HOYY vs KWIN

HOYYDGraniteShares YieldBOOST HOOD ETF

KWINAKraneShares Wahed Alternative Income Index ETF

In short

HOYY Most single-stock income funds write options on the stock. HOYY goes one layer out and sells options on a 2x leveraged Robinhood ETF, harvesting premium off amplified swings, with gains capped and the leveraged downside left open.

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

HOYY The Fund seeks current income by selling options on leveraged ETFs linked to Robinhood Markets, Inc.’s common stock. Its secondary objective is exposure to the related 2x 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

• HOYY The mechanism is the story: income comes from selling options on a 2x leveraged HOOD ETF, where bigger daily swings mean fatter option premiums than writing on the shares.graniteshares.com
• At 1.07%, the fee sits right at the middle of the single-stock option-income crowd, not the expensive end.
• It is a registered 1940 Act fund, so the leveraged options trade runs inside the wrapper instead of in your own account.graniteshares.com

• 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

• HOYY Upside is capped by design; the leveraged downside is not. A hard drop in Robinhood stock can outrun what the option premium brings in.
• Payouts can include return of capital, meaning part of a distribution is your own money coming back rather than earnings.graniteshares.com
• Small, lightly traded and launched in 2025, so spreads can be wide. HOOY writes on HOOD directly, costs less, and stands higher in this peer group.

• 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 HOYY profile⁠

Full KWIN profile⁠