HIYY vs KWIN

HIYYCYieldMax HIMS Option Income Strategy ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

HIYY Turns one volatile telehealth stock into a monthly income stream: HIYY takes synthetic exposure to Hims & Hers and sells calls against it, trading away part of the upside for option premium.

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

HIYY The Fund seeks current income while providing indirect exposure to Hims & Hers Health Inc.'s share-price returns, generally subject to a limit on potential gains. It primarily uses a synthetic covered call or covered call spread strategy.

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

• HIYY Charges 1.01%, a shade under the typical single-stock option income fund and less than HMYY, the other fund built on the same Hims & Hers exposure.
• Pays monthly, with cash generated by writing options rather than by dividends, and the synthetic structure gets the exposure without buying the shares outright.
• Actively managed inside a standard 1940 Act ETF wrapper, and it lands in the upper half of a crowded field of single-stock income funds.

• 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

• HIYY Upside is capped by design, downside is not: the covered call spread limits how much of a Hims & Hers rally you keep while the drops come through.
• One stock, one story. Moves here are far wider than a diversified income fund, and the premium collected rises and falls with that volatility.
• A 2025 launch with a modest asset base and moderate trading, so spreads can run wider than in the market's biggest income ETFs.

• 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 HIYY profile⁠

Full KWIN profile⁠