🐋 WHALE WATCH : BlackRocks new ETF filing PBIT is a masterclass in TradFi market structure engineering. Here is the exact underlying strategy: => Seeks upside exposure to their $65B flagship IBIT => Buys/sells call options to cap potential gains while targeting -10% downside exposure => Holds short term fixed income to cushion market drops While IBIT and BITA give you raw exposure and income PBIT is the holy grail for risk averse institutional portfolios. The liquidity gates are opening wider by the day. Are you paying attention to the order book ?