736-9222) or at https://www.mast-funds.com and/or https://www.mast-etfs.com. Performance shown is net of fees and expenses and reflects the reinvestment of dividends and capital gains. Short term performance in particular is not a good indication of the fund’s future performance and an investment should not be made based solely on returns.
Portfolio Holdings as of 2026-09-02 (Top Ten Holdings)
| Ticker | CUSIP | Description | Quantity | Portfolio Weight |
|---|---|---|---|---|
| BPU6 XCME | BPU6 XCME | F/C BP CURRENCY FUT SEP26 | 211 | 28.27% |
| ADU6 XCME | ADU6 XCME | F/C AUDUSD CRNCY FUT SEP26 | 80 | 9.11% |
| NKU6 XOSE | NKU6 XOSE | F/C NIKKEI 225 (OSE) SEP26 | 13 | 8.38% |
| HIU6 XHKF | HIU6 XHKF | F/C HANG SENG IDX FUT SEP26 | 30 | 7.68% |
| Z U6 IFLL | Z U6 IFLL | F/C FTSE 100 IDX FUT SEP26 | 28 | 6.47% |
| IXTU6XCME | IXTU6XCME | F/C XAK TECHNOLOGY SEP26 | 10 | 5.89% |
| BRV6 XCME | BRV6 XCME | F/C BRAZIL REAL FUT OCT26 | 166 | 5.13% |
| VGU6 XEUR | VGU6 XEUR | F/C EURO STOXX 50 SEP26 | 39 | 4.58% |
| HGZ6 XCEC | HGZ6 XCEC | F/C COPPER FUTURE DEC26 | 13 | 3.41% |
| W Z6 XCBT | W Z6 XCBT | F/C WHEAT FUTURE(CBT) DEC26 | 48 | 2.95% |
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Price as of 2026-09-02
| NAV | $ 25.16 |
|---|---|
| NAV Change | $ -0.03 (-0.13%) |
| Market Price | $ 25.15 |
| Market Price Change | $ 0.18 (0.73%) |
| Premium/Discount | -0.03% |
Fund NAV represents the closing price of underlying securities. Market Price is the price which investors buy and sell ETF shares in the market. The Market Price returns in the table were calculated using the closing price as of the period ends noted.
ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.
Risk Considerations
Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. The principal risks described below reflect the aggregate operations of the Fund and its Subsidiary.
Commodity Exposure Risks: Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities.
Credit Risk: The issuer of a debt instrument, the borrower of a loan or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation.
Currency Risk: Currency risk is the risk that changes in currency exchange rates will negatively affect securities or instruments denominated in, and/or payments received in, foreign currencies.
Derivatives Risk: In addition to the risks described below under “Speculative Exposure Risk,” there are additional risks associated with investing in derivatives.
Equity Exposure Risk: Equity security prices have historically risen and fallen in periodic cycles. U.S. and foreign equity markets have experienced periods of substantial price volatility in the past and may do so again in the future.
Exchange-Traded Notes Risk: ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed income securities and trade on a major exchange similar to shares of exchange-traded funds (“ETFs”).
Fixed Income Risk: The market value of fixed income investments, and financial instruments related to those fixed income investments, will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments.
Foreign Securities Risk: A fund that has exposure to investments outside the U.S. carries additional risks that include Currency Risk, Information Risk and Political Risk.
Forwards Risk: Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts.
Futures Contracts Risk: The price volatility of futures contracts historically has been greater than that for traditional securities such as stocks and bonds.
Interest Rate Risk: Changes in interest rates may cause a decline in the market value of an investment. Leveraging Risk: Although the fund itself will not be leveraged, certain financial instruments may give rise to a form of leverage.
Market Risk: The market value of an instrument may fluctuate, sometimes rapidly and unpredictably.
Non-Diversified Status: The fund is considered a non-diversified investment company under the 1940 Act and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers.
Options Risk: A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well conceived and well-executed options program may be adversely affected by market behavior or unexpected events.
Portfolio Turnover Risk: The fund expects to engage in frequent trading of derivatives.
Repurchase Agreements Risk: Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the fund’s ability to dispose of the underlying securities.
Short Position Risk: The fund or the Subsidiary may enter into a short position through a futures contract or swap agreement.
Speculative Exposure Risk: Gains or losses from speculative positions in a derivative may be much greater than the derivative’s original cost.
Structured Note Risk: The fund may seek investment exposure to asset classes through structured notes that may be exchange-traded or trade in the over-the-counter market.
Subsidiary Risk: By investing in the Subsidiary, the fund is indirectly exposed to the risks associated with the Subsidiary’s investments.
Swap Agreements Risk: Swap agreements involve the risk that the party with whom the fund has entered into the swap will default on its obligation to pay the fund and the risk that the fund will not be able to meet its obligations to pay the other party to the agreement.
Tax Risk: In order to qualify as a RIC under the Code, the fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income.
U.S. Government Securities Risk: Obligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government.
Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. The principal risks described below reflect the aggregate operations of the Fund and its Subsidiary.
Commodity Exposure Risks: Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities.
Credit Risk: The issuer of a debt instrument, the borrower of a loan or the counterparty to a contract, including derivatives contracts, may default or otherwise become unable to honor a financial obligation.
Currency Risk: Currency risk is the risk that changes in currency exchange rates will negatively affect securities or instruments denominated in, and/or payments received in, foreign currencies.
Derivatives Risk: In addition to the risks described below under “Speculative Exposure Risk,” there are additional risks associated with investing in derivatives.
Equity Exposure Risk: Equity security prices have historically risen and fallen in periodic cycles. U.S. and foreign equity markets have experienced periods of substantial price volatility in the past and may do so again in the future.
Exchange-Traded Notes Risk: ETNs are a type of unsecured, unsubordinated debt security that have characteristics and risks similar to those of fixed income securities and trade on a major exchange similar to shares of exchange-traded funds (“ETFs”).
Fixed Income Risk: The market value of fixed income investments, and financial instruments related to those fixed income investments, will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments.
Foreign Securities Risk: A fund that has exposure to investments outside the U.S. carries additional risks that include Currency Risk, Information Risk and Political Risk.
Forwards Risk: Forwards are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts.
Futures Contracts Risk: The price volatility of futures contracts historically has been greater than that for traditional securities such as stocks and bonds.
Interest Rate Risk: Changes in interest rates may cause a decline in the market value of an investment. Leveraging Risk: Although the fund itself will not be leveraged, certain financial instruments may give rise to a form of leverage.
Market Risk: The market value of an instrument may fluctuate, sometimes rapidly and unpredictably.
Non-Diversified Status: The fund is considered a non-diversified investment company under the 1940 Act and is permitted to invest a greater proportion of its assets in the securities of a smaller number of issuers.
Options Risk: A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well conceived and well-executed options program may be adversely affected by market behavior or unexpected events.
Portfolio Turnover Risk: The fund expects to engage in frequent trading of derivatives.
Repurchase Agreements Risk: Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the fund’s ability to dispose of the underlying securities.
Short Position Risk: The fund or the Subsidiary may enter into a short position through a futures contract or swap agreement.
Speculative Exposure Risk: Gains or losses from speculative positions in a derivative may be much greater than the derivative’s original cost.
Structured Note Risk: The fund may seek investment exposure to asset classes through structured notes that may be exchange-traded or trade in the over-the-counter market.
Subsidiary Risk: By investing in the Subsidiary, the fund is indirectly exposed to the risks associated with the Subsidiary’s investments.
Swap Agreements Risk: Swap agreements involve the risk that the party with whom the fund has entered into the swap will default on its obligation to pay the fund and the risk that the fund will not be able to meet its obligations to pay the other party to the agreement.
Tax Risk: In order to qualify as a RIC under the Code, the fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income.
U.S. Government Securities Risk: Obligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government.