HMYY vs KWIN

HMYYFGraniteShares YieldBoost HIMS ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

HMYY Most single-stock income funds write options on the stock. HMYY goes a layer up, selling options tied to a leveraged Hims & Hers ETF to harvest the fatter premiums that come with amplified swings, in exchange for a cap on upside.

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

HMYY The fund seeks income by selling options on leveraged ETFs linked to Hims & Hers Health, Inc., while gaining exposure to that leveraged ETF subject to a cap on potential gains.

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

• HMYY The engine is the twist: income comes from selling options on leveraged ETFs linked to Hims & Hers, where bigger daily moves mean richer option premiums than the stock alone offers.graniteshares.com
• Distributions are paid monthly, sourced from the options overlay rather than from any dividend at Hims & Hers.
• The 1.07% expense ratio lands right at the median for single-stock option-income funds, so the leveraged wrinkle does not carry a surcharge versus the pack.

• 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

• HMYY Two risk layers stack: one healthcare stock, then a leveraged ETF on top of it. Declines travel the full amplified distance while gains stop at the cap.
• Launched in December 2025, so there is no long record showing how the strategy behaves through a full market cycle.
• A small fund that trades lightly, so spreads can be wider than with big index products. Limit orders are the norm here.

• 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 HMYY profile⁠

Full KWIN profile⁠