IncomeShares Super Micro Computer (SMCI) Options ETP is an exchange-traded product that employs a cash-covered put option strategy to generate monthly income from Super Micro Computer exposure. The product dynamically allocates between direct investments in SMCI shares and the sale of put options on the stock, with strikes ranging from 5% out-of-the-money to 10% in-the-money. This dual approach aims to produce high monthly income through option premiums and returns on uninvested cash while maintaining approximately 25% direct equity exposure for upside participation. The strategy seeks to balance income generation with capital appreciation potential, while limited hedging activities may help mitigate downside risk. The product is structured as a physical replication ETP domiciled in Ireland, with an expense ratio of 0.55% and monthly distributions. It is UCITS-eligible and available for inclusion in self-invested personal pensions and individual savings accounts across multiple European markets.