HECA vs INCE

HECACHedgeye Capital Allocation ETF

INCEAFranklin Income Equity Focus ETF

In short

HECA A research shop's macro call, wrapped in an ETF. Hedgeye actively shifts among stocks, bonds, commodities and currencies (mostly via other ETFs) and writes a 15% peak-to-trough NAV drawdown limit into its own objective, which the prospectus does not guarantee.

INCE Franklin's income playbook run through stocks instead of bonds: roughly 100 equity-focused positions, monthly payouts, and an objective that targets lower volatility than the S&P 500, at a fee well under the typical allocation fund.

Stated mandate

HECA 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.

INCE The Fund seeks income from equity securities and related instruments while also pursuing capital appreciation and lower volatility than the S&P 500 Index.

Why people hold it

• HECA The mandate is built around drawdowns, not a fixed 60/40: it aims to maximize returns over rolling 12-month periods while holding peak-to-trough NAV declines to 15%.sec.gov
• Four asset classes in one ticker: equities, bonds and other debt, commodities and currencies, held largely through other ETFs, so the mix can rotate as the macro view changes.
• Run by Hedgeye Asset Management, which applies its own macro research and risk framework here instead of licensing an outside index, an unusual setup in a category dominated by static blends.hedgeye.com

• INCE 0.29% a year, less than half what the typical allocation fund charges.
• Income is the job, and it shows up monthly. The mandate also lets managers move across debt and equity markets rather than sit in one lane.
• The stated goal is not yield alone: income, capital appreciation, and lower volatility than the S&P 500 are all written into the objective.
• Undercuts its multi-asset sibling INCM (0.38%) on fee, and sits among the stronger names in a crowded allocation field.

Worth knowing

• HECA Active judgment costs 0.81%, with no fee waiver and above the category median; index-built peers such as AOA (0.15% net of a waiver through November 30, 2026) and IRTR (0.08%) sit far lower.
• The 15% drawdown figure is a target the fund states it cannot promise, and a discretionary macro call can trail a plain stock-and-bond mix when markets simply run.
• Launched in 2025, so the track record is short next to allocation funds with decades behind them, and it distributes only once or twice a year.

• INCE Small and lightly traded next to the giants of its category, so spreads can widen. Limit orders are the norm here.
• Distributions may include return of capital, so part of a monthly payout can be your own money coming back.
• Equity-forward by design. The aim is a smoother ride than the S&P 500, not bond-like steadiness.

Full HECA profile⁠

Full INCE profile⁠