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BFAP vs CPRY

FT Vest Bitcoin Strategy Floor15 ETF - April

BFAPDNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – January

CPRYANYSE Arca

Overlap

Expense ratio

CPRY −0.21pt a year

BFAP0.90%CPRY0.69%

Avg volume · 30D

CPRY 6.5×the volume

BFAP1.37KCPRY8.92K

BFAP vs CPRY Performance

Oct 31, 2025 – Oct 30, 2026

−22.5%BFAP+7.9%CPRY

Oct 31, 2025 to Oct 30, 2026. BFAP −22.5%. CPRY +7.9%. Use the arrow keys to read each point.−30%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BFAP 0.90%
CPRY 0.69%, better
Fund size
BFAP $1M
CPRY $36M
1Y total return
BFAP −22.5%
CPRY +7.9%, better
Holdings
BFAP 5
CPRY 3
Avg volume (30D)
BFAP 1.37K sh
CPRY 8.92K sh, better
NAV per share
BFAP $15.74
CPRY $28.40
52W range

ETF.net Grade

BFAP: Cost 24, Risk 12, Mission not scored, Tradability 36, Holdings 54, Durability 43. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65.
Pillar letters and Scores for BFAP, CPRY, with each pillar’s weight
PillarBFAPCPRY
Cost30% weightF24A78Higher
Mission25% weightNot scoredNot scored
Risk15% weightF12A81Higher
Tradability15% weightD36A80Higher
Holdings10% weightC54Not scored
Durability5% weightC43B65Higher

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 CPRY 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 ›

CPRY ranks 1st 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 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28
  4. Rank 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25
  5. 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

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

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.

CPRY Small caps with a hard floor. CPRY uses options to target 100% of your starting value back over a one-year outcome period, before fees. The trade: a ceiling on the upside, reset each January.

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.

CPRY The fund seeks point-to-point exposure to the positive price return of the Russell 2000 up to a defined cap, while providing 100% downside protection 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.
  • CPRY Full protection, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, before fees and expenses.
  • The floor sits on small caps. The reference asset is the iShares Russell 2000 ETF (IWM), the choppier end of US equities.
  • At 0.69%, it undercuts the 0.89% median fee among protection funds, and it sits among the strongest implementations in that peer group.
  • Part of a dated series: siblings start their outcome periods in July (CPRJ) and October (CPRO), so January is not the only entry point.

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.
  • CPRY Protection is point to point and before the 0.69% fee. Buy mid-period or sell early and you get whatever the options package is worth that day.
  • Upside stops at a cap that resets with each new January outcome period. Anything the Russell 2000 gains above it stays with the index.
  • A small fund that trades thinly, so spreads can run wider than on big index ETFs.

Full BFAP profile⁠

Full CPRY profile⁠

BFAP vs CPRY 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 CPRY Cost

Overpaying BFAP vs CPRY

$3,611

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

  • BFAP 0.90%

    $17,040

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

YearBFAPCPRYOverpaying
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%CPRY, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRY 2nd cheapest of 18 funds

BFAP 11th cheapest of 18 funds

BFAP vs CPRY Dividends

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

No distribution history available.

BFAP vs CPRY 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 2025CPRY 2.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
BFAP −0.50since May 2025CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
BFAP −34.1%since Apr 2025CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
BFAP 1.07CPRY 0.15

Popular comparisons

  • 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.

  • CPRYAvsCPROA

    Calamos Russell 2000 Structured Alt Protection ETF – January · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
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  • CPRYAvsCPNSA

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    Expense ratio
    0.69% · 0.69%
    Category
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