KWIN vs MARO

KWINAKraneShares Wahed Alternative Income Index ETF

MAROBYieldMax MARA Option Income Strategy 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.

MARO Income squeezed out of a bitcoin miner that trades like one. Launched in December 2024, MARO sells call spreads on MARA rather than plain covered calls, so the upside it gives away is a band, not everything above one strike.

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.

MARO The fund seeks weekly income by actively selling call spreads on MARA while retaining participation in MARA share-price appreciation.

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.

• MARO The spread twist: sell one call, own a higher-strike one. The giveaway is limited to the gap between strikes, and the fund keeps participating in MARA above it.
• A 1.00% expense ratio, a touch under the typical single-stock option income fund and under YieldMax's other MARA vehicle, MAAY, at 1.07%.
• One of the stronger builds in a crowded single-stock income cohort, and it trades actively, so getting in and out is rarely the hard part.
• Standard 1940 Act fund wrapper with income as the stated goal: distributions on a regular schedule, a 1099 at tax time, no K-1 paperwork.

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.

• MARO Everything rides on one bitcoin miner. No diversification, and the fund's measured risk sits at the wild end of its peer group.
• MARA exposure comes through options, not shares. You hold a fund, not the stock, and the spread narrows the upside cap without removing it.
• Payouts come from option premiums, which rise and fall with MARA's volatility. The income stream is variable by design.

Full KWIN profile⁠

Full MARO profile⁠