Based on the provided information, there is no identifiable depiction of LGBTQ+ characters or themes in the film 'Spangles'. Therefore, an evaluation of its portrayal is not applicable.

The film "Spangles" (1928) is a circus drama centered on a love triangle. Research into its plot, characters, and themes reveals no identifiable transgender or transsexual characters, storylines, or related themes. Therefore, the film does not offer any portrayal, positive or negative, of transsexual identity.

The movie does not contain any action or adventure elements.

Information regarding the 1928 film 'Spangles' and its source novel does not indicate any instances where a canonically established character's gender was changed for the screen adaptation.

There is no evidence or historical record indicating that "Spangles" (1928) features characters whose race was canonically or historically established as one race in source material or prior adaptations, and then portrayed as a different race in this film. The concept of a race swap, as defined, does not apply to this production.