WEPN Nicholas Defense and Rare Earth Income ETF
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Over the 6 months to Nov 4, 2026, WEPN paid 5.8% in cash and lost 11.8%, against −5.9% for its own holdings.
Promise check: MissedOver the time since its launch to Nov 4, 2026, WEPN paid 7.4% in cash and returned −17.8% in total, covering −240.5% of its payout.
WEPN risk and return scorecard
vs WEPN's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Jul 31, 2026)
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data
Money in and out
Net fund flows · Jul 31, 2026What you earned
What can be shown yet
First traded Mar 3, 2026More on WEPN
Every number below is on this page. Open what you need.Price and total return since launch, Mar 3, 2026
$37.19−3.0%1 day, priceClose, Nov 4, 2026
Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.
Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error
| Window | Total return | Cash paid | Price | its own holdings | Ahead or behind |
|---|---|---|---|---|---|
| 1M Oct 5 – Nov 4, 2026 | −11.5% | 1.1% | −12.6% | −8.7% | −2.8 pts |
| 3M Aug 5 – Nov 4, 2026 | −12.2% | 2.9% | −14.8% | −8.2% | −4.0 pts |
| 6M May 6 – Nov 4, 2026 | −11.8% | 5.8% | −16.9% | −5.9% | −5.9 pts |
| Since launch Mar 3 – Nov 4, 2026 | −17.8% | 7.4% | −24.4% | not published | not available |
Total returns, distributions reinvested. Listed Mar 2026: no year to date, 1 year and 3 years windows.
Source: Tiingo end-of-day prices, with distributions reinvested.
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Money in and out
Monthly data · as of Jul 31, 2026WEPN: in the month to Jul 31, 2026, net $1.0m went out, by its SEC filing.
monthly, from SEC filings
Computed by ETFIQ from the monthly sales and redemptions WEPN files with the SEC on Form N-PORT.
How this is computed
ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for WEPN, back to Mar 2026, is in its flows file. Flows across every fund · How these flows are computed · Compare WEPN with other funds in the flows tool
Month by month, money in and money outMar 2026 to Jul 2026
WEPN, money in and money out each month from Mar 2026 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from WEPN’s SEC filings (N-PORT item B.6). Of the 5 months listed, money came in on net in 4 and went out in 1.
Every bar is from WEPN’s SEC filings (N-PORT item B.6). Of the 5 months listed, money came in on net in 4 and went out in 1.
Most recent first.
How this is computed
N-PORT months: money in is sales plus reinvestments; money out is redemptions.
N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.
Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.
WEPN key stats
WEPN return of capital and tax
Trading
as of Nov 4, 2026
WEPN for holders outside the US
13 distributions for WEPN, $0.0888 to $0.108 a share and $0.0992 in the middle, Aug 11, 2026 to Nov 3, 2026. 6 further ex-dates are expected with no amount the issuer has declared, so they are not drawn.
WEPN pays weekly. The last distribution was $0.094 a share, which went ex on Nov 3, 2026, with payment about 1 day later. The next has not been declared. On its own cadence of about 7 days the ex-date falls near Nov 10, 2026; that date is an ETFIQ projection, not the issuer’s.
Expected distributions for WEPN. A projected row carries the fund’s own spacing forward from its last ex-date, at the last amount paid. Neither is an issuer statement. Source: ETFIQ.
Cash distributions per share for WEPN. Source: ETFIQ from Tiingo end-of-day distributions.
Source: ETFIQ, from Tiingo end-of-day distributions.
WEPN top ten by weight, 52.2% of the fund, of its 23 equity positions, from the holdings filed for Jul 31, 2026. The options the fund writes are not positions of this kind and are not listed. Source: the fund’s SEC filing.
Source: The fund’s SEC filing.
About WEPN
How we measure
12 seats on WEPN, as of Nov 4, 2026: 7 Challenges, 5 Not enough data.
Questions people ask about WEPN
- How much has WEPN paid over the last 6 months?
- Over the 6 months to Nov 4, 2026, WEPN paid 5.8% of its starting price in cash distributions, while the price fell 16.9%.
- Is WEPN ahead of its own holdings?
- Over the 6 months to Nov 4, 2026, with every distribution reinvested, WEPN returned −11.8% against −5.9% for WEPN's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Jul 31, 2026), so a holder was behind it by 5.9 points.
- How often does WEPN pay, and how much?
- WEPN pays weekly. The latest distribution annualizes to 13.1% at its price on Nov 4, 2026, which is not a promise; the next one can differ.
- Is the WEPN distribution return of capital?
- Nicholas estimates 100% of the distribution paid Oct 28, 2026 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion.
- When does WEPN next pay a distribution?
- WEPN pays weekly. The last distribution went ex on Nov 3, 2026 at $0.094 a share. The next is not declared; on a cadence of about 7 days the ex-date falls near Nov 10, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 1 day.
- What does WEPN cost?
- The prospectus expense ratio is 1.11% a year.
- How much of WEPN’s distribution is return of capital?
- Nicholas’s Rule 19a-1 notice estimates 100.0% of the distribution paid Oct 28, 2026 was return of capital. Across its notices for distributions paid Mar 18, 2026 to Oct 28, 2026, the estimate is 86.0%. Estimates come before the fund year closes and often change.
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Cite this pageCitation, APA and Markdown
ETFIQ, WEPN, income ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/wepn
ETFIQ. (Nov 4, 2026). WEPN, income ETFs. Retrieved from https://etfiq.com/funds/wepn
[WEPN, income ETFs (ETFIQ, Nov 4, 2026)](https://etfiq.com/funds/wepn)
The payout bar for WEPN, redrawn every trading night.
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
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<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/income/wepn/" title="WEPN: WEPN since launch: paid 7.4%, price −24.4%, total −17.8%, not measured against a benchmark. Data to Nov 4, 2026." width="640" height="370" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">WEPN: WEPN since launch: paid 7.4%, price −24.4%, total −17.8%, not measured against a benchmark. Data to Nov 4, 2026. Data: <a href="https://etfiq.com/funds/wepn">ETFIQ</a></figcaption>
</figure>The day's ETF flows, a comparison and one number. Every trading morning. About the Daily
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