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Launched

FT Vest Bitcoin Strategy Floor15 ETF - April

BFAPNYSE ArcaFirst TrustD

$15.690.00 (0.00%)

As of Nov 2, 2026, 10:00 AM ET

D25/ 100

Rank 20 of 24 in Other Floor Protected

D25/100Rank 20 of 24inOther Floor Protected
Intraday session: down, 1 prints from 15.69 to 15.69. Range 15.69 to 15.69. Use the arrow keys to read each point.15.6915.6915.6915.6910 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$1M
1Y total return
−22.5%
Yield · Last 12 months
No data
Holdings
5
Avg volume · 30D
1.37K sh
52W range
low $13.69high $23.77
Launched

The ETF.net BFAP Grade

Based on 5 of 6 pillars

D

Score 25 out of 100

Category
Other Floor Protected⁠
Rank
20 of 24
Six-pillar profile for BFAP. Scores out of 100: Cost 24, Risk 12, Mission not scored, Tradability 36, Holdings 54, Durability 43. Strongest: Holdings (54). Weakest: Risk (12). Based on 5 of 6 pillars.

Score 25 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
25
This cap took
0
Published Score
25 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F24 out of 100
    Rank 17 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F12 out of 100
    Rank 23 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 18 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C54 out of 100
    Rank 4 of 10

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C43 out of 100
    Rank 19 of 24

Our read on BFAP

ETF.net Research

In short

DBitcoin with guardrails. BFAP wraps bitcoin-linked exposure in a defined-outcome structure: 15 points of downside protection plus an upside cap, both set for a one-year period starting each April. You give up the top of a rally for a cushion under the drop.

Stated mandate

The Fund seeks to match the price return of a bitcoin-referencing asset up to a predetermined upside cap, while limiting its maximum loss from that reference instrument to 15% over the current target outcome period.

Why people hold it

  • The trade-off is spelled out in advance: 15 points of downside protection and a stated upside cap, fixed for the full one-year outcome period.ftportfolios.com
  • At 0.90%, it undercuts the median expense ratio in its bitcoin-derivatives peer group and matches its October-vintage sibling, BFOC.
  • Exposure runs through a Bitcoin Reference Instrument inside an ETF wrapper, so there are no wallets, keys or crypto exchange accounts in the picture.ftportfolios.com
  • The April start date is the point: First Trust runs the same strategy on staggered annual cycles, and the October twin BFOC resets its terms on a different calendar.

Worth knowing

  • The cap is what pays for the cushion. Gains above it don't accrue, and the stated terms measure over the whole outcome period, not from whatever day you happen to buy.ftportfolios.com
  • One of the smaller, thinner-traded names in its niche, which can show up as wider bid-ask spreads.
  • Launched in 2025, so the live record is short, and the protection is re-engineered each period rather than running continuously.

BFAP Holdings

Holdings pillarC54 out of 100Rank 4 of 10 in Other Floor Protected
Asset class
Other
Holdings
5
Top-10 weight
1175%
Largest holding
2027-04-09 S&P 500® Mini Index P 2,599.161160.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No data2027-04-09 S&P 500® Mini Index P 2,599.161160.52%51$9.14M1
2No data2027-04-09 MBTX Index C 183.9811.58%45$91.2K1
3No data2027-04-09 MBTX Index P 135.982.65%45$20.9K1
4No dataUS Dollar0.61%4,778$4.78K408
5No data2027-04-09 S&P 500® Mini Index C 2,436.71<0.01%51$1.021

Showing 1–5 of 5 holdings

BFAP Performance

Launched Apr 3, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
BFAP$7,752
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BFAP $7,752. SPY $11,199. Use the arrow keys to read each point.$8,000$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BFAP. Periods over one year show the average yearly return.
PeriodBFAP
Year to date−13.6%
1 month−2.9%
3 months+11.1%
1 year−22.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BFAP
YearReturn barBFAP
2026 YTD−13.6%
2025+6.1%

History from Apr 4, 2025

BFAP in the news

BFAP Dividends

Last payment
$3.44 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 29, 2025 $3.44. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 31, 2025$3.44

$10,000 in BFAP 1 year ago paid $1,429 in dividends.

BFAP Risk

Risk pillarF12 out of 100Rank 23 of 24 in Other Floor Protected
How much the fund’s monthly returns vary, scaled to a year.
21.2%
Annualised · 18 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.50
vs 3-month T-bills · 18 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−34.1%
18 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.07
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BFAP Cost

Compare BFAP and ISWN

Overpaying vs ISWN, cheapest in Other Floor Protected

$7,248

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BFAP 0.90%

    $17,040

  • ISWN 0.49% Cheapest

    $9,792

$10,000
30 years

Cost over time

  • BFAP 0.90%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BFAP $17,040ISWN $9,792

Year by year

YearBFAPISWNOverpaying
10$1,593$883$710
20$6,015$3,394$2,621
30$17,040$9,792$7,248

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