ETF Evaluator:
Lazard US Systematic Small Cap Eq ETF ()
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(as of Aug 26)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
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ETF Details
Lazard US Systematic Small Cap Eq ETF Overview
Lazard US Systematic Small Cap Eq ETF (SYZ) is an actively managed U.S. Equity Small Blend exchange-traded fund (ETF). Lazard launched the ETF in 2021.
The investment seeks long-term capital appreciation.
The Portfolio invests primarily in equity securities, principally common stocks, of small capitalization U.S. companies. Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap U.S. companies. The Portfolio may invest up to 20% of its assets in other securities which need not be equity securities of small cap U.S. companies, including investments in larger U.S. companies and in non-U.S. companies, including securities of emerging markets companies traded on a U.S. exchange.
About Lazard US Systematic Small Cap Eq ETF (SYZ)
There are 2 members of the management team with an average tenure of 4.76 years: Oren Shiran (2021) and Stefan Tang (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Lazard US Systematic Small Cap Eq ETF has 431 securities in its portfolio. The top 10 holdings constitute 8.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Lazard US Systematic Small Cap Eq ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Lazard US Systematic Small Cap Eq ETF has 9.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.8% There is 9.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Lazard US Systematic Small Cap Eq ETF has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $66 million in total assets, which is below the $4 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SYZ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Lazard US Systematic Small Cap Eq ETF expense ratio is above average compared to funds in the Small Blend category. Lazard US Systematic Small Cap Eq ETF has an expense ratio of 0.61%, which is 44% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Lazard US Systematic Small Cap Eq ETF has a portfolio turnover rate of 156%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, Lazard US Systematic Small Cap Eq ETF returned -2.6%, which earned it a grade of D, as the Small Blend category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Lazard US Systematic Small Cap Eq ETF has a trailing yield of 0.68%, which is below the 1.17% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Lazard US Systematic Small Cap Eq ETF Grades
Year to date, the ETF has returned 19.5%, 1.5 percentage points better than the category, which translates into a grade of B. The fund has returned 30.7% over the past year (grade of C) and 13.4% over the past three years (grade of C).
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SYZ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SYZ Return (NAV) | -2.6% | 4.4% | 30.7% | 13.4% | na | na |
| SYZ Return (Price) | -2.6% | 4.4% | 30.7% | 13.4% | na | na |
| NAV +/- Price Return | 0.028% | -0.010% | -0.007% | -0.002% | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| SYZ Grade (NAV) | D | D | C | C | na | na |
| +/- Category (NAV) | -0.5% | -1.2% | 2.2% | -0.5% | na | na |
| SYZ Tax-Cost Ratio | na | na | 1.6% | 0.9% | na | na |
SYZ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SYZ Return (NAV) | 19.5% | 5.7% | 12.9% | 19.8% | -16.3% | na | na | na | na | na | na |
| SYZ Return (Price) | 19.4% | 5.8% | 12.9% | 19.8% | -16.3% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.004% | 0.012% | 0.000% | 0.000% | 0.000% | na | na | na | na | na | na |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| SYZ Grade (NAV) | B | D | B | B | C | na | na | na | na | na | na |
| +/- Category | 1.5% | -3.0% | 1.2% | 3.5% | -0.4% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.04 |
| R-Squared: | 61% |
| Standard Deviation: | 17.2% |
| Category Risk Index: | 0.94 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.40 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 67 Mil |
| Share Class Assets: | $ 67 Mil |
| Turnover: | 156.0% |
| Expense Ratio: | 0.61% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Shiran Oren (2021), Tang Stefan (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 431 |
| % in Top 10 Holdings: | 8.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 9.8% |
Portfolio Allocation |
|
| Domestic Stock: | 88.8% |
| Foreign Stock: | 9.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Lazard |
| Phone Number: | 800-823-6300 |
| Website: | |
| Inception Date: | October 29, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.61% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.42% |
