First Trust Exchange-Traded Fund IV - FT Vest APPL & Target Income ETF
XVAP
Chicago Board Options Exchange- -
USD
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- -
Capital Structure
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in mil. unless spec.Quarterly Earnings Per Share
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- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 120 East Liberty Drive, Suite 400 Wheaton IL United States of America 60187
- IPO Date
- Aug 19, 2026
- CIK
- 0001517936
- Similar Companies
- Business
- First Trust Exchange-Traded Fund IV – FT Vest AAPL & Target Income ETF is a U.S.-domiciled, actively managed, non-diversified exchange-traded fund that seeks to provide current income, with capital appreciation as a secondary objective, through concentrated direct and synthetic exposure to Apple Inc. common stock. The fund, which trades under the ticker XVAP on Cboe BZX, invests principally in Apple common shares; standardized listed options and customizable FLexible EXchange (FLEX) options referencing Apple shares; synthetic-replication positions using purchased calls and written puts; short-dated, generally at-the-money written call options; box-spread option transactions referencing the S&P 500 Index or broad-market ETFs; U.S. Treasury securities; cash; and cash equivalents. It targets annual distributions of approximately 15.0%, before fees and expenses, above the current annual dividend yield of the S&P 500 Index and expects to make distributions monthly. Income may be generated from Apple dividends, option premiums, box-spread premiums and U.S. Treasury interest; distributions may include return of capital, and the call-writing strategy limits participation in Apple share-price appreciation while the fund remains exposed to Apple’s downside performance. The fund was formed on August 18, 2026, as a separate series of First Trust Exchange-Traded Fund IV, a registered investment company headquartered in Wheaton, Illinois. First Trust Advisors L.P., also based in Wheaton, Illinois, serves as investment adviser, while Vest Financial LLC, developer of Target Outcome Investments and Target Income Strategies, serves as sub-adviser; First Trust Portfolios L.P., an affiliate of First Trust Advisors, distributes ETF creation units. In August 2026, First Trust launched XVAP alongside the FT Vest TSLA & Target Income ETF and FT Vest NVDA & Target Income ETF, expanding its Target Outcome ETF platform into single-stock target-income strategies. XVAP is managed by Vest portfolio managers Karan Sood and Trevor Lack and is designed for investors seeking options-based income potential and partial capital-appreciation participation linked to Apple, a U.S. technology hardware, storage and peripherals issuer.