Just now, Goldman Sachs submitted an application to the SEC for a Bitcoin enhanced income ETF. After all, there are already many homogenized Bitcoin ETFs, and these issuers also need to find ways to play tricks to compete for market share. The innovation of Goldman Sachs' ETF submission this time is that it can earn additional cash flow in addition to passive price increases, achieved through a combination of spot and options. Goldman Sachs will sell Bitcoin call options while holding Bitcoin to earn premium as income. For example, if Bitcoin is currently worth $70000 and Goldman Sachs receives a premium of $1000, they can purchase Bitcoin from Goldman Sachs at a rate of $80000. So assuming that Bitcoin hasn't risen or even fallen, the other party definitely won't buy it for 80000 yuan, so Goldman Sachs can earn this $1000. If it rises slightly but hasn't reached 80000 yuan, the other party still won't be interested. Goldman Sachs still earns $1000 plus an additional price increase, but if Bitcoin skyrockets above 80000 yuan, the other party can buy discounted Bitcoin. Even if it has already reached 200000 yuan, Goldman Sachs must sell it for 80000 yuan, so the subsequent profit increase has nothing to do with Goldman Sachs. So Goldman Sachs' ETF sacrifices the possibility of a future surge in Bitcoin to earn visible premiums as cash flow, as well as a slight increase in Bitcoin returns. To some extent, this is a legitimate and fully compliant BTCFi with actual income and scene support