周五，第一信托基金通过启动FT背心比特币战略Floo 15 ETF（BFAP）结束了本周。

对于投资者而言，BFAP试图为比特币的价格绩效提供上限，并提供下行安全性。该基金的净费用比率目前为90个基点。

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），为投资者提供了限制比特币价格性能的上行空间，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.

该基金正在寻求为投资比特币提供有趣的看法。过去，几个机构启动了产品，旨在以更容易获得的方式为投资者提供对加密货币的接触。例如，今年早些时候，贝莱德（NYSE：BLK）在为现场比特币ETF提交文书工作时成为头条新闻。

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.

尽管这些产品可能会带来一些优势，但它们还具有几乎无限的损失的潜力，这可能是对风险不利的投资者的关注。

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.

为了帮助投资者参与比特币潜在上行的有意义的部分，同时还解决了下行风险，BFAP采用了修改后的“地板和上限”策略，使用选项来提供有限的上行和下行保护。

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

基金的净费用比率为90个基点。

“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.”

“在过去的几年中，投资者对与比特币相关的ETF表现出了非常强烈的兴趣，但是急剧下降的潜力使许多人在场外保持了很多。” “我们认为，对于那些寻求参与比特币潜在上升空间的人，同时同时解决下行风险的人来说，这种新的第一信任ETF将是一个有用的工具。”

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).

为了实现其投资目标，该基金的主要持股包括选择。这些选项的参考资产是CBOE比特币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.

该基金的选项投资组合可能包括Flex选项，该选项列出了单股票或ETF上的PUT和调用选项，通常在美国交易所出售。它还可以提供非处方选项或交换交易选项，例如在CBOE Options Exchange，Inc。和芝加哥证券交易所上出售的选项。

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.

通过使用期权，BFAP能够使投资者获得比特币价格增长的回报。但是，该基金的上升参与被限制了。截至2025年4月4日，上限上限为34.51％，费用和费用。

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.

虽然上行曝光可能受到限制，但该基金还提供了广泛的下行安全性。在其结果期间，BFAP在费用和支出之前将潜在损失限制为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.

鉴于比特币价格绩效的相对易变的性质，从长远来看，风险不利的比特币策略可能会得到回报。 BFAP可以帮助投资者继续从事加密货币，同时抵抗潜在的波动。

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.

这是第二个以比特币为重点的ETF加入First Trust不断增长的阵容。本周早些时候，该公司启动了FT背心比特币战略和目标收入ETF（DFII）（NYSE：DFII）。 Vest Financial提供的两个ETF轨道索引。

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。该公司目前在美国列出了30多个ETF。总体而言，这些资金约为管理资产约140亿美元。