IQ

HECA · Hedgeye Capital Allocation ETF

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$26.64
+0.2% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

HECA is actively managed and returned −3.0% over the past year.

Why did HECA return +8.1% from Jul 2025 to Oct 2026, against VOO’s +23.0%?Is a 0.81% fee low for a fund like HECA?What does HECA cost to hold and to trade?
Equity fund · Actively managedExpense ratio 0.81%Fund assets $287m net assets, latest filing (Jul 31, 2026)First traded Jul 1, 2025Benchmark Its own holdings, as of Jul 31, 2026; its shareholder report compares it with the S&P 500 Index, but its daily returns fit VOO's at R-squared 0.142 over the year to Nov 4, 2026 (251 days), under the 0.35 it needs to return to itSEC filings ↗Dividend history

HECA returned −3.0% over the year to Nov 4, 2026, charges 0.81% a year and holds $287m in net assets on Jul 31, 2026.

Promise check: Not measuredIt names no index it tracks.

Compare with…Trading costsPut to the committeeaskIQ about HECAAdd to portfolioAlerts

HECA risk and return scorecard

vs VOO, its stated benchmark (secondary) · Jul 2025 to Oct 2026 · 68 weekly returns · dividend-adjusted

Short history · 16 months
HECA +8.1%, VOO +23.0%, Jul 2025 to Oct 2026, distributions reinvested.

Secondary: VOO tracks the S&P 500 Index, named in its shareholder report. Its own benchmark is its holdings, which have no weekly prices.

Return
MeasureHECAVOOEdge
Total return+8.1%+23.0%VOO
Annualized+6.1%+17.1%VOO
Price return+6.0%+21.2%VOO
Risk
MeasureHECAVOOEdge
Volatility9.7%11.6%HECA
Max drawdown−13.0%−8.4%VOO
Upside capture19.5%100.0%VOO
Downside capture23.0%100.0%HECA
Risk-adjusted
MeasureHECAVOOEdge
Sharpe ratio0.261.09VOO
Sortino ratio0.391.83VOO
Alpha vs VOO
MeasureHECAVOOEdge
Alpha, a year+0.4%Not significant
Alpha t-stat0.04
Beta to VOO0.171.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What changed

IQ findings, 30 days to Nov 5, 2026

HECA cut its expense ratio to 0.81% from 1.30%, in a filing dated Aug 11, 2026.

the fund's prospectus (SEC) · Checked against a plausibility rule

Found by IQ's nightly read of every ETF. A finding that fails its check is never shown. Method

What you earned

HECA −3.3%: total return over one month to Nov 4, 2026.
HECA−3.3%
HECA −2.9%: total return over three months to Nov 4, 2026.
HECA−2.9%
HECA −3.6%: total return over six months to Nov 4, 2026.
HECA−3.6%
HECA −3.7%: total return over the year to Nov 4, 2026.
HECA−3.7%
HECA −3.0%: total return over one year to Nov 4, 2026.
HECA−3.0%
HECA +8.7%: total return since launch to Nov 4, 2026.
HECA+8.7%
askIQ: what drove HECA’s returns? ↗

How concentrated, and what does it cost?

No index, actively managed
−3.0%
Total return, 1 year
Report
0.81%
Expense ratio
Report
19
Holdings
Report
−13.6%
Below its high
Report
2.0%
12-month yield, capital gains included, on its starting price
Report
$0.5579
Last payment, ex-date Dec 30, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 0.81% fee low for a fund like HECA? ↗

More on HECA

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Price and total return, 1 year

$26.64+0.2%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

HECA returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Oct 5 – Nov 4, 2026−3.3%−1.0%
3M Aug 5 – Nov 4, 2026−2.9%−0.1%
6M May 6 – Nov 4, 2026−3.6%+5.0%
YTD Dec 31, 2025 – Nov 4, 2026−3.7%+13.3%
1Y Nov 4, 2025 – Nov 4, 2026−3.0%+14.8%
Since launch Jul 1, 2025 – Nov 4, 2026+8.7%+25.8%
Since launch, annualised Jul 1, 2025 – Nov 4, 2026+6.4%–

Total returns, distributions reinvested. Listed Jul 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

HECA key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$30.82 on Feb 25, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$26.54 on Nov 2, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$26.64, 2% of the way from the low to the high
Holdings19
Top ten weight53.0%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 4, 2026
Trading · HECAas of Nov 4, 2026
·
Not scored2 of 6 measured · Nov 4, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

HECA for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
HECA interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

HECA is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About HECA

What it tracksNo index, actively managed
Fund typeEquity fund
Category (ETFIQ)Stocks · Global large-cap value
Expense ratio (497 XBRL, Aug 11, 2026)0.81%
Price$26.64
First tradedJul 1, 2025
Net assets (SEC filing, whole fund, as filed for Jul 31, 2026)$287mReport
Benchmark (ETFIQ, from its filings)Its own holdings, as of Jul 31, 2026; its shareholder report compares it with the S&P 500 Index, but its daily returns fit VOO's at R-squared 0.142 over the year to Nov 4, 2026 (251 days), under the 0.35 it needs to return to it
HECA, Jul 31, 2026 to Oct 30, 2026−2.50%
Its book of Jul 31, 2026, the same days (ETFIQ, measured on 76% of the book by weight)+2.24%
Against its own holdings (ETFIQ)−4.73 pts
Stated benchmark (secondary)S&P 500 Index (from its shareholder report), priced by VOO
HECA, 1 year to Nov 4, 2026 (secondary)−3.0%
VOO, the same days (secondary)+14.8%
Against its stated benchmark, 1 year (secondary)−17.8 pts
Daily R-squared against VOO, 1 year to Nov 4, 2026 (secondary)0.14
Below its high (ETFIQ)−13.6%
Holdings19
Top ten weight53.0%
Cash, not in the top ten23.6%
Holdings as of (SEC N-PORT)Jul 31, 2026
Already in the S&P 500, by weight (ETFIQ)0.0%
Active share vs the S&P 500 (ETFIQ)100.0%
Already in the Nasdaq-100, by weight (ETFIQ)0.0%
IQ Investment Committee on HECA

12 seats on HECA, as of Nov 4, 2026: 1 Supports, 2 Mixed, 2 Challenges, 7 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostMixed
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationSupports
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put HECA to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about HECA

How has HECA performed?
Over the year to Nov 4, 2026, HECA returned −3.0% with distributions reinvested.
What does HECA cost?
The prospectus expense ratio is 0.81% a year.
What does HECA hold?
19 positions as filed for Jul 31, 2026, with the top ten at 53.0% of the fund. 0% of its weight is in stocks the S&P 500 also holds.
How far is HECA below its high?
13.6% below its high of Feb 25, 2026, measured on the reinvested series to Nov 4, 2026.
Sources and dates
Prices, HECA and S&P 500 (SPY)Tiingo end-of-day · Nov 4, 2026
Fee, 0.81%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $287mSEC filing, whole fund · Jul 31, 2026
SourceHoldings filing (SEC Form N-PORT) ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
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ETFIQ, HECA, stock fund, data as of Nov 4, 2026. https://etfiq.com/funds/heca

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

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HECA: HECA over 1 year: total return −3.0%. Data to Nov 4, 2026.
<figure style="margin:0;max-width:640px">
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<figcaption style="font:13px/1.5 sans-serif">HECA: HECA over 1 year: total return −3.0%. Data to Nov 4, 2026. Data: <a href="https://etfiq.com/funds/heca">ETFIQ</a></figcaption>
</figure>

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