Bollcoin, October 20 – According to U.S. SEC filings, BlackRock's iShares Trust submitted a registration application on October 19 for the iShares Bitcoin Managed Protection ETF, ticker PBIT. The fund aims to provide upside returns from the iShares Bitcoin Trust ETF (IBIT) and similar bitcoin exposure, but with a roughly capped return, while offering a degree of downside protection. Its strategy typically involves buying bitcoin options in three tranches, while selling options to offset the purchase cost (thereby limiting upside returns), and investing in fixed-income products to earn interest income used to hedge option costs and provide downside protection.