KWIN vs TSMY

KWINAKraneShares Wahed Alternative Income Index ETF

TSMYBYieldMax TSM 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.

TSMY A paycheck stapled to one chip stock. TSMY sells call spreads on Taiwan Semiconductor, holds onto exposure to that share price, and passes the harvested option premium along as income on a weekly schedule.

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.

TSMY The fund is actively managed to generate weekly income by selling call spreads on Taiwan Semiconductor Manufacturing Co. It is intended to maintain exposure to that company's share price while harvesting 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.

• TSMY The overlay is a call spread, not a plain covered call, and it is built to keep exposure to TSM's share price while collecting premium.yieldmaxetfs.com
• Income is designed to land weekly rather than quarterly, so the cash cadence is far tighter than a dividend fund's.yieldmaxetfs.com
• At 1.01% a year it sits below the middle of the fee range for single-stock option income funds, and it grades out as one of the stronger builds in that crowded group.

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.

• TSMY One company, one story. The fund tracks Taiwan Semiconductor's share price, so there is no diversification to soften a rough patch for that single stock.
• Exposure is synthetic, built from options rather than owned TSM shares, which adds contract and counterparty mechanics a plain stock position does not have.
• The 1.01% fee is reasonable for this niche but heavy next to a broad index fund, and the strategy has only been live since 2024.

Full KWIN profile⁠

Full TSMY profile⁠