Nicholas Defense and Rare Earth Income ETF (WEPN)

The Nicholas Defense and Rare Earth Income ETF is an income-oriented fund from Nicholas Wealth Management that combines exposure to defense and rare earth companies with an options strategy.

The fund's equity exposure focuses on businesses in the defense industry and in the mining and processing of rare earth elements and related strategic materials. It sells options on its holdings or related securities to generate premium income that supports regular distributions to shareholders, which in turn limits some of the upside from strong price gains.

The ETF is designed for those seeking income from a concentrated thematic portfolio rather than broad market exposure.