F/m High Yield 100 ETF
ZTOP
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- F/m High Yield 100 ETF (ZTOP) is a passively managed exchange-traded fund that seeks to replicate the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index, providing diversified exposure to high yield bonds issued by the 100 largest and most established U.S. corporate issuers based on market capitalization. The fund invests at least 80% of its net assets in high yield bonds with remaining maturities of one year or more, publicly issued in the U.S. domestic market, fully taxable, denominated in U.S. dollars, and having $150 million or more in outstanding face value; it prioritizes higher cash coupon bonds, secured issues, higher ratings, and liquidity while equally weighting holdings to mitigate security-specific risk and deliver lower volatility, higher income, and superior risk-adjusted returns relative to the broad high yield market across credit cycles. ZTOP excludes emerging markets issuers, defaulted bonds, and certain structures like partial PIK bonds or Eurodollar issues. Launched in April 2025 by F/m Investments LLC, the adviser, with $50 million in seed capital on the Nasdaq exchange in partnership with Jane Street as lead market maker, ZTOP represents the firm's latest innovation in fixed income ETFs alongside offerings like the U.S. Benchmark Series, U.S. Credit Series, and tax-aware products such as the Compoundr Series. The ETF targets institutional and retail investors seeking quality high yield exposure with resilience in volatile markets, operating primarily in the U.S. fixed income segment from F/m Investments' headquarters in Washington, D.C.