FLDZ vs WEPN

FLDZBTrueShares Patriot Defense ETF

WEPNDNicholas Defense and Rare Earth Income ETF

In short

FLDZ A defense-stock ETF with an unusual arrangement: the adviser's management fee, less fund expenses, goes to the Folds of Honor Foundation. Launched in 2021 as a patriot-themed core equity fund, it now runs an active, concentrated book of aerospace and defense names.

WEPN Defense, 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

FLDZ The Fund seeks capital growth.

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

Why people hold it

• FLDZ The adviser's management fee, less fund operating expenses, goes to Folds of Honor, a charity funding scholarships for families of fallen or disabled service members and first responders.true-shares.comtrue-shares.com 2
• Charges 0.40% a year, below the median for its actively managed US stock peers. The charitable angle does not arrive with a premium price tag attached.
• The mandate is spelled out: at least 80% of net assets in aerospace and defense companies as classified by GICS, with a policy of concentrating in that industry. No guessing what you own.sec.gov

• WEPN 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

• FLDZ The strategy was rewritten in 2026 from broad US-economy equities to defense companies, so the fund's older track record reflects a different portfolio.sec.govsec.gov 2
• Non-diversified and concentrated in one industry, so a single contract award or budget headline moves it more than it would a broad market fund.sec.gov
• A small fund that trades thinly, so bid-ask spreads tend to run wider than on heavily traded ETFs. Limit orders matter more here.

• WEPN 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.

Full FLDZ profile⁠

Full WEPN profile⁠