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WCAP

GradeFNew York Stock Exchange Arca

WarCap Unconstrained Equity ETF

Active Equity · WarCap · Inception 2025-09-10 · SEC filings

$9.34+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Sep 11, 2025.
Intraday session: up, 16 prints from 9.10 to 9.34. Range 9.10 to 9.34. Use the arrow keys to read each point.$9.10$9.20$9.30Sep 17Sep 18Sep 21Sep 22Sep 23
Expense ratio
1.30%
Fund size
$61M
1Y return
−8.2%
Yield · Last 12 months
Data unavailable
Holdings
35
Volume · 30D
0M sh
NAV per share
$9.34
52W range
low $8.55high $10.18

The ETF.net WCAP Grade

F

22/ 100

Rank 118 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for WCAP. Scores out of 100: Cost 17, Risk 13, Mission 44, Tradability 18, Holdings 53, Durability 40. Strongest: Holdings (53). Weakest: Risk (13). Leans toward Holdings.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 22 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 17
    Category rank106/127 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    CScore 44
    Category rank42/48 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 13
    Category rank120/126 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 18
    Category rank112/127 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 53
    Category rank75/124 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank98/127 · bottom quartile

Graded as of Sep 22, 2026

Our read on WCAP

ETF.net Research

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

  1. 01Genuinely 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
  2. 02Freedom with guardrails: the fund is classified as diversified under the 1940 Act, so unconstrained does not mean a few outsized bets.sec.gov
  3. 03You 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

  1. 01Costs 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%.
  2. 02Small and lightly traded, so the gap between bid and ask can be wide and sizable orders can push the price around.
  3. 03Launched 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

As of Sep 20, 2026, 10:12 AM
Asset class
Stocks
Holdings
35
Top-10 weight
47%
Largest holding
AAPL6.6%

Geography

  • United States96.41%
  • Switzerland2.28%
  • Sweden1.30%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AAPLApple, Inc.6.58%11,874$4M707
002GOOGLAlphabet Inc6.33%10,970$4M704
003NVDANVIDIA Corporation5.39%14,714$3M828
004ACWXiShares MSCI ACWI ex U.S. ETF5.00%39,760$3M4
005IVVISHARES-C S&amp;P5004.92%3,900$3M54
006AMZNAmazon.com, Inc4.17%9,955$3M720
007MUMicron Technology Inc4.13%2,467$3M655
008AVGOBroadcom Inc.3.73%6,329$2M732
009TSLATSLA3.55%5,912$2M509
010WMTWalmart Inc.3.46%19,681$2M462
011METAFacebook Inc3.28%2,988$2M683
012—Cash / Cash Equivalents3.25%1,967,253$2M13
013MSFTMicrosoft Corporation3.24%3,982$2M792
014SPCXSPCX3.23%12,831$2M268
015UNPUNION PAC CORP2.73%5,921$2M401

Showing 1–15 of 35 holdings

WCAP Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

WCAP$9,178
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. WCAP $9,178. SPY $11,723. Use the arrow keys to read each point.$8,144$10,087$12,030Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−5.0%
1 month+0.0%
3 months−2.6%
1 year−8.2%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−5.0%
2025−2.1%

History from Sep 11, 2025

WCAP in the news

ETF.net Research hasn’t filed on WCAP yet — coverage lands here as it’s written.

WCAP Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
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

WCAP Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
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.
—
No data available
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%
12 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.
0.71
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.

WCAP Cost

Expense ratio1.30%
  • The middle half of US Active Equity funds
  • Median 0.70%

108 of the 124 US Active Equity funds charge less.

WCAP costs $130.00 a year on $10,000. The median US Active Equity fund costs $70.00.