KWIN vs QBY

KWINAKraneShares Wahed Alternative Income Index ETF

QBYDGraniteShares YieldBoost QBTS 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.

QBY QBY never touches QBTS itself. It sells put options on a 2x leveraged ETF tied to the stock, converting that amplified swing into monthly income. A derivative on a derivative, wired for premium collection rather than upside.

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.

QBY The fund seeks to generate income through options strategies, primarily by selling put options on leveraged ETFs tracking the 2x Long QBTS Daily ETF.

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.

• QBY The engine is simple: sell puts on a 2x QBTS ETF, collect the premium, distribute monthly. Leverage makes those options expensive, which is exactly the point.graniteshares.com
• The 1.07% fee sits right at the middle of the single-stock options-income pack. The exotic plumbing doesn't cost extra.
• Put writing gives the position a defined shape: income from premiums, not a leveraged long ride on the reference stock.

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.

• QBY Selling puts caps the payoff at the premium collected, while short exposure tied to a 2x fund means declines land magnified.
• A late-2025 launch that is still small and thinly traded, so spreads can be wide and there is little history to judge it by.
• Payments come monthly but vary: premium income rises and falls with volatility in the options it sells.

Full KWIN profile⁠

Full QBY profile⁠