ZTOP

F/m High Yield 100 ETF

A Smarter Approach to High Yield Investing made ETF Easy TM

Why Invest in ZTOP?

1
Diversified exposure to the largest, established issuers of high yield bonds, with higher ratings and a focus on secured issues.
2
Targets high levels of income but with lower levels of volatility than the broader high yield bond market.
3
Designed to participate in market upside while reducing losses during downturns for attractive risk-adjusted returns across credit cycles.

Overview

Investment Objective

ZTOP seeks to replicate the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index and provides exclusive exposure to the largest and most established issuers of U.S. high yield debt. The fund seeks to deliver lower volatility and higher risk-adjusted returns than the broad high yield market over a full credit cycle.

Features

Focus on largest high yield issuers

Larger companies generally weather periods of volatility and economic uncertainty better then smaller companies.

Quality and income optimization

Target the highest cash coupon bond while prioritizing the secured part of issuers' capital structure.

All-weather strategy

Historically attractive risk adjusted returns by capturing a significant portion of the upside gains when the high yield market is strong, while outperforming in a down market when risk premiums spike.

Less volatility over a full market cycle

Larger companies and higher quality credits in the high yield universe will likely lead to lower volatility and a lower default rate. 

Equally weighted

Avoid excess exposure to any one company and lessen security-specific risk.

Liquidity

Large high yield company debt tends to trade more often, leading to more market makers and tighter spreads than smaller, less traded high yield issuers.

Fund Facts

As of 04/17/2025
Ticker ZTOP
Exchange NASDAQ
CUSIP 74933W197
Inception Date 4/14/2025
# of Holdings 101
Expense Ratio 0.39%
Management Fees & Expenses 0.39%
Leverage None
Net Assets $1.00M
Shares Outstanding 20,000
NAV $50.48
Closing Price $50.75
Median 30 Day Spread 0.08%
Premium / Discount 0.54%
30-Day Yield * --%
-- --
*Yield
As of 03/31/2025
Alexander Morris
CEO
"ZTOP was created in direct response to what we've heard from advisors and allocators for years: existing high-yield ETFs underperform the benchmarks they claim to track," said Alex Morris, CEO of F/m Investments.

"Our goal was to develop a high yield strategy that mirrors how institutional portfolios are actually built: focused, rules-based, and biased toward higher quality and greater liquidity. In volatile markets, precision matters, and ZTOP was built for that."

Performance

Market Price Performance

Quarter-end Performance

YTD1 Months3 Months6 Months1 YearSince Inception
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YTD1 Months3 Months6 Months1 YearSince Inception
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The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

Top Holdings

As of 04/21/2025
Name Symbol Par Value Market Value Weightings (%)
Jane Street Group / JSG Finance Inc 7.125% 04/30/203147077WAC29,000.00$9,253.470.26%
DISH Network Corp 11.75% 11/15/202725470MAG428,000.00$29,376.240.83%
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc 4% 10/15/203377313LAB935,000.00$29,844.030.84%
Spirit AeroSystems Inc 9.375% 11/30/202985205TAN028,000.00$29,974.740.85%
Permian Resources Operating LLC 9.875% 07/15/203127034RAC728,000.00$30,449.630.86%
Altice France SA 8.125% 02/01/202702156LAA935,000.00$31,062.290.88%
Level 3 Financing Inc 11% 11/15/2029527298BV428,000.00$31,101.570.88%
EchoStar Corp 10.75% 11/30/2029278768AC030,000.00$31,500.890.89%
Goodyear Tire & Rubber Co/The 5.625% 04/30/2033382550BK635,000.00$31,421.890.89%
Seagate HDD Cayman 9.625% 12/01/203281180WBM228,000.00$31,372.750.89%
Bausch Health Cos Inc 11% 09/30/2028071734AQ035,000.00$32,602.270.92%
Mineral Resources Ltd 9.25% 10/01/2028603051AE335,000.00$32,593.680.92%
Newell Brands Inc 5.875% 04/01/2046651229AY242,000.00$32,418.340.92%
Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 05/15/203468622FAA935,000.00$32,595.530.92%
Cleveland-Cliffs Inc 7.5% 09/15/2031185899AS035,000.00$32,986.660.93%
Directv Financing LLC / Directv Financing Co-Obligor Inc 10% 02/15/203125461LAD435,000.00$32,752.210.93%
Transocean Inc 8.75% 02/15/2030893830BX633,000.00$32,803.420.93%
CSC Holdings LLC 11.75% 01/31/2029126307BN635,000.00$33,078.170.94%
Service Properties Trust 8.875% 06/15/203281761LAE235,000.00$33,236.170.94%
Univision Communications Inc 8.5% 07/31/2031914906AZ535,000.00$33,262.150.94%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 04/20/202900253XAB735,000.00$33,613.530.95%
Civitas Resources Inc 8.75% 07/01/203117888HAB935,000.00$33,637.010.95%
Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029451102CK135,000.00$33,412.060.95%
Melco Resorts Finance Ltd 7.625% 04/17/203258547DAH235,000.00$33,505.140.95%
PG&E Corp 5.25% 07/01/203069331CAJ735,000.00$33,624.810.95%
Sirius XM Radio LLC 5.5% 07/01/202982967NBC135,000.00$33,561.200.95%
United Rentals North America Inc 3.875% 11/15/2027911365BM535,000.00$33,744.570.95%
Calpine Corp 4.5% 02/15/2028131347CM635,000.00$34,063.320.96%
FMG Resources August 2006 Pty Ltd 6.125% 04/15/203230251GBE635,000.00$33,939.890.96%
Hilcorp Energy I LP / Hilcorp Finance Co 8.375% 11/01/2033431318BC735,000.00$33,980.090.96%
MGM Resorts International 6.5% 04/15/2032552953CJ835,000.00$34,064.600.96%
Builders FirstSource Inc 6.375% 03/01/203412008RAS635,000.00$34,425.000.97%
Carnival Corp 6.125% 02/15/2033143658BX935,000.00$34,334.490.97%
Celanese US Holdings LLC 6.7% 11/15/203315089QAY035,000.00$34,355.270.97%
Mauser Packaging Solutions Holding Co 7.875% 04/15/202757763RAD935,000.00$34,314.990.97%
Service Corp International/US 5.75% 10/15/2032817565CH535,000.00$34,211.470.97%
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 7.375% 02/15/202987470LAL535,000.00$34,388.570.97%
Viking Ocean Cruises Ship VII Ltd 5.625% 02/15/202992682RAA035,000.00$34,308.320.97%
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 06/01/202748250NAC935,000.00$34,530.090.98%
NRG Energy Inc 6.25% 11/01/2034629377CX835,000.00$34,471.130.98%
XPLR Infrastructure Operating Partners LP 8.625% 03/15/203398380MAB135,000.00$34,464.880.98%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7% 01/15/203101883LAF035,000.00$35,137.560.99%
Clarios Global LP / Clarios US Finance Co 6.75% 02/15/203018060TAD735,000.00$35,073.260.99%
Hilton Domestic Operating Co Inc 6.125% 04/01/2032432833AQ435,000.00$34,950.770.99%
Novelis Corp 6.875% 01/30/2030670001AL035,000.00$34,918.900.99%
Post Holdings Inc 6.25% 02/15/2032737446AU835,000.00$34,995.330.99%
Quikrete Holdings Inc 6.375% 03/01/203274843PAA835,000.00$34,997.520.99%
Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co 6.625% 05/01/203283002YAA735,000.00$34,943.070.99%
Standard Building Solutions Inc 6.5% 08/15/2032853191AA235,000.00$34,963.660.99%
Venture Global Calcasieu Pass LLC 6.25% 01/15/203092328MAE335,000.00$35,037.260.99%
Vmed O2 UK Financing I PLC 7.75% 04/15/203292858RAD235,000.00$35,066.820.99%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 02/15/202801309QAA635,000.00$35,364.911.00%
Allied Universal Holdco LLC 7.875% 02/15/2031019576AD935,000.00$35,344.011.00%
CHS/Community Health Systems Inc 10.875% 01/15/203212543DBN935,000.00$35,350.551.00%
Churchill Downs Inc 6.75% 05/01/2031171484AJ735,000.00$35,266.241.00%
DaVita Inc 6.875% 09/01/203223918KAW835,000.00$35,171.841.00%
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 07/15/203126873CAB835,000.00$35,377.581.00%
EQT Corp 7.5% 06/01/202726884LBG335,000.00$35,488.021.00%
Crescent Energy Finance LLC 9.25% 02/15/202845344LAC735,000.00$35,471.351.00%
Medline Borrower LP/Medline Co-Issuer Inc 6.25% 04/01/202958506DAA635,000.00$35,166.431.00%
1011778 BC ULC / New Red Finance Inc 6.125% 06/15/202968245XAR035,000.00$35,193.311.00%
Block Inc 6.5% 05/15/2032852234AR435,000.00$35,351.141.00%
WESCO Distribution Inc 7.25% 06/15/202895081QAP935,000.00$35,489.391.00%
Acrisure LLC / Acrisure Finance Inc 7.5% 11/06/203000489LAL735,000.00$35,549.211.01%
Ball Corp 6.875% 03/15/2028058498AY235,000.00$35,598.821.01%
Buckeye Partners LP 6.875% 07/01/2029118230AV335,000.00$35,527.981.01%
CCO Holdings LLC / CCO Holdings Capital Corp 7.375% 03/01/20311248EPCT835,000.00$35,561.461.01%
Caesars Entertainment Inc 7% 02/15/203012769GAB635,000.00$35,528.061.01%
CommScope LLC 9.5% 12/15/203120338MAA035,000.00$35,773.251.01%
Frontier Florida LLC 6.86% 02/01/2028362333AH935,000.00$35,659.631.01%
Genesis Energy LP / Genesis Energy Finance Corp 8.875% 04/15/203037185LAN235,000.00$35,731.921.01%
Gray Media Inc 10.5% 07/15/2029389375AM835,000.00$35,819.491.01%
Iron Mountain Inc 7% 02/15/202946284VAP635,000.00$35,704.141.01%
Bath & Body Works Inc 7.5% 06/15/2029501797AR535,000.00$35,807.621.01%
LifePoint Health Inc 11% 10/15/203053219LAW933,000.00$35,860.841.01%
MPT Operating Partnership LP / MPT Finance Corp 8.5% 02/15/203255342UAQ735,000.00$35,531.491.01%
Nissan Motor Acceptance Co LLC 7.05% 09/15/202865480CAF235,000.00$35,748.721.01%
Tenet Healthcare Corp 6.75% 05/15/203188033GDU135,000.00$35,617.301.01%
Vodafone Group PLC 7% 04/04/207992857WBQ235,000.00$35,519.641.01%
Clear Channel Outdoor Holdings Inc 9% 09/15/202818453HAE635,000.00$35,889.951.02%
Cloud Software Group Inc 8.25% 06/30/203218912UAC635,000.00$36,182.591.02%
Fortress Transportation and Infrastructure Investors LLC 7.875% 12/01/203034960PAE135,000.00$36,136.381.02%
HUB International Ltd 7.25% 06/15/203044332PAH435,000.00$35,897.841.02%
Nationstar Mortgage Holdings Inc 7.125% 02/01/203263861CAF635,000.00$35,966.821.02%
PennyMac Financial Services Inc 7.875% 12/15/202970932MAD935,000.00$36,169.201.02%
TransDigm Inc 7.125% 12/01/2031893647BT335,000.00$36,052.581.02%
Venture Global LNG Inc 9.875% 02/01/203292332YAD335,000.00$36,157.261.02%
Walgreens Boots Alliance Inc 8.125% 08/15/2029931427AW835,000.00$36,178.761.02%
NCL Corp Ltd 8.125% 01/15/202962886HBN035,000.00$36,523.531.03%
OneMain Finance Corp 9% 01/15/2029682695AA935,000.00$36,364.741.03%
Sunoco LP 7.25% 05/01/203286765KAC335,000.00$36,260.481.03%
UniCredit SpA 7.296% 04/02/2034904678AQ235,000.00$36,329.201.03%
Olympus Water US Holding Corp 9.75% 11/15/202825259KAA835,000.00$36,588.381.04%
Royal Caribbean Cruises Ltd 7.5% 10/15/2027780153AG735,000.00$36,724.581.04%
Vistra Operations Co LLC 7.75% 10/15/203192840VAP735,000.00$36,834.731.04%
Bombardier Inc 8.75% 11/15/2030097751CA735,000.00$37,005.981.05%
Rakuten Group Inc 11.25% 02/15/202775102WAG335,000.00$37,071.661.05%
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 02/15/202891327TAA935,000.00$36,967.301.05%
Freedom Mortgage Corp 12.25% 10/01/203035640YAL135,000.00$38,026.831.08%
Navient Corp 11.5% 03/15/203163938CAP335,000.00$38,272.951.08%
Cash & OtherCash&Other93,661.20$93,661.202.65%
Holdings are subject to change without notice.

Documents

Team

John Han, CFA
Portfolio Manager
Barry Julien, CFA
CIO, Fixed Income
Marcin Zdnek
MD, Head of Capital Markets
Kevin Conrath, FRM
Portfolio Manager
Alexander Morris
CEO

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F/m Investments, LLC (“F/m”) is an SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. 

The material contained on this website is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004 or visit our website at www.fminvest.com. Read the prospectus or summary prospectus carefully before investing.

As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

Fund Risks:

Call Risk. During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.

Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class.

Fixed-Income Market Risk. The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.

High Portfolio Turnover Risk. In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover.

High Yield Securities Risk. Securities that are rated below investment-grade (commonly referred to as “junk bonds, ”including those bonds rated lower than “BBB-” by S&P or “Baa3” by Moody’s), or are unrated, may be deemed speculative and may be more volatile than higher rated securities of similar maturity with respect to the issuer’s continuing ability to meet principal and interest payments.

Liquidity Risk. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like.

New Fund Risk. The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc.

Bloomberg U.S. High Yield Top 100 Quality Select (“High Yield 100”). The Index is comprised of 100 below investment-grade corporate bonds selected by the Index Provider that (i) are included in the Parent Index and (ii) have at least $300 million of outstanding face value. In composing the Underlying Index, the Index Provider excludes from the Parent Index pay-in-kind (PIK) bonds, zero-coupon bonds and enhanced equipment trust certificates. Of the remaining qualifying securities in the Parent Index, the Index Provider selects the 100 largest issuers of high-yield debt based on market capitalization. Next, the Index Provider selects one bond per issuer for inclusion in the Underlying Index based on the priority of (1) credit rating (ranked from best to worst), (2) coupon (ranked from highest to lowest), and (3) time since issue (ranked from most recent to oldest). The Underlying Index is reconstituted and rebalanced by the Index Provider at each month-end and holds 100 constituents weighted equally. As of 11/29/2024, the Underlying Index was most concentrated in securities of companies in the consumer cyclical sector, based on the Level 3 Bloomberg Fixed Income Classification, which comprised approximately 21.00% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time.

Investments involve risk. Principal loss is possible.

Distributed by Quasar Distributors, LLC

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Marcin Zdunek

Head trader and Assistant Portfolio Manager
Marcin has over 25 years experience in trading all aspects of Fixed Income; including U.S. Governments, Investment Grade and Below Investment Grade Corporate Bonds, Asset Backed debt, etc. with Insurance Companies, ETF's, RIA's and customized individual bond portfolios.

Justin Jennessy

Director of Portfolio Management / Co-Portfolio Manager
Justin’s 40+ years encompass leadership roles in investment advisory firms, insurance companies, mutual funds, and bank trust departments.

Peter Baden

Chief Investment Office / Lead Portfolio Manager
Peter has over 25 years of investment management experience, encompassing management, mergers and acquisitions, financials institutions, and credit analysis. Peter takes the lead on taxable bond strategies.