FT Vest Bitcoin Strategy Floor15 ETF April (BFAP)

The FT Vest Bitcoin Strategy Floor15 ETF April (BFAP) is a defined-outcome fund from First Trust, with Vest Financial serving as sub-adviser. It is one of a series of similar funds whose annual outcome periods begin in different months; this one resets each April.

The fund seeks to provide exposure to the price performance of bitcoin, generally through bitcoin-linked exchange-traded products and options on them, while using an options strategy designed to limit losses over the outcome period to roughly 15 percent, the "floor" referenced in its name. In exchange for that downside protection, upside participation over the period is limited.

The floor and the upside terms apply to shareholders who hold for the full outcome period, and results for those who buy or sell partway through can differ. Terms are reset at the start of each new annual period.