SYZ Fees and Costs — Lazard US Systematic Small Cap Equity ETF
Data updated: 2026-08-21
The net expense ratio is 0.61%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2K in broker commissions, 0.0035% of average net assets, and portfolio turnover was 156%.
SYZ Fees and Expenses
Annual operating expenses and sales charges of SYZ. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.61% |
| Fee waiver | — |
| Net expense ratio | 0.61% |
| 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 |
SYZ Costs Over Time
On $10,000 invested in SYZ, assuming 5% a year before costs, total costs come to $387 over 5 years, cutting the return by 0.64% 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 0.61%) | $64 | $201 | $349 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $64 | $212 | $387 |
| Value after costs | $10,436 | $11,364 | $12,376 |
| Impact on return, per year | 0.64% | 0.64% | 0.64% |
SYZ 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): 0.0035%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $23.7M
- Portfolio turnover (prospectus): 156%
- Securities lending: none during the year
SYZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $2K | 100.00% |
SYZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corporation | $12.2M | 51.48% |
| State Street Bank and Trust Company | $7.9M | 33.32% |
| Morgan Stanley & Co. LLC | $3.6M | 15.21% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.