ISWN vs KPRO

ISWNAAmplify BlackSwan ISWN ETF (International)

KPROFKraneShares 100% KWEB Defined Outcome January 2027 ETF

In short

ISWN Most downside-protection funds pay for the cushion by capping your upside. ISWN skips the cap: roughly 90% sits in Treasuries while about 10% buys long-dated in-the-money calls on EFA, so developed-market exposure arrives through options.

KPRO Buffered ETFs almost always wrap the S&P 500. KPRO points the same machinery at China internet stocks, tracking that basket's price move to a January 2027 finish line with a 100% downside buffer and a capped upside.

Stated mandate

ISWN The fund seeks to track a rules-based index combining U.S. Treasury securities with EFA options. Its strategy targets approximately 90% Treasury exposure to cushion severe, rare market disruptions while retaining some participation in EFA gains.

KPRO KPRO seeks to match the price return of KWEB during its defined outcome period, subject to a 20.01% cap and a 100% downside buffer.

Why people hold it

• ISWN At 0.49%, it runs about half the 0.89% median of its downside-protection cohort.
• No artificial ceiling on gains. Buffer peers like IBUF hand back everything above a set cap each outcome period; ISWN's EFA calls carry no stated cap.amplifyetfs.cominnovatoretfs.com
• The rare international take on the structure: ISWN is the EAFE sibling of Amplify's SWAN, swapping SPY options for EFA options to reach developed markets outside the US.amplifyetfs.com
• Rules-based, not a judgment call. It tracks the S-Network International BlackSwan Index, which sets the Treasury and option mix on a fixed schedule.amplifyetfs.com

• KPRO The buffer is the full 100%, not a 9% or 15% slice. Held from the start of the outcome period to its January 2027 end, the structure is built to absorb reference-price losses, before fees.kraneshares.com
• Defined-outcome wrappers cluster around US large caps and small caps. A stated cap and floor bolted onto a China internet basket is a genuinely unusual thing to find in this corner of the market.
• One decision, one date. The cap and buffer are fixed for the outcome period, so there is no monthly reset or option roll to babysit.kraneshares.com

Worth knowing

• ISWN The Treasury sleeve targets the duration of the 10-year note, so interest rates steer results as much as EAFE does.amplifyetfs.com
• The cushion is indirect. It leans on Treasuries holding up when stocks fall, not a contractual buffer, so no fixed percentage of downside is defined.amplifyetfs.com
• Among the smaller and more thinly traded funds in its category, which can widen bid-ask spreads on entry and exit.

• KPRO It charges 1.00% a year, above the typical fee among protected-outcome funds, and that comes out of a return that is capped on the upside by design.
• The mandate follows KWEB's price return, so dividends and distributions from the underlying basket are not part of the payoff.kraneshares.com
• Small and thinly traded, so spreads can widen. Sell mid-period and you get whatever the options package is worth that day, not the stated outcome.

Full ISWN profile⁠

Full KPRO profile⁠