WEPN – Nicholas Defense and Rare Earth Inc ETF – ETF Investment Strategy | Morningstar

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Strategy

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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
WEPN	Nicholas Defense and Rare Earth Income ETF	ETF	Open	—	—	Mar 2, 2026	$5.92M	1.090%	—	—	—

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