YieldMax TSM Option Income Strategy ETF (TSMY)

The YieldMax TSM Option Income Strategy ETF (TSMY) is an actively managed income fund in the YieldMax lineup that uses Taiwan Semiconductor Manufacturing Company (TSM) as its reference asset. TSMC is a contract manufacturer of advanced semiconductors for chip designers worldwide.

The fund does not own TSM shares directly. Instead, it creates synthetic long exposure using options and sells call options against that position to generate premium income, holding U.S. Treasuries as collateral. This synthetic covered-call approach supports regular distributions but caps participation in TSM's price gains while leaving the fund exposed to declines. The ETF trades on NYSE Arca.