KWIN vs PYPY: Grades, Fees and Holdings Compared

KraneShares Wahed Alternative Income Index ETF

KWINANYSE Arca

YieldMax PYPL Option Income Strategy ETF

PYPYDNYSE Arca

Overlap

0.0%by weight

Expense ratio

KWIN −0.80pt a year

KWIN0.51%PYPY1.31%

Avg volume · 30D

PYPY 1.2×the volume

KWIN14.3KPYPY17.3K

KWIN vs PYPY Performance

Nov 7, 2025 – Nov 9, 2026

+3.7%KWIN−11.9%PYPY

Expense ratio: KWIN 0.51%, better; PYPY 1.31%
Fund size: KWIN $64M; PYPY $24M
1Y total return: KWIN +3.7%, better; PYPY −11.9%
Yield (12M): KWIN No data; PYPY 53.80%
Holdings: KWIN 55; PYPY 6
Avg volume (30D): KWIN 14.3K sh; PYPY 17.3K sh, better
NAV per share: KWIN $25.93; PYPY $26.43
52W range

ETF.net Grade

Pillar letters and Scores for KWIN, PYPY, with each pillar’s weight
Pillar	KWIN	PYPY
Cost30% weight	A100Higher	F4
Mission25% weight	Not scored	B67
Risk15% weight	A87Higher	D33
Tradability15% weight	A70Higher	B55
Holdings10% weight	B65	Not scored
Durability5% weight	B68Higher	B67

Rank among Single-Stock Option Income funds

How we build Categories ›

Same Category. KWIN and PYPY 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 PYPY 54th 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 54DCRYGraniteShares YieldBOOST CRCL ETFScore 38
Rank 54DPYPYYieldMax PYPL Option Income Strategy ETFScore 38
Rank 54DQBYGraniteShares YieldBoost QBTS ETFScore 38

Our read on each fund

ETF.net Research

KWINAKraneShares Wahed Alternative Income Index ETF

PYPYDYieldMax PYPL 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.

PYPY PayPal, rented out. PYPY holds a synthetic long in PYPL and sells call spreads against it, turning option premium into cash income and trading away part of any PayPal rally.

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.

PYPY The Fund is actively managed to generate weekly income by selling call spreads on PayPal Holdings Inc. (PYPL).

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.

PYPY Not the usual covered call: it sells call spreads on PYPL, pairing each short strike with a long call further out instead of writing naked upside away.yieldmaxetfs.com
Actively managed, so strikes and expiries are set by a manager reading PayPal's option market rather than by a fixed rules calendar.yieldmaxetfs.com
One ticker stands in for building a synthetic PYPL position and writing spreads against it yourself. No options approval, no roll dates to manage.
Trading since 2023, so the strategy has run through several of PayPal's own sharp moves rather than one calm stretch.

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.

PYPY At 1.31% a year, it sits above the median for single-stock option income funds. YieldMax siblings TSMY and BRKC run 1.01%.
The downside stays yours: the synthetic long follows PYPL lower, while the sold spread limits how much of a rebound the fund captures.
A small fund that trades thinly, which can mean wider bid-ask spreads at the moment you transact.

Full KWIN profile⁠

Full PYPY profile⁠

KWIN vs PYPY Holdings

How KWIN and PYPY differ

Overlap by weight

0.0%

About this figure: KWIN earns income from options, which aren’t counted.

PYPY earns income from options, which aren’t counted.

Level by level

Asset classStocks, Alternatives0.0%
Sector6 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

Sector weights in KWIN and PYPY, widest gap first
Sector	Gap	KWIN	PYPY
Financials	PYPY +100.0 points	0.0%	100.0%
Technology	KWIN +71.1 points	71.1%	0.0%
Consumer Discretionary	KWIN +16.6 points	16.6%	0.0%
Health Care	KWIN +9.9 points	9.9%	0.0%
Industrials	KWIN +1.3 points	1.3%	0.0%
Communication	KWIN +1.1 points	1.1%	0.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

KWIN40.3%
PYPY101.4%

Securities held

KWIN54
PYPY6

Asset class

KWIN: Stocks
PYPY: Alternatives

Holdings

Only in KWIN54
In both0
Only in PYPY6

Only in KWIN

54 securities, 100% of KWIN by weight

Intuitive Surgical Inc4.63%
Workday Inc-Class A4.62%
On Semiconductor4.39%
Super Micro Computer Inc4.36%
Synopsys Inc4.18%
Crowdstrike Holdings Inc - A3.79%
Amazon.com Inc3.67%
Doordash Inc - A3.56%
Arista Networks Inc3.55%
Autozone Inc3.54%
Adobe Inc3.47%
Boston Scientific Corp3.43%
Servicenow Inc3.40%
Uber Technologies Inc3.38%
Cadence Design Sys Inc3.37%
Tesla Inc3.33%
Advanced Micro Devices3.25%
Palo Alto Networks Inc3.16%
Lumentum Holdings Inc2.63%
Fortinet Inc2.60%
Akamai Technologies Inc2.58%
Coherent Corp2.52%
Ciena Corp2.38%
Sandisk Corp2.23%
Intel Corp2.12%
2LITE Us 01/15/27 P9301.91%
2INTC Us 01/15/27 P1001.62%
2SNDK Us 01/15/27 P14201.57%
2FTNT Us 01/15/27 P1851.41%
2CIEN Us 01/15/27 P3701.29%
2SMCI Us 01/15/27 P351.16%
Bloom Energy Corp- A1.15%
2NOW Us 01/15/27 P1351.10%
2COHR Us 01/15/27 P2701.06%
2AMD Us 01/15/27 P5800.99%
Reddit Inc-Cl A0.96%
2CRWD Us 01/15/27 P2500.76%
2PANW Us 01/15/27 P3800.76%
2ON Us 01/15/27 P700.72%
2ANET Us 01/15/27 P2000.71%
2RDDT Us 01/15/27 P1500.55%
2SNPS Us 01/15/27 P4800.50%
2BE Us 01/15/27 P2200.37%
2AKAM Us 01/15/27 P900.37%
2CDNS Us 01/15/27 P3300.31%
2DASH Us 01/15/27 P1800.30%
2WDAY Us 01/15/27 P1850.28%
2TSLA Us 01/15/27 P3600.27%
2ADBE Us 01/15/27 P2350.24%
2AMZN Us 01/15/27 P2550.18%

Only in PYPY

6 securities, 100% of PYPY by weight

United States Treasury Bill 07/08/202756.20%
United States Treasury Note/Bond 3.375% 09/15/202725.23%
Pypl 11/20/2026 50.01 C16.71%
First American Government Obligations Fund 12/01/20311.96%
United States Treasury Note/Bond 2.375% 05/15/20271.14%
PayPal H Cll Opt 11/26 630.19%

Weight gaps

KWIN and PYPY share no securities.

All KWIN holdings⁠All 7 PYPY 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 PYPY Cost

Overpaying PYPY vs KWIN

$13,354

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

KWIN 0.51%
$10,165
PYPY 1.31%
$23,519

Amount$10,000

Years30 years

Cost over time

KWIN 0.51%
PYPY 1.31%
Overpaying

Year by year

Year	KWIN	PYPY	Overpaying
10	$918	$2,280	$1,362
20	$3,527	$8,450	$4,923
30	$10,165	$23,519	$13,354

Expense ratio

0.51%KWIN, cheaper
1.31%PYPY

KWIN0.51%PYPY1.31%

0.51%1.91%

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

KWIN cheapest of 71 funds

PYPY 68th cheapest of 71 funds

KWIN vs PYPY Dividends

Last 12 months to Nov 9, 2026

Yield (12M): KWIN No data; PYPY 53.80%
Payout (12M): KWIN None; PYPY $14.41
Last payment: KWIN No data; PYPY $0.28
Ex-dividend: KWIN No data; PYPY Nov 5, 2026
Paid on: KWIN No data; PYPY Nov 6, 2026
Frequency: KWIN No data; PYPY Weekly

Distribution history

Per share, 2026, same scale for both

KWINAll KWIN payments⁠

No distribution history available.

PYPYWeekly · 45 paymentsAll PYPY payments⁠

KWIN vs PYPY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: KWIN No dataPYPY 30.2%
Return per unit of riskSharpe ratio, 3 years: KWIN No dataPYPY 0.004
Worst fallMax drawdown, 5 years: KWIN −1.6%since Nov 2025PYPY −53.4%since Sep 2023
Market sensitivityBeta, 5 years: KWIN 0.001PYPY 0.52; Market = 1

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