BFJA vs CPRY

BFJAFFT Vest Bitcoin Strategy Floor15 ETF - January

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

In short

BFJA Defined-outcome funds usually tame the stock market. BFJA points the same machinery at bitcoin: one-year outcome periods that limit participation in the reference asset's losses to 15%, in exchange for a capped upside, re-struck each January.

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

BFJA The fund seeks returns matching the price return of a reference asset designed to generally reflect bitcoin’s price, subject to a 28.06% upside cap and a maximum 15% loss exposure over January 12, 2026–January 8, 2027.

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

• BFJA The floor is the whole design. Across each one-year outcome period, the fund takes at most 15% of the Bitcoin Reference Instrument's decline, before fees.
• Bitcoin exposure arrives in an ETF wrapper tracking an index built to reflect bitcoin's price. No exchange account, no wallet, no keys to lose.
• Terms reset every January: a fresh cap struck at then-current pricing, and the 15% floor starts over.
• At 0.90%, the fee sits about where the defined-outcome floor group prices this kind of engineering.

• 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

• BFJA The floor is paid for with a ceiling. Upside is capped for each outcome period, and cap and floor are pre-fee figures, so the 0.90% expense ratio comes out of the result.
• The math is built around holding from one January reset to the next. Enter or exit mid-period and you get whatever the cap and floor are worth that day.
• Launched in 2026, it is one of the newer and less-traded names in the floor group, so spreads are worth a look. Equity-based peers CPRY (0.69%) and FLJJ (0.74%) cost less.

• 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 BFJA profile⁠

Full CPRY profile⁠