BFAP FT Vest Bitcoin Strategy Floor15 ETF – April

About this ETF

First Trust Cboe Vest Bitcoin Strategy Floor ETF - April is an exchange-traded fund designed to provide risk-managed exposure to bitcoin price movements through a defined outcome strategy. Rather than investing directly in bitcoin, the fund utilizes derivatives—most notably FLEX Options and over-the-counter options—tied to a bitcoin reference instrument, typically the Cboe Bitcoin U.S. ETF Index. The ETF's key feature is its "floor" strategy: over an annual period, it aims to limit potential losses to a maximum of 15% (before fees and expenses) of the bitcoin reference asset's declines, while simultaneously imposing a cap on the maximum upside that investors can achieve, which was set at 34.51% as of early April 2025 (before fees and expenses) . This structure appeals to participants seeking the growth potential associated with bitcoin but with a built-in guardrail against severe downturns, addressing the high volatility and risk that often characterizes cryptocurrency markets. By employing U.S. Treasury securities, cash, and options on the bitcoin reference index, the fund provides a more controlled and transparent approach to digital asset investment within the ETF framework. This outcome-focused strategy positions the fund as a distinctive tool for portfolio diversification and risk management in the evolving landscape of digital asset-linked investment products .