KWIN vs MRA

KWINAKraneShares Wahed Alternative Income Index ETF

MRAFGraniteshares Autocallable 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.

MRA Autocallables are Wall Street's income note: contingent coupons, barrier levels, an early call. GraniteShares pulled that plumbing out of the bank-note wrapper and put it in a 1940 Act ETF, laddered across barriers and wired to MARA Holdings.

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.

MRA The Fund seeks potential monthly income through a laddered portfolio of single-stock autocallable options linked to MARA Holdings Inc. Positions are managed through ongoing rolling, but distributions vary and are not guaranteed.

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.

• MRA Part of the first US lineup of single-stock autocallable ETFs, a payoff that previously reached most investors as a bank-issued structured note.graniteshares.com
• No structured notes inside: returns come from OTC options held in a 1940 Act fund that trades on an exchange through any standard brokerage account.graniteshares.comgraniteshares.com 2
• The portfolio is laddered across different barrier levels, so the income stream does not hinge on one trigger or one observation date.graniteshares.com
• Fee of 1.07% lands right at the median for single-stock option-income funds, and the manager handles the rolling and reinvestment you would otherwise do by hand.graniteshares.com

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.

• MRA Income here is potential, not promised: distributions vary, can include return of capital, and the payoff tracks coupon rules rather than MARA's full move.graniteshares.com
• Downside protection is limited, not absolute, and the exposure is synthetic, so a deep slide in the reference stock flows through without you owning the shares.graniteshares.com
• A young fund with a small asset base and light trading, so bid-ask spreads carry more weight than with mainstream income ETFs.

Full KWIN profile⁠

Full MRA profile⁠