Lazard Asset Management Launches Its First Three Fixed Income ETFs, Providing Investors New Ways To Access Differentiated Income

New actively managed ETFs provide access to Lazard’s specialized expertise across US high yield, financial hybrids, and non-dollar bond opportunities

New York, November 9, 2026 – Lazard Asset Management (“LAM”) today announced its entry into fixed income ETFs with the launch of three actively managed strategies: Lazard US High Yield ETF (NYSE Arca: HYB), Lazard Hybrid Financial Income ETF (NYSE Arca: HYFY), and Lazard Non-Dollar Active Income ETF (NYSE Arca: XDLR). Each is managed by a specialized Lazard investment team and designed to give investors differentiated sources of income.

“Fixed income remains central to how many investors build portfolios, but the opportunity set is broader – and more complex – than it has been in years,” said Rob Forsyth, Global Head of ETFs at Lazard. “Investors are looking for income, diversification, and resilience, but they also need to be thoughtful about where that income comes from and the risks they are taking to earn it. These three strategies make Lazard’s specialized fixed income capabilities more accessible, giving investors a flexible way to access some of our highest-conviction ideas across bond markets.”

Details of Lazard’s three fixed income ETFs, which begin trading today, include:

• Lazard US High Yield ETF (NYSE Arca: HYB) seeks maximum total return from a combination of capital appreciation and current income by investing primarily in below investment grade corporate bonds tied economically to the US. HYB converted from the Lazard US High Yield Portfolio, a mutual fund launched in 1995, and is expected to adopt the Portfolio’s performance history.
  
  Portfolio Manager Gordon McKemie said: “HYB is built around our highest-conviction ideas, chosen one bond at a time. It is higher quality, with fewer of the lowest-rated credits and more secured debt than in past cycles. Yields are meaningful and duration is short, so that income provides a cushion. But spreads are tight, so security selection matters more than market exposure. A proprietary screen helps us identify attractively valued credits, and our analysts underwrite each one in depth, building forward-looking scenarios rather than replaying past cycles.”
  
  HYB invests at least 80% of its assets in high yield fixed income securities and is expected to maintain an average weighted maturity of two to 10 years. The team assesses each credit on its own merits and deviates from the benchmark only where it expects to be paid for the risk, with avoiding permanent loss of capital as its first priority. The fund is managed by Gordon McKemie, John Senesac, and Kyle Lanphear, a portfolio management team averaging more than 25 years of investment experience.

• Lazard Hybrid Financial Income ETF (NYSE Arca: HYFY) seeks total return from capital appreciation and current income. The ETF invests at least 80% of its net assets in hybrid securities issued by financial institutions, including preferred securities, contingent convertible securities (“CoCos”), capital securities, and subordinated debt.
  
  Portfolio Manager François Lavier said: “Too many investors sacrifice additional income by limiting themselves to senior debt in the capital structure. Investors can earn materially more from the same highly rated financial issuers by moving down the capital structure. This is what hybrid securities offer. These bonds with equity-like features sit between senior debt and equity. HYFY gives investors a focused way in, because every position starts with the institution and the instrument, enabling us to focus on the issuer’s credibility and on where in the capital structure offers the best return.”
  
  HYFY invests globally with a focus on Europe and North America, combining bottom-up fundamental research, issuer-level analysis, and active security selection. It is managed by Lazard Frères Gestion’s dedicated Subordinated Financial Debt team, which manages $8.3 billion in subordinated financial debt strategies and has invested in the asset class for more than 18 years. The fund is managed by a team led by François Lavier and Alexis Lautrette.

• Lazard Non-Dollar Active Income ETF (NYSE Arca: XDLR) seeks high current income, with capital appreciation as a secondary objective. The ETF invests at least 80% of its assets in fixed income securities denominated in currencies other than the US dollar, primarily emerging market local currency bonds.
  
  Portfolio Manager Alex Kozhemiakin said: “As global markets rapidly evolve, portfolios that rely too heavily on dollar assets are increasingly exposed. With the US dollar’s next chapter uncertain, investors can prepare for more than one outcome going forward, and that starts with diversifying into non-dollar currencies. XDLR is built for this moment: high yield from emerging market local currency bonds, driven by currencies and local rates rather than credit risk or illiquidity. It’s an active, diversified way to earn income now and prepare for a different dollar regime.”
  
  XDLR combines top-down global macro views with bottom-up sovereign analysis and expresses currency and local-rates views independently. It draws on Lazard’s more than 35 years of emerging markets investing. The fund is managed by Alex Kozhemiakin, Denise Simon, and Aristotel Kondili.

The launch extends Lazard’s actively managed ETF platform to 10 products in the US. The platform has grown to over $2 billion in assets under management since its debut in April 2025.