ULTIMUS MANAGERS LYRICAL U.S. VALUE EQUITY ETF (USD) LYR.US

The Ultimus Managers Lyrical U.S. Value Equity Fund is an actively managed equity fund with the objective of long-term capital growth. It invests principally in U.S. large- and mid-capitalization companies whose stocks appear undervalued based on long-term normalized earnings (earnings smoothed for economic cycles).

The fund applies a bottom-up stock selection process, seeking businesses of sufficient quality and durability; stocks are held until they reach target prices, become less attractive relative to other opportunities, or face unfavorable market/economic changes.

The fund's strategy is concentrated: it generally holds around 30-35 stocks selected from the universe of the largest 1,000 U.S.-traded companies. It emphasizes high active share relative to the S&P 500, with diversification across sectors but enough concentration to enable differentiated performance.

Stock positions are capped by cost to limit exposure. The fund is managed by Lyrical Asset Management LP and is structured as a series of Ultimus Managers Trust, an Ohio business trust (an open‐end investment company).

It converted to an exchange-traded fund (ETF) vehicle in November 2026, continuing its established U.S. value-equity strategy under the same advisory oversight.