BlackRock files for buffer Bitcoin ETF with ticker PBIT

BlackRock has filed with the SEC for the iShares Bitcoin Managed Protection ETF, trading under ticker PBIT, a "buffer" fund that limits investors' initial losses to about 10% by buying call options on IBIT and selling higher-priced calls to cap gains. The fund does not hold Bitcoin directly. IBIT, BlackRock's spot Bitcoin ETF, drew $665.2 million in net inflows on Monday, the only one of 12 U.S. spot Bitcoin ETFs to post net inflows that day.