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Launched · SEC filings

WarCap Unconstrained Equity ETF

WCAPNYSE ArcaF

$9.19+0.03 (+0.27%)

As of Nov 3, 2026, 3:59 PM ET

F21/ 100

Rank 121 of 126 in US Active Equity

F21/100Rank 121 of 126inUS Active Equity
Intraday session: up, 76 prints from 9.16 to 9.19. Range 9.16 to 9.23. Use the arrow keys to read each point.9.209.2210 AM12 PM2 PM4 PM
Expense ratio
1.00%*
Fund size
$59M
1Y total return
−7.8%
Yield · Last 12 months
No data
Holdings
34
Avg volume · 30D
10.9K sh
52W range
low $8.55high $10.07
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Nov 30, 2026. Without it: 1.30%.

The ETF.net WCAP Grade

F

Score 21 out of 100

Category
US Active Equity⁠
Rank
121 of 126
Six-pillar profile for WCAP. Scores out of 100: Cost 14, Risk 15, Mission 48, Tradability 20, Holdings 45, Durability 40. Strongest: Mission (48). Weakest: Cost (14). Leans toward Mission and Holdings.

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.
    F14 out of 100
    Rank 107 of 126

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    C48 out of 100
    Rank 41 of 49

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F15 out of 100
    Rank 118 of 126

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F20 out of 100
    Rank 113 of 126

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C45 out of 100
    Rank 85 of 124

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C40 out of 100
    Rank 93 of 126

Our read on WCAP

ETF.net Research

In short

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.

Stated mandate

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.govusnews.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 Performance

Launched Sep 10, 2025

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$9,219
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. WCAP $9,219. SPY $11,146. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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.

Trailing total return for WCAP. Periods over one year show the average yearly return.
PeriodWCAP
Year to date−6.8%
1 month−1.1%
3 months+0.3%
1 year−7.8%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for WCAP
YearReturn barWCAP
2026 YTD−6.8%
2025−2.1%

History from Sep 11, 2025

WCAP in the news

WCAP Dividends

Last payment
$0.0036 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.0036. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Dec 31, 2025$0.0036

$10,000 in WCAP 1 year ago paid $3.66 in dividends.

WCAP Risk

Risk pillarF15 out of 100Rank 118 of 126 in US Active Equity
How much the fund’s monthly returns vary, scaled to a year.
12.1%
Annualised · 13 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.84
vs 3-month T-bills · 13 months to Oct 2026
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.

The largest fall from a peak to the low that followed.
−15.9%
13 months · trough Mar 2026
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.

How strongly the fund’s returns move with its asset-class index.
0.70
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

WCAP Cost

Compare WCAP and TACU

Overpaying vs TACU, cheapest in US Active Equity

$18,688

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • WCAP 1.00%

    $18,688

  • TACU 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • WCAP 1.00%
  • TACU 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530WCAP $18,688TACU $0

Year by year

YearWCAPTACUOverpaying
10$1,763$0$1,763
20$6,625$0$6,625
30$18,688$0$18,688
How the 1.00% is worked out

Full fee 1.30%− waiver 0.30%= you pay 1.00%

The waiver ends Nov 30, 2026. After that the fee is 1.30% unless WarCap renews it. Source: prospectus, Sep 2025.

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