If BlackRock's Bitcoin ETF rises along with Bitcoin by 2026 and hits the target price, you can get a fixed return of 16%. If Bitcoin doesn’t rise by 2026 but hits the target price before the end of 2028, you can get a fixed return of over 50%. However, if by the end of 2028 it hasn’t risen but hasn’t dropped more than 30%, you can get your principal back. But if it drops more than 30% along the way, it could go to zero. The spot ETF narrative is done—Wall Street institutions are now bringing derivatives to the table.