YieldMax HIMS Option Income Strategy ETF (HIYY)

The YieldMax HIMS Option Income Strategy ETF (HIYY) is an actively managed fund from YieldMax ETFs that seeks to generate current income while providing exposure to the share price of Hims & Hers Health, Inc. (NYSE: HIMS), the telehealth company.

The fund does not own Hims & Hers stock directly. Instead, it creates synthetic exposure using call and put options and sells call options on that position to collect premiums, a synthetic covered call strategy. It holds short-term U.S. Treasuries as collateral.

The option income is paid out through frequent distributions, while the sold calls cap the fund's participation in gains of the underlying stock and it remains exposed to the stock's declines.