ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 99.8% | ||||||||
COMMUNICATION SERVICES - 5.2% | ||||||||
Diversified Telecommunication Services - 0.5% | ||||||||
EchoStar Corp., Class A Shares | 7,769 | $ | 129,587 | * | ||||
|
| |||||||
Entertainment - 0.8% | ||||||||
Playstudios Inc. | 18,570 | 72,051 | * | |||||
Sciplay Corp., Class A Shares | 7,498 | 120,568 | * | |||||
|
| |||||||
Total Entertainment | 192,619 | |||||||
|
| |||||||
Interactive Media & Services - 2.7% | ||||||||
Cargurus Inc. | 5,344 | 74,870 | * | |||||
MediaAlpha Inc., Class A Shares | 7,755 | 77,162 | * | |||||
Outbrain Inc. | 19,048 | 68,954 | * | |||||
Shutterstock Inc. | 1,945 | 102,540 | ||||||
TripAdvisor Inc. | 4,841 | 87,041 | * | |||||
Yelp Inc. | 2,927 | 80,024 | * | |||||
Ziff Davis Inc. | 1,634 | 129,250 | * | |||||
ZipRecruiter Inc., Class A Shares | 4,203 | 69,013 | * | |||||
|
| |||||||
Total Interactive Media & Services | 688,854 | |||||||
|
| |||||||
Media - 1.2% | ||||||||
Entravision Communications Corp., Class A Shares | 18,418 | 88,406 | ||||||
PubMatic Inc., Class A Shares | 3,666 | 46,962 | * | |||||
Scholastic Corp. | 2,632 | 103,859 | ||||||
Thryv Holdings Inc. | 3,938 | 74,822 | * | |||||
|
| |||||||
Total Media | 314,049 | |||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 1,325,109 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 17.0% | ||||||||
Auto Components - 0.6% | ||||||||
LCI Industries | 1,741 | 160,955 | ||||||
|
| |||||||
Diversified Consumer Services - 1.7% | ||||||||
American Public Education Inc. | 8,475 | 104,158 | * | |||||
Frontdoor Inc. | 4,029 | 83,803 | * | |||||
Grand Canyon Education Inc. | 1,249 | 131,969 | * | |||||
Perdoceo Education Corp. | 8,839 | 122,862 | * | |||||
|
| |||||||
Total Diversified Consumer Services | 442,792 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.7% | ||||||||
Bloomin’ Brands Inc. | 6,275 | 126,253 | ||||||
Golden Entertainment Inc. | 2,305 | 86,207 | * | |||||
Red Rock Resorts Inc., Class A Shares | 3,497 | 139,915 | ||||||
SeaWorld Entertainment Inc. | 1,658 | 88,720 | * | |||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 441,095 | |||||||
|
|
See Notes to Schedule of Investments.
Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
1 |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Household Durables - 3.0% | ||||||||
Ethan Allen Interiors Inc. | 4,641 | $ | 122,615 | |||||
GoPro Inc., Class A Shares | 16,602 | 82,678 | * | |||||
Installed Building Products Inc. | 1,300 | 111,280 | ||||||
La-Z-Boy Inc. | 4,919 | 112,252 | ||||||
Skyline Champion Corp. | 2,035 | 104,823 | * | |||||
Taylor Morrison Home Corp., Class A Shares | 6,169 | 187,229 | * | |||||
Tupperware Brands Corp. | 9,862 | 40,829 | * | |||||
ZAGG Inc. CVR | 8,902 | 801 | *(a)(b) | |||||
|
| |||||||
Total Household Durables | 762,507 | |||||||
|
| |||||||
Internet & Direct Marketing Retail - 0.8% | ||||||||
Liquidity Services Inc. | 3,855 | 54,201 | * | |||||
Revolve Group Inc. | 3,353 | 74,638 | * | |||||
Vivid Seats Inc., Class A Shares | 9,101 | 66,437 | * | |||||
|
| |||||||
Total Internet & Direct Marketing Retail | 195,276 | |||||||
|
| |||||||
Leisure Products - 1.9% | ||||||||
MasterCraft Boat Holdings Inc. | 3,299 | 85,345 | * | |||||
Smith & Wesson Brands Inc. | 8,573 | 74,414 | ||||||
Sturm Ruger & Co. Inc. | 2,317 | 117,286 | ||||||
Vista Outdoor Inc. | 4,342 | 105,815 | * | |||||
YETI Holdings Inc. | 2,684 | 110,876 | * | |||||
|
| |||||||
Total Leisure Products | 493,736 | |||||||
|
| |||||||
Specialty Retail - 5.9% | ||||||||
Asbury Automotive Group Inc. | 1,053 | 188,750 | * | |||||
Big 5 Sporting Goods Corp. | 8,897 | 78,560 | ||||||
Buckle Inc. | 4,876 | 221,126 | ||||||
Chico’s FAS Inc. | 20,922 | 102,936 | * | |||||
Children’s Place Inc. | 2,870 | 104,525 | * | |||||
Group 1 Automotive Inc. | 1,119 | 201,834 | ||||||
Haverty Furniture Cos. Inc. | 4,102 | 122,650 | ||||||
MarineMax Inc. | 3,472 | 108,396 | * | |||||
OneWater Marine Inc., Class A Shares | 2,756 | 78,822 | * | |||||
Shoe Carnival Inc. | 4,365 | 104,367 | ||||||
Torrid Holdings Inc. | 12,010 | 35,550 | * | |||||
Winmark Corp. | 361 | 85,135 | ||||||
Zumiez Inc. | 4,001 | 86,982 | * | |||||
|
| |||||||
Total Specialty Retail | 1,519,633 | |||||||
|
|
See Notes to Schedule of Investments.
2 | Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Textiles, Apparel & Luxury Goods - 1.4% | ||||||||
Kontoor Brands Inc. | 3,828 | $ | 153,082 | |||||
Movado Group Inc. | 3,192 | 102,942 | ||||||
Oxford Industries Inc. | 1,249 | 116,382 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 372,406 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 4,388,400 | |||||||
|
| |||||||
CONSUMER STAPLES - 3.1% | ||||||||
Beverages - 0.7% | ||||||||
National Beverage Corp. | 3,608 | 167,880 | ||||||
|
| |||||||
Personal Products - 1.7% | ||||||||
BellRing Brands Inc. | 3,666 | 93,996 | * | |||||
Medifast Inc. | 950 | 109,582 | ||||||
Olaplex Holdings Inc. | 30,508 | 158,947 | * | |||||
USANA Health Sciences Inc. | 1,578 | 83,950 | * | |||||
|
| |||||||
Total Personal Products | 446,475 | |||||||
|
| |||||||
Tobacco - 0.7% | ||||||||
Vector Group Ltd. | 15,950 | 189,167 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 803,522 | |||||||
|
| |||||||
ENERGY - 2.3% | ||||||||
Energy Equipment & Services - 1.1% | ||||||||
Cactus Inc., Class A Shares | 2,462 | 123,740 | ||||||
Helix Energy Solutions Group Inc. | 24,032 | 177,356 | * | |||||
|
| |||||||
Total Energy Equipment & Services | 301,096 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 1.2% | ||||||||
Chord Energy Corp. | 1,055 | 144,334 | ||||||
REX American Resources Corp. | 2,824 | 89,973 | * | |||||
SandRidge Energy Inc. | 3,925 | 66,843 | * | |||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 301,150 | |||||||
|
| |||||||
TOTAL ENERGY | 602,246 | |||||||
|
| |||||||
FINANCIALS - 22.0% | ||||||||
Banks - 6.2% | ||||||||
Bankwell Financial Group Inc. | 2,196 | 64,628 | ||||||
Civista Bancshares Inc. | 3,642 | 80,161 | ||||||
Customers Bancorp Inc. | 3,265 | 92,530 | * | |||||
Financial Institutions Inc. | 3,512 | 85,552 | ||||||
First Business Financial Services Inc. | 2,176 | 79,533 | ||||||
First Internet Bancorp | 1,922 | 46,666 | ||||||
Hanmi Financial Corp. | 4,069 | 100,708 | ||||||
HomeStreet Inc. | 2,702 | 74,521 | ||||||
Independent Bank Corp. | 4,412 | 105,535 | ||||||
Metrocity Bankshares Inc. | 4,207 | 90,997 |
See Notes to Schedule of Investments.
Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
3 |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Banks - (continued) | ||||||||
Midland States Bancorp Inc. | 4,071 | $ | 108,370 | |||||
MidWestOne Financial Group Inc. | 3,019 | 95,853 | ||||||
Northeast Bank | 1,643 | 69,170 | ||||||
PacWest Bancorp | 6,706 | 153,903 | ||||||
Parke Bancorp Inc. | 3,385 | 70,205 | ||||||
PCB Bancorp | 3,768 | 66,656 | ||||||
RBB Bancorp | 4,041 | 84,255 | ||||||
Summit Financial Group Inc. | 2,816 | 70,090 | ||||||
Unity Bancorp Inc. | 2,560 | 69,965 | ||||||
|
| |||||||
Total Banks | 1,609,298 | |||||||
|
| |||||||
Capital Markets - 4.1% | ||||||||
Artisan Partners Asset Management Inc., Class A Shares | 5,185 | 153,995 | ||||||
Cohen & Steers Inc. | 2,006 | 129,507 | ||||||
Diamond Hill Investment Group Inc. | 631 | 116,748 | ||||||
Donnelley Financial Solutions Inc. | 2,303 | 89,011 | * | |||||
Evercore Inc., Class A Shares | 1,787 | 194,926 | ||||||
Moelis & Co., Class A Shares | 4,524 | 173,586 | ||||||
Open Lending Corp., Class A Shares | 10,420 | 70,335 | * | |||||
Victory Capital Holdings Inc., Class A Shares | 4,552 | 122,130 | ||||||
|
| |||||||
Total Capital Markets | 1,050,238 | |||||||
|
| |||||||
Consumer Finance - 2.3% | ||||||||
Atlanticus Holdings Corp. | 3,265 | 85,543 | * | |||||
Bread Financial Holdings Inc. | 4,770 | 179,638 | ||||||
Encore Capital Group Inc. | 2,241 | 107,434 | * | |||||
Enova International Inc. | 3,828 | 146,880 | * | |||||
Green Dot Corp., Class A Shares | 5,218 | 82,549 | * | |||||
|
| |||||||
Total Consumer Finance | 602,044 | |||||||
|
| |||||||
Diversified Financial Services - 1.1% | ||||||||
Jackson Financial Inc., Class A Shares | 7,965 | 277,102 | ||||||
|
| |||||||
Insurance - 3.8% | ||||||||
American Equity Investment Life Holding Co. | 5,135 | 234,259 | ||||||
Brighthouse Financial Inc. | 4,011 | 205,644 | * | |||||
Genworth Financial Inc., Class A Shares | 51,634 | 273,144 | * | |||||
Investors Title Co. | 661 | 97,530 | ||||||
Oscar Health Inc., Class A Shares | 18,332 | 45,097 | * | |||||
Stewart Information Services Corp. | 2,670 | 114,089 | ||||||
|
| |||||||
Total Insurance | 969,763 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 4.5% | ||||||||
Enact Holdings Inc. | 7,898 | 190,500 | ||||||
FS Bancorp Inc. | 2,430 | 81,259 |
See Notes to Schedule of Investments.
4 | Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Thrifts & Mortgage Finance - (continued) | ||||||||
Home Bancorp Inc. | 2,121 | $ | 84,903 | |||||
Luther Burbank Corp. | 7,706 | 85,614 | ||||||
Merchants Bancorp | 4,299 | 104,552 | ||||||
MGIC Investment Corp. | 14,228 | 184,964 | ||||||
Mr. Cooper Group Inc. | 4,119 | 165,295 | * | |||||
NMI Holdings Inc., Class A Shares | 5,469 | 114,302 | * | |||||
Radian Group Inc. | 7,855 | 149,795 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 1,161,184 | |||||||
|
| |||||||
TOTAL FINANCIALS | 5,669,629 | |||||||
|
| |||||||
HEALTH CARE - 16.0% | ||||||||
Biotechnology - 4.3% | ||||||||
Agenus Inc. | 16,887 | 40,529 | * | |||||
Anika Therapeutics Inc. | 2,829 | 83,738 | * | |||||
Arcus Biosciences Inc. | 3,544 | 73,290 | * | |||||
Catalyst Pharmaceuticals Inc. | 4,448 | 82,733 | * | |||||
Dynavax Technologies Corp. | 6,779 | 72,129 | * | |||||
Eagle Pharmaceuticals Inc. | 2,215 | 64,745 | * | |||||
Emergent BioSolutions Inc. | 4,986 | 58,885 | * | |||||
Ironwood Pharmaceuticals Inc. | 8,665 | 107,359 | * | |||||
Ligand Pharmaceuticals Inc. | 908 | 60,654 | * | |||||
Organogenesis Holdings Inc. | 19,251 | 51,785 | * | |||||
REGENXBIO Inc. | 2,861 | 64,888 | * | |||||
Vanda Pharmaceuticals Inc. | 7,721 | 57,058 | * | |||||
Vir Biotechnology Inc. | 5,969 | 151,075 | * | |||||
Xencor Inc. | 2,868 | 74,683 | * | |||||
XOMA Corp. | 3,108 | 57,187 | * | |||||
|
| |||||||
Total Biotechnology | 1,100,738 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 5.6% | ||||||||
AngioDynamics Inc. | 3,206 | 44,147 | * | |||||
Atrion Corp. | 129 | 72,169 | ||||||
Avanos Medical Inc. | 3,925 | 106,210 | * | |||||
Embecta Corp. | 3,353 | 84,797 | ||||||
Heska Corp. | 773 | 48,050 | * | |||||
Inogen Inc. | 2,513 | 49,531 | * | |||||
iRadimed Corp. | 1,747 | 49,423 | ||||||
LeMaitre Vascular Inc. | 1,499 | 68,984 | ||||||
Meridian Bioscience Inc. | 2,287 | 75,951 | * | |||||
Merit Medical Systems Inc. | 1,705 | 120,407 | * | |||||
Neogen Corp. | 5,463 | 83,201 | * | |||||
NuVasive Inc. | 2,049 | 84,501 | * |
See Notes to Schedule of Investments.
Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
5 |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Health Care Equipment & Supplies - (continued) | ||||||||
Orthofix Medical Inc. | 3,537 | $ | 72,615 | * | ||||
QuidelOrtho Corp. | 1,594 | 136,558 | * | |||||
Semler Scientific Inc. | 1,045 | 34,485 | * | |||||
Sensus Healthcare Inc. | 2,628 | 19,500 | * | |||||
Surmodics Inc. | 1,624 | 55,411 | * | |||||
Utah Medical Products Inc. | 726 | 72,985 | ||||||
Varex Imaging Corp. | 3,830 | 77,749 | * | |||||
Zynex Inc. | 5,512 | 76,672 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 1,433,346 | |||||||
|
| |||||||
Health Care Providers & Services - 0.9% | ||||||||
Fulgent Genetics Inc. | 2,549 | 75,909 | * | |||||
National Research Corp. | 1,994 | 74,376 | ||||||
US Physical Therapy Inc. | 1,143 | 92,618 | ||||||
|
| |||||||
Total Health Care Providers & Services | 242,903 | |||||||
|
| |||||||
Health Care Technology - 1.3% | ||||||||
Allscripts Healthcare Solutions Inc. | 6,138 | 108,274 | * | |||||
Computer Programs & Systems Inc. | 2,457 | 66,880 | * | |||||
HealthStream Inc. | 3,198 | 79,438 | * | |||||
NextGen Healthcare Inc. | 5,031 | 94,482 | * | |||||
|
| |||||||
Total Health Care Technology | 349,074 | |||||||
|
| |||||||
Life Sciences Tools & Services - 0.5% | ||||||||
Cytek Biosciences Inc. | 4,729 | 48,283 | * | |||||
Maravai LifeSciences Holdings Inc., Class A Shares | 4,106 | 58,757 | * | |||||
OmniAb Inc., $ 12.50 EARNOUT | 298 | 0 | *(a)(b)(c)(d) | |||||
OmniAb Inc., $ 15.00 EARNOUT | 298 | 0 | *(a)(b)(c)(d) | |||||
OmniAb Inc., NASDAQ | 4,454 | 16,034 | * | |||||
|
| |||||||
Total Life Sciences Tools & Services | 123,074 | |||||||
|
| |||||||
Pharmaceuticals - 3.4% | ||||||||
Amphastar Pharmaceuticals Inc. | 2,738 | 76,719 | * | |||||
Arvinas Inc. | 1,749 | 59,833 | * | |||||
Corcept Therapeutics Inc. | 3,408 | 69,217 | * | |||||
Harmony Biosciences Holdings Inc. | 1,452 | 80,005 | * | |||||
Innoviva Inc. | 7,729 | 102,409 | * | |||||
Pacira BioSciences Inc. | 1,586 | 61,235 | * | |||||
Phibro Animal Health Corp., Class A Shares | 6,399 | 85,811 | ||||||
Prestige Consumer Healthcare Inc. | 2,219 | 138,909 | * | |||||
ProPhase Labs Inc. | 5,509 | 53,052 |
See Notes to Schedule of Investments.
6 | Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Pharmaceuticals - (continued) | ||||||||
SIGA Technologies Inc. | 5,659 | $ | 41,650 | |||||
Supernus Pharmaceuticals Inc. | 2,770 | 98,806 | * | |||||
|
| |||||||
Total Pharmaceuticals | 867,646 | |||||||
|
| |||||||
TOTAL HEALTH CARE | 4,116,781 | |||||||
|
| |||||||
INDUSTRIALS - 15.0% | ||||||||
Building Products - 1.8% | ||||||||
Apogee Enterprises Inc. | 2,599 | 115,552 | ||||||
Insteel Industries Inc. | 3,514 | 96,705 | ||||||
Quanex Building Products Corp. | 4,874 | 115,416 | ||||||
Simpson Manufacturing Co. Inc. | 1,503 | 133,256 | ||||||
|
| |||||||
Total Building Products | 460,929 | |||||||
|
| |||||||
Commercial Services & Supplies - 1.2% | ||||||||
ACCO Brands Corp. | 21,794 | 121,828 | ||||||
Ennis Inc. | 4,668 | 103,443 | ||||||
Heritage-Crystal Clean Inc. | 2,475 | 80,388 | * | |||||
|
| |||||||
Total Commercial Services & Supplies | 305,659 | |||||||
|
| |||||||
Construction & Engineering - 1.5% | ||||||||
Comfort Systems USA Inc. | 1,242 | 142,929 | ||||||
MYR Group Inc. | 1,208 | 111,221 | * | |||||
Sterling Infrastructure Inc. | 3,965 | 130,052 | * | |||||
|
| |||||||
Total Construction & Engineering | 384,202 | |||||||
|
| |||||||
Electrical Equipment - 1.6% | ||||||||
Atkore Inc. | 1,538 | 174,440 | * | |||||
Encore Wire Corp. | 1,013 | 139,348 | ||||||
GrafTech International Ltd. | 21,612 | 102,873 | ||||||
|
| |||||||
Total Electrical Equipment | 416,661 | |||||||
|
| |||||||
Machinery - 2.4% | ||||||||
Allison Transmission Holdings Inc. | 4,130 | 171,808 | ||||||
Hillenbrand Inc. | 3,576 | 152,588 | ||||||
Kadant Inc. | 566 | 100,539 | ||||||
Mueller Industries Inc. | 2,240 | 132,160 | ||||||
Omega Flex Inc. | 764 | 71,296 | ||||||
|
| |||||||
Total Machinery | 628,391 | |||||||
|
| |||||||
Marine - 1.4% | ||||||||
Eagle Bulk Shipping Inc. | 2,189 | 109,319 | ||||||
Genco Shipping & Trading Ltd. | 7,853 | 120,622 | ||||||
Matson Inc. | 2,125 | 132,834 | ||||||
|
| |||||||
Total Marine | 362,775 | |||||||
|
|
See Notes to Schedule of Investments.
Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
7 |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Professional Services - 2.0% | ||||||||
CRA International Inc. | 965 | $ | 118,145 | |||||
Forrester Research Inc. | 1,991 | 71,198 | * | |||||
Heidrick & Struggles International Inc. | 3,512 | 98,231 | ||||||
Kforce Inc. | 1,764 | 96,720 | ||||||
Korn Ferry | 2,547 | 128,929 | ||||||
|
| |||||||
Total Professional Services | 513,223 | |||||||
|
| |||||||
Road & Rail - 1.5% | ||||||||
ArcBest Corp. | 1,706 | 119,488 | ||||||
Covenant Logistics Group Inc. | 2,917 | 100,841 | ||||||
PAM Transportation Services Inc. | 2,559 | 66,278 | * | |||||
U-Haul Holding Co. | 1,578 | 94,980 | ||||||
|
| |||||||
Total Road & Rail | 381,587 | |||||||
|
| |||||||
Trading Companies & Distributors - 1.6% | ||||||||
BlueLinx Holdings Inc. | 1,814 | 128,993 | * | |||||
Boise Cascade Co. | 3,009 | 206,628 | ||||||
Hudson Technologies Inc. | 7,905 | 79,999 | * | |||||
|
| |||||||
Total Trading Companies & Distributors | 415,620 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | 3,869,047 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 12.1% | ||||||||
Communications Equipment - 0.4% | ||||||||
NetScout Systems Inc. | 3,575 | 116,223 | * | |||||
|
| |||||||
Electronic Equipment, Instruments & Components - 2.8% | ||||||||
Belden Inc. | 1,810 | 130,139 | ||||||
Methode Electronics Inc. | 2,831 | 125,611 | ||||||
Sanmina Corp. | 3,158 | 180,922 | * | |||||
TTM Technologies Inc. | 7,847 | 118,333 | * | |||||
Vishay Intertechnology Inc. | 7,492 | 161,602 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 716,607 | |||||||
|
| |||||||
IT Services - 0.7% | ||||||||
Cass Information Systems Inc. | 2,315 | 106,073 | ||||||
Hackett Group Inc. | 4,191 | 85,371 | ||||||
|
| |||||||
Total IT Services | 191,444 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 4.3% | ||||||||
Alpha & Omega Semiconductor Ltd. | 2,695 | 76,996 | * | |||||
Axcelis Technologies Inc. | 1,388 | 110,152 | * | |||||
Cohu Inc. | 3,548 | 113,713 | * | |||||
Kulicke & Soffa Industries Inc. | 2,991 | 132,382 | ||||||
MaxLinear Inc. | 2,729 | 92,650 | * | |||||
NVE Corp. | 1,568 | 101,528 | ||||||
Photronics Inc. | 6,030 | 101,485 | * | |||||
Power Integrations Inc. | 1,675 | 120,131 |
See Notes to Schedule of Investments.
8 | Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Semiconductors & Semiconductor Equipment - (continued) | ||||||||
Semtech Corp. | 2,977 | $ | 85,410 | * | ||||
SiTime Corp. | 847 | 86,072 | * | |||||
SMART Global Holdings Inc. | 5,404 | 80,411 | * | |||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 1,100,930 | |||||||
|
| |||||||
Software - 3.4% | ||||||||
Adeia Inc. | 8,416 | 79,784 | ||||||
American Software Inc., Class A Shares | 4,855 | 71,271 | ||||||
CommVault Systems Inc. | 1,668 | 104,817 | * | |||||
Consensus Cloud Solutions Inc. | 3,194 | 171,710 | * | |||||
CoreCard Corp. | 1,712 | 49,597 | * | |||||
InterDigital Inc. | 2,425 | 119,989 | ||||||
Progress Software Corp. | 2,363 | 119,213 | ||||||
Rimini Street Inc. | 12,961 | 49,381 | * | |||||
Teradata Corp. | 3,383 | 113,872 | * | |||||
|
| |||||||
Total Software | 879,634 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 0.5% | ||||||||
Avid Technology Inc. | 2,422 | 64,401 | * | |||||
Immersion Corp. | 8,556 | 60,149 | * | |||||
|
| |||||||
Total Technology Hardware, Storage & Peripherals | 124,550 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 3,129,388 | |||||||
|
| |||||||
MATERIALS - 4.7% | ||||||||
Chemicals - 2.2% | ||||||||
AdvanSix Inc. | 2,957 | 112,425 | ||||||
American Vanguard Corp. | 4,007 | 86,992 | ||||||
Chase Corp. | 984 | 84,880 | ||||||
Intrepid Potash Inc. | 1,921 | 55,460 | * | |||||
Tronox Holdings PLC | 10,524 | 144,284 | ||||||
Valhi Inc. | 4,024 | 88,528 | ||||||
|
| |||||||
Total Chemicals | 572,569 | |||||||
|
| |||||||
Metals & Mining - 1.5% | ||||||||
Alpha Metallurgical Resources Inc. | 893 | 130,726 | ||||||
TimkenSteel Corp. | 6,218 | 112,981 | * | |||||
Warrior Met Coal Inc. | 3,978 | 137,798 | ||||||
|
| |||||||
Total Metals & Mining | 381,505 | |||||||
|
| |||||||
Paper & Forest Products - 1.0% | ||||||||
Clearwater Paper Corp. | 2,539 | 95,999 | * | |||||
Sylvamo Corp. | 3,413 | 165,838 | ||||||
|
| |||||||
Total Paper & Forest Products | 261,837 | |||||||
|
| |||||||
TOTAL MATERIALS | 1,215,911 | |||||||
|
|
See Notes to Schedule of Investments.
Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
9 |
ROYCE QUANT SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||||||
REAL ESTATE - 1.7% | ||||||||||||
Real Estate Management & Development - 1.7% | ||||||||||||
Douglas Elliman Inc. | 21,417 | $ | 87,167 | |||||||||
Forestar Group Inc. | 8,121 | 125,145 | * | |||||||||
Marcus & Millichap Inc. | 2,820 | 97,149 | ||||||||||
Newmark Group Inc., Class A Shares | 12,269 | 97,784 | ||||||||||
Stratus Properties Inc. | 1,506 | 29,051 | ||||||||||
|
| |||||||||||
TOTAL REAL ESTATE | 436,296 | |||||||||||
|
| |||||||||||
UTILITIES - 0.7% | ||||||||||||
Electric Utilities - 0.7% | ||||||||||||
Genie Energy Ltd., Class B Shares | 7,940 | 82,100 | ||||||||||
Otter Tail Corp. | 1,706 | 100,159 | ||||||||||
|
| |||||||||||
TOTAL UTILITIES | 182,259 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $26,289,550) | 25,738,588 | |||||||||||
|
| |||||||||||
RATE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||||||
Dreyfus Treasury Cash Management, Institutional Class (Cost - $43,685) | 4.168 | % | 43,685 | 43,685 | (e) | |||||||
|
| |||||||||||
TOTAL INVESTMENTS - 100.0% (Cost - $26,333,235) | 25,782,273 | |||||||||||
Other Assets in Excess of Liabilities - 0.0%†† | 12,160 | |||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 25,794,433 | ||||||||||
|
|
†† | Represents less than 0.1%. |
* | Non-income producing security. |
(a) | Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1). |
(b) | Security is valued using significant unobservable inputs (Note 1). |
(c) | Value is less than $1. |
(d) | Restricted security (Note 2). |
(e) | Rate shown is one-day yield as of the end of the reporting period. |
Abbreviation(s) used in this schedule:
CVR | — Contingent Value Rights |
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
10 | Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Royce Quant Small-Cap Quality Value ETF (the “Fund”) is a separate diversified investment series of Legg Mason ETF Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.
Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are issued and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.
The Fund seeks to achieve long-term growth of capital.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each
11 |
Notes to Schedule of Investments (unaudited) (cont’d)
fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.
Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
12 |
Notes to Schedule of Investments (unaudited) (cont’d)
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
• | Level 1 – unadjusted quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
ASSETS | ||||||||||||||||
DESCRIPTION | QUOTED PRICES (LEVEL 1) | OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | TOTAL | ||||||||||||
Long-Term Investments†: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | $ | 4,387,599 | — | $ | 801 | $ | 4,388,400 | |||||||||
Health Care | 4,116,781 | — | 0 | * | 4,116,781 | |||||||||||
Other Common Stocks | 17,233,407 | — | — | 17,233,407 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 25,737,787 | — | 801 | 25,738,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | 43,685 | — | — | 43,685 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 25,781,472 | — | $ | 801 | $ | 25,782,273 | |||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
* | Amount represents less than $1. |
13 |
Notes to Schedule of Investments (unaudited) (cont’d)
2. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are valued in good faith in accordance with procedures approved by the Board of Trustees.
Security | Number of Shares | Acquisition Date | Cost | Fair Value at 12/31/2022 | Value Per Share | Percent of Net Assets | ||||||||||||||||||
OmniAb Inc., $12.50 EARNOUT | 298 | 11/2 | $ | 0 | (a) | $ | 0 | (a) | $ | 0.00 | (b) | 0.00 | (c)% | |||||||||||
OmniAb Inc., $15.00 EARNOUT | 298 | 11/2 | 0 | (a) | 0 | (a) | 0.00 | (b) | 0.00 | (c) |
(a) | Amount represents less than $1. |
(b) | Amount represents less than $0.005 per share. |
(c) | Amount represents less than 0.005%. |
14 |