F/m Investments today announced the launch of the F/m High Yield 100 ETF passively managed fund began trading on Nasdaq with $50 million in seed capital. It carries an expense ratio of 0.39%.
ZTOP tracks the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. The index provides exposure to the 100 largest and most liquid high yield issuers in the United States. According to the prospectus, the ETF’s index screens for size, liquidity, and credit profile. By limiting its portfolio to large issuers with deeper access to capital markets, it seeks to offer consistent income while minimizing risk.
Stable Approach to High Yield
The high yield bond market has changed in recent years. But many legacy ETFs in the space still use sampling. This can lead to greater exposure to riskier issuers. And that can be especially problematic in periods of economic stress.
“In a credit environment where size and stability matter, ZTOP offers a smarter way to allocate to high yield,” said ZTOP portfolio manager John Han. “The portfolio is built for income and resilience. We believe it will capture the upside when markets are strong and better mitigate the impacts of difficult market environments when spreads widen.”
Barry Julien and Kevin Conrath also serve as portfolio managers of the fund.
“We have seen strong demand for fixed income ETFs in 2025 as advisors gain comfort. It is great to see F/m continue to innovate and support the community,” said Todd Rosenbluth, head of research at VettaFi.
ZTOP’s launch is part of F/m’s broader strategy to offer institutional-style fixed income solutions through ETFs. Earlier this year, the issuer rolled out the F/m Ultrashort Treasury Inflation-Protected Security ETF (RBIL). The fund is the first ETF that invests solely in ultra-short TIPS with average durations of one year or less. F/m currently manages $17 billion in assets.
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