Schedule of Investments (unaudited)June 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Common Stocks — 99.8% | |||||
Communication Services — 5.2% | |||||
Diversified Telecommunication Services — 0.5% | |||||
Iridium Communications Inc. | 4,875 | $129,773 | |||
Entertainment — 0.7% | |||||
Playstudios Inc. | 36,139 | 74,808 * | |||
Vivid Seats Inc., Class A Shares | 18,034 | 103,695 * | |||
Total Entertainment | 178,503 | ||||
Interactive Media & Services — 1.6% | |||||
Shutterstock Inc. | 2,557 | 98,956 | |||
Travelzoo | 3,906 | 29,646 * | |||
Yelp Inc. | 3,339 | 123,376 * | |||
Ziff Davis Inc. | 2,222 | 122,321 * | |||
ZipRecruiter Inc., Class A Shares | 8,141 | 74,002 * | |||
Total Interactive Media & Services | 448,301 | ||||
Media — 2.0% | |||||
Entravision Communications Corp., Class A Shares | 72,303 | 146,775 | |||
Magnite Inc. | 10,260 | 136,356 * | |||
TEGNA Inc. | 12,830 | 178,850 | |||
Thryv Holdings Inc. | 4,804 | 85,607 * | |||
Total Media | 547,588 | ||||
Wireless Telecommunication Services — 0.4% | |||||
Spok Holdings Inc. | 5,297 | 78,448 | |||
SurgePays Inc. | 6,541 | 20,866 * | |||
Total Wireless Telecommunication Services | 99,314 | ||||
Total Communication Services | 1,403,479 | ||||
Consumer Discretionary — 12.2% | |||||
Diversified Consumer Services — 1.1% | |||||
Perdoceo Education Corp. | 6,935 | 148,548 | |||
Stride Inc. | 2,190 | 154,395 * | |||
Total Diversified Consumer Services | 302,943 | ||||
Hotels, Restaurants & Leisure — 1.3% | |||||
Monarch Casino & Resort Inc. | 1,771 | 120,658 | |||
Target Hospitality Corp. | 11,807 | 102,839 * | |||
United Parks & Resorts Inc. | 2,499 | 135,721 * | |||
Total Hotels, Restaurants & Leisure | 359,218 | ||||
Household Durables — 2.0% | |||||
Cricut Inc., Class A Shares | 30,470 | 182,515 | |||
Hamilton Beach Brands Holding Co., Class A Shares | 4,364 | 75,017 | |||
Hooker Furnishings Corp. | 4,118 | 59,629 | |||
Smith Douglas Homes Corp. | 4,203 | 98,266 * | |||
Worthington Enterprises Inc. | 2,822 | 133,565 | |||
Total Household Durables | 548,992 | ||||
Leisure Products — 1.8% | |||||
AMMO Inc. | 32,408 | 54,446 * | |||
JAKKS Pacific Inc. | 3,515 | 62,954 * | |||
Latham Group Inc. | 38,671 | 117,173 * |
See Notes to Schedule of Investments.
1
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)June 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Leisure Products — continued | |||||
Marine Products Corp. | 9,293 | $93,859 | |||
MasterCraft Boat Holdings Inc. | 4,449 | 83,997 * | |||
Solo Brands Inc., Class A Shares | 36,972 | 84,296 * | |||
Total Leisure Products | 496,725 | ||||
Specialty Retail — 4.3% | |||||
1-800-Flowers.com Inc., Class A Shares | 10,846 | 103,254 * | |||
Academy Sports & Outdoors Inc. | 3,374 | 179,666 | |||
Buckle Inc. | 4,933 | 182,225 | |||
Build-A-Bear Workshop Inc. | 3,881 | 98,073 | |||
CarParts.com Inc. | 43,815 | 43,815 * | |||
Destination XL Group Inc. | 23,662 | 86,130 * | |||
Lands’ End Inc. | 11,299 | 153,553 * | |||
ODP Corp. | 3,308 | 129,905 * | |||
PetMed Express Inc. | 20,247 | 82,000 | |||
Winmark Corp. | 295 | 104,026 | |||
Total Specialty Retail | 1,162,647 | ||||
Textiles, Apparel & Luxury Goods — 1.7% | |||||
Carter’s Inc. | 2,000 | 123,940 | |||
G-III Apparel Group Ltd. | 4,878 | 132,047 * | |||
Superior Group of Cos. Inc. | 6,555 | 123,955 | |||
Vera Bradley Inc. | 11,837 | 74,100 * | |||
Total Textiles, Apparel & Luxury Goods | 454,042 | ||||
Total Consumer Discretionary | 3,324,567 | ||||
Consumer Staples — 4.2% | |||||
Consumer Staples Distribution & Retail — 0.7% | |||||
Andersons Inc. | 3,694 | 183,222 | |||
Food Products — 1.7% | |||||
Cal-Maine Foods Inc. | 3,021 | 184,613 | |||
Fresh Del Monte Produce Inc. | 6,790 | 148,362 | |||
John B Sanfilippo & Son Inc. | 1,234 | 119,908 | |||
Total Food Products | 452,883 | ||||
Personal Care Products — 1.3% | |||||
Medifast Inc. | 3,889 | 84,858 | |||
Nature’s Sunshine Products Inc. | 4,985 | 75,124 * | |||
Olaplex Holdings Inc. | 67,782 | 104,384 * | |||
USANA Health Sciences Inc. | 2,251 | 101,835 * | |||
Total Personal Care Products | 366,201 | ||||
Tobacco — 0.5% | |||||
Vector Group Ltd. | 14,466 | 152,906 | |||
Total Consumer Staples | 1,155,212 | ||||
Energy — 7.6% | |||||
Energy Equipment & Services — 2.3% | |||||
Cactus Inc., Class A Shares | 2,921 | 154,054 | |||
ProFrac Holding Corp., Class A Shares | 17,686 | 131,053 * | |||
Ranger Energy Services Inc. | 7,648 | 80,457 |
See Notes to Schedule of Investments.
2
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Energy Equipment & Services — continued | |||||
RPC Inc. | 17,130 | $107,063 | |||
Select Water Solutions Inc., Class A Shares | 13,530 | 144,771 | |||
Total Energy Equipment & Services | 617,398 | ||||
Oil, Gas & Consumable Fuels — 5.3% | |||||
CONSOL Energy Inc. | 2,067 | 210,896 * | |||
CVR Energy Inc. | 7,295 | 195,287 | |||
Delek U.S. Holdings Inc. | 7,908 | 195,802 | |||
International Seaways Inc. | 3,346 | 197,849 | |||
Overseas Shipholding Group Inc., Class A Shares | 15,062 | 127,726 | |||
Par Pacific Holdings Inc. | 4,583 | 115,721 * | |||
Peabody Energy Corp. | 8,287 | 183,308 | |||
REX American Resources Corp. | 2,368 | 107,957 * | |||
SandRidge Energy Inc. | 8,744 | 113,060 | |||
Total Oil, Gas & Consumable Fuels | 1,447,606 | ||||
Total Energy | 2,065,004 | ||||
Financials — 18.0% | |||||
Banks — 10.4% | |||||
Axos Financial Inc. | 2,821 | 161,220 * | |||
Cathay General Bancorp | 4,615 | 174,078 | |||
Civista Bancshares Inc. | 6,323 | 97,943 | |||
Eastern Bankshares Inc. | 12,943 | 180,943 | |||
Evans Bancorp Inc. | 2,783 | 78,230 | |||
Financial Institutions Inc. | 5,374 | 103,826 | |||
First Financial Corp. | 2,840 | 104,739 | |||
Hanmi Financial Corp. | 8,090 | 135,265 | |||
Home Bancorp Inc. | 863 | 34,529 | |||
International Bancshares Corp. | 3,249 | 185,875 | |||
Macatawa Bank Corp. | 9,430 | 137,678 | |||
MainStreet Bancshares Inc. | 4,208 | 74,608 | |||
Mercantile Bank Corp. | 3,031 | 122,968 | |||
Metropolitan Bank Holding Corp. | 2,544 | 107,077 * | |||
Midland States Bancorp Inc. | 5,069 | 114,813 | |||
Northeast Bank | 1,604 | 97,619 | |||
Northeast Community Bancorp Inc. | 5,433 | 96,816 | |||
Old Second Bancorp Inc. | 7,803 | 115,562 | |||
Parke Bancorp Inc. | 5,341 | 92,933 | |||
Preferred Bank | 1,736 | 131,051 | |||
Premier Financial Corp. | 6,738 | 137,860 | |||
S&T Bancorp Inc. | 4,698 | 156,866 | |||
South Plains Financial Inc. | 3,662 | 98,874 | |||
Unity Bancorp Inc. | 3,144 | 92,968 | |||
Total Banks | 2,834,341 | ||||
Capital Markets — 4.0% | |||||
Artisan Partners Asset Management Inc., Class A Shares | 4,436 | 183,074 | |||
AssetMark Financial Holdings Inc. | 3,529 | 121,927 * | |||
Brightsphere Investment Group Inc. | 3,593 | 79,657 |
See Notes to Schedule of Investments.
3
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)June 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Capital Markets — continued | |||||
Cohen & Steers Inc. | 2,192 | $159,051 | |||
Diamond Hill Investment Group Inc. | 746 | 104,999 | |||
Donnelley Financial Solutions Inc. | 1,664 | 99,208 * | |||
Federated Hermes Inc. | 4,732 | 155,588 | |||
Victory Capital Holdings Inc., Class A Shares | 3,983 | 190,109 | |||
Total Capital Markets | 1,093,613 | ||||
Consumer Finance — 1.6% | |||||
Bread Financial Holdings Inc. | 6,059 | 269,989 | |||
PROG Holdings Inc. | 4,275 | 148,257 | |||
Total Consumer Finance | 418,246 | ||||
Financial Services — 1.7% | |||||
Cass Information Systems Inc. | 2,023 | 81,062 | |||
International Money Express Inc. | 4,409 | 91,884 * | |||
NMI Holdings Inc., Class A Shares | 4,864 | 165,570 * | |||
Payoneer Global Inc. | 24,085 | 133,431 * | |||
Total Financial Services | 471,947 | ||||
Insurance — 0.3% | |||||
American Coastal Insurance Corp. | 7,759 | 81,857 * | |||
Total Financials | 4,900,004 | ||||
Health Care — 18.1% | |||||
Biotechnology — 2.6% | |||||
Anika Therapeutics Inc. | 2,752 | 69,708 * | |||
Arcturus Therapeutics Holdings Inc. | 1,882 | 45,827 * | |||
Catalyst Pharmaceuticals Inc. | 5,473 | 84,777 * | |||
Dynavax Technologies Corp. | 9,066 | 101,811 * | |||
Eagle Pharmaceuticals Inc. | 13,821 | 77,397 * | |||
Entrada Therapeutics Inc. | 5,617 | 80,042 * | |||
Ironwood Pharmaceuticals Inc. | 12,692 | 82,752 * | |||
MiMedx Group Inc. | 8,370 | 58,004 * | |||
Puma Biotechnology Inc. | 11,738 | 38,266 * | |||
Voyager Therapeutics Inc. | 7,458 | 58,993 * | |||
Total Biotechnology | 697,577 | ||||
Health Care Equipment & Supplies — 5.9% | |||||
AngioDynamics Inc. | 14,935 | 90,357 * | |||
Atrion Corp. | 207 | 93,653 | |||
Avanos Medical Inc. | 5,968 | 118,883 * | |||
Envista Holdings Corp. | 7,975 | 132,624 * | |||
Haemonetics Corp. | 1,566 | 129,555 * | |||
Integer Holdings Corp. | 1,140 | 132,001 * | |||
Integra LifeSciences Holdings Corp. | 3,911 | 113,967 * | |||
iRadimed Corp. | 1,669 | 73,336 | |||
LeMaitre Vascular Inc. | 1,395 | 114,781 | |||
Omnicell Inc. | 4,545 | 123,033 * | |||
OraSure Technologies Inc. | 11,848 | 50,472 * | |||
Semler Scientific Inc. | 1,841 | 63,330 * | |||
STAAR Surgical Co. | 2,226 | 105,980 * |
See Notes to Schedule of Investments.
4
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Health Care Equipment & Supplies — continued | |||||
Tactile Systems Technology Inc. | 4,586 | $54,757 * | |||
Utah Medical Products Inc. | 1,089 | 72,756 | |||
Varex Imaging Corp. | 6,036 | 88,910 * | |||
Zynex Inc. | 4,944 | 46,078 * | |||
Total Health Care Equipment & Supplies | 1,604,473 | ||||
Health Care Providers & Services — 3.0% | |||||
Addus HomeCare Corp. | 1,140 | 132,365 * | |||
Astrana Health Inc. | 3,028 | 122,816 * | |||
CorVel Corp. | 403 | 102,471 * | |||
Cross Country Healthcare Inc. | 6,571 | 90,943 * | |||
National Research Corp. | 2,360 | 54,162 | |||
Owens & Minor Inc. | 7,085 | 95,647 * | |||
Pediatrix Medical Group Inc. | 13,544 | 102,257 * | |||
PetIQ Inc. | 5,630 | 124,198 * | |||
Total Health Care Providers & Services | 824,859 | ||||
Health Care Technology — 0.3% | |||||
HealthStream Inc. | 3,271 | 91,261 | |||
Life Sciences Tools & Services — 0.7% | |||||
Cytek Biosciences Inc. | 11,350 | 63,333 * | |||
Maravai LifeSciences Holdings Inc., Class A Shares | 16,437 | 117,689 * | |||
OmniAb Inc., $12.50 EARNOUT | 298 | 0 *(a)(b)(c)(d) | |||
OmniAb Inc., $15.00 EARNOUT | 298 | 0 *(a)(b)(c)(d) | |||
Total Life Sciences Tools & Services | 181,022 | ||||
Pharmaceuticals — 5.6% | |||||
Amphastar Pharmaceuticals Inc. | 2,446 | 97,840 * | |||
ANI Pharmaceuticals Inc. | 1,311 | 83,484 * | |||
Assertio Holdings Inc. | 75,809 | 94,003 * | |||
Biote Corp., Class A Shares | 14,290 | 106,746 * | |||
Collegium Pharmaceutical Inc. | 2,829 | 91,094 * | |||
Corcept Therapeutics Inc. | 4,472 | 145,295 * | |||
Harmony Biosciences Holdings Inc. | 3,633 | 109,608 * | |||
Innoviva Inc. | 8,281 | 135,808 * | |||
Journey Medical Corp. | 12,654 | 71,369 * | |||
Ligand Pharmaceuticals Inc. | 1,431 | 120,576 * | |||
Pacira BioSciences Inc. | 3,795 | 108,575 * | |||
Phibro Animal Health Corp., Class A Shares | 8,336 | 139,795 | |||
Prestige Consumer Healthcare Inc. | 1,900 | 130,815 * | |||
Supernus Pharmaceuticals Inc. | 3,568 | 95,444 * | |||
Total Pharmaceuticals | 1,530,452 | ||||
Total Health Care | 4,929,644 | ||||
Industrials — 14.2% | |||||
Aerospace & Defense — 0.7% | |||||
National Presto Industries Inc. | 1,509 | 113,371 | |||
Park Aerospace Corp. | 5,356 | 73,270 | |||
Total Aerospace & Defense | 186,641 |
See Notes to Schedule of Investments.
5
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)June 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Air Freight & Logistics — 0.9% | |||||
Hub Group Inc. , Class A Shares | 3,550 | $152,828 | |||
Radiant Logistics Inc. | 17,871 | 101,686 * | |||
Total Air Freight & Logistics | 254,514 | ||||
Building Products — 1.9% | |||||
Gibraltar Industries Inc. | 1,611 | 110,434 * | |||
Insteel Industries Inc. | 3,528 | 109,227 | |||
Masterbrand Inc. | 13,368 | 196,242 * | |||
Quanex Building Products Corp. | 3,354 | 92,738 | |||
Total Building Products | 508,641 | ||||
Commercial Services & Supplies — 2.2% | |||||
Civeo Corp. | 3,931 | 97,961 | |||
Ennis Inc. | 5,599 | 122,562 | |||
Liquidity Services Inc. | 4,643 | 92,767 * | |||
Quad/Graphics Inc. | 24,231 | 132,059 | |||
Steelcase Inc., Class A Shares | 11,895 | 154,159 | |||
Total Commercial Services & Supplies | 599,508 | ||||
Construction & Engineering — 1.1% | |||||
Argan Inc. | 2,183 | 159,708 | |||
Sterling Infrastructure Inc. | 1,177 | 139,286 * | |||
Total Construction & Engineering | 298,994 | ||||
Electrical Equipment — 1.1% | |||||
NEXTracker Inc., Class A Shares | 2,534 | 118,794 * | |||
Powell Industries Inc. | 685 | 98,229 | |||
Preformed Line Products Co. | 747 | 93,031 | |||
Total Electrical Equipment | 310,054 | ||||
Ground Transportation — 0.9% | |||||
Avis Budget Group Inc. | 1,661 | 173,608 | |||
Hertz Global Holdings Inc. | 24,515 | 86,538 * | |||
Total Ground Transportation | 260,146 | ||||
Machinery — 2.2% | |||||
Atmus Filtration Technologies Inc. | 4,495 | 129,366 * | |||
Commercial Vehicle Group Inc. | 14,648 | 71,775 * | |||
Omega Flex Inc. | 1,193 | 61,177 | |||
Terex Corp. | 2,914 | 159,804 | |||
Titan International Inc. | 9,175 | 67,987 * | |||
Wabash National Corp. | 4,703 | 102,713 | |||
Total Machinery | 592,822 | ||||
Passenger Airlines — 0.6% | |||||
SkyWest Inc. | 1,894 | 155,441 * | |||
Professional Services — 1.5% | |||||
Kforce Inc. | 1,718 | 106,739 | |||
Korn Ferry | 2,540 | 170,536 | |||
RCM Technologies Inc. | 2,257 | 42,251 * | |||
Resources Connection Inc. | 8,345 | 92,129 | |||
Total Professional Services | 411,655 |
See Notes to Schedule of Investments.
6
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Trading Companies & Distributors — 1.1% | |||||
BlueLinx Holdings Inc. | 1,241 | $115,525 * | |||
Global Industrial Co. | 2,802 | 87,871 | |||
Karat Packaging Inc. | 2,963 | 87,645 | |||
Total Trading Companies & Distributors | 291,041 | ||||
Total Industrials | 3,869,457 | ||||
Information Technology — 14.6% | |||||
Communications Equipment — 1.4% | |||||
Extreme Networks Inc. | 9,631 | 129,537 * | |||
Lantronix Inc. | 14,207 | 50,435 * | |||
NETGEAR Inc. | 6,720 | 102,816 * | |||
NetScout Systems Inc. | 5,769 | 105,515 * | |||
Total Communications Equipment | 388,303 | ||||
Electronic Equipment, Instruments & Components — 4.6% | |||||
Bel Fuse Inc., Class B Shares | 1,725 | 112,539 | |||
Climb Global Solutions Inc. | 1,113 | 69,908 | |||
CTS Corp. | 2,422 | 122,626 | |||
Daktronics Inc. | 8,965 | 125,062 * | |||
ePlus Inc. | 1,517 | 111,773 * | |||
IPG Photonics Corp. | 1,655 | 139,665 * | |||
M-Tron Industries Inc. | 886 | 31,196 * | |||
PC Connection Inc. | 2,129 | 136,682 | |||
Sanmina Corp. | 2,682 | 177,682 * | |||
Vishay Intertechnology Inc. | 7,265 | 162,009 | |||
Vishay Precision Group Inc. | 2,400 | 73,056 * | |||
Total Electronic Equipment, Instruments & Components | 1,262,198 | ||||
IT Services — 1.4% | |||||
DXC Technology Co. | 10,642 | 203,156 * | |||
Hackett Group Inc. | 3,674 | 79,799 | |||
Unisys Corp. | 20,153 | 83,232 * | |||
Total IT Services | 366,187 | ||||
Semiconductors & Semiconductor Equipment — 1.7% | |||||
Cohu Inc. | 3,668 | 121,411 * | |||
inTEST Corp. | 5,279 | 52,157 * | |||
NVE Corp. | 1,015 | 75,810 | |||
Photronics Inc. | 4,117 | 101,566 * | |||
SMART Global Holdings Inc. | 5,013 | 114,647 * | |||
Total Semiconductors & Semiconductor Equipment | 465,591 | ||||
Software — 4.8% | |||||
A10 Networks Inc. | 6,423 | 88,958 | |||
Adeia Inc. | 13,283 | 148,570 | |||
American Software Inc., Class A Shares | 7,768 | 70,922 | |||
Box Inc., Class A Shares | 3,605 | 95,316 * | |||
Clear Secure Inc., Class A Shares | 6,171 | 115,459 | |||
Consensus Cloud Solutions Inc. | 12,149 | 208,720 * | |||
CoreCard Corp. | 4,329 | 63,160 * | |||
InterDigital Inc. | 1,301 | 151,645 |
See Notes to Schedule of Investments.
7
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)June 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security | Shares | Value | |||
Software — continued | |||||
Mitek Systems Inc. | 6,492 | $72,581 * | |||
Porch Group Inc. | 29,614 | 44,717 * | |||
Progress Software Corp. | 2,418 | 131,201 | |||
Teradata Corp. | 3,635 | 125,626 * | |||
Total Software | 1,316,875 | ||||
Technology Hardware, Storage & Peripherals — 0.7% | |||||
CPI Card Group Inc. | 3,622 | 98,700 * | |||
Immersion Corp. | 9,696 | 91,239 | |||
Total Technology Hardware, Storage & Peripherals | 189,939 | ||||
Total Information Technology | 3,989,093 | ||||
Materials — 3.8% | |||||
Chemicals — 1.2% | |||||
Core Molding Technologies Inc. | 3,749 | 59,759 * | |||
Hawkins Inc. | 1,493 | 135,863 | |||
LSB Industries Inc. | 15,270 | 124,909 * | |||
Total Chemicals | 320,531 | ||||
Metals & Mining — 1.4% | |||||
Arch Resources Inc. | 1,215 | 184,959 | |||
Olympic Steel Inc. | 1,859 | 83,339 | |||
Ryerson Holding Corp. | 5,183 | 101,069 | |||
Total Metals & Mining | 369,367 | ||||
Paper & Forest Products — 1.2% | |||||
Clearwater Paper Corp. | 3,062 | 148,415 * | |||
Sylvamo Corp. | 2,677 | 183,642 | |||
Total Paper & Forest Products | 332,057 | ||||
Total Materials | 1,021,955 | ||||
Real Estate — 0.9% | |||||
Real Estate Management & Development — 0.9% | |||||
Forestar Group Inc. | 3,451 | 110,398 * | |||
RMR Group Inc., Class A Shares | 5,794 | 130,944 | |||
Total Real Estate | 241,342 | ||||
Utilities — 1.0% | |||||
Electric Utilities — 1.0% | |||||
ALLETE Inc. | 3,141 | 195,841 | |||
Genie Energy Ltd., Class B Shares | 6,016 | 87,954 | |||
Total Utilities | 283,795 | ||||
Total Investments before Short-Term Investments (Cost — $27,793,180) | 27,183,552 | ||||
Rate | |||||
Short-Term Investments — 0.2% | |||||
Dreyfus Treasury Obligations Cash Management Fund, Institutional Class (Cost — $60,580) | 5.190% | 60,580 | 60,580 (e) | ||
Total Investments — 100.0% (Cost — $27,853,760) | 27,244,132 | ||||
Liabilities in Excess of Other Assets — (0.0)%†† | (6,571 ) | ||||
Total Net Assets — 100.0% | $27,237,561 |
See Notes to Schedule of Investments.
8
Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
Royce Quant Small-Cap Quality Value ETF
†† | Represents less than 0.1%. |
* | Non-income producing security. |
(a) | Security is fair valued 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. |
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.
9
Royce Quant Small-Cap Quality Value ETF 2024 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 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
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Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report
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.
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:
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Level 1 — unadjusted quoted prices in active markets for identical investments
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Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
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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: | ||||
Health Care | $4,929,644 | — | $0 * | $4,929,644 |
Other Common Stocks | 22,253,908 | — | — | 22,253,908 |
Total Long-Term Investments | 27,183,552 | — | 0 * | 27,183,552 |
Short-Term Investments† | 60,580 | — | — | 60,580 |
Total Investments | $27,244,132 | — | $0 * | $27,244,132 |
† | See Schedule of Investments for additional detailed categorizations. |
* | Amount represents less than $1. |
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 6/30/2024 | Value Per Share | Percent of Net Assets |
OmniAb Inc., $12.50 EARNOUT, Common Shares | 298 | 11/22 | $0 (a) | $0 (a) | $0.00 (b) | 0.00 (c) % |
OmniAb Inc., $15.00 EARNOUT, Common Shares | 298 | 11/22 | 0 (a) | 0 (a) | 0.00 (b) | 0.00 (c) |
$0 (a) | $0 (a) | 0.00 (c)% |
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Royce Quant Small-Cap Quality Value ETF 2024 Quarterly Report