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BFAP vs ISWN

FT Vest Bitcoin Strategy Floor15 ETF - April

BFAPDNYSE Arca

Amplify BlackSwan ISWN ETF (International)

ISWNANYSE Arca

Overlap

Expense ratio

ISWN −0.41pt a year

BFAP0.90%ISWN0.49%

Avg volume · 30D

ISWN 1.4×the volume

BFAP1.37KISWN1.97K

BFAP vs ISWN Performance

Oct 31, 2025 – Oct 30, 2026

−22.5%BFAP+2.4%ISWN

Oct 31, 2025 to Oct 30, 2026. BFAP −22.5%. ISWN +2.4%. Use the arrow keys to read each point.−30%−10%10%Oct 2025Apr 2026Oct 2026
Expense ratio
BFAP 0.90%
ISWN 0.49%, better
Fund size
BFAP $1M
ISWN $35M
1Y total return
BFAP −22.5%
ISWN +2.4%, better
Yield (12M)
BFAP No data
ISWN 3.09%
Holdings
BFAP 5
ISWN 14
Avg volume (30D)
BFAP 1.37K sh
ISWN 1.97K sh, better
NAV per share
BFAP $15.74
ISWN $21.22
52W range

ETF.net Grade

BFAP: Cost 24, Risk 12, Mission not scored, Tradability 36, Holdings 54, Durability 43. ISWN: Cost 100, Risk 39, Mission not scored, Tradability 58, Holdings 53, Durability 81.
Pillar letters and Scores for BFAP, ISWN, with each pillar’s weight
PillarBFAPISWN
Cost30% weightF24A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightF12D39Higher
Tradability15% weightD36B58Higher
Holdings10% weightC54HigherC53
Durability5% weightC43A81Higher

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 ISWN 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 ›

ISWN ranks 3rd 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 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28
  6. Rank 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25
  7. 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

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

ISWN Most downside-protection funds pay for the cushion by capping your upside. ISWN skips the cap: roughly 90% sits in Treasuries while about 10% buys long-dated in-the-money calls on EFA, so developed-market exposure arrives through options.

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.

ISWN The fund seeks to track a rules-based index combining U.S. Treasury securities with EFA options. Its strategy targets approximately 90% Treasury exposure to cushion severe, rare market disruptions while retaining some participation in EFA gains.

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.
  • ISWN At 0.49%, it runs about half the 0.89% median of its downside-protection cohort.
  • No artificial ceiling on gains. Buffer peers like IBUF hand back everything above a set cap each outcome period; ISWN's EFA calls carry no stated cap.amplifyetfs.cominnovatoretfs.com
  • The rare international take on the structure: ISWN is the EAFE sibling of Amplify's SWAN, swapping SPY options for EFA options to reach developed markets outside the US.amplifyetfs.com
  • Rules-based, not a judgment call. It tracks the S-Network International BlackSwan Index, which sets the Treasury and option mix on a fixed schedule.amplifyetfs.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.
  • ISWN The Treasury sleeve targets the duration of the 10-year note, so interest rates steer results as much as EAFE does.amplifyetfs.com
  • The cushion is indirect. It leans on Treasuries holding up when stocks fall, not a contractual buffer, so no fixed percentage of downside is defined.amplifyetfs.com
  • Among the smaller and more thinly traded funds in its category, which can widen bid-ask spreads on entry and exit.

Full BFAP profile⁠

Full ISWN profile⁠

BFAP vs ISWN 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 ISWN Cost

Overpaying BFAP vs ISWN

$7,248

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

  • BFAP 0.90%

    $17,040

  • ISWN 0.49%

    $9,792

$10,000
30 years

Cost over time

  • BFAP 0.90%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BFAP $17,040ISWN $9,792

Year by year

YearBFAPISWNOverpaying
10$1,593$883$710
20$6,015$3,394$2,621
30$17,040$9,792$7,248

Expense ratio

  • 0.90%BFAP
  • 0.49%ISWN, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

ISWN cheapest of 18 funds

BFAP 11th cheapest of 18 funds

BFAP vs ISWN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BFAP No data
ISWN 3.09%
Payout (12M)
BFAP No data
ISWN $0.65
Last payment
BFAP $3.44
ISWN $0.17
Ex-dividend
BFAP Dec 29, 2025
ISWN Sep 29, 2026
Paid on
BFAP Dec 31, 2025
ISWN Sep 30, 2026
Frequency
BFAP Irregular
ISWN Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

BFAPIrregular · 1 paymentAll BFAP payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 29, 2025 $3.44. Use the arrow keys to read each point.$0$2.5020232026YTD
ISWNQuarterly · 23 paymentsAll ISWN payments⁠
One bar per payment. 23 payments from 2021 to 2026 YTD. Mar 29, 2021 $0.0067; Jun 28, 2021 $0.02; Sep 28, 2021 $0.03; Dec 29, 2021 $0.13; Mar 29, 2022 $0.04; Jun 28, 2022 $0.07; Sep 28, 2022 $0.12; Dec 28, 2022 $0.13; Mar 29, 2023 $0.14; Jun 28, 2023 $0.14; Sep 27, 2023 $0.14; Dec 27, 2023 $0.14; Mar 26, 2024 $0.14; Jun 27, 2024 $0.14; Sep 27, 2024 $0.15; Dec 30, 2024 $0.15; Mar 28, 2025 $0.16; Jun 27, 2025 $0.15; Sep 29, 2025 $0.15; Dec 30, 2025 $0.16; Mar 30, 2026 $0.16; Jun 29, 2026 $0.16; Sep 29, 2026 $0.17. Use the arrow keys to read each point.$0$2.5020232026YTD

BFAP vs ISWN 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 2025ISWN 12.1%
Return per unit of riskSharpe ratio, 3 years
BFAP −0.50since May 2025ISWN 0.54
Worst fallMax drawdown, 5 years
BFAP −34.1%since Apr 2025ISWN −31.7%
Market sensitivityBeta, 5 years
BFAP 1.07ISWN 0.58

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