SERMs function by binding to estrogen receptors and modulating their activity. Depending on the tissue type, they can either act as estrogen agonists or antagonists. For instance, in breast tissue, SERMs like tamoxifen act as estrogen antagonists, blocking the proliferative action of estrogen on breast cancer cells. Conversely, in bone tissue, they act as estrogen agonists, helping to maintain bone density and reduce the risk of fractures.