KWIN vs TMYY

KWINAKraneShares Wahed Alternative Income Index ETF

TMYYCGraniteShares YieldBOOST TSM 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.

TMYY Most single-stock income funds write options on the stock. TMYY goes one layer deeper, selling options on a 2x daily TSM ETF and paying monthly, with its upside on that leveraged ETF capped.

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.

TMYY The Fund seeks income by selling options on leveraged ETFs linked to the 2x daily performance of Taiwan Semiconductor Manufacturing Co Ltd., while also seeking exposure to that leveraged ETF subject to a gain cap.

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.

• TMYY The premium engine runs on a 2x daily TSM ETF, not TSM shares. More movement in the underlying means richer option premiums, which is the whole point of the YieldBOOST design.graniteshares.com
• Distributions are paid monthly, so income arrives on a regular schedule rather than a quarterly drip.
• The 1.07% fee sits right around what single-stock option-income ETFs generally charge, so the extra derivatives plumbing isn't priced at a markup.
• Plain 1940 Act fund wrapper, so tax reporting comes on a 1099 rather than a partnership K-1.graniteshares.com

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.

• TMYY Upside is capped by design. Gains on the leveraged ETF stop at the fund's gain cap, so a big TSM run doesn't flow through in full.graniteshares.com
• Concentration is the trade: one chipmaker, geared 2x daily. Drawdowns land magnified, with no diversification to soften them.
• Launched in 2026, still small and lightly traded. Spreads can run wider and the track record is far shorter than at established peers like TSMY.

Full KWIN profile⁠

Full TMYY profile⁠