Nicholas Defense and Rare Earth Income ETF
$41.00−0.49 (−1.19%)
- 1.11%
- $6M
- 0M sh
- $42.23
- low $38.83high $50.28
The ETF.net WEPN Grade
D
Score 28 out of 100
- 24 of 26
Score 28 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F0 out of 100Rank 26 of 26Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B62 out of 100Rank 9 of 26Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C41 out of 100Rank 17 of 26Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D38 out of 100Rank 20 of 26Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C42 out of 100Rank 19 of 26
Our read on WEPN
DDefense, aerospace and cyber stocks plus ETPs tracking strategic metals, wrapped in an options overlay. It takes a theme investors usually buy for growth and runs it for cash instead.
The Fund primarily seeks capital appreciation and secondarily seeks current income.
Why people hold it
- Three sleeves, one ticker: defense and rare-earth equities, exchange-traded products tied to metals like copper, lithium, cobalt and platinum, and an options overlay that sells premium.nicholasx.com
- Built as an income vehicle in a corner of the market that rarely pays one. Net option premiums are the main fuel, and the prospectus targets weekly cash distributions.nicholasx.com
- Actively managed rather than index-locked, so holdings and the options book can be reshaped as defense budgets and critical-mineral supply chains shift.nicholasx.com
Worth knowing
- At 1.11% a year, it costs roughly double what the typical global thematic ETF charges. Layered strategies bill you for the layers.
- Selling options funds the payout and trims the upside. In a sharp defense or metals rally, the overlay hands back part of the move.nicholasx.com
- Launched in 2026, so the track record is short, and it is a small, thinly traded fund where bid-ask spreads can run wider than in large thematic ETFs.
WEPN Holdings
- Stocks
- 52
- 64%
- CRWD
Sectors
- Technology41.1%
- Industrials38.6%
- Materials16.9%
- Energy3.0%
- Consumer Discretionary0.3%
- Utilities0.2%
Geography
- United States98.21%
- Chile1.79%
WEPN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
WEPN$10,198
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | WEPN |
|---|---|
| Year to date | — |
| 1 month | −0.2% |
| 3 months | +2.0% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | WEPN |
|---|---|---|
| 2026 YTD | −9.1% |
WEPN in the news
WEPN Dividends
- $0.10 per share
- Weekly
Distribution data unavailable.
Distribution history
WEPN Risk
- —
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- —
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- —
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.10
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
WEPN Cost
1.11%
WEPN1.11%
- The middle half of Defense & Aerospace funds
- Median 0.50%
Every other Defense & Aerospace fund charges less.
Other funds in Defense & Aerospace
- DJEDIDrone and Modern Warfare ETFExpense ratio 0.69%1 year return −13.8%
- DAMMOVistaShares Defense Supercycle ETFExpense ratio 0.75%1 year return —
- DKDEFPLUS Korea Defense Industry Index ETFExpense ratio 0.65%1 year return −12.0%
- DARMYTema International Defense Innovation ETFExpense ratio 0.75%1 year return —
- DUFODETF Opportunities Trust - Tuttle Capital UFO Disclosure ETFExpense ratio 0.99%1 year return —