KraneShares Wahed Alternative Income Index ETF - KWIN

KraneShares Wahed Alternative Income Index ETF is an exchange-traded fund designed to provide investors with alternative income exposure while adhering to Shariah principles. Its primary function is to replicate the performance of the Wahed Shariah Alternative Income Index, which screens U.S. equity securities for compliance with Islamic investment guidelines, including both business activity and financial ratio criteria. Notable features of the fund include an option-based income generation strategy: long equity positions are paired with the sale of call options and the purchase of put options on each stock, striving for a delta-neutral portfolio that minimizes sensitivity to small price movements in the underlying equities. The ETF explicitly avoids companies involved in prohibited activities such as conventional banking, insurance, alcohol, gambling, tobacco, arms manufacturing, and adult entertainment, ensuring alignment with Islamic values. As of July 2025, its holdings are concentrated in the Information Technology and Consumer Discretionary sectors. By structuring returns through Shariah-compliant forward sale agreements and options strategies, this fund offers a faith- and values-based alternative to traditional interest-bearing income products. KraneShares Wahed Alternative Income Index ETF serves a vital role for investors seeking liquidity, transparency, and principled income diversification within the ETF marketplace.