After waiting for so long to complete the "fundraising" process, BlackRock finally submitted an ETH ETF pledge application at the last minute. More than half a year ago, they posted a long tweet analyzing that the biggest driving force for ETF issuers to promote pledge is that the staking income of ETH can reach 12 times its management fee. Issuers who originally could only earn management fees will have a great incentive to pledge assets to investors CX. I just looked at the original materials submitted by BlackRock to help everyone identify the key points. Firstly, issuers can choose multiple staking service providers, so there is a lot of room for imagination here. Issuers can build their own staking services, or choose Coinbase exchange staking, or even staking protocols such as Lido, Eigenlayer, Puffer, etc. If any protocol that has already been staked can bite this piece of meat, it will take off directly. Of course, BlackRock cannot directly stak like ordinary retail investors. For example, Lido and Puffer have both launched staking versions specifically for institutions, but the probability of adopting them is still very low, which I will mention in the following article. Then the key point comes, the document directly states that these pledged proceeds can be considered as trust income, and the trust will receive all or part of the rewards. If this document is approved, the issuer's appetite will be very strong, and they may symbolically give investors a little dividend, and the rest will be eaten by themselves. Then it was mentioned that issuers will not aggregate their ETH holdings with those of other entities into one pool. This sentence translates to not pledging ETH into any public protocols, but must be kept separately in a pool. Therefore, if Lido and other protocols do not have institutional versions to solve these problems, this sentence directly means that ETF staking will not directly benefit any staking protocols. Therefore, if you buy coins with various staking protocols for ETF staking, the risk will be high, after all, the probability of not using these protocols is high. Yesterday, Ni Da @ Phyrex-Ni also expressed the same view on this issue. Finally, it is mentioned that the issuer will not bear any subsidy, penalty, or even fork risk for the profits. As a validator of Ethereum, there is a possibility of being fined. Therefore, this disclaimer agreement is actually quite domineering. You use investors' coins to pledge, and the profits are eaten by you, without bearing any risk.