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DFAC vs WCAP

Dimensional US Core Equity 2 ETF

DFACANYSE Arca

WarCap Unconstrained Equity ETF

WCAPFNYSE Arca

Overlap

Expense ratio

DFAC −0.83pt a year

DFAC0.17%WCAP1.00%

Avg volume · 30D

DFAC 183.8×the volume

DFAC2MWCAP10.9K

DFAC vs WCAP Performance

Oct 31, 2025 – Nov 2, 2026

+15.9%DFAC−7.8%WCAP

Oct 31, 2025 to Nov 2, 2026. DFAC +15.9%. WCAP −7.8%. Use the arrow keys to read each point.0%10%20%Oct 2025May 2026Nov 2026
Expense ratio
DFAC 0.17%, better
WCAP 1.00%
Fund size
DFAC $87.6B
WCAP $59M
1Y total return
DFAC +15.9%, better
WCAP −7.8%
Yield (12M)
DFAC 0.88%
WCAP No data
Holdings
DFAC 2550
WCAP 34
Avg volume (30D)
DFAC 2M sh, better
WCAP 10.9K sh
NAV per share
DFAC $44.79
WCAP $9.20
52W range

ETF.net Grade

DFAC: Cost 94, Risk 66, Mission 100, Tradability 86, Holdings 87, Durability 97. WCAP: Cost 14, Risk 15, Mission 48, Tradability 20, Holdings 45, Durability 40.
Pillar letters and Scores for DFAC, WCAP, with each pillar’s weight
PillarDFACWCAP
Cost30% weightA94HigherF14
Mission25% weightA100HigherC48
Risk15% weightB66HigherF15
Tradability15% weightA86HigherF20
Holdings10% weightA87HigherC45
Durability5% weightA97HigherC40

Rank among US Active Equity funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DFAC and WCAP are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds
See all 121 ›

DFAC ranks 3rd and WCAP 117th of 121 funds in the US Active Equity Category.

  1. Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
  2. Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
  3. Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
  4. Rank 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
  5. Rank 117FNLSINEOS Long/Short Equity Income ETFScore 21
  6. Rank 117FWCAPWarCap Unconstrained Equity ETFScore 21
  7. Rank 119FAINTFINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETFScore 17

Our read on each fund

ETF.net Research

DFACADimensional US Core Equity 2 ETF

WCAPFWarCap Unconstrained Equity ETF

In short

DFAC Dimensional's whole-market workhorse: roughly 2,600 US stocks in one ticker, run by managers who weigh federal tax consequences before they trade, at a fee closer to index funds than to active ones.

WCAP Unconstrained 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

DFAC The fund seeks long-term capital appreciation while considering federal income-tax implications in its investment decisions.

WCAP The Fund seeks long-term growth of capital.

Why people hold it

  • DFAC 0.17% a year for an actively run fund, well under the median fee among active US equity ETFs.
  • About 2,600 US stocks under one ticker, so it holds the market broadly rather than a narrow slice of it.
  • Federal income-tax implications sit inside the stated objective, not in a footnote, so they factor into what managers buy and sell.
  • A multi-billion-dollar fund with a track record running back to 2007 and one of the strongest implementations in its peer group.
  • WCAP 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

  • DFAC Actively managed, so there's no published index to check it against. Holdings and tilts shift at the managers' discretion.
  • Dimensional's own DFAU runs a US core equity mandate for 0.12%, a slightly lighter fee for a similar shelf.
  • All stocks, all US: the mandate is capital appreciation from equities, so it takes the market's full swings, and cash arrives quarterly.
  • WCAP 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.

Full DFAC profile⁠

Full WCAP profile⁠

DFAC vs WCAP Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFAC vs WCAP Cost

Overpaying WCAP vs DFAC

$15,142

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

  • DFAC 0.17%

    $3,546

  • WCAP 1.00%

    $18,688

$10,000
30 years

Cost over time

  • DFAC 0.17%
  • WCAP 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530WCAP $18,688DFAC $3,546

Year by year

YearDFACWCAPOverpaying
10$310$1,763$1,453
20$1,211$6,625$5,414
30$3,546$18,688$15,142

Expense ratio

  • 0.17%DFAC, cheaper
  • 1.00%WCAP
  • Middle half of US Active Equity funds
  • Median 0.68%

DFAC 8th cheapest of 121 funds

WCAP 104th cheapest of 121 funds

DFAC vs WCAP Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
DFAC 0.88%
WCAP No data
Payout (12M)
DFAC $0.39
WCAP No data
Last payment
DFAC $0.10
WCAP $0.0036
Ex-dividend
DFAC Sep 22, 2026
WCAP Dec 30, 2025
Paid on
DFAC Sep 24, 2026
WCAP Dec 31, 2025
Frequency
DFAC Quarterly
WCAP Irregular

Distribution history

Per share, 2021 to 2026, same scale for both

DFACQuarterly · 22 paymentsAll DFAC payments⁠
One bar per payment. 22 payments from 2021 to 2026 YTD. Jun 22, 2021 $0.06; Sep 21, 2021 $0.08; Dec 16, 2021 $0.11; Mar 22, 2022 $0.06; Jun 22, 2022 $0.09; Sep 20, 2022 $0.09; Dec 20, 2022 $0.12; Mar 21, 2023 $0.06; Jun 21, 2023 $0.09; Sep 19, 2023 $0.10; Dec 19, 2023 $0.10; Mar 19, 2024 $0.07; Jun 18, 2024 $0.10; Sep 17, 2024 $0.09; Dec 17, 2024 $0.10; Mar 25, 2025 $0.08; Jun 24, 2025 $0.11; Sep 23, 2025 $0.11; Dec 16, 2025 $0.09; Mar 24, 2026 $0.10; Jun 23, 2026 $0.11; Sep 22, 2026 $0.10. Use the arrow keys to read each point.$0$0.1020232026YTD
WCAPIrregular · 1 paymentAll WCAP payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 30, 2025 $0.0036. Use the arrow keys to read each point.$0$0.1020232026YTD

DFAC vs WCAP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DFAC 12.6%WCAP 12.1%since Oct 2025
Return per unit of riskSharpe ratio, 3 years
DFAC 1.32WCAP −0.84since Oct 2025
Worst fallMax drawdown, 5 years
DFAC −23.1%WCAP −15.9%since Sep 2025
Market sensitivityBeta, 5 years
DFAC 0.99WCAP 0.70

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