Lazard Targets Global Bank Hybrid Debt With Active Income Strategy

The Lazard Hybrid Financial Income ETF will focus on hybrid securities issued by financial companies worldwide. The portfolio will invest at least 80% of assets in instruments such as preferred securities, contingent convertible bonds (CoCos), capital securities, and subordinated debt, with an emphasis on Europe and North America. The actively-managed fund may invest heavily in below-investment-grade or unrated securities, will be non-diversified, and combines bottom-up issuer research with top-down macro analysis to identify opportunities across the global financial sector.