BlackRock filed on October 19, 2026, to launch the iShares Bitcoin Managed Protection ETF, a proposed “buffer” fund that would trade as PBIT. The fund would not hold Bitcoin or Bitcoin ETFs directly. It would use options tied to IBIT or similar Bitcoin exposure and hold fixed-income investments.
According to the filing, each tranche would typically limit initial losses to roughly 10% before fees while capping gains. The gain cap would depend on market conditions when a tranche starts, and the fund could change both the cap and the protection, so investors should not expect a fixed outcome.
