Lazard US High Yield ETF (HYB)
HYB is an actively managed ETF investing in below investment-grade credit with a focus on risk-adjusted returns.
US High Yield At-a-Glance
The case for high yield today rests on income, quality, and knowing where to look.
A Higher Quality Market
53%
of the index is now rated BB or higher, with CCC-rated debt down to roughly 9%. Fewer CCCs and more secured debt than in past cycles.
Yield Can Provide a Buffer
~8%
index yield to worst, with duration near its shortest in roughly 20 years. A high starting yield has powered long-term returns, with less rate risk along the way.
Selective, Not Absent
312 bps
ICE BofA US High Yield Index spread: the extra yield the index pays over US government bonds. Spreads are tight, but income still pays—credit selection makes the difference.
Source: ICE Data Indices (ICE BofA US High Yield Indices; yield, duration, and OAS as of 25 September 2026); composition from index constituents via Bloomberg Composite Rating; Reuters/Fridson (July 2026). Figures describe the broad market index, not the HYB portfolio specifically.
Not the Market You Remember
The index has migrated up in quality:
- BB Makes Up the Majority: Higher-quality bonds make up more of the index than ever, a shift that has held steady for years.
- The CCC Tail Keeps Shrinking: The riskiest slice of the market has become a smaller share of the index.
- More of the Market Is Secured: A growing portion of high yield bonds is now backed by collateral, a meaningful change from past cycles.
- Issuance Keeps It that Way: New bonds continue to skew toward higher-quality credits, reinforcing the shift.
- Risk Migrated: Today’s distress shows up more in loans and private credit than in high yield bonds.
As of 30 September 2026. Source: ICE Data Indices; ratings per Bloomberg Composite Rating. The ICE BofA US High Yield Index tracks US dollar-denominated, below investment-grade corporate bonds. Yield to worst is the lowest yield an investor could receive on a bond if held until it is called or matures, assuming no default. Spread is the option-adjusted spread, the additional yield over comparable US government bonds after adjusting for features like early call rights. Duration measures a bond’s price sensitivity to interest rate changes. These figures are subject to change. One cannot invest directly in an index.
From a Vast Investable Universe to a Concentrated Portfolio
- Each Position Should Stand on Its Own
Opportunity and risk are assessed bond by bond, before any portfolio-level consideration. - Every Deviation Is a Deliberate, Paid-For Risk
Our highest-conviction ideas are concentrated—we look for attractively valued, financially sound credits. - Capital Preservation Comes First
We are willing to step away from benchmark exposures to protect capital.
Every Credit Earns Its Place
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The financial data presented is provided by external sources. Lazard Asset Management LLC takes reasonable care to ensure that the information provided is correct, but it neither warrants, represents nor guarantees the content of the information nor does it accept responsibility for errors, inaccuracies, omissions or inconsistencies.
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.
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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.
Market Risk: The portfolio may incur losses due to declines in one or more markets in which it invests.
Fixed-Income and Debt Securities Risk: The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest rates or adverse investor sentiment generally.
Interest Rate Risk: Prices of bonds and other debt securities tend to move inversely with the changes in interest rates. The portfolio may be subject to heightened interest rate risks due to certain changes in economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.
Limited Operating History Risk: Prospective investors do not have a track record or history on which to base their investment decisions