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BFAP

GradeDNew York Stock Exchange Arca

FT Vest Bitcoin Strategy Floor15 ETF - April

Floor Protected · First Trust · Inception 2025-04-03

$16.26+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Apr 4, 2025.
Intraday session: up, 5 prints from 15.52 to 16.26. Range 15.52 to 16.26. Use the arrow keys to read each point.$15.60$15.80$16.00Sep 17Sep 18Sep 22Sep 23
Expense ratio
0.90%
Fund size
$1M
1Y return
−19.8%
Yield · Last 12 months
Data unavailable
Holdings
8
Volume · 30D
0M sh
NAV per share
$16.29
52W range
low $13.69high $24.84

The ETF.net BFAP Grade

D

25/ 100

Rank 19 of 24 in Other Floor Protected⁠

Confidence Medium

Six-pillar profile for BFAP. Scores out of 100: Cost 22, Risk 11, Mission not scored, Tradability 43, Holdings 51, Durability 43. Strongest: Holdings (51). Weakest: Risk (11). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 25 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned26This cap took−0Published score25 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 22
    Category rank18/24 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 11
    Category rank22/23 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 43
    Category rank17/24 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 51
    Category rank5/10 · top 50%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 43
    Category rank19/24 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on BFAP

ETF.net Research

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

  1. 01The 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
  2. 02At 0.90%, it undercuts the median expense ratio in its bitcoin-derivatives peer group and matches its October-vintage sibling, BFOC.
  3. 03Exposure 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
  4. 04The 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

  1. 01The 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
  2. 02One of the smaller, thinner-traded names in its niche, which can show up as wider bid-ask spreads.
  3. 03Launched in 2025, so the live record is short, and the protection is re-engineered each period rather than running continuously.

BFAP Holdings

As of Sep 21, 2026, 5:50 PM
Asset class
Other
Holdings
8
Top-10 weight
1153%
Largest holding
2027-04-09 S&P 500® Mini Index P 2,599.161132.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—2027-04-09 S&P 500® Mini Index P 2,599.161132.50%51$9M1
002—2027-04-09 MBTX Index C 183.9817.15%45$137K1
003—2027-04-09 MBTX Index P 135.982.28%45$18K1
004—US Dollar0.73%5,821$6K394
005—2027-04-09 S&P 500® Mini Index C 2,436.71<0.01%51$81

Showing 1–5 of 5 holdings

BFAP Performance

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

BFAP$8,024
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BFAP $8,024. SPY $11,723. Use the arrow keys to read each point.$6,388$9,274$12,160Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−10.4%
1 month+5.7%
3 months+13.5%
1 year−19.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−10.4%
2025+6.1%

History from Apr 4, 2025

BFAP in the news

ETF.net Research hasn’t filed on BFAP yet — coverage lands here as it’s written.

BFAP Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
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

BFAP Risk

How much the fund’s monthly returns vary, scaled to a year.
22.1%
Annualised · 16 months to Aug 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.
−0.53
vs 3-month T-bills · 16 months to Aug 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%
17 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.
1.17
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.

BFAP Cost

Expense ratio0.90%
  • The middle half of Other Floor Protected funds
  • Median 0.79%

11 of the 18 Other Floor Protected funds charge less.

BFAP costs $90.00 a year on $10,000. The median Other Floor Protected fund costs $79.50.