{
 "ticker": "WEPN",
 "name": "Nicholas Defense and Rare Earth Income ETF",
 "issuer": "Nicholas",
 "desk": "income",
 "url": "https://etfiq.com/funds/wepn",
 "html": "https://etfiq.com/funds/wepn",
 "markdown": "https://etfiq.com/funds/wepn.md",
 "as_of": "2026-09-18",
 "verdict": "Since its launch on Mar 3, 2026, WEPN paid 6.1% in cash and finished 5.2 points ahead of ITA.",
 "key_facts": [
  {
   "key": "cash_paid_since_launch_on_its_starting_price",
   "label": "Cash paid, since launch, on its starting price",
   "value": "6.1%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "WEPN, cash paid, since launch, on its starting price: 6.1%, as of Sep 18, 2026."
  },
  {
   "key": "total_return_since_launch",
   "label": "Total return, since launch",
   "value": "\u22127.3%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "WEPN, total return, since launch: \u22127.3%, as of Sep 18, 2026."
  },
  {
   "key": "against_ita",
   "label": "Against ITA",
   "value": "+5.2 pts",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "WEPN, against ITA: +5.2 pts, as of Sep 18, 2026."
  },
  {
   "key": "latest_payout_annualized",
   "label": "Latest payout, annualized",
   "value": "11.9%",
   "source": null,
   "as_of": "2026-09-18",
   "sentence": "WEPN, latest payout, annualized: 11.9%, as of Sep 18, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "SEC filing, whole fund, as filed for Apr 30, 2026",
   "as_of": "2026-09-18",
   "sentence": "WEPN, net assets: $6m (SEC filing, whole fund, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.11%",
   "source": "485BPOS XBRL, Feb 4, 2026",
   "as_of": "2026-09-18",
   "sentence": "WEPN, expense ratio: 1.11% (485BPOS XBRL, Feb 4, 2026)."
  }
 ],
 "fields": [
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "option income",
   "source": null
  },
  {
   "key": "benchmark",
   "label": "Benchmark",
   "value": "Aerospace and defense (ITA), used as the proxy (proxy)",
   "source": null
  },
  {
   "key": "pays",
   "label": "Pays",
   "value": "weekly",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$6m",
   "source": "SEC filing, whole fund, as filed for Apr 30, 2026"
  },
  {
   "key": "latest_payout_annualized",
   "label": "Latest payout, annualized",
   "value": "11.9%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.11%",
   "source": "485BPOS XBRL, Feb 4, 2026"
  },
  {
   "key": "cash_paid_last_12_months_over_today_s_price",
   "label": "Cash paid, last 12 months, over today\u2019s price",
   "value": "7.0%",
   "source": "ETFIQ"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Mar 3, 2026",
   "source": null
  },
  {
   "key": "pays",
   "label": "Pays",
   "value": "weekly",
   "source": null
  },
  {
   "key": "typical_gap_between_ex_dates",
   "label": "Typical gap between ex-dates",
   "value": "7 days",
   "source": null
  },
  {
   "key": "typical_wait_from_ex_date_to_payment",
   "label": "Typical wait from ex-date to payment",
   "value": "1 day",
   "source": null
  },
  {
   "key": "last_paid_per_share",
   "label": "Last paid, per share",
   "value": "$0.0974 ex Sep 15, 2026",
   "source": null
  },
  {
   "key": "sum_of_the_last_12_distributions",
   "label": "Sum of the last 12 distributions",
   "value": "$1.1895",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Cash paid": "3.0%",
   "Price": "\u22122.4%",
   "Total return": "+0.6%",
   "ITA": "\u221210.4%",
   "Ahead or behind": "+11.0 pts"
  },
  {
   "window": "6 months",
   "Cash paid": "6.2%",
   "Price": "\u22125.0%",
   "Total return": "+1.1%",
   "ITA": "\u22123.7%",
   "Ahead or behind": "+4.9 pts"
  },
  {
   "window": "Since launch",
   "Cash paid": "6.1%",
   "Price": "\u221213.3%",
   "Total return": "\u22127.3%",
   "ITA": "\u221212.5%",
   "Ahead or behind": "+5.2 pts"
  }
 ],
 "questions": [
  {
   "q": "How much has WEPN paid over the last year?",
   "a": "Over the period from its launch on Mar 3, 2026 to Sep 18, 2026, WEPN paid 6.1% of its starting price in cash distributions, while the price fell 13.3%."
  },
  {
   "q": "Is WEPN ahead of ITA?",
   "a": "Over the period from its launch on Mar 3, 2026 to Sep 18, 2026, with every distribution reinvested, WEPN returned \u22127.3% against \u221212.5% for Aerospace and defense (ITA), used as the proxy, so a holder was ahead of it by 5.2 points."
  },
  {
   "q": "How often does WEPN pay, and how much?",
   "a": "WEPN pays weekly. The latest distribution annualizes to 11.9% at its price on Sep 18, 2026, which is not a promise; the next one can differ."
  },
  {
   "q": "When does WEPN next pay a distribution?",
   "a": "WEPN pays weekly. The last distribution went ex on Sep 15, 2026 at $0.0974 a share. The next is not declared; on a cadence of about 7 days the ex-date falls near Sep 22, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 1 day."
  },
  {
   "q": "What does WEPN cost?",
   "a": "The prospectus expense ratio is 1.11% a year."
  }
 ],
 "generated": "2026-09-21",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}