KWIN vs NFLY: Grades, Fees and Holdings Compared

KraneShares Wahed Alternative Income Index ETF

KWINANYSE Arca

YieldMax NFLX Option Income Strategy ETF

NFLYBNYSE Arca

Overlap

0.0%by weight

Expense ratio

KWIN −0.50pt a year

KWIN0.51%NFLY1.01%

Avg volume · 30D

NFLY 4.7×the volume

KWIN14KNFLY65.8K

KWIN vs NFLY Performance

Dec 31, 2025 – Oct 30, 2026

+2.9%KWIN−31.1%NFLY

Expense ratio: KWIN 0.51%, better; NFLY 1.01%
Fund size: KWIN $63M; NFLY $28M
1Y total return: KWIN No data; NFLY −40.8%
Yield (12M): KWIN No data; NFLY 65.35%
Holdings: KWIN 55; NFLY 7
Avg volume (30D): KWIN 14K sh; NFLY 65.8K sh, better
NAV per share: KWIN $25.90; NFLY $5.97
52W range

ETF.net Grade

Pillar letters and Scores for KWIN, NFLY, with each pillar’s weight
Pillar	KWIN	NFLY
Cost30% weight	A100Higher	B59
Mission25% weight	Not scored	A70
Risk15% weight	A86Higher	D38
Tradability15% weight	A70Higher	C48
Holdings10% weight	A88	Not scored
Durability5% weight	B68	A77Higher

Rank among Single-Stock Option Income funds

How we build Categories ›

Same Category. KWIN and NFLY are both graded against the same 71 Single-Stock Option Income funds, so their Grades compare head to head.

Single-Stock Option Income⁠

Category · 71 funds

See all 71 ›

KWIN ranks 1st and NFLY 21st of 71 funds in the Single-Stock Option Income Category.

Rank 1AKWINKraneShares Wahed Alternative Income Index ETFScore 87
Rank 2AACYQFT Vest Autocallable Barrier & High Income ETFScore 85
Rank 21BMAROYieldMax MARA Option Income Strategy ETFScore 57
Rank 21BNFLYYieldMax NFLX Option Income Strategy ETFScore 57
Rank 21BPLTYYieldMax PLTR Option Income Strategy ETFScore 57

Our read on each fund

ETF.net Research

KWINAKraneShares Wahed Alternative Income Index ETF

NFLYBYieldMax NFLX 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.

NFLY NFLY never buys a share of Netflix. It builds the position synthetically with options, then sells calls against it, turning one of the market's twitchiest large caps into option premium. Pops get capped. Drops don't.

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.

NFLY The Fund seeks current income and exposure to Netflix, Inc.’s share-price returns, subject to limited participation in potential gains. It uses synthetic covered-call or covered-call-spread strategies to generate option premiums.

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.

NFLY At 1.01%, it is the cheaper of the two Netflix option-income ETFs (NFLP charges 1.15%) and sits under the median fee for single-stock option-income funds.
Launched in 2023, an early entrant in single-name option income, with a multi-year record of running the strategy through Netflix earnings nights.
In a crowded field of single-stock overlay funds, this one lands in the upper tier of its peer group on our review.

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.

NFLY Selling calls caps how much of a Netflix rally you keep, while a slide in the stock flows through nearly in full.yieldmaxetfs.com
Distributions can include return of capital, meaning part of a payout is your own money coming back and it trims your cost basis.yieldmaxetfs.com
The 1.01% fee pays for the options machinery, several times what a plain equity index fund charges, and it applies whether premiums are fat or thin.

Full KWIN profile⁠

Full NFLY profile⁠

KWIN vs NFLY Holdings

How KWIN and NFLY differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of KWIN and 0.0% of NFLY.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for KWIN and NFLY.

Country, concentration and asset class

Country by domicile

Country weights in KWIN and NFLY, widest gap first
Country	More in KWINMore in NFLY	KWIN	NFLY
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

KWIN45.8%
NFLY126.3%

Securities held

KWIN54
NFLY6

Asset class

KWIN: Equity
NFLY: Alternatives

Holdings

Only in KWIN54
In both0
Only in NFLY6

Only in KWIN

54 securities, 100% of KWIN by weight

Servicenow Inc5.29%
On Semiconductor5.14%
Workday Inc-Class A5.00%
Super Micro Computer Inc4.97%
Intuitive Surgical Inc4.63%
Crowdstrike Holdings Inc - A4.58%
Synopsys Inc4.23%
Fortinet Inc4.02%
Lumentum Holdings Inc4.00%
Palo Alto Networks Inc3.94%
Advanced Micro Devices3.85%
Adobe Inc3.75%
Arista Networks Inc3.69%
Boston Scientific Corp3.66%
Tesla Inc3.64%
Amazon.com Inc3.53%
Autozone Inc3.52%
Intel Corp3.41%
Cadence Design Sys Inc3.40%
Sandisk Corp3.37%
Doordash Inc - A3.35%
Ciena Corp3.28%
Uber Technologies Inc3.26%
Akamai Technologies Inc3.06%
Coherent Corp2.90%
Reddit Inc-Cl A1.40%
Bloom Energy Corp- A1.35%
2SMCI Us 01/15/27 P350.86%
2LITE Us 01/15/27 P9300.84%
2COHR Us 01/15/27 P2700.78%
2SNDK Us 01/15/27 P14200.68%
2CIEN Us 01/15/27 P3700.63%
2ANET Us 01/15/27 P2000.62%
2INTC Us 01/15/27 P1000.58%
2AMD Us 01/15/27 P5800.57%
2SNPS Us 01/15/27 P4800.48%
2DASH Us 01/15/27 P1800.45%
2CRWD Us 01/15/27 P2500.39%
2ON Us 01/15/27 P700.39%
2FTNT Us 01/15/27 P1850.39%
2PANW Us 01/15/27 P3800.35%
2CDNS Us 01/15/27 P3300.32%
2AMZN Us 01/15/27 P2550.27%
2BE Us 01/15/27 P2200.25%
2RDDT Us 01/15/27 P1500.23%
2AKAM Us 01/15/27 P900.22%
2NOW Us 01/15/27 P1350.19%
2UBER Us 01/15/27 P650.18%
2WDAY Us 01/15/27 P1850.16%
2ADBE Us 01/15/27 P2350.15%

Only in NFLY

6 securities, 100% of NFLY by weight

United States Treasury Bill 07/08/202759.81%
United States Treasury Note/Bond 2.375% 05/15/202731.62%
United States Treasury Bill 02/18/202728.70%
First American Government Obligations Fund 12/01/20311.34%
Nflx Us 11/06/26 C650.41%
Nflx 11/20/2026 77.01 C0.13%

Weight gaps

KWIN and NFLY share no securities.

All KWIN holdings⁠All 8 NFLY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

KWIN vs NFLY Cost

Overpaying NFLY vs KWIN

$8,685

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

KWIN 0.51%
$10,165
NFLY 1.01%
$18,850

Amount$10,000

Years30 years

Cost over time

KWIN 0.51%
NFLY 1.01%
Overpaying

Year by year

Year	KWIN	NFLY	Overpaying
10	$918	$1,780	$862
20	$3,527	$6,686	$3,159
30	$10,165	$18,850	$8,685

Expense ratio

0.51%KWIN, cheaper
1.01%NFLY

KWIN0.51%NFLY1.01%

0.51%1.91%

Middle half of Single-Stock Option Income funds
Median 1.04%

KWIN cheapest of 71 funds

NFLY 25th cheapest of 71 funds

KWIN vs NFLY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): KWIN No data; NFLY 65.35%
Payout (12M): KWIN None; NFLY $3.89
Last payment: KWIN No data; NFLY $0.05
Ex-dividend: KWIN No data; NFLY Oct 29, 2026
Paid on: KWIN No data; NFLY Oct 30, 2026
Frequency: KWIN No data; NFLY Weekly

Distribution history

Per share, 2026, same scale for both

KWINAll KWIN payments⁠

No distribution history available.

NFLYWeekly · 44 paymentsAll NFLY payments⁠

KWIN vs NFLY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: KWIN No dataNFLY 26.8%
Return per unit of riskSharpe ratio, 3 years: KWIN No dataNFLY 0.28
Worst fallMax drawdown, 5 years: KWIN No dataNFLY −48.8%since Aug 2023
Market sensitivityBeta, 5 years: KWIN 0.001NFLY 0.58; Market = 1

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