Four asset managers have filed applications with U.S. regulators to create ETFs that invest in bitcoin, but use derivatives to minimize or completely prevent potential losses. Calamos Investments has applied for four managed floor ETFs. First Trust Portfolios has applied for a 15 per cent floor ETF and a buffer ETF, designed to protect against the top 30 per cent of any losses. Innovator ETFs is applying for a 10 per cent floor ETF that will be operational within three months. On the other hand, it has applied for a 20 per cent three-month managed floor ETF with a "participation rate". In addition to this, Grayscale Investments plans to launch a covered call bitcoin ETF, which will sell call options on a spot bitcoin ETF. If bitcoin goes up, this will reduce the potential price gains but provide regular premium income.