DRAY vs KWIN

DRAYCYieldMax DKNG Option Income Strategy ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

DRAY One stock, DraftKings, run through a weekly option-income machine. DRAY sells call spreads on DKNG instead of plain covered calls, giving up some upfront premium in exchange for continued participation if the shares run past the short strike.

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

DRAY DRAY is actively managed to generate weekly income by selling call spreads on DraftKings Inc., seeking option premiums while retaining participation in DKNG’s share-price appreciation.

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

• DRAY Call spreads, not plain covered calls: the fund also buys a further out-of-the-money call, so participation continues above that upper strike instead of stopping cold.yieldmaxetfs.comyieldmaxetfs.com 2
• Weekly pay schedule. Distributions are declared every week rather than monthly or quarterly.yieldmaxetfs.com
• Actively managed, so strikes and expirations get reset as DraftKings' volatility shifts rather than following a fixed calendar rule.yieldmaxetfs.com
• At 1.03% a year, it sits a touch under the typical single-stock option-income fund, though that is still premium pricing next to a plain index fund.

• 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

• DRAY Single-issuer exposure: one sports-betting stock drives everything, so DraftKings earnings and regulatory headlines land straight on the fund.yieldmaxetfs.com
• Payouts can include return of capital, meaning part of the check is your own money coming back, which can weigh on net asset value over time.yieldmaxetfs.com
• Small and thinly traded since its 2025 launch, so bid-ask spreads can add cost beyond the headline expense ratio.

• 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 DRAY profile⁠

Full KWIN profile⁠