Skip to content
etf.net

HECA

GradeCNew York Stock Exchange Arca

Hedgeye Capital Allocation ETF

Multi-Asset & Alternatives · Hedgeye · Inception 2025-06-30 · SEC filings

$27.36+0.03 (+0.11%)

As of Sep 23, 2026, 2:59 PM EDT

History starts Jul 1, 2025.
Intraday session: up, 30 prints from 27.33 to 27.36. Range 27.33 to 27.44. Use the arrow keys to read each point.$27.40$27.4510 AM12 PM2 PM4 PM
Expense ratio
0.81%
Fund size
$276M
1Y return
+3.8%
Yield · Last 12 months
Data unavailable
Volume · 30D
0.1M sh
NAV per share
$27.47
52W range
low $26.43high $30.90

The ETF.net HECA Grade

C

48/ 100

Rank 23 of 38 in Multi-Asset Allocation⁠

Confidence High

Six-pillar profile for HECA. Scores out of 100: Cost 24, Risk 21, Mission 71, Tradability 88, Holdings 44, Durability 49. Strongest: Tradability (88). Weakest: Risk (21). Leans toward Tradability.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 24
    Category rank29/38 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 71
    Category rank16/30 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 21
    Category rank32/36 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 88
    Category rank4/38 · top 11%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 44
    Category rank24/34 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 49
    Category rank25/38 · mid-pack

Graded as of Sep 22, 2026

Our read on HECA

ETF.net Research

CHedgeye's macro process in an ETF wrapper: an active fund-of-funds that rotates among stocks, bonds, commodities and currencies, aiming to maximize rolling 12-month returns while holding peak-to-trough NAV declines to 15%.

Stated mandate

The Fund actively allocates among equities, bonds and other debt instruments, commodities, and currencies, primarily through ETFs. It seeks to maximize returns over rolling 12-month periods while limiting peak-to-trough NAV declines to 15%, without guaranteeing that outcome.

Why people hold it

  1. 01The mandate is the differentiator. Most allocation funds lock in a fixed stock/bond split; this one steers by an explicit 15% ceiling on peak-to-trough NAV declines.
  2. 02Four asset classes behind one ticker: equities, bonds, commodities and currencies, held mainly through ETFs, so the macro shifts happen inside the fund instead of on your trade screen.
  3. 03For a young fund it trades cleanly, with steady volume and a market price that tracks close to the value of what it holds.
  4. 04The portfolio lines up with the all-asset job described in its filings, not a stock fund wearing a multi-asset label.

Worth knowing

  1. 01At 1.02% a year, the fee sits well above the typical allocation fund, where index-built rivals like AOA and NTSX run a fraction of that. Active macro is the reason; the hurdle is still there.
  2. 02The 15% drawdown limit is a target the manager pursues, not a contractual outcome. The prospectus says so outright.
  3. 03Launched in 2025, so there is no long record of the process running through a full market cycle, and distributions come once or twice a year rather than monthly.

HECA Holdings

As of Sep 20, 2026, 9:16 AM
Asset class
Other
Holdings
—
Top-10 weight
80%
Largest holding
First American Government Obligations Fund 12/01/203126.6%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—First American Government Obligations Fund 12/01/203126.64%73,450,237$73M625
002BKLNInvesco Senior Loan ETF13.77%1,847,603$38M11
003JAAAJanus Henderson AAA CLO ETF8.00%435,141$22M16
004HGERHarbor Commodity All Weather Strategy ETF6.00%459,730$17M5
005MOOVanEck Agribusiness ETF5.13%167,231$14M2
006CLOZEldridge BBB-B CLO ETF4.90%514,858$14M1
007ETHAiShares Ethereum Trust ETF4.38%605,662$12M7
008EWZiShares MSCI Brazil ETF4.30%316,173$12M7
009JIVEJPMorgan International Value ETF3.56%100,990$10M1
010FNDESchwab Fundamental Emerging Markets Equity ETF3.49%227,582$10M1
011XLEState Street Energy Select Sector SPDR ETF3.28%140,736$9M28
012IGViShares Expanded Tech-Software Sector ETF2.97%78,553$8M8
013CIBRFirst Trust NASDAQ Cybersecurity ETF2.96%81,637$8M2
014CRAKVanEck Oil Refiners ETF2.92%123,086$8M2
015XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF2.86%41,565$8M3

Showing 1–15 of 18 holdings

HECA Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

HECA$10,380
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. HECA $10,380. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HECA. Periods over one year show the average yearly return.
PeriodHECA
Year to date−1.2%
1 month−2.3%
3 months+1.0%
1 year+3.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HECA
YearReturn barHECA
2026 YTD−1.2%
2025+12.8%

History from Jul 1, 2025

HECA in the news

ETF.net Research hasn’t filed on HECA yet — coverage lands here as it’s written.

HECA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.56 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.56. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.56

HECA Risk

How much the fund’s monthly returns vary, scaled to a year.
12.5%
Annualised · 13 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.65
vs 3-month T-bills · 13 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−12.8%
14 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.10
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

HECA Cost

Expense ratio0.81%
  • The middle half of Multi-Asset Allocation funds
  • Median 0.58%

27 of the 37 Multi-Asset Allocation funds charge less.

HECA costs $81.00 a year on $10,000. The median Multi-Asset Allocation fund costs $58.00.