ETF Evaluator:
Warcap Unconstrained Equity ETF ()
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(as of Aug 25)
Best Performing in Large Blend Over the Last Year
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Risk
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Risk
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ETF Details
Warcap Unconstrained Equity ETF Overview
Warcap Unconstrained Equity ETF (WCAP) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Spinnaker ETF Trust launched the ETF in 2025.
The investment seeks long-term growth of capital.
As an actively managed ETF, the fund will not seek to replicate the performance of an index. Under normal circumstances, the fund will invest at least 80% of the fund’s net assets (plus borrowings for investment purposes) in equities. These securities may be of any market capitalization.
About Warcap Unconstrained Equity ETF (WCAP)
There are 1 members of the management team with an average tenure of 0.88 years: Joseph Warren (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Warcap Unconstrained Equity ETF has 48 securities in its portfolio. The top 10 holdings constitute 46.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Warcap Unconstrained Equity ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Warcap Unconstrained Equity ETF has 7.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.0% There is 7.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Warcap Unconstrained Equity ETF has 3.6% of the portfolio in cash.
Assets Under Management
The fund has $61 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
WCAP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Warcap Unconstrained Equity ETF expense ratio is high compared to funds in the Large Blend category. Warcap Unconstrained Equity ETF has an expense ratio of 1.00%, which is 141% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Warcap Unconstrained Equity ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Warcap Unconstrained Equity ETF returned -4.7%, which earned it a grade of F, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Warcap Unconstrained Equity ETF has a trailing yield of 0.00%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Warcap Unconstrained Equity ETF Grades
Year to date, the ETF has returned -7.3%, 16.8 percentage points worse than the category, which translates into a grade of F.
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WCAP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| WCAP Return (NAV) | -4.7% | 2.1% | na | na | na | na |
| WCAP Return (Price) | -4.9% | 2.1% | na | na | na | na |
| NAV +/- Price Return | 0.270% | 0.012% | na | na | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| WCAP Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -3.8% | -1.6% | na | na | na | na |
| WCAP Tax-Cost Ratio | na | na | na | na | na | na |
WCAP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WCAP Return (NAV) | -7.3% | na | na | na | na | na | na | na | na | na | na |
| WCAP Return (Price) | -7.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.011% | na | na | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| WCAP Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -16.8% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 61 Mil |
| Share Class Assets: | $ 61 Mil |
| Turnover: | na |
| Expense Ratio: | 1.00% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.9 years | |||
| Average Tenure: 0.9 years | |||
| Managers (Year): Warren Joseph (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 48 |
| % in Top 10 Holdings: | 46.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.3% |
Portfolio Allocation |
|
| Domestic Stock: | 89.0% |
| Foreign Stock: | 7.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Spinnaker ETF Trust |
| Phone Number: | 800-773-3863 |
| Website: | |
| Inception Date: | September 11, 2025 |
Expenses and Fees
| Expense Ratio (%): | 1.00% (Rating: High) |
| Category Average Expense Ratio (%): | 0.41% |
