How Do YieldMax ETFs (like CONY, TSLY, APLY) Work?

These ETFS all have annual yield rates that are north of 30% each year (some of these etfs even have annual yield rates in the 80% range).

My question is: How exactly do these etfs work?

I tried doing some independent research on these etfs, but I can’t seem to get a clear answer. I assume that these etfs use short-term options contracts to leverage their portfolio? Do they use a combination of put and call options as a form of hedging?

Thanks.