London-headquartered Man Group entered the ETF industry in the U.S. on Thursday with the launch of two funds. The Man Active High Yield ETF (MHY) and the Man Active Income ETF (MANI) are both actively managed credit funds that list on the NYSE Arca exchange. They have expense ratios of 0.69% and 0.85%, respectively.
MHY, at launch, had a portfolio of roughly 100 holdings. The head of Man Group’s global high yield and credit opportunities team Mike Scott manages the fund. The ETF targets the high-yield segment of the bond market. Its prospectus indicates that as much of 30% of MHY’s portfolio can be invested in debt securities with ratings falling in the C-tier, putting them among the riskiest of fixed income securities.
“High-yield credit brings a historically compelling return profile, and demonstrates more resilience than equities during periods of market turbulence. Larger issuers dominate the high-yield market, which leads to large concentrations of debt. Our team favors small and medium sized issuers — a neglected area that typically tends to offer attractive investment opportunities,” said Scott.
“High yield also carries improved credit quality, which we believe makes this an excellent time to enter the space,” he added.
MANI Relies on Bottom-Up Selection
Meanwhile, Jonathan Golan, the head of investment-grade and dynamic credit, manages MANI’s portfolio. He uses a bottom-up process to select debt securities for the fund’s portfolio. It can draw its holdings from the corporate, government and securitized debt categories, and at launch had roughly 30 holdings.
“The fund will not have a fixed geographical or sectoral focus, but rather navigate through the cycle between markets, sectors, and individual companies which in our view present the best prospects for income and capital growth,” Golan said.
Man Group, an active manager known for its hedge funds, is the latest large firm to venture into the U.S. ETF market. It has $193.3 billion in assets under management.
“Demand for actively managed ETFs has accelerated in 2025, as advisors gain comfort with the ETF structure. It is great to see continued product development from well known asset managers,” Todd Rosenbluth, TMX VettaFi head of research, said of the rollout.
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