Skip to content
etf.net

BFAP vs CPRO

FT Vest Bitcoin Strategy Floor15 ETF - April

BFAPDNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

Overlap

Expense ratio

CPRO −0.21pt a year

BFAP0.90%CPRO0.69%

Avg volume · 30D

CPRO 3.7×the volume

BFAP1.37KCPRO5.02K

BFAP vs CPRO Performance

Oct 31, 2025 – Oct 30, 2026

−22.5%BFAP+7.3%CPRO

Oct 31, 2025 to Oct 30, 2026. BFAP −22.5%. CPRO +7.3%. Use the arrow keys to read each point.−30%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BFAP 0.90%
CPRO 0.69%, better
Fund size
BFAP $1M
CPRO $27M
1Y total return
BFAP −22.5%
CPRO +7.3%, better
Holdings
BFAP 5
CPRO 3
Avg volume (30D)
BFAP 1.37K sh
CPRO 5.02K sh, better
NAV per share
BFAP $15.74
CPRO $28.89
52W range

ETF.net Grade

BFAP: Cost 24, Risk 12, Mission not scored, Tradability 36, Holdings 54, Durability 43. CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63.
Pillar letters and Scores for BFAP, CPRO, with each pillar’s weight
PillarBFAPCPRO
Cost30% weightF24A78Higher
Mission25% weightNot scoredA88
Risk15% weightF12A86Higher
Tradability15% weightD36A70Higher
Holdings10% weightC54Not scored
Durability5% weightC43B63Higher

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 CPRO 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 ›

CPRO ranks 2nd 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 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28
  5. Rank 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25
  6. 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

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

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.

CPRO Small-cap exposure without small-cap drawdowns: CPRO tracks the Russell 2000 and aims to shield 100% of capital across each one-year outcome period, trading away upside above a preset cap.

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.

CPRO The ETF seeks to provide Russell 2000 exposure with defined upside participation while protecting 100% of capital from losses over the one-year outcome period.

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.
  • CPRO Full armor, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, versus the 9% or 15% slices typical of buffer funds.calamos.com
  • At 0.69%, it undercuts the typical fee in its downside-protection peer group, including RFLR, the other fund built on the same Russell 2000 floor idea.
  • Calamos brought the first 100% one-year protected Russell 2000 ETF to market, and CPRO is the October vintage; CPRY and CPRJ start their years in January and July.calamos.comprnewswire.com
  • A plain 1940 Act ETF you trade in a brokerage account, not a structured note bought through a bank.calamos.com

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.
  • CPRO The cap is the price of the floor. It resets each October, applies before the 0.69% fee, and a big small-cap year gets trimmed to that ceiling.calamos.com
  • The math is built around holding the full October-to-September period. Buy mid-period and you inherit whatever cap and protection level remain.calamos.com
  • Small and thinly traded, so use limit orders. The options structure also isn't designed to produce an income stream.

Full BFAP profile⁠

Full CPRO profile⁠

BFAP vs CPRO 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 CPRO Cost

Overpaying BFAP vs CPRO

$3,611

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

  • BFAP 0.90%

    $17,040

  • CPRO 0.69%

    $13,429

$10,000
30 years

Cost over time

  • BFAP 0.90%
  • CPRO 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 $17,040CPRO $13,429

Year by year

YearBFAPCPROOverpaying
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%CPRO, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRO 2nd cheapest of 18 funds

BFAP 11th cheapest of 18 funds

BFAP vs CPRO Dividends

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

No distribution history available.

BFAP vs CPRO 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 2025CPRO 3.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
BFAP −0.50since May 2025CPRO 0.94since Nov 2024
Worst fallMax drawdown, 5 years
BFAP −34.1%since Apr 2025CPRO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
BFAP 1.07CPRO 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.

  • CPROAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • 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.

  • CPROAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • BFAPDvsCPNSA

    FT Vest Bitcoin Strategy Floor15 ETF - April · Calamos Nasdaq-100 Structured Alt Protection ETF – September

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

  • CPROAvsCPNSA

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

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