HECA Fees and Costs — Hedgeye Capital Allocation ETF
Data updated: 2026-09-23
The net expense ratio is 0.81%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $75K in broker commissions, 0.2547% of average net assets, and portfolio turnover was 671%.
HECA Fees and Expenses
Annual operating expenses and sales charges of HECA. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.81% |
| Fee waiver | — |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HECA Costs Over Time
On $10,000 invested in HECA, assuming 5% a year before costs, total costs come to $665 over 5 years, cutting the return by 1.12% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.81%) | $85 | $265 | $460 |
| Trading costs (broker commissions) | $27 | $83 | $145 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $366 | $665 |
| Value after costs | $10,388 | $11,210 | $12,098 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
HECA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.2547%
- Total broker commissions: $75K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 671%
- Securities lending: none during the year
HECA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $43K | 57.13% |
| ROBERT W. BAIRD & CO. INCORPORATED | $25K | 33.58% |
| PERSHING LLC | $7K | 9.29% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.