Actually, I heard at the beginning of this year that the project team used the method of applying for spot ETFs to attract market demand from certain funds. Although the cost of applying for spot ETFs in the United States is not high, the effect is very favorable. Even if the SEC does not accept it, the loss is less than tens of thousands of dollars (without paying legal fees and audit fees). Coordinating this news with community investment can gain greater market attention. So my personal opinion has always been that if it is not a spot ETF applied for by a well-known institution, there is almost no need to consider it. If it is not a spot ETF applied for by Yu San Jia, even if it is approved, the capital entry rate may be very low.