ETF Evaluator:
F/m High Yield 100 ETF ()
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(as of Aug 20)
Best Performing in High Yield Bond Over the Last Year
| 7.6% | Fidelity Sustainable High Yield ETF (FSYD) |
| 7.4% | Horizon Flexible Income ETF (FLXN) |
| 6.7% | iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) |
| 6.6% | Fidelity Enhanced High Yield ETF (FDHY) |
| 6.3% | Harbor Ares Systematic High-Yield ETF (SIHY) |
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ETF Details
F/m High Yield 100 ETF Overview
F/m High Yield 100 ETF (ZTOP) is a passively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). F/m investments, LLC launched the ETF in 2025.
The investment seeks investment results, that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index.
The index a subset of the Bloomberg U.S. Corporate High Yield Bond Index, which is designed to measure the performance of select below-investment grade bonds issued by the 100 largest issuers based on market capitalization. Under normal market conditions, the Adviser seeks to achieve the fund’s investment objective by investing at least 80% of the fund’s assets in the securities of issuers comprising the underlying index.
About F/m High Yield 100 ETF (ZTOP)
There are 3 members of the management team with an average tenure of 1.30 years: Barry Julien (2025), Kevin Conrath (2025) and John Han (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US HY Top 100 Q S Eq Wt TR USD index with a weighting of 100%. F/m High Yield 100 ETF has 104 securities in its portfolio. The top 10 holdings constitute 10.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
F/m High Yield 100 ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. F/m High Yield 100 ETF has 12.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.8% (85.2% domestic bond, 12.6% foreign bond and 0.0% convertible bond). F/m High Yield 100 ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $1 billion average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
ZTOP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The F/m High Yield 100 ETF expense ratio is below average compared to funds in the High Yield Bond category. F/m High Yield 100 ETF has an expense ratio of 0.39%, which is 2% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. F/m High Yield 100 ETF has a portfolio turnover rate of 4%, which indicates that it holds its assets around / 0.3 years. By way of comparison, the average portfolio turnover is 69% for the High Yield Bond category.
Recently, in the month of July 2026, F/m High Yield 100 ETF returned -0.3%, which earned it a grade of D, as the High Yield Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
F/m High Yield 100 ETF has a trailing yield of 6.30%, which is below the 6.77% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
F/m High Yield 100 ETF Grades
Year to date, the ETF has returned 1.6%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.9% over the past year (grade of D).
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ZTOP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| ZTOP Return (NAV) | -0.3% | 0.2% | 4.9% | na | na | na |
| ZTOP Return (Price) | -0.1% | 0.2% | 4.9% | na | na | na |
| NAV +/- Price Return | -0.232% | 0.034% | 0.021% | na | na | na |
| High Yield Bond Avg | -0.2% | 0.5% | 5.0% | 7.8% | 3.8% | 5.0% |
| ZTOP Grade (NAV) | D | F | D | na | na | na |
| +/- Category (NAV) | -0.1% | -0.3% | -0.1% | na | na | na |
| ZTOP Tax-Cost Ratio | na | na | 2.5% | na | na | na |
ZTOP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ZTOP Return (NAV) | 1.6% | na | na | na | na | na | na | na | na | na | na |
| ZTOP Return (Price) | 1.6% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.034% | na | na | na | na | na | na | na | na | na | na |
| High Yield Bond Avg | 1.7% | 8.4% | 7.5% | 12.4% | -10.1% | 4.2% | 6.1% | 13.4% | -2.3% | 7.1% | 13.0% |
| ZTOP Grade (NAV) | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 6.3% |
| Total Assets: | $ 16 Mil |
| Share Class Assets: | $ 16 Mil |
| Turnover: | 4.0% |
| Expense Ratio: | 0.39% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US HY Top 100 Q S Eq Wt TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.3 years | |||
| Average Tenure: 1.3 years | |||
| Managers (Year): Julien Barry (2025), Conrath Kevin (2025), Han John (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 104 |
| % in Top 10 Holdings: | 10.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 85.2% |
| Foreign Bond: | 12.6% |
| Convertible Bond: | 0.0% |
| Other: | 2.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | F/m investments, LLC |
| Phone Number: | 800-617-0004 |
| Website: | www.S1Fund.com. |
| Inception Date: | April 14, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.40% |
