According to news on December 2, four asset management companies have submitted applications to 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% on-market ETF and a buffer ETF designed to protect against the first 30% of any losses. Innovator ETFs is applying for a 10% buffer product that will operate over three months. On the other hand, it also applied for a 20% three-month managed exchange-traded fund and set a "participation rate." In addition to this, Grayscale Investments also plans to launch a covered call Bitcoin ETF, which will sell call options on the spot Bitcoin ETF. This would reduce potential price increase gains if Bitcoin rises, but provide regular premium income.