KWIN vs MRNY

KWINAKraneShares Wahed Alternative Income Index ETF

MRNYBYieldMax MRNA 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.

MRNY Moderna, but with a job. MRNY sells weekly call spreads on MRNA and routes the premium out as a monthly distribution, keeping room for some upside through the spread's long leg. You still carry the stock's downside, without owning the shares.

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.

MRNY MRNY is actively managed to generate weekly income by selling call spreads on Moderna Inc., while seeking participation in appreciation of the underlying share price.

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.

• MRNY Charges 1.00% a year, below the typical fee in its single-stock option-income peer group.
• Sells call spreads rather than plain calls, so the long leg leaves room to participate in part of a Moderna rally instead of surrendering all of it.yieldmaxetfs.com
• Options are written weekly and cash goes out monthly, an actively managed rhythm built around one stock's premium.
• Live since 2023, one of the earlier single-stock income funds in a category that has since crowded to dozens of tickers.

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.

• MRNY Synthetic exposure: you take Moderna's declines without holding the shares, and the short call caps how much of an advance the fund keeps.
• Payouts come from option premiums, which rise and fall with Moderna's option pricing. Monthly amounts vary rather than run at a set rate.
• The 1.00% fee buys the overlay and the active management, not a plain stake in the underlying stock.

Full KWIN profile⁠

Full MRNY profile⁠