WarCap Unconstrained Equity ETF
$9.38−0.03 (−0.29%)
- 1.30%
- $62M
- −1.7%
- 0M sh
- $9.42
- low $8.55high $10.07
The ETF.net WCAP Grade
F
Score 21 out of 100
- 120 of 127
Score 21 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F13 out of 100Rank 111 of 127Mission
Whether the fund did what it promised, tested against its stated mandate.C45 out of 100Rank 42 of 48Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F14 out of 100Rank 120 of 126Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F22 out of 100Rank 109 of 127Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C49 out of 100Rank 79 of 124Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 93 of 127
Our read on WCAP
FUnconstrained means what it says: no index, no size box, just a Charleston stock picker roaming any market cap. A brand new, small active fund that asks you to back one manager's judgment, at a price above the active equity norm.
The Fund seeks long-term growth of capital.
Why people hold it
- Genuinely go anywhere: at least 80% of net assets in equities of any market capitalization, actively managed with no index to follow.sec.govmoney.usnews.com
- Freedom with guardrails: the fund is classified as diversified under the 1940 Act, so unconstrained does not mean a few outsized bets.sec.gov
- You back a person, not a machine: Warren Capital Group, the Charleston firm Joe Warren founded in 2005, runs the portfolio.warcap.comsec.gov
Worth knowing
- Costs 1.00% a year against a 0.65% median for active US equity ETFs; top ranked peers like DFAU and AVLC charge under 0.20%.
- Small and lightly traded, so the gap between bid and ask can be wide and sizable orders can push the price around.
- Launched September 2025, so there is no full market cycle to judge yet, and on cost, size and trading it sits in its peer group's bottom quartile.
WCAP Holdings
- Stocks
- 34
- 53%
- IVV
Geography
- United States98.64%
- Sweden1.36%
WCAP Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
WCAP$9,826
Returns run to the Oct 12, 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.
| Period | WCAP |
|---|---|
| Year to date | −4.3% |
| 1 month | +1.6% |
| 3 months | +2.0% |
| 1 year | −1.7% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | WCAP |
|---|---|---|
| 2026 YTD | −4.3% | |
| 2025 | −2.1% |
WCAP in the news
WCAP Dividends
- $0.0036 per share
- Irregular
Distribution data unavailable.
Distribution history
WCAP Risk
- 12.6%
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.
- −0.85
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.
- −15.9%
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.
- 0.70
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
WCAP Cost
1.30%
WCAP1.30%
- The middle half of US Active Equity funds
- Median 0.70%
108 of the 123 US Active Equity funds charge less.
Other funds in US Active Equity
- FAVRYAvory Foundational ETFExpense ratio 0.89%1 year return —
- FMSTQLHA Market State Tactical Q ETFExpense ratio 1.59%1 year return +20.3%
- FNLSINEOS Long/Short Equity Income ETFExpense ratio 2.89%1 year return —
- FAINTFINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETFExpense ratio 1.25%1 year return —
- FCCFEConcourse Capital Focused Equity ETFExpense ratio 0.96%1 year return −7.1%