KWIN vs XYZY

KWINAKraneShares Wahed Alternative Income Index ETF

XYZYDYieldMax XYZ 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.

XYZY Block's volatility, packaged as a monthly paycheck. XYZY owns no Block shares: it builds synthetic exposure through options and writes call spreads on top, so upside is trimmed rather than sold away outright.

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.

XYZY The fund is actively managed to generate weekly income by selling call spreads on Block Inc. while retaining participation in the stock's appreciation.

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.

• XYZY Writes call spreads rather than plain short calls, so gains above the short strike are not entirely handed to the option buyer.yieldmaxetfs.com
• Income comes from harvesting premium in Block's option market, and the fund distributes on a monthly cadence.yieldmaxetfs.com
• Ordinary 1940 Act ETF wrapper with the options collateralized by cash and Treasuries: no margin account, no options approval, no K-1 at tax time.yieldmaxetfs.com
• Live since October 2023, and it kept running straight through Block's identity swap, when the fund went from SQY to XYZY in April 2025.sec.gov

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.

• XYZY The 1.36% expense ratio sits above the typical single-stock option-income fund, so premium income has a higher bar to clear.
• The payoff is lopsided by design: Block's declines pass through in full, while participation in rallies stops at the spread's upper strike.yieldmaxetfs.com
• One company drives everything here, and the fund trades less actively than the headline YieldMax names, so bid/ask spreads are worth checking.

Full KWIN profile⁠

Full XYZY profile⁠