FOWF vs WEPN

FOWFBPacer Solactive Whitney Future of Warfare ETF

WEPNDNicholas Defense and Rare Earth Income ETF

In short

FOWF Most defense funds are built around the old primes. FOWF tracks the Solactive Whitney Future of Warfare Index, aimed at companies behind emerging defense technology across the U.S. and allied nations.

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

FOWF The Fund seeks capital appreciation by tracking companies that support critical emerging defense technologies in the U.S. and its allied nations.

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

Why people hold it

• FOWF Points at the next war, not the last one: the index targets companies supporting critical emerging defense technologies, not a broad aerospace-and-defense basket.
• 0.49% a year, right at the middle of the defense-theme pack. No niche premium charged for the narrower mandate.
• The mandate covers the U.S. and its allied nations, so allied suppliers abroad are in scope, not just Pentagon contractors.
• Roughly 100 holdings spread the theme across many names instead of a few giants, and the fund distributes quarterly.

• 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

• FOWF Launched in December 2024, so the track record is short and any read on its risk profile rests on limited history.
• Small and thinly traded next to category heavyweights like ITA and XAR, which can mean wider spreads on larger orders.
• A narrow theme tied to defense budgets and procurement cycles, so it can move very differently from a broad market fund.

• 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 FOWF profile⁠

Full WEPN profile⁠