Understanding market volatility, together: A message from team Wahed.
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A Message From Team Wahed

Market fluctuations can be unsettling. When headlines change quickly and markets move unpredictably, it’s natural to feel concerned about your investments.

Periods of uncertainty are not new. Over the past decades, global markets have experienced many moments of volatility - including events such as the COVID-19 pandemic, inflation cycles, geopolitical tensions, and economic slowdowns. While each period feels unique at the time, market fluctuations have historically been a normal part of long-term investing.

At Wahed, our approach has always been built around long-term, disciplined investing aligned with Shariah principles. Our portfolios are constructed to focus on diversification, risk management, and investments that meet ethical and Shariah screening standards.

Short-term market movements can be uncomfortable, but investment decisions made during moments of uncertainty are often the most important ones. History shows that markets move through cycles, and maintaining a thoughtful long-term perspective can help investors navigate these periods.

Our team continues to actively monitor global markets and portfolio allocations to ensure they remain aligned with both financial best practices and Shariah compliance.

More importantly, you are not navigating these markets alone.If you have questions or concerns about your investments, our team is here to help provide guidance and clarity so you can make informed decisions with confidence.We remain committed to supporting you on your long-term investment journey.

The Wahed Team

Wahed Invest Limited is regulated by the Financial Services Regulatory Authority (“FSRA”) in the Abu Dhabi Global Markets (“ADGM”) and holds a Category 3C license for conducting Shariah Compliant Regulated activities of Managing assets and Arranging custody.
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Past performance is no guarantee of future results. Historical returns, expected returns, and probability projections are provided for informational and illustrative purposes only and are not an indication of future performance. All investing involves risk, including the possible loss of all the money you invest.
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Past results of any trading system published by Wahed Invest Limited, through the website or otherwise, are not indicative of future returns by that system, and are not indicative of future returns which will be realised by you. Wahed Invest Limited assumes no responsibility for liability for your trading and investment results. Please visit wahed.com for full terms and conditions.
Office 4328, Floor 43, Addax Port Office Tower, Al Rayfa Street, Al Reem Island, Abu Dhabi, United Arab Emirates

KraneShares Wahed Shariah Alternative Income Index ETF

Ticker : KWIN

An alternative income ETF that seeks to implement a Shariah-compliant strategy designed to generate alternative income

Our halal investments are structured in accordance with Islamic principles.
New York Stock Exchange Listed

A milestone for the Shariah-compliant investing space. KWIN is now publicly available.

Designed for Alternative Income

KWIN is designed for investors seeking  to avoid earning interest

Innovation in Shariah Compliant Alternative Income

KWIN is engineered as an evolution of traditional Shariah compliant alternative income products, offering greater liquidity through an ETF format

Key Documents

Pitchdeck

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Shariah Certification

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Frequently Asked Questions

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KWIN White Paper

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Investor Webinar

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Letter of Shariah Compliance

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Overview

Our halal investments are structured in accordance with Islamic principles.
Inception Date
11/5/2025
Primary Exchange
NYSE Arca, Inc.
Total Annual Fund Operating Expense
0.51%
Distribution Frequency
Annual
Underlying Index
Wahed Shariah Alternative Income Index
Rebalance Frequency
Quarterly

Fund Information

Ticker
KWIN
ISIN
US5007672232
CUSIP
500767223
Wahed Logo
Contact us
support@wahed.com+1-855-976-4747
(only for technical assistance)
You can reach us anytime between
9:00 a.m. - 5:00 p.m. EST27 East 28th Street
8th floor
New York, NY 10016
Legal
Affiliate Program
Investor relations
FAQs

Disclaimer:
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Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This, and additional information can be found in the Funds full and summary prospectus, which may be obtained by visiting www.kraneshares.com/etf/kwin Read the prospectus carefully before investing.

KWIN is a series of the KraneShares Trust, advised by Krane Funds Advisors, LLC. Wahed Invest LLC is a Sub-Adviser to KWIN. For KWIN's webpage, please see: https://kraneshares.com/etf/kwin/
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Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.
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The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.
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Neither MerQube, Inc. nor any of its affiliates (collectively, “MerQube”) is the issuer or producer of KraneShares Wahed Alternative Income Index ETF and MerQube has no duties, responsibilities, or obligations to investors in KraneShares Wahed Alternative Income Index ETF. The index underlying the KraneShares Wahed Alternative Income Index ETF is a product of MerQube and has been licensed for use by Krane Funds Advisors, LLC. Such index is calculated using, among other things, market data or other information (“Input Data”) from one or more sources (each such source, a “DataProvider”).

MerQube® is a registered trademark of MerQube, Inc. This trademark has been licensed for certain purposes by Krane Funds Advisors, LLC in its capacity as the issuer of the KraneShares Wahed Alternative Income Index ETF. KraneShares Wahed Alternative Income Index ETF is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in KraneShares Wahed Alternative Income Index ETF particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, the MerQube US Shariah Reverse Convertible Index, or any associated data. Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the shares/units of KraneShares Wahed Alternative Income Index ETF or to any member of the public, of any kind, including regarding the ability of the MerQube US Shariah Reverse Convertible Index to track market performance or any asset class. The MerQube US Shariah Reverse Convertible Index is determined, composed and calculated by MerQube without regard to Krane Funds Advisors, LLC or the KraneShares Wahed Alternative Income Index ETF. MerQube and Data Providers have no obligation to take the needs of Krane Funds Advisors, LLC, or the owners of KraneShares Wahed Alternative Income Index ETF into consideration in determining, composing, or calculating the MerQube US Shariah Reverse Convertible Index. Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of KraneShares Wahed Alternative Income Index ETF or the timing of the issuance or sale of KraneShares Wahed Alternative Income Index ETF or in the determination or calculation of the equation by which KraneShares Wahed Alternative Income Index ETF is to be converted into cash, surrendered or redeemed, as the case may be. MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of KraneShares Wahed Alternative Income Index ETF. There is no assurance that investment products based on the MerQube US Shariah Reverse Convertible Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor. Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS, AND/OR THE COMPLETENESS OF THE MERQUBE US SHARIAH REVERSE CONVERTIBLE INDEX OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY KRANE FUNDS ADVISORS, LLC, OWNERS OF THE KRANE SHARES WAHED ALTERNATIVE INCOME INDEX ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THEMERQUBE US SHARIAH REVERSE CONVERTIBLE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANYOF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOSTTIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THE FOREGOING REFERENCES TO “MERQUBE” AND/OR “DATA PROVIDER” SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY.
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Because the Index applies Islamic principles, the Fund cannot invest in certain issuers and securities—such as financial companies and interest-paying bonds—which reduces the pool of eligible investments. This may limit investment opportunities and affect performance. The Fund will not earn interest on cash, and securities may become non-compliant after purchase and be held until the Index is rebalanced. Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt.
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By writing call options and buying put options as part of its strategy, the Fund may limit its ability to benefit from increases in the value of its holdings above the options’ strike prices, while still being exposed to declines in value. The premiums received from selling options may not be enough to offset losses from volatility or declines in the underlying stocks. The Fund’s use of options involves unique risks, including the possibility that options may become illiquid or expire worthless, and that the Fund may not be able to close out positions at desired times or prices. FLEX options, which the Fund uses, may be less liquid than standard options and can only be exercised at expiration.

The value of the Fund’s options positions will fluctuate with changes in the value and volatility of the underlying securities. Unusual market conditions or trading suspensions may reduce the effectiveness of the Fund’s options strategies, and the Fund’s strategies may not work as expected and could result in losses. In addition, the Fund’s ability to sell or buy the underlying securities may be limited while options are outstanding, unless the Fund cancels out the option positions by purchasing offsetting options before expiration.

Transactions in options are centrally cleared through the Options Clearing Corporation (OCC). While the OCC guarantees settlement, there is a risk that the OCC or a clearing member could fail to meet its obligations, which could result in losses for the Fund. If the Fund cannot find a clearing member to transact with, it may be unable to effectively implement its investment strategy.

Premiums received from writing options will generally result in short-term capital gains, which may be taxed at higher rates than long-term capital gains.

Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration.

A large number of shares of the Fund are held by a single shareholder or a small group of shareholders. Redemptions from these shareholders can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders. KWIN is non-diversified.

ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

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