I'll start this by saying I was genuinely interested in PAXX to...

I'll start this by saying I was genuinely interested in PAXX to diversify my Asian equities exposure, so decided to take a deeper look.
Fees are 1.12% + 15% PF, albiet it's underperformed over 1 & 3 year, but o/p over 5yrs.
But it's a smallish fund that's shrinking, and I'm not sure I want to be in a small fund

However, take a look at the monthly unit redemptions (available via the ASX announcements for PAXX and PIXX):

PAXX
March - redeemed 0.6m units (running pace of 3% of final units redeemed per month)
Feb - redeemed 0.5m units
Jan - redeemed 0.3m units

PIXX

March - redeemed 2.6m units (running pace of 4.6% of final units redeemed per month)
Feb - redeemed 2.0m units
Jan - redeemed 0.4m units

The March figures came out on 4th April, hard to tell if that's reflective across the funds, but I'd have expected those listed funds to get proportionally more retail flow in an upswinging market, particularly as the are marketed hard and have a "Hedged Fund" angle.

I ended up taking a look at CNEW instead. Good fees, liquidity, targetted exposure ect.