WEPN · Streamfolio

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ARCX · Active · options-income

WEPN

Nicholas Defense and Rare Earth Income ETF

Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)

Verdict

AVOID

Weighted score · 1.90 / 5

AUM

$5M

assets under mgmt

Avg Volume

shares · daily

Distribution

4.3%

Weekly · 100% ROC

Expense Ratio

1.11%

1.11% gross

1Y Return

—

vs underlying

Sharpe

-1.27

Max DD -15.8%

Fund Identity

What it is, who runs it, where it lives.

The Fund's primary investment objective is to seek capital appreciation.

WEPN is an actively managed ETF with three components: (i) an Equity Portfolio of defense, aerospace, cybersecurity, and rare earth/strategic metals companies; (ii) a Commodities Portfolio providing direct or synthetic exposure to ETFs/ETPs covering metals such as Aluminum, Copper, Uranium, Lithium, Cobalt, Steel, and Platinum; and (iii) an Options Overlay generating net option premiums through synthetic covered calls, credit call spreads, credit put spreads, and other strategies on the equity and commodity holdings. The Fund also holds U.S. Treasuries and cash as collateral and may gain commodity exposure through a wholly-owned Cayman Islands subsidiary.

Ticker

WEPN

Issuer

Tidal Investments LLC (Adviser); Nicholas Wealth, LLC (Sub-Adviser)

Exchange

ARCX

Inception

2026-03-03 · 0.3 yrs

Mgmt style

Active

Replication

Physical (equity + underlying fund shares) combined with Derivatives (options and futures) for commodity and synthetic exposure

Index-based

—

Leverage

None

Strategy & Options Mechanics

How the portfolio is built and where the income comes from.

PORTFOLIO

Hybrid

actively managed

OPTIONS OVERLAY

Strategy

Synthetic Covered Calls + Credit Call Spreads + Credit Put Spreads; may also use diagonal spreads, calendar spreads, collars, cash-secured puts

generates income

Underlying

Individual equity holdings (Defense and Rare Earth Companies) and Underlying Funds (commodity ETFs/ETPs)

income exposure

WEEKLY

4.3%

DIST. RATE

100% ROC
Ordinary Income

Underlying

Individual equity holdings (Defense and Rare Earth Companies) and Underlying Funds (commodity ETFs/ETPs)

Strategy

Synthetic Covered Calls + Credit Call Spreads + Credit Put Spreads; may also use diagonal spreads, calendar spreads, collars, cash-secured puts

Tax

Ordinary Income

The options overlay is designed to generate net option premiums that form the basis of the Fund's weekly cash distributions. Selling options may limit upside gains or increase downside risk. The Fund may also establish synthetic long commodity exposure via long call / short put combinations on Underlying Funds.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · MAR '26 – JUN '26

MAR '26JUN '26

Max DD

-15.8%

Volatility

32.4%

Sharpe

-1.27

Sortino

-1.72

Calmar

—

Beta

—

Flat-NAV reinvestment hurdle

439.5%

Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

3.6%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

100%

ROC

Return of Capital — destructive100%

Net Investment Income0%

Frequency

Weekly

Dist. rate

4.32%

ROC %

100%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

3.6%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

100% Return of Capital

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

Per the fund's most recent 19a-1 notice (as stated on the issuer fund page), the estimated distribution is 100% return of capital.

Distribution Growth & Schedule

Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.

Distribution Growth by Lookback Period

Latest Distribution Schedule

Record date

2026-06-23

Ex-dividend

2026-06-23

Pay date

—

Payback Period

23.1 yr

Dist. Since Incep.

$1.8

Holdings & Concentration

Position sizing, top-name weights, and concentration risk.

Sector Mix · Tilt vs S&P 500

No sector feed for this fund.

Holdings

Top-10 Wt.

—

Technical Signal & Liquidity

Moving-average posture and a read on tradability.

Price vs. Moving Averages

No moving-average series.

Price $41.34

50-DMA $—

200-DMA $—

Liquidity

Avg daily volume

Avg dollar volume

$139,433

Bid/ask spread

0.20%

Premium/discount

—

Turnover

—

Estimated bid/ask spread ~0.20% (moderate). Average daily dollar volume ~$0.1M (thin). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

Assets Under Management

Trend: Falling. Source: shares×price (Massive, monthly).

AUM ($)

$5M

$7M$6M$5M

MAR '26JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

WEPN · 2026-06-27
Prepared by denvereyon
Research aid, not investment advice.