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BFOC vs CPNS

FT Vest Bitcoin Strategy Floor15 ETF - October

BFOCDNYSE Arca

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

Overlap

Expense ratio

CPNS −0.21pt a year

BFOC0.90%CPNS0.69%

Avg volume · 30D

BFOC 1.04×the volume

BFOC7.23KCPNS6.93K

BFOC vs CPNS Performance

Oct 31, 2025 – Oct 30, 2026

−16.2%BFOC+4.5%CPNS

Oct 31, 2025 to Oct 30, 2026. BFOC −16.2%. CPNS +4.5%. Use the arrow keys to read each point.−10%−5%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BFOC 0.90%
CPNS 0.69%, better
Fund size
BFOC $2M
CPNS $28M
1Y total return
BFOC −16.2%
CPNS +4.5%, better
Holdings
BFOC 5
CPNS 3
Avg volume (30D)
BFOC 7.23K sh, better
CPNS 6.93K sh
NAV per share
BFOC $16.46
CPNS $28.44
52W range

ETF.net Grade

BFOC: Cost 24, Risk 22, Mission not scored, Tradability 56, Holdings 63, Durability 43. CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60.
Pillar letters and Scores for BFOC, CPNS, with each pillar’s weight
PillarBFOCCPNS
Cost30% weightF24A78Higher
Mission25% weightNot scoredA91
Risk15% weightF22A75Higher
Tradability15% weightB56B59Higher
Holdings10% weightB63Not scored
Durability5% weightC43B60Higher

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. BFOC and CPNS 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 ›

CPNS ranks 4th and BFOC 12th 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 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  6. Rank 11DSNTHMRP SynthEquity ETFScore 37
  7. Rank 12DBFOCFT Vest Bitcoin Strategy Floor15 ETF - OctoberScore 32
  8. Rank 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28

Our read on each fund

ETF.net Research

BFOCDFT Vest Bitcoin Strategy Floor15 ETF - October

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

In short

BFOC Bitcoin with a seatbelt. Most funds in the bitcoin-derivatives aisle just amplify or invert the coin; this First Trust/Vest fund absorbs the first 15% of a one-year drop in its bitcoin reference instrument and caps the upside to pay for it. The dial resets each October.

CPNS Armor, not a cushion. CPNS uses options on the Nasdaq-100 to target 100% protection from losses over a one-year outcome period, before fees, and pays for that shield with a hard cap on the upside that resets every September.

Stated mandate

BFOC The Fund seeks to match the price return of a bitcoin-related reference asset, subject to a 28.46% pre-expense upside cap and a maximum 15% participation in reference-asset losses during the current Target Outcome Period.

CPNS Seeks to provide positive price-return participation in the Nasdaq-100 up to a predetermined cap while protecting 100% of losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • BFOC Defined mechanics, not vibes: over a 12-month outcome period ending each September 30, the fund is built to eat the first 15% of reference-instrument losses in exchange for a preset upside cap.ftportfolios.com
  • At 0.90% a year, it undercuts the typical bitcoin-derivatives fund, including BITO at 0.95% and BHDG and NGHT at 0.97%. Downside shaping usually costs more, not less.
  • A rare posture in this aisle. Peers here deliver bitcoin straight (BITO) or inverted (BITI); this one reshapes the payoff, and it lands among the stronger overall packages in the group.
  • CPNS The whole design in one line: participate in Nasdaq-100 price gains up to a preset cap while aiming to protect 100% of losses over the one-year outcome period, before fees and expenses.calamos.com
  • Fee is 0.69% a year, below the median for Nasdaq-100 buffer and protection funds. In a strategy where the option budget sets your cap, a lower fee leaves more to spend on upside.
  • September is one vintage in a quarterly series (CPNM March, CPNJ June), so investors can stagger entry points instead of betting everything on one reset date.
  • Among the dozen-odd Nasdaq-100 protection and buffer funds we track, this one sits in the upper tier on cost and risk build quality.

Worth knowing

  • BFOC The cap is the price of the floor. In a runaway bitcoin year, returns stop at the cap set for that outcome period, so the fund is not built to track big rallies point for point.ftportfolios.com
  • The stated 15% cushion and the cap apply to a full outcome period. Shares bought mid-period get whatever protection and upside remain at that moment, which can be very different.ftportfolios.com
  • Small and thinly traded since its 2025 launch, which tends to mean wider bid-ask spreads than the household-name bitcoin funds.
  • CPNS The cap is the price of the armor. It is set at the start of each outcome period and changes with market conditions, and the stated outcomes assume holding from one reset date to the next.
  • It tracks Nasdaq-100 price return, so index dividends are not part of the deal, and the fund has not been a distribution payer.
  • A small, thinly traded fund since its 2024 launch, so bid-ask spreads and order size deserve attention at the point of trade.

Full BFOC profile⁠

Full CPNS profile⁠

BFOC vs CPNS 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.

BFOC vs CPNS Cost

Overpaying BFOC vs CPNS

$3,611

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

  • BFOC 0.90%

    $17,040

  • CPNS 0.69%

    $13,429

$10,000
30 years

Cost over time

  • BFOC 0.90%
  • CPNS 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$20K051015202530BFOC $17,040CPNS $13,429

Year by year

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

Expense ratio

  • 0.90%BFOC
  • 0.69%CPNS, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPNS 2nd cheapest of 18 funds

BFOC 11th cheapest of 18 funds

BFOC vs CPNS Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BFOC None
CPNS None

Distribution history

BFOCAll BFOC payments⁠

No distribution history available.

CPNSAll CPNS payments⁠

No distribution history available.

BFOC vs CPNS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BFOC 8.0%since Nov 2025CPNS 2.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
BFOC −2.62since Nov 2025CPNS 0.67since Oct 2024
Worst fallMax drawdown, 5 years
BFOC −20.4%since Oct 2025CPNS −4.0%since Sep 2024
Market sensitivityBeta, 5 years
BFOC 0.05CPNS 0.21

Popular comparisons

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    FT Vest Bitcoin Strategy Floor15 ETF - October · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
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  • CPNSAvsCPRYA

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  • BFOCDvsISWNA

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  • CPNSAvsISWNA

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