BlackRock files buffer bitcoin ETF as Calamos fund weathers crash

BlackRock filed Monday with the SEC to launch the iShares Bitcoin Managed Protection ETF (PBIT), a "buffer" fund that would give investors exposure to bitcoin's gains up to a cap while seeking to limit losses, using options on its IBIT bitcoin ETF (over $65 billion in assets). The filing, made as an amendment to the iShares Trust registration, targets a launch around early January 2027; trading cannot begin until the SEC declares the registration statement effective.

• The filing follows Calamos' protected bitcoin ETFs: its Bitcoin Structured Alt Protection ETF – October (CBOO) fell just 1% since its one-year protection period began in October 2025, while bitcoin tumbled as much as 52% from its record near $126,000.
• Calamos, which debuted its first three protected bitcoin ETFs in early 2025, puts roughly 90% of assets in U.S. Treasuries and the rest into bitcoin-linked options.
• BlackRock's prospectus did not disclose how much downside protection or upside capture the fund would offer, nor does it hold bitcoin directly.