FIAT vs KWIN

FIATCYieldMax Short COIN Option Income Strategy ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

FIAT Almost every single-stock income ETF leans bullish. FIAT flips the script: a YieldMax fund that runs weekly put spreads tied to Coinbase and pays monthly, with the option book pointed at the short side.

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

FIAT The fund is actively managed to generate weekly income through a put spread strategy 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

• FIAT The short-side sibling in a Coinbase cohort built mostly on the long side (CONY, COYY): same underlying stock, opposite tilt.
• The income engine works weekly through put spreads on Coinbase, while cash goes out to shareholders on a monthly schedule.
• Actively managed rather than run to a fixed formula, so the option positions get reset as Coinbase's option pricing shifts.

• 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

• FIAT One stock, expressed through options. Coinbase's swings drive the fund's value and its payouts, with no diversification to soften them.
• The 1.05% expense ratio is right at the middle of the COIN option-income group, but it is many times what a plain index fund charges.
• Launched in 2024, so the track record is short, and income sourced from option premiums varies from month to month.

• 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 FIAT profile⁠

Full KWIN profile⁠