---
title: "Lyrical's U.S. value fund would become a 0.75% ETF, and some holders would get cash"
url: "https://etf.net/news/lyrical-s-u-s-value-fund-would-become-a-0-75-etf-and-some-holders-would-get-cash-2026-09-30"
published_at: "2026-09-30T12:09:24.001Z"
updated_at: "2026-09-30T12:09:24.001Z"
byline: "ETF.net Research"
---

# Lyrical's U.S. value fund would become a 0.75% ETF, and some holders would get cash

Ultimus Managers Trust amended a plan on Tuesday, September 29, to turn the Lyrical U.S. Value Equity Fund, with $1.31 billion as of July 31, into an ETF at 0.75%, and to cash out some holders on November 5.

By ETF.net Research. Published Sep 30, 2026.

Ultimus Managers Trust filed on Tuesday to turn the Lyrical U.S. Value Equity Fund into an exchange-traded fund. The SEC accepted an amendment to a registration that is not yet effective, so the mutual fund has not converted.

The board approved the conversion on July 20 and July 21, after the adviser, Lyrical Asset Management LP, recommended it. A supplement on August 14 told shareholders to expect the move around November 6, and that they would receive a prospectus. Tuesday's paper is an amended version of that registration.

"The Reorganization does not require your approval, and you are not being asked to vote."

In the filing, a reorganization means the mutual fund hands its assets and liabilities to a new ETF. Shareholders who can hold that ETF receive shares of equal total value, and the mutual fund then shuts down.

The new fund would be the Lyrical U.S. Value Equity ETF LYR, listed on the New York Stock Exchange. The objective stays long-term capital growth. Under normal conditions, at least 80% of the portfolio would be common stocks traded on a U.S. exchange, the same rule the mutual fund uses now.

The fund had $1.31 billion as of July 31. The amendment sets the ETF's annual cost at **0.75%**. Institutional shares, LYRIX, now cost 0.99% after an expense cap. Investor shares, LYRBX, and A shares cost 1.24%. C shares, LYRCX, cost 1.99%.

Chart: Share-class costs would fall to **0.75%**

The trust's supplements in August and September called the A class LYRAX. Tuesday's filing lists it as LRYAX.

The dates are still a plan. Around October 23, A, C and Investor shares would convert into Institutional shares at net asset value, the value of the investments behind each share, with no sales charge. The reorganization is expected on or about November 6, or as soon as possible after that. Purchases of A and C shares already stopped on September 18.

A shareholder whose account can hold an ETF would get LYR shares worth the same amount. The number of shares may differ, because the price per share can differ.

A shareholder who holds the fund directly would be sold out on **November 5**. So would a shareholder whose broker cannot hold ETF shares, unless that person opens an account that can before then. The cash would equal net asset value. The filing warns that this cash, and cash paid instead of a fraction of a share, may be taxable outside a tax-sheltered account. It also says the fund might sell holdings before the move and pay out a taxable gain. For shareholders who receive ETF shares, the reorganization is expected to be tax-free.

The filing says the ETF may provide a lower expense ratio, more transparency on the portfolio, the potential for better tax efficiency, trading during the day, and the potential for wider distribution. It lists those as possibilities, not as results.

The international fund is on the same plan, at a much smaller size. The Lyrical International Value Equity Fund had $38 million as of July 31. The proposed Lyrical International Value Equity ETF LYRI would list on the New York Stock Exchange and keep at least 80% of assets in common stocks on developed-market exchanges outside the United States. Investor shares, LYRNX, would fold into Institutional shares, LYRWX, around October 23, on the same November dates, with the same tax warning. The proposed cost is also 0.75%, against 0.99% and 1.24% on the two share classes now. Those shareholders are not being asked to vote either.

## A second paper, still full of blanks

The same day, Ultimus filed a preliminary prospectus for two funds that are not for sale. The Westwood Adaptive Exposure SPY ETF WWSP would vary its exposure to State Street's S&P 500 ETF SPY. The Westwood Adaptive Exposure QQQ ETF WWQQ would do the same with Invesco's Nasdaq-100 ETF QQQ. Both would list on Nasdaq.

The cover says the information is subject to completion and may be changed, and that the shares cannot be sold until the registration is effective. Ultimus asked for that effectiveness 75 days after filing.

Each would track a Syntax index that targets a set volatility, 20% a year for the S&P 500 version and 22% for the Nasdaq-100 version. When short-term volatility is below the target, exposure rises, up to about twice the underlying fund. When volatility is above the target, exposure falls and the index holds cash. The prospectus says the new funds do not seek to match those underlying ETFs, and that their returns will likely differ in size and possibly in direction.

The paper would move two existing funds into those series on a date left blank in 2027. The WEBs SPY Defined Volatility ETF DVSP, which already runs this approach, would become WWSP. The WEBs QQQ Defined Volatility ETF DVQQ would become WWQQ. The new funds would start when that move finishes and would carry on the old funds' operations. Westwood Management Corp. would advise them, with Vident Asset Management as sub-adviser.

Together the two WEBs funds hold about $2.7 million, and each charges 0.85%. The new fee table shows a management fee of 0.79% in brackets and leaves the other costs, including the total, blank.

On August 14, WEBs said it intended to close 11 sector funds built on the same volatility idea. That announcement did not cover these two.

None of Tuesday's papers has taken effect. A Lyrical shareholder whose account cannot hold an ETF is the person the November 5 cash sale would reach, and only if the reorganization proceeds as written.

Source: etf.net, https://etf.net/news/lyrical-s-u-s-value-fund-would-become-a-0-75-etf-and-some-holders-would-get-cash-2026-09-30. Please cite the page URL.