ETF Evaluator:
Hypatia Women CEO ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 45.8% | iShares Micro-Cap ETF (IWC) |
| 45.6% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 43.8% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 38.9% | Inspire Small/Mid Cap ETF (ISMD) |
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ETF Details
Hypatia Women CEO ETF Overview
Hypatia Women CEO ETF (WCEO) is an actively managed U.S. Equity Small Blend exchange-traded fund (ETF). Hypatia Capital Group launched the ETF in 2023.
The investment seeks to provide capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in exchange-traded equity securities of U.S. companies that are led by a female Chief Executive Officer. The fund primarily invests in components of the Hypatia Women CEO Index (the “index”). The index tracks the performance of exchange-traded equity securities of U.S. companies that have market capitalizations of at least $500 million and are led by a female Chief Executive Officer.
About Hypatia Women CEO ETF (WCEO)
There are 2 members of the management team with an average tenure of 2.37 years: Patricia Lizarraga (2023) and John Grenawalt (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P SmallCap 600 TR USD index with a weighting of 100% and FT Wilshire US Small Cap TR USD index with a weighting of 100%. Hypatia Women CEO ETF has 163 securities in its portfolio. The top 10 holdings constitute 13.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
Hypatia Women CEO ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Hypatia Women CEO ETF has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.3% There is 1.4% 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). Hypatia Women CEO ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $4 billion average for the Small 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.
WCEO 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 Hypatia Women CEO ETF expense ratio is high compared to funds in the Small Blend category. Hypatia Women CEO ETF has an expense ratio of 0.85%, which is 101% 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. Hypatia Women CEO ETF has a portfolio turnover rate of 91%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, Hypatia Women CEO ETF returned 0.1%, which earned it a grade of A, as the Small Blend category had an average return of -2.1%. 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.
Hypatia Women CEO ETF has a trailing yield of 0.55%, which is below the 1.17% 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.
Hypatia Women CEO ETF Grades
Year to date, the ETF has returned 16.4%, 1.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 26.8% over the past year (grade of D) and 12.8% over the past three years (grade of D).
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WCEO 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 |
|
| WCEO Return (NAV) | 0.1% | 6.4% | 26.8% | 12.8% | na | na |
| WCEO Return (Price) | 0.1% | 6.4% | 26.9% | 12.8% | na | na |
| NAV +/- Price Return | 0.010% | -0.010% | -0.126% | -0.043% | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| WCEO Grade (NAV) | A | B | D | D | na | na |
| +/- Category (NAV) | 2.2% | 0.7% | -1.7% | -1.2% | na | na |
| WCEO Tax-Cost Ratio | na | na | 0.3% | 0.3% | na | na |
WCEO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WCEO Return (NAV) | 16.4% | 9.7% | 8.5% | na | na | na | na | na | na | na | na |
| WCEO Return (Price) | 16.4% | 9.8% | 8.3% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.003% | 0.012% | -0.030% | na | na | na | na | na | na | na | na |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| WCEO Grade (NAV) | D | C | F | na | na | na | na | na | na | na | na |
| +/- Category | -1.5% | 0.9% | -3.2% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.98 |
| R-Squared: | 61% |
| Standard Deviation: | 16.4% |
| Category Risk Index: | 0.90 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.34 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.6% |
| Total Assets: | $ 10 Mil |
| Share Class Assets: | $ 10 Mil |
| Turnover: | 91.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | S&P SmallCap 600 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.6 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Lizarraga Patricia (2023), Grenawalt John (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 163 |
| % in Top 10 Holdings: | 13.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.3% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Hypatia Capital Group |
| Phone Number: | 888-338-3166 |
| Website: | |
| Inception Date: | January 6, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.42% |
