WCAP Fees and Costs — WarCap Unconstrained Equity ETF
Data updated: 2026-10-14
The net expense ratio is 1.00%: a 0.80% management fee plus 0.50% other expenses, less a 0.30% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $40K in broker commissions, 0.0736% of average net assets.
WCAP Fees and Expenses
Annual operating expenses and sales charges of WCAP. Prospectus, as of September 8, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.50% |
| Gross expense ratio | 1.30% |
| Fee waiver | −0.30% |
| Net expense ratio | 1.00% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
WCAP Costs Over Time
On $10,000 invested in WCAP, assuming 5% a year before costs, total costs come to $671 over 5 years, cutting the return by 1.13% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.00%) | $105 | $327 | $567 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $0 | $17 | $62 |
| Total costs | $113 | $369 | $671 |
| Value after costs | $10,387 | $11,207 | $12,092 |
| Impact on return, per year | 1.13% | 1.13% | 1.13% |
WCAP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0736%
- Total broker commissions: $40K
- Bought from dealers (principal trades, not a cost): $388.1M
- Portfolio turnover (prospectus): —
WCAP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $27K | 66.99% |
| Goldman Sachs & Co. LLC | $12K | 30.83% |
| Virtu Americas LLC | $800 | 2.02% |
| Jonestrading Institutional Services LLC | $65 | 0.16% |
WCAP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UMB Bank, n.a. | $323.9M | 83.46% |
| Goldman Sachs & Co. LLC | $47.8M | 12.32% |
| Merrill Lynch Professional Clearing Corp. | $8.5M | 2.18% |
| Virtu Americas LLC | $7.9M | 2.04% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.