JPY Fees and Costs — Lazard Japanese Equity ETF
Data updated: 2026-08-21
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $27K in broker commissions, 0.0528% of average net assets, and portfolio turnover was 8%.
JPY Fees and Expenses
Annual operating expenses and sales charges of JPY. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
JPY Costs Over Time
On $10,000 invested in JPY, assuming 5% a year before costs, total costs come to $411 over 5 years, cutting the return by 0.69% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.60%) | $63 | $197 | $343 |
| Trading costs (broker commissions) | $6 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $225 | $411 |
| Value after costs | $10,431 | $11,351 | $12,352 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
JPY Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0528%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $90.8M
- Portfolio turnover (prospectus): 8%
- Securities lending: none during the year
JPY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $20K | 74.37% |
| Daiwa Capital Markets America Inc. | $2K | 8.14% |
| BofA Securities, Inc. | $1K | 5.47% |
| CLSA Americas, LLC | $1K | 5.42% |
| Goldman Sachs & Co. LLC | $1K | 4.06% |
| Jefferies LLC | $214 | 0.79% |
| Mizuho Securities USA LLC | $193 | 0.72% |
| BNP Paribas Securities Corp. | $173 | 0.64% |
| UBS Securities LLC | $102 | 0.38% |
| SMBC Nikko Securities America, Inc. | $6 | 0.02% |
JPY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $64.5M | 71.01% |
| Jane Street Capital, LLC | $18.9M | 20.79% |
| UBS Securities LLC | $4.7M | 5.23% |
| BofA Securities, Inc. | $1.4M | 1.58% |
| Goldman Sachs & Co. LLC | $1.3M | 1.39% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.