Lazard International Dynamic Equity ETF (IDEQ)

Under normal circumstances, the portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in non-U.S. equity securities. In addition to common stocks, preferred stocks and convertible securities, such equity securities also may include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). In managing the portfolio, the Investment Manager utilizes a quantitatively driven, bottom up stock selection process.