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BFOC vs CPRY

FT Vest Bitcoin Strategy Floor15 ETF - October

BFOCDNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – January

CPRYANYSE Arca

Overlap

Expense ratio

CPRY −0.21pt a year

BFOC0.90%CPRY0.69%

Avg volume · 30D

CPRY 1.2×the volume

BFOC7.23KCPRY8.92K

BFOC vs CPRY Performance

Oct 31, 2025 – Oct 30, 2026

−16.2%BFOC+7.9%CPRY

Oct 31, 2025 to Oct 30, 2026. BFOC −16.2%. CPRY +7.9%. Use the arrow keys to read each point.−10%−5%0%5%Oct 2025Apr 2026Oct 2026
Expense ratio
BFOC 0.90%
CPRY 0.69%, better
Fund size
BFOC $2M
CPRY $36M
1Y total return
BFOC −16.2%
CPRY +7.9%, better
Holdings
BFOC 5
CPRY 3
Avg volume (30D)
BFOC 7.23K sh
CPRY 8.92K sh, better
NAV per share
BFOC $16.46
CPRY $28.40
52W range

ETF.net Grade

BFOC: Cost 24, Risk 22, Mission not scored, Tradability 56, Holdings 63, Durability 43. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65.
Pillar letters and Scores for BFOC, CPRY, with each pillar’s weight
PillarBFOCCPRY
Cost30% weightF24A78Higher
Mission25% weightNot scoredNot scored
Risk15% weightF22A81Higher
Tradability15% weightB56A80Higher
Holdings10% weightB63Not scored
Durability5% weightC43B65Higher

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 CPRY 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 ›

CPRY ranks 1st 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 11DSNTHMRP SynthEquity ETFScore 37
  4. Rank 12DBFOCFT Vest Bitcoin Strategy Floor15 ETF - OctoberScore 32
  5. Rank 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28

Our read on each fund

ETF.net Research

BFOCDFT Vest Bitcoin Strategy Floor15 ETF - October

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 BFOC profile⁠

Full CPRY profile⁠

BFOC vs CPRY 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 CPRY Cost

Overpaying BFOC vs CPRY

$3,611

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

  • BFOC 0.90%

    $17,040

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

  • BFOC 0.90%
  • CPRY 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 $17,040CPRY $13,429

Year by year

YearBFOCCPRYOverpaying
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%CPRY, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRY 2nd cheapest of 18 funds

BFOC 11th cheapest of 18 funds

BFOC vs CPRY Dividends

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

Distribution history

BFOCAll BFOC payments⁠

No distribution history available.

CPRYAll CPRY payments⁠

No distribution history available.

BFOC vs CPRY 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 2025CPRY 2.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
BFOC −2.62since Nov 2025CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
BFOC −20.4%since Oct 2025CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
BFOC 0.05CPRY 0.15

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