ETF Evaluator:
Nicholas Defense and Rare Earth Inc ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Industrials Over the Last Year
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Risk
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Risk
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ETF Details
Nicholas Defense and Rare Earth Inc ETF Overview
Nicholas Defense and Rare Earth Inc ETF (WEPN) is an actively managed Sector Equity Industrials exchange-traded fund (ETF). Nicholas Wealth, LLC launched the ETF in 2026.
The investment seeks capital appreciation. The fund’s secondary investment objective is to seek current income.
Under normal circumstances, the fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in (i) the equity securities of Defense and Rare Earth Companies, (ii) options contracts on Defense and Rare Earth Companies, (iii) underlying funds, and (iv) options contracts and futures contracts on underlying funds. The fund is non-diversified.
About Nicholas Defense and Rare Earth Inc ETF (WEPN)
There are 3 members of the management team with an average tenure of 0.41 years: David Nicholas (2026), Scott Snyder (2026) and Quinn Berry (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Nicholas Defense and Rare Earth Inc ETF has 83 securities in its portfolio. The top 10 holdings constitute 55.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Nicholas Defense and Rare Earth Inc ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Nicholas Defense and Rare Earth Inc ETF has 11.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 69.3% There is 11.3% allocated to foreign stock, and 1.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.4% (0.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nicholas Defense and Rare Earth Inc ETF has 5.2% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $1 billion average for the Industrials category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
WEPN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nicholas Defense and Rare Earth Inc ETF expense ratio is high compared to funds in the Industrials category. Nicholas Defense and Rare Earth Inc ETF has an expense ratio of 1.11%, which is 118% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nicholas Defense and Rare Earth Inc ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 40% for the Industrials category.
Recently, in the month of July 2026, Nicholas Defense and Rare Earth Inc ETF returned -5.1%, which earned it a grade of D, as the Industrials category had an average return of -4.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Nicholas Defense and Rare Earth Inc ETF has a trailing yield of 0.00%, which is below the 1.11% category average.
The fund normally distributes its income weekly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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WEPN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| WEPN Return (NAV) | -5.1% | -7.0% | na | na | na | na |
| WEPN Return (Price) | -4.8% | -6.9% | na | na | na | na |
| NAV +/- Price Return | -0.215% | -0.057% | na | na | na | na |
| Industrials Avg | -4.0% | -1.4% | 24.7% | 17.8% | 11.5% | 13.6% |
| WEPN Grade (NAV) | D | D | na | na | na | na |
| +/- Category (NAV) | -1.1% | -5.5% | na | na | na | na |
| WEPN Tax-Cost Ratio | na | na | na | na | na | na |
WEPN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WEPN Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| WEPN Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Industrials Avg | 12.6% | 27.1% | 14.2% | 21.4% | -12.8% | 20.7% | 15.4% | 30.3% | -13.4% | 22.8% | 22.1% |
| WEPN Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 6 Mil |
| Share Class Assets: | $ 6 Mil |
| Turnover: | na |
| Expense Ratio: | 1.11% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Weekly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.4 years | |||
| Average Tenure: 0.4 years | |||
| Managers (Year): Nicholas David (2026), Snyder Scott (2026), Berry Quinn (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 83 |
| % in Top 10 Holdings: | 55.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 11.3% |
Portfolio Allocation |
|
| Domestic Stock: | 69.3% |
| Foreign Stock: | 11.3% |
| Preferred Stock: | 1.0% |
| Domestic Bond: | 0.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 12.9% |
| Cash: | 5.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Nicholas Wealth, LLC |
| Phone Number: | 855-563-6900 |
| Website: | |
| Inception Date: | March 2, 2026 |
Expenses and Fees
| Expense Ratio (%): | 1.11% (Rating: High) |
| Category Average Expense Ratio (%): | 0.51% |
