Nicholas Defense and Rare Earth Income ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Apr 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About WEPN

The Fund is an actively managed exchange-tradedfund (“ETF”) that primarily seeks capital appreciation, with a secondary objective of current income. The Fund’sstrategy includes three components: (i)Equity Portfolio: holding equity shares of companies engaged in national defense, aerospace,intelligence, weapons systems, cybersecurity, defense electronics, and other defense technology applications, as well as companiesinvolved in the producing, refining, and recycling of rare earth and strategic metals and minerals (“Defense and Rare EarthCompanies”); (ii)Commodities Portfolio: providing direct and/or indirect exposure to the price returns ofselect U.S.-listed exchange-traded funds (“ETFs”) and/or exchange-traded products (together with ETFs, “UnderlyingFunds”) that seek exposure to strategic metals and minerals, including Aluminum, Copper, Uranium, Lithium, Cobalt , Steel,and Platinum; and (iii)Options Overlay: generating options premiums through an options portfolio (the “OptionsStrategies”), which involves using options contracts on the individual holdings of the equity portfolio as well as the UnderlyingFunds (collectively, the “Underlying Securities”). The Fund will also hold cash or U.S. Treasuriesas collateral to support the Fund’s derivatives transactions.          VII. Equity Portfolio The Fund’s investment sub-adviser,Nicholas Wealth, LLC (“Nicholas Wealth” or the “Sub-Adviser), selects the Defense and Rare Earth Companies inwhich the Fund invests. In selecting specific Defense and Rare Earth Companies for investment, the Sub-Adviser evaluates a potentialinvestment’s price level (its price relative to the Sub-Adviser’s evaluation of its value) and implied volatility (ameasure of how much the market believes the price of a stock or other underlying asset will move in the future). The Sub-Adviseralso evaluates publicly available data such as quarterly earnings reports, company presentations, commodity production reports,and macro-level factors, including real interest rates, inflation trends, and monetary policy developments that may influence thevalue of Defense and Rare Earth Companies. The Fund may invest in equity securitiesof companies that are listed or domiciled in the United States or in foreign markets, including emerging markets, and may includesmall-, mid, and large- capitalization issuers. The Fund may also invest in depositary receipts, such as American Depositary Receipts(“ADRs”) and Global Depositary Receipts (“GDRs”).          VIII. Commodities Portfolio In addition to owning shares of the UnderlyingFunds directly, the Adviser may determine to establish synthetic long exposure by combining long call options with short put optionson the Underlying Funds and/or by purchasing futures contracts. These instruments may be used individually or in combination toseek to replicate approximately 100% of the share price movements of each Underlying Fund. The Fund may use standardized exchange-tradedor FLexible EXchange® (“FLEX”) options, typically with maturities between 1 and 30 days. Futures contracts maybe used to obtain exposure to the Underlying Funds or to the markets or asset classes in which the Underlying Funds invest. Theuse of such derivatives provides indirect exposure to the price movements of the Underlying Funds and may result in gains or lossesfrom changes in the value of the underlying instruments, option premiums received or paid, or futures variation margin. Underlying Funds may include: ●an Underlying Fund that invests directly in strategic metals and/or minerals; and●an Underlying Fund that invests indirectly in strategic metals and/or minerals through derivativesbased on the price of those strategic metals and/or minerals.    III. Options Strategies – Seeking Premiums Additionally, the Fund employs variousoptions strategies focused on generating net option premiums (i.e., option premiums received, less option premiums paid). Thesepremiums are an important driver of the Fund’s cash distributions. On a recurring basis, the Adviser may use one or moreoptions strategies to seek to generate net premiums, with the level of premiums influenced by market conditions such as volatility. While selling options may provide premiumopportunities, it may also limit potential upside gains or increase downside risk. The options strategies most frequentlyused by the Fund include: ●Synthetic Covered Calls – selling call options while maintaining synthetic long exposureto the one or more holdings within the Fund’s Equity and Commodities Portfolios thereby earning premiums while capping upsidepotential.●Credit Call Spreads – selling call options and purchasing higher-strike call optionson one or more holdings within the Fund’s Equity and Commodities Portfolios to earn a net premium while limiting both profitand loss potential.●Credit Put Spreads – selling put options and purchasing lower-strike put options onone or more holdings within the Fund’s Equity and Commodities Portfolios to earn a net premium while limiting both downsiderisk and profit potential. Depending on market outlook, the Advisermay also employ other options strategies, such as diagonal spreads, calendar spreads, collars, or cash-secured puts. See the prospectussection titled “Additional Information About the Funds” for a list of the options strategies that the Fund may utilize,together with a description of each options strategy. The Fund’s options strategies aredesigned to seek regular generation of option premiums, which form the basis for the Fund’s cash distributions. However,there is no guarantee that the Fund will achieve or maintain any specific level of premiums or distributions. Distributions paid by the Fund may includeamounts classified as return of capital (“ROC”). ROC generally represents a return of a shareholder’sinvested capital rather than income or profits generated by the Fund. To the extent that distributions exceed the Fund’stotal returns, such payments will reduce the Fund’s net asset value (“NAV”). Over time, a declining NAV willreduce the dollar amount of future distributions. See the prospectus section titled “Additional Information About the Funds”for more information about option premiums and ROC. Cayman Subsidiary The Fund intends to gain exposure to UnderlyingFunds, options on Underlying Funds, and futures contracts, either directly or indirectly through a wholly-owned Cayman Islandssubsidiary (the “Subsidiary”) that is advised by the Adviser. The Fund may investup to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally investin investments that do not generate “qualifying income” under the source of income test required to qualify as a regulatedinvestment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).Unlike the Fund, the Subsidiary may invest without limitation in such investments; however, the Subsidiary will comply with thesame Investment Company Act of 1940, as amended (the “1940 Act”), requirements that are applicable to the Fund’sinvestments. In addition, the Subsidiary will be subject to the same fundamental investment restrictions as the Fund and will complywith them on an aggregate basis with the Fund, and will follow the same compliance policies and procedures as the Fund. Unlikethe Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary anddoes not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary mustnot exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approachesand pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. Except as otherwise noted, forpurposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through theSubsidiary. Reverse Repurchase Agreements The Fund may invest in reverse repurchaseagreements, which are a form of borrowing where the Fund sells portfolio securities to financial institutions and agrees to repurchasethem at a later date for a higher price. This arrangement allows the Fund to use the proceeds from the initial sale for other investmentpurposes. However, since the Fund repurchases the securities at a higher price, it incurs a loss on these transactions. To qualify for treatment as a regulatedinvestment company (RIC) under the Internal Revenue Code, the Fund may use reverse repurchase agreements to ensure that its investmentin the Subsidiary does not exceed 25% of the Fund’s total assets at the end of each fiscal quarter (the “Asset DiversificationTest”). During other times of the year, the Fund’s investments in the Subsidiary may exceed 25% of its total assets. Collateral As part of the Fund’s strategy, theFund holds collateral investments. The Fund expects to invest in U.S. Treasury bills, money market funds, cash and cash equivalents(e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality,as the Adviser determines), that provide liquidity, serve as margin or collateralize the Fund’s or the Subsidiary’sinvestments in options contracts. Other Fund Attributes Under normal circumstances, the Fund willinvest at least 80% of the value of its assets, plus borrowings for investment purposes, in (i) the equity securities of Defenseand Rare Earth Companies, (ii) options contracts on Defense and Rare Earth Companies, (iii) Underlying Funds, and (iv) optionscontracts and futures contracts on Underlying Funds. For purposes of the foregoing, the Funddefines a “Defense Company” as a company that derives 50% or more of its revenue from one or more of the followingactivities: the development, manufacture, distribution, or provision of products, technologies, or services used in defense, aerospace,intelligence, or national security applications. These activities may include, but are not limited to, the production of militaryaircraft, vehicles, ships, missiles, weapons systems, electronic defense equipment, cybersecurity and surveillance technologies,space and satellite systems, and defense-related components or materials, as well as the provision of support, logistics, or engineeringservices to defense agencies, armed forces, or prime contractors engaged in such activities.. The Fund defines “Rare EarthIndustry Companies” as companies that derive 50% or more of their revenues, or have 50% or more of their assets, relatedto one or more of the following activities: the exploration, mining, extraction, processing, refining, recycling, or distributionof rare earth elements or other critical minerals used in advanced manufacturing, clean energy technologies, or defense applications. It is anticipated that the Fund’s assets will be allocatedto each strategy approximately as follows: ●Equity Portfolio – between 25% and 75% ●Commodities Portfolio – between 25% and 50% ●Options Overlay – between 25% and 50% The Fund expects to make cash distributions on a weekly basis.The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s strategy is expected to have a highannual portfolio turnover rate. The Fund will have economic exposure thatis concentrated to the industry or group of industries assigned to Defense and Rare Earth Companies. 

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