ATC vs KWIN

ATCDGraniteShares Autocallable COIN ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

ATC Wall Street's autocallable note, unbundled into a ticker. ATC chases contingent coupons from a laddered book of barrier-linked contracts on Coinbase stock, so income hangs on where COIN sits on set observation dates.

KWIN An income fund built for investors who can't own interest. KWIN holds stocks, then sells calls and buys puts on each one, aiming for a delta-neutral book whose payout comes from options premium instead of a coupon.

Stated mandate

ATC The fund seeks potential monthly income through a portfolio of single-stock autocallable options linked to Coinbase Global Inc.

KWIN KWIN seeks alternative option income by holding long positions in selected equities while selling calls and buying puts against each position. The strategy is intended to produce a delta-neutral portfolio and is marketed as an alternative to traditional interest income.

Why people hold it

• ATC Structured-note mechanics without the note: barrier-linked coupon strategies in a listed wrapper with daily pricing and one-share access, not a bank note with big minimums.graniteshares.comgraniteshares.com 2
• A laddered book of contracts with staggered start dates and different barrier levels, so income potential doesn't hinge on one barrier holding on one date.graniteshares.comgraniteshares.com 2
• Coupons key off barriers, not gains: a contract can pay while COIN is flat or moderately lower, as long as it sits above its coupon barrier on the observation date.graniteshares.com
• The 1.07% fee lines up with other COIN income ETFs (CONY, COYY) rather than with traditional structured-note pricing.

• KWIN 0.51% a year, less than half the roughly 1.07% median of its options-income cohort. In a category where 1%-plus is the norm, that is a real head start.
• The mechanics are unusually explicit: long a selected stock, short a call, long a put, position by position. The collars are the strategy, not a bolt-on overlay.kraneshares.com
• Tracks the Wahed Shariah Alternative Income Index, so income is sourced from options premium rather than interest. Few option-income ETFs are built to that screen.kraneshares.com
• On cost and measured risk it stands among the strongest implementations in a peer group of 64 single-stock option-income funds.

Worth knowing

• ATC Income is contingent. No coupon for a period when COIN is below the coupon barrier on an observation date, and payouts can be classified as return of capital.graniteshares.com
• Autocall works both ways: a contract that hits its call barrier returns principal and ends its future coupons, sending cash back out for reinvestment.graniteshares.com
• Below the maturity barrier at the end, a contract carries COIN's full negative performance. A 2026 launch, so the live record is short and path-dependent.graniteshares.com

• KWIN Launched in November 2025. The record is short, so any read on how the collars behave across different markets rests on limited history.
• Delta-neutral by design: the sold calls and bought puts are there to strip out the stock move, not to ride it. This is an income engine, not an equity growth sleeve.
• Trades lightly next to the household names of the category, so spreads can be wider than headline size suggests. Limit orders matter more here.

Full ATC profile⁠

Full KWIN profile⁠