BlackRock has submitted a proposal to the SEC for the launch of the iShares Bitcoin Managed Protection ETF (PBIT). This fund aims to offer investors a chance to benefit from the performance of the Bitcoin ETF IBIT while limiting potential profits and providing some level of downside protection against losses. The investment strategy will involve the use of options and debt instruments. For specific options positions, the maximum downside is capped at 10%; however, this protection is not guaranteed and may vary. The fund will not directly invest in Bitcoin itself.