IQ

WCAP · WarCap Unconstrained Equity ETF

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$9.33
+1.6% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

WCAP returned −5.1% over the past year.

Why did WCAP return −9.6% from Sep 2025 to Oct 2026, against VOO’s +15.2%?Is a 1.00% fee low for a fund like WCAP?What does WCAP cost to hold and to trade?
Equity fundExpense ratio 1.00%Fund assets $61m net assets, latest filing (Jul 31, 2026)First traded Sep 11, 2025Benchmark S&P 500 Index, measured by VOO, which tracks the same indexSEC filings ↗Dividend history

WCAP returned −5.1% over the year to Nov 4, 2026, charges 1.00% a year and holds $61m in net assets on Jul 31, 2026.

Promise check: Not measuredIt names no index it tracks.

Compare with…Trading costsPut to the committeeaskIQ about WCAPAdd to portfolioOverlapAlerts

WCAP risk and return scorecard

vs VOO · Sep 2025 to Oct 2026 · 58 weekly returns · dividend-adjusted

Short history · 13 months
WCAP −9.6%, VOO +15.2%, Sep 2025 to Oct 2026, distributions reinvested.
Return
MeasureWCAPVOOEdge
Total return−9.6%+15.2%VOO
Annualized−8.7%+13.5%VOO
Price return−9.6%+13.6%VOO
Risk
MeasureWCAPVOOEdge
Volatility13.0%11.9%VOO (slight)
Max drawdown−15.6%−8.4%VOO
Upside capture59.9%100.0%VOO
Downside capture121.4%100.0%VOO
Risk-adjusted
MeasureWCAPVOOEdge
Sharpe ratio−0.930.81VOO
Sortino ratio−1.171.35VOO
Alpha vs VOO
MeasureWCAPVOOEdge
Alpha, a year−19.9%VOO
Alpha t-stat−2.41
Beta to VOO0.821.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

WCAP 0.0%, VOO −1.1%: total return over one month to Nov 4, 2026.
WCAP0.0%
VOO−1.1%
WCAP −0.9%, VOO −0.1%: total return over three months to Nov 4, 2026.
WCAP−0.9%
VOO−0.1%
WCAP +0.7%, VOO +5.0%: total return over six months to Nov 4, 2026.
WCAP+0.7%
VOO+5.0%
WCAP −5.1%, VOO +13.4%: total return over the year to Nov 4, 2026.
WCAP−5.1%
VOO+13.4%
WCAP −5.1%, VOO +14.8%: total return over one year to Nov 4, 2026.
WCAP−5.1%
VOO+14.8%
WCAP −7.0%, VOO +18.3%: total return since launch to Nov 4, 2026.
WCAP−7.0%
VOO+18.3%
askIQ: why did WCAP return −5.1% over one year, against VOO’s +14.8%? ↗

How concentrated, and what does it cost?

−5.1%
Total return, 1 year
Report
1.00%
Expense ratio
Report
46
Holdings
Report
−8.3%
Below its high
Report
0.0%
12-month yield, capital gains included, on its starting price
Report
$0.0036
Last payment, ex-date Dec 30, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 1.00% fee low for a fund like WCAP? ↗

More on WCAP

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Price, 1 year

$9.33+1.6%1 day, priceClose, Nov 4, 2026

Price only. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

WCAP returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 20260.0%−1.1%+1.1 pts
3M Aug 5 – Nov 4, 2026−0.9%−0.1%−0.8 pts
6M May 6 – Nov 4, 2026+0.7%+5.0%−4.3 pts
YTD Dec 31, 2025 – Nov 4, 2026−5.1%+13.4%−18.5 pts
1Y Nov 4, 2025 – Nov 4, 2026−5.1%+14.8%−19.9 pts
Since launch Sep 11, 2025 – Nov 4, 2026−7.0%+18.3%−25.3 pts
Since launch, annualised Sep 11, 2025 – Nov 4, 2026−6.1%––

Total returns, distributions reinvested. Listed Sep 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

WCAP key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$10.05 on Dec 11, 2025
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$8.56 on Mar 30, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$9.33, 52% of the way from the low to the high
Holdings46
Top ten weight45.0%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 4, 2026
Trading · WCAPas of Nov 4, 2026
·
Not scored0 of 6 measured · Nov 4, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

WCAP for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
WCAP interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

WCAP is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work
Download all holdings

WCAP top ten by weight, 45.0% of the fund, of its 46 equity positions, from the holdings filed for Jul 31, 2026. Source: the fund’s SEC filing.

Microsoft Corp MSFT 6.04%
Alphabet Inc GOOGL 5.77%
First Trust SMID Cap not filed 5.01%
iShares MSCI ACWI ex not filed 4.99%
NVIDIA Corp NVDA 4.92%
Amazon.com Inc AMZN 4.40%
NextEra Energy Inc NEE 4.22%
Broadcom Inc AVGO 4.10%
Apple Inc AAPL 3.04%
Bank of New York Mel BK 2.56%
Fund filings on SEC EDGAR ↗See all 46 holdings →Check overlap with another fund →

Source: Holdings filing (SEC Form N-PORT). Data as of Jul 31, 2026. Updated when the fund files its next report.

About WCAP

Fund typeEquity fund
Category (ETFIQ)Stocks · U.S. large-cap blend
Expense ratio (485BPOS XBRL, Sep 8, 2025)1.00%
Price$9.33
First tradedSep 11, 2025
Net assets (SEC filing, whole fund, as filed for Jul 31, 2026)$61mReport
Benchmark (ETFIQ, from its filings)S&P 500 Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Oct 7, 2026
WCAP, 1 year to Nov 4, 2026−5.1%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−19.9 pts
Below its high (ETFIQ)−8.3%
Holdings46
Top ten weight45.0%
Cash, not in the top ten3.6%
Holdings as of (SEC N-PORT)Jul 31, 2026
Already in the S&P 500, by weight (ETFIQ)83.7%
Active share vs the S&P 500 (ETFIQ)58.1%
Already in the Nasdaq-100, by weight (ETFIQ)44.5%
IQ Investment Committee on WCAP

12 seats on WCAP, as of Nov 4, 2026: 4 Mixed, 6 Challenges, 2 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyChallenges
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityMixed
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianMixed
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationMixed
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatChallenges
Put WCAP to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about WCAP

How has WCAP performed?
Over the year to Nov 4, 2026, WCAP returned −5.1% with distributions reinvested, against +14.8% for the S&P 500.
What does WCAP cost?
The prospectus expense ratio is 1.00% a year.
What does WCAP hold?
46 positions as filed for Jul 31, 2026, with the top ten at 45.0% of the fund. 84% of its weight is in stocks the S&P 500 also holds.
How far is WCAP below its high?
8.3% below its high of Sep 19, 2025, measured on the reinvested series to Nov 4, 2026.
Sources and dates
Prices, WCAP and Benchmark (VOO)Tiingo end-of-day · Nov 4, 2026
Fee, 1.00%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $61mSEC filing, whole fund · Jul 31, 2026
HoldingsHoldings filing (SEC Form N-PORT) · Jul 31, 2026 ↗
All fund filingsFund filings on SEC EDGAR ↗
WCAP’s own site, from Warren Capital ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
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ETFIQ, WCAP, stock fund, data as of Nov 4, 2026. https://etfiq.com/funds/wcap

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

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WCAP: WCAP over 1 year: total return −5.1%, its benchmark S&P 500 Index through VOO +14.8%, −19.9 pts. Data to Nov 4, 2026.
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<iframe src="https://etfiq.com/embed/core/wcap/" title="WCAP: WCAP over 1 year: total return −5.1%, its benchmark S&amp;P 500 Index through VOO +14.8%, −19.9 pts. Data to Nov 4, 2026." width="640" height="370" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">WCAP: WCAP over 1 year: total return −5.1%, its benchmark S&amp;P 500 Index through VOO +14.8%, −19.9 pts. Data to Nov 4, 2026. Data: <a href="https://etfiq.com/funds/wcap">ETFIQ</a></figcaption>
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