BlackRock submits PBIT Bitcoin Downward Protection ETF application, pegged to IBIT and set profit cap

BlackRock's iShares Trust submitted a registration application for the iShares Bitcoin Managed Protection ETF on October 19th, with the code PBIT. The fund aims to provide upward returns on iShares Bitcoin Trust (IBIT) and similar Bitcoin exposures, but with a cap on returns, while also providing downward protection. Its strategy includes buying Bitcoin options, selling options to offset costs, and investing in fixed income products to earn interest income to hedge option costs and provide downside protection.