BFJA vs ISWN

BFJAFFT Vest Bitcoin Strategy Floor15 ETF - January

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

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

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.

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

• 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.

• 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

• 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.

• 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 BFJA profile⁠

Full ISWN profile⁠