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WEPN

GradeDNew York Stock Exchange Arca

Nicholas Defense and Rare Earth Income ETF

Themes · Nicholasx · Inception 2026-03-02

$43.45−0.05 (−0.10%)

As of Sep 23, 2026, 1:35 PM EDT

History starts Mar 3, 2026.History starts Mar 3, 2026.
Intraday session: down, 3 prints from 43.49 to 43.45. Range 43.45 to 43.49. Use the arrow keys to read each point.$43.46$43.4810 AM12 PM2 PM4 PM
Expense ratio
1.11%
Fund size
$6M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
107
Volume · 30D
0M sh
NAV per share
$42.59
52W range
low $38.83high $50.28

The ETF.net WEPN Grade

D

28/ 100

Rank 23 of 26 in Defense & Aerospace⁠

Confidence Medium

Six-pillar profile for WEPN. Scores out of 100: Cost 0, Risk 59, Mission not scored, Tradability 42, Holdings 41, Durability 41. Strongest: Risk (59). Weakest: Cost (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 28 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 0
    Category rank26/26 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 59
    Category rank9/25 · top 36%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 42
    Category rank15/26 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 41
    Category rank19/26 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 41
    Category rank19/26 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on WEPN

ETF.net Research

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.

Stated mandate

The Fund primarily seeks capital appreciation and secondarily seeks current income.

Why people hold it

  1. 01Three 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
  2. 02Built 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
  3. 03Actively 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

  1. 01At 1.11% a year, it costs roughly double what the typical global thematic ETF charges. Layered strategies bill you for the layers.
  2. 02Selling 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
  3. 03Launched 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

As of Sep 20, 2026, 9:02 AM
Asset class
Stocks
Holdings
107
Top-10 weight
60%
Largest holding
CRWD10.6%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001CRWDCrowdstrike Holdings Inc10.58%2,789$685K454
002PANWPalo Alto Networks Inc10.32%1,782$668K486
003SPCXSpace Exploration Technologies Corp8.28%3,465$536K268
004DBBInvesco DB Base Metals Fund6.70%16,880$434K3
005PLTRPalantir Technologies Inc5.05%1,855$327K503
006SLXVanEck Steel ETF4.48%2,676$290K1
007CACICACI International Inc4.19%427$271K150
008RTXRTX Corp3.78%1,264$245K390
009PPLTabrdn Physical Platinum Shares ETF3.73%15,035$241K3
010CPERUnited States Copper Index Fund3.41%5,570$221K1
011AVAVAeroVironment Inc3.38%1,342$219K138
012AXONAxon Enterprise Inc3.28%468$212K326
013LMTLockheed Martin Corp3.26%393$211K406
014ONDSOndas Inc2.95%25,903$191K78
015LITGlobal X Lithium & Battery Tech ETF2.93%2,681$190K3

Showing 1–15 of 57 holdings

WEPN Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

WEPN$10,547
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. WEPN $10,547. SPY $10,415. Use the arrow keys to read each point.$9,136$10,297$11,457Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for WEPN. Periods over one year show the average yearly return.
PeriodWEPN
Year to dateFund launched this year—
1 month−2.9%
3 months+5.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for WEPN
YearReturn barWEPN
2026 YTD−5.2%

History from Mar 3, 2026

WEPN in the news

ETF.net Research hasn’t filed on WEPN yet — coverage lands here as it’s written.

WEPN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.10 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Weekly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 28 payments in 2026 YTD. Mar 17, 2026 $0.22; Mar 24, 2026 $0.22; Mar 31, 2026 $0.10; Apr 7, 2026 $0.10; Apr 14, 2026 $0.10; Apr 21, 2026 $0.11; Apr 28, 2026 $0.10; May 5, 2026 $0.10; May 12, 2026 $0.11; May 19, 2026 $0.10; May 27, 2026 $0.10; Jun 2, 2026 $0.11; Jun 9, 2026 $0.11; Jun 16, 2026 $0.10; Jun 23, 2026 $0.10; Jun 30, 2026 $0.09; Jul 7, 2026 $0.10; Jul 14, 2026 $0.10; Jul 21, 2026 $0.09; Jul 28, 2026 $0.09; Aug 4, 2026 $0.09; Aug 11, 2026 $0.10; Aug 18, 2026 $0.11; Aug 25, 2026 $0.10; Sep 1, 2026 $0.11; Sep 9, 2026 $0.10; Sep 15, 2026 $0.10; Sep 22, 2026 $0.10. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 23, 2026$0.10
Sep 15, 2026Sep 16, 2026$0.10
Sep 9, 2026Sep 10, 2026$0.10
Sep 1, 2026Sep 2, 2026$0.11
Aug 25, 2026Aug 26, 2026$0.10
Aug 18, 2026Aug 19, 2026$0.11
Aug 11, 2026Aug 12, 2026$0.10
Aug 4, 2026Aug 5, 2026$0.09
Jul 28, 2026Jul 29, 2026$0.09
Jul 21, 2026Jul 22, 2026$0.09
Jul 14, 2026Jul 15, 2026$0.10
Jul 7, 2026Jul 8, 2026$0.10

WEPN Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 2026; fills in after 12 months
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.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Mar 2026; fills in after 12 months
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.

The largest fall from a peak to the low that followed.
—
Launched Mar 2026; fills in after 12 months
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.

How strongly the fund’s returns move with its asset-class index.
1.10
vs its asset-class index
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

Expense ratio1.11%
  • The middle half of Defense & Aerospace funds
  • Median 0.50%

Every other Defense & Aerospace fund charges less.

WEPN costs $111.00 a year on $10,000. The median Defense & Aerospace fund costs $50.00.