KWIN vs SMYY

KWINAKraneShares Wahed Alternative Income Index ETF

SMYYCGraniteShares YieldBOOST SMCI 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.

SMYY Most single-stock income funds sell calls on the stock. SMYY flips it: the income comes from selling put options on a 2x leveraged SMCI ETF, and the cash goes out monthly.

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.

SMYY The Fund seeks income primarily by selling put options on leveraged ETFs designed to deliver twice the daily performance of SMCI. It also seeks capped exposure to the performance of that leveraged 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.

• SMYY A different engine than the covered-call crowd: premiums are harvested by selling puts on a 2x SMCI ETF, where leverage inflates option pricing.graniteshares.com
• Income is paid on a monthly cadence, not quarterly.
• The 1.07% fee sits right at the median for single-stock option-income funds, so the exotic plumbing carries no premium price tag.
• Rates in the upper half of a crowded single-stock overlay 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.

• SMYY The shape is lopsided by design: exposure to the leveraged ETF is capped on the way up, while drawdowns pass through.
• Everything rides on one volatile AI-server maker, viewed through a 2x daily-reset ETF that compounds sharp moves.
• A 2025 launch with a small asset base and light trading, which tends to mean wider bid-ask spreads than household-name ETFs.

Full KWIN profile⁠

Full SMYY profile⁠