The film 'Masked Avengers' does not feature any identifiable LGBTQ+ characters or themes. Its narrative is centered on traditional martial arts tropes, male camaraderie, and the pursuit of justice, with no explicit or implicit queer representation present in the storyline or character arcs.

Masked Avengers is a 1981 martial arts film centered on a group of masked villains and heroes, featuring intricate fight choreography and themes of justice. The film does not include any identifiable transsexual characters or themes in its narrative.

The film "Masked Avengers" features an ensemble cast of male martial artists as both protagonists and antagonists. There are no significant female characters depicted engaging in direct physical combat against male opponents.

Masked Avengers (1981) is an original film and not an adaptation of existing source material or a reboot of prior characters. Therefore, no characters were established as a different gender in previous canon or history to facilitate a gender swap.

Masked Avengers (1981) is an original martial arts film with characters created for this specific production. There is no prior source material, historical record, or previous installment establishing the race of its characters before this film's release. Therefore, no character can be considered a 'race swap' from a pre-existing identity.