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BFJL vs CPRJ

FT Vest Bitcoin Strategy Floor15 ETF - July

BFJLDNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJANYSE Arca

Overlap

0.0%by weight

Expense ratio

CPRJ −0.21pt a year

BFJL0.90%CPRJ0.69%

Avg volume · 30D

CPRJ 37.1×the volume

BFJL387CPRJ14.4K

BFJL vs CPRJ Performance

Oct 31, 2025 – Nov 2, 2026

−5.8%BFJL+3.6%CPRJ

Oct 31, 2025 to Nov 2, 2026. BFJL −5.8%. CPRJ +3.6%. Use the arrow keys to read each point.−15%−10%0%Oct 2025May 2026Nov 2026
Expense ratio
BFJL 0.90%
CPRJ 0.69%, better
Fund size
BFJL $4M
CPRJ $43M
1Y total return
BFJL −5.8%
CPRJ +3.6%, better
Holdings
BFJL 5
CPRJ 3
Avg volume (30D)
BFJL 387 sh
CPRJ 14.4K sh, better
NAV per share
BFJL $18.81
CPRJ $27.54
52W range

ETF.net Grade

BFJL: Cost 24, Risk 29, Mission not scored, Tradability 30, Holdings 60, Durability 48. CPRJ: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74.
Pillar letters and Scores for BFJL, CPRJ, with each pillar’s weight
PillarBFJLCPRJ
Cost30% weightF24A78Higher
Mission25% weightNot scoredNot scored
Risk15% weightD29A71Higher
Tradability15% weightD30B57Higher
Holdings10% weightB60Not scored
Durability5% weightC48A74Higher

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. BFJL and CPRJ 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 ›

CPRJ ranks 4th and BFJL 13th 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 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  5. Rank 5ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 70
  6. Rank 12DBFOCFT Vest Bitcoin Strategy Floor15 ETF - OctoberScore 32
  7. Rank 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28
  8. Rank 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25

Our read on each fund

ETF.net Research

BFJLDFT Vest Bitcoin Strategy Floor15 ETF - July

CPRJACalamos Russell 2000 Structured Alt Protection ETF – July

In short

BFJL Bitcoin with a seatbelt. BFJL follows the price return of a bitcoin reference instrument, absorbs the first 15% of a decline over a one-year outcome period, and gives up gains above a cap that resets each July.

CPRJ Small caps with a hard floor. CPRJ tracks the Russell 2000 through IWM and aims to absorb 100% of its losses over a one-year outcome period, before fees, in exchange for a cap on gains that resets every July.

Stated mandate

BFJL The Fund seeks to match the price return of a bitcoin-linked reference asset, subject to a 27.82% upside cap, while limiting its maximum loss from reference-instrument losses to 15% over the July 1, 2026–July 9, 2027 Target Outcome Period.

CPRJ The Fund seeks participation in gains of the iShares Russell 2000 ETF up to a stated cap while protecting against 100% of its losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • BFJL The rare defined-outcome take in a cohort of plain spot bitcoin funds: 15% of downside covered by design, upside sold off to a stated cap.ftportfolios.com
  • Terms are posted up front. The outcome period runs July to July, with the cap and the 15% protection level set at the start, not discovered along the way.ftportfolios.com
  • Floor and cap squeeze the ride at both ends, a structurally different experience from holding bitcoin exposure straight.ftportfolios.com
  • CPRJ Not a slice of the downside, all of it: the structure aims to protect against 100% of the reference ETF's losses over the one-year outcome period, before fees and expenses.calamos.com
  • A floor on small caps is the rare part. The reference asset is the iShares Russell 2000 ETF (IWM), not the large-cap index most protected-outcome funds lean on.calamos.com
  • 0.69% a year sits under the typical fee in its protected-outcome peer group, and it is the same rate as the January and October siblings (CPRY, CPRO).
  • It renews itself: a fresh outcome period starts each July 1 with a newly struck cap, so the protection resets on a calendar you can plan around.calamos.com

Worth knowing

  • BFJL 0.90% a year is several times what plain spot bitcoin funds such as BITB and HODL charge at 0.20%. That is the toll for the downside engineering.
  • The 15% protection is measured across the full outcome period. Buy mid-period and your personal floor and cap sit at different levels than the headline terms.ftportfolios.com
  • Launched in 2025, still a small fund that trades lightly, so bid-ask spreads are a real part of the entry cost.
  • CPRJ The floor is paid for with a ceiling. Gains stop at the cap struck for that outcome period, so a blistering small-cap year gets clipped.calamos.com
  • Protection is stated before fees and expenses and applies over a full July-to-June period. Buy mid-period and your terms are whatever cap and cushion remain.
  • One of the smaller, more thinly traded funds in the category, and it has not been paying distributions, so spreads deserve attention and nothing shows up as income.

Full BFJL profile⁠

Full CPRJ profile⁠

BFJL vs CPRJ Holdings

How BFJL and CPRJ differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BFJL and 0.0% of CPRJ.

Level by level

  • Holdings0 in both0.0%

Sector

No Sector split for BFJL and CPRJ.

Country, concentration and asset class

Country by domicile

No country split for BFJL and CPRJ.

Concentration

Weight in the 10 largest Holdings

  • BFJL1188.4%
  • CPRJ101.5%

Securities held

  • BFJL4
  • CPRJ0

Asset class

BFJL
Multi-Asset
CPRJ
Equity

Holdings

  • Only in BFJL4
  • In both0
  • Only in CPRJ0

Only in BFJL

4 securities, 100% of BFJL by weight

  • 2027-07-09 S&P 500® Mini Index P 2,997.641158.92%
  • 2027-07-09 iShares Bitcoin Trust ETF C 38.2825.49%
  • 2027-07-09 iShares Bitcoin Trust ETF P 28.302.59%

Only in CPRJ

0 securities, 0.0% of CPRJ by weight

Weight gaps

BFJL and CPRJ share no securities.

All 8 BFJL holdings⁠All 5 CPRJ 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.

BFJL vs CPRJ Cost

Overpaying BFJL vs CPRJ

$3,611

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

  • BFJL 0.90%

    $17,040

  • CPRJ 0.69%

    $13,429

$10,000
30 years

Cost over time

  • BFJL 0.90%
  • CPRJ 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$20K051015202530BFJL $17,040CPRJ $13,429

Year by year

YearBFJLCPRJOverpaying
10$1,593$1,232$361
20$6,015$4,697$1,318
30$17,040$13,429$3,611

Expense ratio

  • 0.90%BFJL
  • 0.69%CPRJ, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRJ 2nd cheapest of 18 funds

BFJL 11th cheapest of 18 funds

BFJL vs CPRJ Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
BFJL No data
CPRJ None
Last payment
BFJL $0.24
CPRJ No data
Ex-dividend
BFJL Dec 29, 2025
CPRJ No data
Paid on
BFJL Dec 31, 2025
CPRJ No data
Frequency
BFJL Irregular
CPRJ No data

Distribution history

Per share, 2025 to 2026, same scale for both

BFJLIrregular · 1 paymentAll BFJL payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 29, 2025 $0.24. Use the arrow keys to read each point.$0$0.252026YTD
CPRJAll CPRJ payments⁠

No distribution history available.

BFJL vs CPRJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BFJL 12.9%since Aug 2025CPRJ 4.2%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
BFJL −0.73since Aug 2025CPRJ 0.02since Aug 2024
Worst fallMax drawdown, 5 years
BFJL −21.2%since Jul 2025CPRJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
BFJL 0.18CPRJ 0.27

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