KWIN vs MAAY

KWINAKraneShares Wahed Alternative Income Index ETF

MAAYDGraniteShares YieldBOOST MARA ETF

In short

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.

MAAY Most single-stock income funds write options on the stock. MAAY goes one floor up: it sells options tied to a 2x leveraged MARA ETF, aiming to wring double the premium out of a bitcoin miner's volatility, and it pays monthly.

Stated mandate

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.

MAAY The Fund seeks to produce twice the income from selling options on MARA Holdings Inc. by using leveraged ETFs linked to twice the stock's daily performance. It also seeks capped exposure to that leveraged ETF's performance.

Why people hold it

• 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.

• MAAY The premium engine runs on a 2x MARA vehicle rather than MARA shares, so income is harvested from twice the daily move. Distributions are made monthly.graniteshares.com
• Fee is 1.07%, sitting at the middle of the single-stock option-income pack rather than the pricey end.
• A 1940 Act ETF wrapper: one ticker, no margin account, no rolling your own contracts on one of the market's twitchiest miners.graniteshares.com
• Different animal from MARO, which writes on MARA directly. MAAY's reference is the leveraged version, a distinct premium and risk profile.

Worth knowing

• 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.

• MAAY Upside is capped by design. You collect option premium plus a limited slice of the leveraged ETF's gains, not the full melt-up.graniteshares.com
• The downside is not capped, and the reference resets its 2x exposure daily, so choppy stretches in MARA can erode the underlying even without a clear trend.
• Launched November 2025, small and thinly traded. Spreads deserve a look and limit orders earn their keep here.

Full KWIN profile⁠

Full MAAY profile⁠