NEW YORK – November 10, 2026 -- Lazard Asset Management has entered the fixed income ETF market with three actively managed funds that began trading on NYSE Arca on launch day, lifting its US active ETF platform to 10 products.
The launches are the Lazard US High Yield ETF (HYB), the Lazard Hybrid Financial Income ETF (HYFY) and the Lazard Non-Dollar Active Income ETF (XDLR). The platform has passed $2 billion in assets under management since its April 2025 debut. Rob Forsyth, Global Head of ETFs at Lazard, said the three strategies offer access to "some of our highest-conviction ideas across bond markets."
HYB converts a 1995 mutual fund and is expected to carry over its track record
HYB converted from the Lazard US High Yield Portfolio, a mutual fund launched in 1995, and is expected to adopt that portfolio's performance history. It invests at least 80% of assets in high yield securities and is expected to hold an average weighted maturity of two to 10 years.
Portfolio manager Gordon McKemie said the fund holds higher-quality credits than in past cycles, with fewer of the lowest-rated issuers and more secured debt. He added that tight spreads make security selection matter more than market exposure. The team of McKemie, John Senesac and Kyle Lanphear averages more than 25 years of investment experience.
HYFY targets hybrid bonds from financial issuers with a team managing $8.3 billion
HYFY places at least 80% of net assets in hybrid securities issued by financial institutions. These include preferred securities, contingent convertible securities (CoCos), capital securities and subordinated debt. The fund invests globally, with a focus on Europe and North America.
Lazard Frères Gestion's Subordinated Financial Debt team runs the fund. The team manages $8.3 billion in subordinated financial debt strategies and has invested in the asset class for more than 18 years. François Lavier and Alexis Lautrette lead it. Lavier said investors who stay in senior debt give up income that the same highly rated financial issuers pay further down the capital structure.
XDLR puts at least 80% of assets into non-dollar bonds, mainly emerging market local currency debt
XDLR seeks high current income, with capital appreciation as a secondary objective. It invests at least 80% of assets in fixed income securities denominated in currencies other than the US dollar, primarily emerging market local currency bonds.
The fund combines top-down global macro views with bottom-up sovereign analysis. It expresses currency and local-rates views independently. Portfolio manager Alex Kozhemiakin said the yield is driven by currencies and local rates rather than credit risk or illiquidity, and pitched the fund as a hedge against a different dollar regime. XDLR draws on Lazard's more than 35 years of emerging markets investing and is managed by Kozhemiakin, Denise Simon and Aristotel Kondili.
Lazard lists market risk, fixed-income and debt securities risk, interest rate risk and limited operating history risk among the funds' disclosed investment risks. It notes that interest rate risk may be heightened by changes in inflation and Federal Reserve policy.