週五，第一信託基金通過啟動FT背心比特幣戰略Floo 15 ETF（BFAP）結束了本週。

對於投資者而言，BFAP試圖為比特幣的價格績效提供上限，並提供下行安全性。該基金的淨費用比率目前為90個基點。

First Trust has launched the FT Vest Bitcoin Strategy Floor15 ETF (BFAP) to provide investors with capped upside to bitcoin’s price performance, along with downside security.

First Trust已推出了FT Vest Betcoin策略Float 15 ETF（BFAP），為投資者提供了限制比特幣價格性能的上行空間，以及下行的安全性。

The fund is seeking to offer an interesting take on investing in bitcoin. In the past, several institutions have launched products that aim to provide investors with exposure to the cryptocurrency in a more accessible manner. Earlier this year, for example, BlackRock (NYSE:BLK) made headlines when it filed paperwork for a spot bitcoin ETF.

該基金正在尋求為投資比特幣提供有趣的看法。過去，幾個機構啟動了產品，旨在以更容易獲得的方式為投資者提供對加密貨幣的接觸。例如，今年早些時候，貝萊德（NYSE：BLK）在為現場比特幣ETF提交文書工作時成為頭條新聞。

While those products may offer some advantages, they also come with the potential for nearly unlimited losses, which could be a concern for risk-adverse investors.

儘管這些產品可能會帶來一些優勢，但它們還具有幾乎無限的損失的潛力，這可能是對風險不利的投資者的關注。

To help investors participate in a meaningful portion of bitcoin’s potential upside, while also addressing downside risk, BFAP is applying a modified "floor and cap" strategy, using options to provide limited upside and downside protection.

為了幫助投資者參與比特幣潛在上行的有意義的部分，同時還解決了下行風險，BFAP採用了修改後的“地板和上限”策略，使用選項來提供有限的上行和下行保護。

The fund’s net expense ratio is 90 basis points.

基金的淨費用比率為90個基點。

“Over the past few years, investors have shown remarkably strong appetite for bitcoin-linked ETFs, but the potential for sharp drawdowns has kept many on the sidelines,” said Ryan Issakainen, CFA, Senior Vice President, ETF Strategist at First Trust. “We believe this new First Trust ETF will be a useful tool for those seeking to participate in a portion of bitcoin’s potential upside, while also addressing downside risk.”

“在過去的幾年中，投資者對與比特幣相關的ETF表現出了非常強烈的興趣，但是急劇下降的潛力使許多人在場外保持了很多。” “我們認為，對於那些尋求參與比特幣潛在上升空間的人，同時同時解決下行風險的人來說，這種新的第一信任ETF將是一個有用的工具。”

How It Works

它如何工作

To carry out its investment objectives, the fund’s primary holdings consist of options. The reference assets for these options are the Cboe Bitcoin U.S. ETF Index (BTC.ETFX).

為了實現其投資目標，該基金的主要持股包括選擇。這些選項的參考資產是CBOE比特幣US ETF索引（BTC.ETFX）。

The fund’s options portfolio may include FLEX Options, which are listed put and call options on single stocks or ETFs, typically sold on U.S. exchanges. It may also hold over-the-counter options, or exchange-traded options, such as those sold on Cboe Options Exchange, Inc., and on the Chicago Stock Exchange.

該基金的選項投資組合可能包括Flex選項，該選項列出了單股票或ETF上的PUT和調用選項，通常在美國交易所出售。它還可以提供非處方選項或交換交易選項，例如在CBOE Options Exchange，Inc。和芝加哥證券交易所上出售的選項。

Through the use of options, BFAP is able to give investors access to returns from bitcoin’s price growth. However, the fund’s upside participation is capped. As of April 4th, 2025, that upside cap sits at 34.51% before fees and expenses.

通過使用期權，BFAP能夠使投資者獲得比特幣價格增長的回報。但是，該基金的上升參與被限制了。截至2025年4月4日，上限上限為34.51％，費用和費用。

While upside exposure may be subject to a limit, the fund also offers extensive downside security. Across its outcome period, BFAP limits potential losses to 15%, prior to fees and expenses.

雖然上行曝光可能受到限制，但該基金還提供了廣泛的下行安全性。在其結果期間，BFAP在費用和支出之前將潛在損失限制為15％。

Given the relatively volatile nature of bitcoin’s price performance, a risk-adverse bitcoin strategy could pay off in the long term. BFAP can help investors remain engaged in cryptocurrency while hedging against potential volatility.

鑑於比特幣價格績效的相對易變的性質，從長遠來看，風險不利的比特幣策略可能會得到回報。 BFAP可以幫助投資者繼續從事加密貨幣，同時抵抗潛在的波動。

This is the second bitcoin-focused ETF to join First Trust’s ever-growing lineup. Earlier this week, the firm launched its FT Vest Bitcoin Strategy & Target Income ETF (DFII) (NYSE:DFII). Both ETFs track indexes provided by Vest Financial.

這是第二個以比特幣為重點的ETF加入First Trust不斷增長的陣容。本週早些時候，該公司啟動了FT背心比特幣戰略和目標收入ETF（DFII）（NYSE：DFII）。 Vest Financial提供的兩個ETF軌道索引。

First Trust is a provider of ETFs and mutual funds. The firm currently has more than 30 ETFs listed in the United States. As a whole, these funds represent about $14 billion in assets under management.

First Trust是ETF和共同基金的提供商。該公司目前在美國列出了30多個ETF。總體而言，這些資金約為管理資產約140億美元。