- Issuer
- F/m
- Inception Date
- Jan 10, 2024
- Category
- Short-Term Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- ICE 2-Year US Target Maturity Corporate Index - Benchmark TR Gross
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $18M
Share Price Chart
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Performance
ZTWO Performance Chart
F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) is up 0.9% since the beginning of the year. ZTWO is currently trading at $50 per share.
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Returns By Period
F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) has returned 0.87% so far this year and 3.70% over the past 12 months.
F/M 2-Year Investment Grade Corporate Bond ETF
- 1D
- -0.10%
- 1M
- 0.20%
- YTD
- 0.87%
- 6M
- 1.04%
- 1Y
- 3.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
ZTWO Monthly Returns History
Based on dividend-adjusted daily data since Dec 19, 2024, ZTWO's average daily return is +0.02%, while the average monthly return is +0.35%. At this rate, an investment would double in approximately 16.5 years.
Historically, 89% of months were positive and 11% were negative. The best month was Aug 2025 with a return of +0.8%, while the worst month was Mar 2026 at -0.5%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 1 months.
On a daily basis, ZTWO closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +0.4%, while the worst single day was Apr 10, 2025 at -0.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.42% | 0.35% | -0.51% | 0.34% | 0.39% | -0.13% | 0.87% | ||||||
| 2025 | 0.44% | 0.71% | 0.31% | 0.66% | 0.18% | 0.69% | 0.06% | 0.77% | 0.45% | 0.27% | 0.44% | 0.38% | 5.49% |
| 2024 | 0.36% | 0.36% |
Benchmark Metrics
F/M 2-Year Investment Grade Corporate Bond ETF has an annualized alpha of 4.15%, beta of 0.02, and R2 of 0.06 versus S&P 500 Index. Calculated based on daily prices since December 19, 2024.
- This ETF captured 10.06% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -13.02%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.02 may look defensive, but with R2 of 0.06 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.06 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 4.15%
- Beta
- 0.02
- R²
- 0.06
- Upside Capture
- 10.06%
- Downside Capture
- -13.02%
Expense Ratio
ZTWO has an expense ratio of 0.15%, which is considered low.
Return for Risk
Risk / Return Rank
ZTWO ranks 88 for risk / return — in the top 88% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for F/M 2-Year Investment Grade Corporate Bond ETF (ZTWO) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZTWO | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.37 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 2.78 | +1.20 |
| Martin ratioReturn relative to average drawdown | 18.68 | 12.44 | +6.24 |
Dividends
Dividend History
F/M 2-Year Investment Grade Corporate Bond ETF provided a 4.12% dividend yield over the last twelve months, with an annual payout of $2.07 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $2.07 | $2.19 | $0.20 |
Dividend yield | 4.12% | 4.31% | 0.39% |
Monthly Dividends
The table displays the monthly dividend distributions for F/M 2-Year Investment Grade Corporate Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.17 | $0.17 | $0.18 | $0.18 | $0.17 | $0.00 | $0.87 | ||||||
| 2025 | $0.00 | $0.20 | $0.20 | $0.19 | $0.20 | $0.20 | $0.19 | $0.16 | $0.18 | $0.17 | $0.17 | $0.34 | $2.19 |
| 2024 | $0.20 | $0.20 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the F/M 2-Year Investment Grade Corporate Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the F/M 2-Year Investment Grade Corporate Bond ETF was 0.93%, occurring on Mar 26, 2026. Recovery took 28 trading sessions.
The current F/M 2-Year Investment Grade Corporate Bond ETF drawdown is 0.28%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 pullback2026 | -0.93%Mar 2026 | 24d | 1mo 11d | 2mo 5dMar 2026 - May 2026 |
2025 selloff2025 | -0.67%Apr 2025 | 7d | 13d | 20dApr 2025 - Apr 2025 |
2025 selloff2025 | -0.31%May 2025 | 13d | 13d | 26dMay 2025 - May 2025 |
2026 pullback2026 | -0.28%Jun 2026 | 5d | — | 6d 4hJun 2026 - now |
2025 selloff2025 | -0.27%Mar 2025 | 1d | 7d | 8dMar 2025 - Mar 2025 |
Drawdown Indicators
| ZTWO | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.93% | -56.78% | +55.85% |
Max Drawdown (1Y)Largest decline over 1 year | -0.93% | -9.10% | +8.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.28% | -1.80% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -10.71% | +10.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 2.03% | -1.83% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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