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Important Information
Please consider a fund's investment objectives, risks, charges, and expenses carefully before investing. For more complete information about Lazard ETFs and current performance, you may obtain a prospectus or summary prospectus by calling 800-823-6300 or going to www.lazardassetmanagement.com. Read the prospectus or summary prospectus carefully before you invest. The prospectus and summary prospectus contain investment objectives, risks, charges, expenses, and other information about the Portfolio and Lazard ETFs that may not be detailed in this document. The Lazard ETFs are distributed by Foreside Fund Services, LLC.
Investment Products: NOT FDIC INSURED I NOT BANK GUARANTEED I MAY LOSE VALUE
Forward looking figures represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change.
Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain nondomestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one's home market. The values of these securities may be affected by changes in currency rates, application of a country's specific tax laws, changes in government administration, and economic and monetary policy. Emerging markets securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging markets countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging markets countries.
Non-US Securities Risk: The Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Emerging Market Risk: Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. Non-Diversification Risk: The Portfolio's net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and maybe relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio's investments consisted of securities issued by a larger number of issuers.
TEKY specific risks:
Next Generation Technologies Companies Risk: The Portfolio invests primarily in the equity securities of Next Generation Technologies Companies and, as such, is particularly sensitive to risks to those types of companies. These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence and government regulation. Securities of Next Generation Technologies Companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results.
THMZ specific risks:
Thematic Investing Risk: The Portfolio's thematic investment strategy may limit the universe of investment opportunities available to the Portfolio and will affect the Portfolio's exposure to certain companies, sectors, regions and countries, which may result in the Portfolio forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so.
JPY specific risks:
Country Risk: Implementation of the Portfolio's investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio's assets in a particular country, such as Japan, and the Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.
Glossary of Terms
The 30-day SEC yield is a standardized calculation, developed by the U.S. Securities and Exchange Commission, used to measure the income earned by a fund, particularly fixed-income securities, over the past 30 days, annualized, and divided by the fund's net asset value.
The 30-day SEC unsubsidized yield represents the annualized income a bond fund would generate over a year if it continued earning at the same rate, based on the net investment income earned during the previous 30 days, without factoring in any fee waivers or reimbursements.
The gross expense ratio (GER) is the total annual cost of managing the fund, expressed as a percentage of the fund's average net assets, before any fee waivers or reimbursements are considered.
Net Expense Ratio represents the expense ratio applicable to investors.
Alpha is a measure of a stock's performance relative to a benchmark index. A positive alpha indicates the stock has outperformed the market, while a negative alpha means it has underperformed.
Beta is a number that shows how much a stock's price moves compared to the overall market. A beta above 1 means the stock is more volatile than the market, while a beta below 1 means it’s less volatile and may carry less risk.
Tracking Error measures how closely a portfolio follows its benchmark index. A lower tracking error indicates the portfolio closely matches the performance of the benchmark, while a higher tracking error shows more divergence.
R-squared is a statistical measure that shows how well a fund's movements can be explained by the movements of a benchmark index. An R-squared value closer to 100% indicates a strong correlation, meaning the fund's performance closely follows the benchmark.
Standard Deviation measures the amount of variation or dispersion in a set of investment returns. A higher standard deviation indicates greater volatility and risk, while a lower standard deviation suggests more stable returns.
Sharpe Ratio evaluates the risk-adjusted return of an investment. It is calculated by dividing the excess return (over a risk-free rate) by the standard deviation of the investment's returns, with a higher Sharpe ratio indicating better risk-adjusted performance.
Market capitalization is the total dollar value of a company's outstanding shares of stock, calculated by multiplying the current share price by the number of shares outstanding.
Price-to-earnings (P/E) ratio is a metric that compares a company's stock price to its earnings per share
Return on Equity (ROE) is a profitability ratio that measures how effectively a company uses shareholder investments (equity) to generate profits, calculated by dividing net income by shareholders' equity.
Price/Book (P/B) ratio compares a company's current market value to its book value, which is the value of assets minus liabilities
Price/Cash flow (P/CF) ratio is a valuation metric that compares a company's market capitalization to its operating cash flow, helping investors assess whether a stock is overvalued or undervalued.
Free Cash Flow Yield (FCFY) measures the amount of cash generated from the core operations of a company relative to its valuation, expressed as a percentage
"Net Debt to Capital" refers to a company's net debt divided by its total capital, which is calculated as total debt plus shareholder equity
EPS (Earnings per share) growth is the percentage change in a company's earnings per share over a period of time.
Close of trading times: The NAV of funds normally is calculated using prices as of 4:00 p.m. eastern time. Each fund normally trades on its respective stock exchange until 4:00 p.m. eastern time.
Time of last trade: Trading generally takes place throughout the normal trading hours for funds on the listing exchange on which it is listed (generally 9:30 a.m. - 4:00 p.m. eastern time). At times, many trades are placed in rapid succession. At other times, little or no trading activity is taking place. It is important to note that the date/time of the last trade (which is recorded as the closing price) may not take place at exactly 4:00 p.m. eastern time when the funds normally calculate NAV. The date/time of the last trade sometimes may occur before 4:00 p.m. eastern time. Thus, ongoing price discovery may result in a deviation between the price recorded as the closing price and the NAV of the fund shares calculated at 4:00 p.m. eastern time.
Note on international funds: The premiums and discounts shown for international funds may be less accurate due to the differences in closing times between U.S. and international markets. NAVs for most international funds are calculated by using closing securities prices from local markets and the Reuters/WM FX rates at 4:00 p.m. London Time. Therefore, during parts or all of the U.S. trading day, the NAVs for most international funds are frozen, yet the market prices for these funds continue to fluctuate to reflect new information. As a result, for most international funds, the traditional measure of premium/discount (closing price/NAV) may be more reflective of different market hours than true trading premium/discounts.
Shareholders may pay more than NAV when buying fund shares and receive less than NAV when selling fund shares, because shares are bought and sold at current market prices.