HECA vs UCBG

HECACHedgeye Capital Allocation ETF

UCBGAState Street SPDR UC Investments 90/10 Endowment Strategy Index 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.

UCBG —No data

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.

UCBG —No data

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

UCBG —No data

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.

UCBG —No data

Full HECA profile⁠

Full UCBG profile⁠