Data as of .
USOY vs WEPN: which paid, and which earned it?
USOY and WEPN both write options for income.
What they hold in common
By the books each fund has filed, USOY and WEPN hold 0% of their money in the same securities at the same weight.
| Only in USOY | Only in WEPN |
|---|---|
| TREASURY BILL 41.16% | Invesco DB Base Metals Fund 6.48% |
| TREASURY BILL 25.51% | AeroVironment Inc 5.72% |
| TREASURY BILL 23.15% | Palo Alto Networks Inc 4.93% |
| TREASURY BILL 8.37% | Crowdstrike Holdings Inc 4.82% |
| TREASURY BILL 1.80% | VanEck Steel ETF 4.28% |
| BWX Technologies Inc 4.14% | |
| Ondas Inc 4.02% | |
| Palantir Technologies Inc 3.99% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and May 31, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| USOY | WEPN | USOY | WEPN | USOY | WEPN | |
| 3 months | +22.6% | +0.6% | 11.6% | 3.0% | +2.1 pts | +11.0 pts |
| 6 months | +10.5% | +1.1% | 21.4% | 6.2% | +0.6 pts | +4.9 pts |
| 1 year | +59.4% | not published | 47.6% | not published | +11.6 pts | not published |
| Since launch | +67.0% | −7.3% | 81.9% | 6.1% | +19.9 pts | +5.2 pts |
| USOY Defiance Oil Enhanced Options Income ETF Option income on XLE, paying weekly | WEPN Nicholas Defense and Rare Earth Income ETF Option income on ITA, paying weekly | |
|---|---|---|
| Issuer | Defiance | Nicholas |
| Strategy | option income | option income |
| Benchmark | Energy sector (XLE), used as the energy proxy | Aerospace and defense (ITA), used as the proxy |
| Pays | weekly | weekly |
| Payout rate, annualized | 46.8% | 11.9% |
| Expense ratio | 1.12% | 1.11% |
| Cash paid, 1 year | 47.6% | 6.1% (since launch on Mar 3, 2026) |
| Price change, 1 year | −4.8% | −13.3% |
| Total return, 1 year | +59.4% | −7.3% (since launch on Mar 3, 2026) |
| Benchmark return, 1 year | +47.8% | −12.5% |
| Ahead or behind | +11.6 pts | +5.2 pts |
| Return of capital, latest estimate | 95% | not published |
| Age | 861 days | 199 days |
| Net assets | $75m | $6m |
USOY in plain words
Over the year to Sep 18, 2026, USOY paid 47.6% of its starting value in cash distributions while its price fell 4.8%. With every distribution reinvested, the fund returned +59.4%. Energy sector (XLE), used as the energy proxy returned +47.8% over the same days, so a holder was ahead by 11.6 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 46.8%, paid weekly. Defiance estimates that 95% of the distribution paid Sep 18, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
WEPN in plain words
Over the period since launch on Mar 3, 2026 to Sep 18, 2026, WEPN paid 6.1% of its starting value in cash distributions while its price fell 13.3%. With every distribution reinvested, the fund returned −7.3%. Aerospace and defense (ITA), used as the proxy returned −12.5% over the same days, so a holder was ahead by 5.2 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 11.9%, paid weekly.
Questions people ask
- Which is cheaper, USOY or WEPN?
- USOY charges 1.12% a year and WEPN charges 1.11%, so WEPN is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, USOY against WEPN, data as of Sep 18, 2026. https://etfiq.com/compare/income/usoy-vs-wepn Free to use with attribution; the underlying files are at Open data.