Skip to content
etf.net

BFAP vs CPNS

FT Vest Bitcoin Strategy Floor15 ETF - April

BFAPDNYSE Arca

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

Overlap

Expense ratio

CPNS −0.21pt a year

BFAP0.90%CPNS0.69%

Avg volume · 30D

CPNS 5.1×the volume

BFAP1.37KCPNS6.93K

BFAP vs CPNS Performance

Oct 31, 2025 – Oct 30, 2026

−22.5%BFAP+4.5%CPNS

Oct 31, 2025 to Oct 30, 2026. BFAP −22.5%. CPNS +4.5%. Use the arrow keys to read each point.−30%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BFAP 0.90%
CPNS 0.69%, better
Fund size
BFAP $1M
CPNS $28M
1Y total return
BFAP −22.5%
CPNS +4.5%, better
Holdings
BFAP 5
CPNS 3
Avg volume (30D)
BFAP 1.37K sh
CPNS 6.93K sh, better
NAV per share
BFAP $15.74
CPNS $28.44
52W range

ETF.net Grade

BFAP: Cost 24, Risk 12, Mission not scored, Tradability 36, Holdings 54, Durability 43. CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60.
Pillar letters and Scores for BFAP, CPNS, with each pillar’s weight
PillarBFAPCPNS
Cost30% weightF24A78Higher
Mission25% weightNot scoredA91
Risk15% weightF12A75Higher
Tradability15% weightD36B59Higher
Holdings10% weightC54Not scored
Durability5% weightC43B60Higher

Rank among Other Floor Protected funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BFAP and CPNS are both graded against the same 18 Other Floor Protected funds, so their Grades compare head to head.

Other Floor Protected⁠

Category · 18 funds
See all 18 ›

CPNS ranks 4th and BFAP 14th of 18 funds in the Other Floor Protected Category.

  1. Rank 1ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryScore 78
  2. Rank 2ACPROCalamos Russell 2000 Structured Alt Protection ETF – OctoberScore 76
  3. Rank 3AISWNAmplify BlackSwan ISWN ETF (International)Score 74
  4. Rank 4ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 71
  5. Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  6. Rank 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28
  7. Rank 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25
  8. Rank 15FKBUFKraneShares 90% KWEB Defined Outcome January 2027 ETFScore 24

Our read on each fund

ETF.net Research

BFAPDFT Vest Bitcoin Strategy Floor15 ETF - April

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

In short

BFAP Bitcoin 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.

CPNS Armor, not a cushion. CPNS uses options on the Nasdaq-100 to target 100% protection from losses over a one-year outcome period, before fees, and pays for that shield with a hard cap on the upside that resets every September.

Stated mandate

BFAP 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.

CPNS Seeks to provide positive price-return participation in the Nasdaq-100 up to a predetermined cap while protecting 100% of losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • BFAP 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.
  • CPNS The whole design in one line: participate in Nasdaq-100 price gains up to a preset cap while aiming to protect 100% of losses over the one-year outcome period, before fees and expenses.calamos.com
  • Fee is 0.69% a year, below the median for Nasdaq-100 buffer and protection funds. In a strategy where the option budget sets your cap, a lower fee leaves more to spend on upside.
  • September is one vintage in a quarterly series (CPNM March, CPNJ June), so investors can stagger entry points instead of betting everything on one reset date.
  • Among the dozen-odd Nasdaq-100 protection and buffer funds we track, this one sits in the upper tier on cost and risk build quality.

Worth knowing

  • BFAP 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.
  • CPNS The cap is the price of the armor. It is set at the start of each outcome period and changes with market conditions, and the stated outcomes assume holding from one reset date to the next.
  • It tracks Nasdaq-100 price return, so index dividends are not part of the deal, and the fund has not been a distribution payer.
  • A small, thinly traded fund since its 2024 launch, so bid-ask spreads and order size deserve attention at the point of trade.

Full BFAP profile⁠

Full CPNS profile⁠

BFAP vs CPNS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BFAP vs CPNS Cost

Overpaying BFAP vs CPNS

$3,611

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

  • BFAP 0.90%

    $17,040

  • CPNS 0.69%

    $13,429

$10,000
30 years

Cost over time

  • BFAP 0.90%
  • CPNS 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BFAP $17,040CPNS $13,429

Year by year

YearBFAPCPNSOverpaying
10$1,593$1,232$361
20$6,015$4,697$1,318
30$17,040$13,429$3,611

Expense ratio

  • 0.90%BFAP
  • 0.69%CPNS, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPNS 2nd cheapest of 18 funds

BFAP 11th cheapest of 18 funds

BFAP vs CPNS Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BFAP No data
CPNS None
Last payment
BFAP $3.44
CPNS No data
Ex-dividend
BFAP Dec 29, 2025
CPNS No data
Paid on
BFAP Dec 31, 2025
CPNS No data
Frequency
BFAP Irregular
CPNS No data

Distribution history

Per share, 2025 to 2026, same scale for both

BFAPIrregular · 1 paymentAll BFAP payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 29, 2025 $3.44. Use the arrow keys to read each point.$0$2.502026YTD
CPNSAll CPNS payments⁠

No distribution history available.

BFAP vs CPNS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BFAP 21.2%since May 2025CPNS 2.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
BFAP −0.50since May 2025CPNS 0.67since Oct 2024
Worst fallMax drawdown, 5 years
BFAP −34.1%since Apr 2025CPNS −4.0%since Sep 2024
Market sensitivityBeta, 5 years
BFAP 1.07CPNS 0.21

Popular comparisons

  • BFAPDvsCPRYA

    FT Vest Bitcoin Strategy Floor15 ETF - April · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.90% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNSAvsCPRYA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BFAPDvsCPROA

    FT Vest Bitcoin Strategy Floor15 ETF - April · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
    0.90% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNSAvsCPROA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BFAPDvsISWNA

    FT Vest Bitcoin Strategy Floor15 ETF - April · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.90% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNSAvsISWNA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.