YieldMax XYZ Option Income Strategy ETF (XYZY)

The YieldMax XYZ Option Income Strategy ETF (XYZY) is an actively managed exchange-traded fund from YieldMax ETFs, advised by Tidal. It seeks to generate monthly income while providing indirect exposure to the share price of Block, Inc., the fintech company behind Square and Cash App, which trades under the ticker XYZ.

The fund typically uses a synthetic covered-call strategy: it creates long exposure to Block stock with options and sells call options on it to collect premium, holding U.S. Treasuries as collateral. It does not generally own Block shares directly.

Selling calls limits the fund's participation in sharp gains in Block stock, while the fund remains exposed to declines in the share price.