New Structure, Same Strategy: Lyrical Completes Conversion of Two Value Equity Funds to ETFs

U.S. and International Value Equity Strategies Now Trading Under Tickers LYR and LYRI

NEW YORK, November 09, 2026–(BUSINESS WIRE)–Lyrical Asset Management LP (“Lyrical”), an independent, partner-owned investment management firm, today announced that it has converted its U.S. Value Equity and International Value Equity mutual funds, representing more than $1 billion in combined assets, into exchange-traded funds (ETFs). The newly converted funds began trading today on the New York Stock Exchange under the tickers LYR and LYRI.

The conversions provide investors with access to Lyrical’s actively managed value equity strategies through a more flexible, transparent, and cost-efficient ETF structure, employing the same investment philosophy, disciplined research process, and experienced portfolio management team. The move responds to growing demand from Lyrical’s clients, and from financial advisors and investors more broadly, to access actively managed strategies through ETFs.

Shareholders of the predecessor mutual funds now own ETF shares following a reorganization intended to qualify as tax-free.

Same Team. Same Process. Same Philosophy.

Lyrical’s U.S. Value Equity strategy has been managed continuously since January 2009, and its International Value Equity strategy since June 2019. Both strategies employ Lyrical’s distinctive investment approach, seeking quality businesses with attractive long-term earnings growth potential at deeply discounted valuations.

“We run concentrated, low-turnover portfolios built for the long term, and the ETF structure is a natural fit for that approach,” said Andrew Wellington, Lyrical’s Chief Investment Officer and Founder. “Our investment philosophy, portfolio management team, and disciplined approach to identifying compelling long-term opportunities remain unchanged. What has changed is the structure through which investors can access these strategies.”

The two ETFs are:

Lyrical U.S. Value Equity ETF (LYR)

A concentrated portfolio of approximately 33 companies selected from the 1,000 largest U.S.-traded stocks, seeking quality businesses with attractive long-term earnings growth potential among the market’s most deeply discounted stocks.

Lyrical International Value Equity ETF (LYRI)

A concentrated portfolio of 25–40 companies selected from a universe of approximately 1,500 large, developed-market stocks outside the U.S., applying the same emphasis on quality and value.

Enhanced Benefits for Investors

The ETF structure offers several potential advantages, including greater tax efficiency, daily portfolio transparency, intraday trading flexibility, and lower ongoing fund expenses.

“The conversion of more than $1 billion in client assets to ETFs reflects our commitment to evolving with the needs of our clients and the broader investment marketplace,” said Jeffrey Keswin, Chief Executive Officer and Founder of Lyrical Asset Management. “The ETF structure opens our strategies to a broader set of advisors, platforms and model portfolios, and positions the firm for its next chapter of growth.”

About Lyrical Asset Management

Founded in 2008, Lyrical Asset Management is an independent, partner-owned investment management firm based in New York City, with approximately $8.8 billion in firm assets as of October 31, 2026. The firm specializes in concentrated, actively managed value equity strategies for institutional investors, financial advisors, and individual investors. Lyrical’s investment philosophy is grounded in three core principles: Value, Quality, and Analyzability. Through a disciplined, long-term investment approach, the firm seeks to identify quality businesses trading at attractive valuations relative to their long-term earnings potential.

For additional information about LYR and LYRI, including fund details and prospectuses, please visit www.lyricalam.com.

Important Information

Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other important information are contained in each Fund’s summary prospectus and prospectus, which may be obtained by calling 1-833-VALUETF. Read carefully before investing.

Investing involves risk, including the possible loss of principal. The Funds hold a limited number of securities; they may be more volatile than funds holding a greater number of securities. Value investing involves the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock judged to be undervalued may actually be appropriately priced. International investing involves additional risks, including currency fluctuation, political and economic instability, and differences in accounting standards.

While the shares of ETFs are tradeable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below net asset value. Brokerage commissions and ETF expenses will reduce returns. There is no guarantee that the Funds will achieve their objectives.

The Funds are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC, which is not affiliated with Lyrical Asset Management LP or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109468845/en/

Contacts

Media Inquiries
Craig Lifschutz, Senior Managing Director & Management Committee Chair
(212) 415-6600 | clifschutz@lyricalpartners.com

Investor Inquiries
Gary Faccenda, Senior Managing Director & Head of Client Relations, North America
(212) 415-6600 | gfaccenda@lyricalpartners.com

Lyrical Asset Management Website
www.lyricalam.com