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BFOC vs ISWN

FT Vest Bitcoin Strategy Floor15 ETF - October

BFOCDNYSE Arca

Amplify BlackSwan ISWN ETF (International)

ISWNANYSE Arca

Overlap

Expense ratio

ISWN −0.41pt a year

BFOC0.90%ISWN0.49%

Avg volume · 30D

BFOC 3.7×the volume

BFOC7.23KISWN1.97K

BFOC vs ISWN Performance

Oct 31, 2025 – Oct 30, 2026

−16.2%BFOC+2.4%ISWN

Oct 31, 2025 to Oct 30, 2026. BFOC −16.2%. ISWN +2.4%. Use the arrow keys to read each point.−10%−5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
BFOC 0.90%
ISWN 0.49%, better
Fund size
BFOC $2M
ISWN $35M
1Y total return
BFOC −16.2%
ISWN +2.4%, better
Yield (12M)
BFOC No data
ISWN 3.09%
Holdings
BFOC 5
ISWN 14
Avg volume (30D)
BFOC 7.23K sh, better
ISWN 1.97K sh
NAV per share
BFOC $16.46
ISWN $21.22
52W range

ETF.net Grade

BFOC: Cost 24, Risk 22, Mission not scored, Tradability 56, Holdings 63, Durability 43. ISWN: Cost 100, Risk 39, Mission not scored, Tradability 58, Holdings 53, Durability 81.
Pillar letters and Scores for BFOC, ISWN, with each pillar’s weight
PillarBFOCISWN
Cost30% weightF24A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightF22D39Higher
Tradability15% weightB56B58Higher
Holdings10% weightB63HigherC53
Durability5% weightC43A81Higher

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 ISWN 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 ›

ISWN ranks 3rd 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 11DSNTHMRP SynthEquity ETFScore 37
  6. Rank 12DBFOCFT Vest Bitcoin Strategy Floor15 ETF - OctoberScore 32
  7. Rank 13DBFJLFT Vest Bitcoin Strategy Floor15 ETF - JulyScore 28

Our read on each fund

ETF.net Research

BFOCDFT Vest Bitcoin Strategy Floor15 ETF - October

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 BFOC profile⁠

Full ISWN profile⁠

BFOC vs ISWN 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 ISWN Cost

Overpaying BFOC vs ISWN

$7,248

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

  • BFOC 0.90%

    $17,040

  • ISWN 0.49%

    $9,792

$10,000
30 years

Cost over time

  • BFOC 0.90%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BFOC $17,040ISWN $9,792

Year by year

YearBFOCISWNOverpaying
10$1,593$883$710
20$6,015$3,394$2,621
30$17,040$9,792$7,248

Expense ratio

  • 0.90%BFOC
  • 0.49%ISWN, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

ISWN cheapest of 18 funds

BFOC 11th cheapest of 18 funds

BFOC vs ISWN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BFOC No data
ISWN 3.09%
Payout (12M)
BFOC None
ISWN $0.65
Last payment
BFOC No data
ISWN $0.17
Ex-dividend
BFOC No data
ISWN Sep 29, 2026
Paid on
BFOC No data
ISWN Sep 30, 2026
Frequency
BFOC No data
ISWN Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

BFOCAll BFOC payments⁠

No distribution history available.

ISWNQuarterly · 23 paymentsAll ISWN payments⁠
One bar per payment. 23 payments from 2021 to 2026 YTD. Mar 29, 2021 $0.0067; Jun 28, 2021 $0.02; Sep 28, 2021 $0.03; Dec 29, 2021 $0.13; Mar 29, 2022 $0.04; Jun 28, 2022 $0.07; Sep 28, 2022 $0.12; Dec 28, 2022 $0.13; Mar 29, 2023 $0.14; Jun 28, 2023 $0.14; Sep 27, 2023 $0.14; Dec 27, 2023 $0.14; Mar 26, 2024 $0.14; Jun 27, 2024 $0.14; Sep 27, 2024 $0.15; Dec 30, 2024 $0.15; Mar 28, 2025 $0.16; Jun 27, 2025 $0.15; Sep 29, 2025 $0.15; Dec 30, 2025 $0.16; Mar 30, 2026 $0.16; Jun 29, 2026 $0.16; Sep 29, 2026 $0.17. Use the arrow keys to read each point.$0$0.2020232026YTD

BFOC vs ISWN 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 2025ISWN 12.1%
Return per unit of riskSharpe ratio, 3 years
BFOC −2.62since Nov 2025ISWN 0.54
Worst fallMax drawdown, 5 years
BFOC −20.4%since Oct 2025ISWN −31.7%
Market sensitivityBeta, 5 years
BFOC 0.05ISWN 0.58

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