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Managed Fund Since 2017
Equity Active
SQLV Royce Quant Small-Cap Quality Value ETF
- Focus on quality and value. Emphasizes high-profitability companies (Quality) selling at attractive valuations (Value) to identify the most promising investment opportunities.
- Proprietary approach. Uses a proprietary, multi-factor scoring system that scores companies at the sector level and sizes positions using a fundamental weight.
- Small-cap expertise. Draws on decades of insights from highly regarded small-cap practitioners to create a robust and well-informed investment strategy.
Popular Documents
Total Net Assets
$23.82M
As of 12/09/2025 (Updated Daily)
Overview
Fund Facts
Fund description
The fund seeks to achieve long-term growth of capital. The fund primarily invests in equity securities of small-capitalization companies that are traded in the United States and meet certain criteria using a proprietary methodology created by the fund's subadviser. Royce uses a quantitative investment process that seeks to identify stocks with lower than average valuation, higher than average profitability, and higher than average debt coverage (i.e., available cash flow to pay current debt obligations) as compared with other stocks included in the investment universe while maintaining a comparable risk profile.
- Benchmark
- Russell 2000 Index
- Dividend Frequency, if any
- Quarterly
- Fund Inception Date
- 07/12/2017
- Listing Exchange
- NASDAQ - XNMS
- Distribution Rate at NAV
7 As of 12/09/2025 (Updated Daily) - 1.08%
Identifiers
- Ticker
- SQLV
- IOPV / IIV Ticker
10 - SQLV.IV
- Benchmark Ticker
- RTY
- CUSIP Code
- 52468L877
Average Annual Total Returns As of 11/30/2025
Fund
- -5.05%1 Year
- 6.35%3 Years
- 10.77%5 Years
- —10 Years
- 7.80%Since Inception
07/12/2017
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 11/30/2025 Equity as a % of Total (Updated Monthly)
Financials21.34% | |
Health Care19.68% | |
Industrials13.71% | |
Consumer Discretionary13.19% | |
Information Technology10.10% |
Additional Fund Info
- Fiscal Year End
- March 31
- Trustee
- The Bank of New York Mellon
- Morningstar Category
3 - Small Value
- Lipper Classification
- Small-Cap Core Funds
Trading Characteristics
- Creation/Redemption Fee (estimated)
- $550
- Creation Unit Size (Number of Shares)
- 50,000
- Shares Outstanding
- 550,000
- Daily Volume
- 2,287
- 20-Day Average Volume
- 1725.40
Manager and Commentary
About the Team
Royce Investment
Royce Investment Partners specializes in small-cap investing, managing both U.S. and international portfolios for individual investors, financial advisors, and institutions. The firm is generally regarded as a pioneer in small-cap investing. Focusing on this distinctive asset class for more than 45 years has given Royce an unparalleled domain knowledge of the small-company investment universe.
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Managed Fund Since 2017
Latest Insights
October 14, 2025
October 6, 2025
September 8, 2025
Performance
Calendar Year Returns
As of 11/30/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns are based on Market Price or NAV, assume the reinvestment of all distributions and the deduction of all Fund expenses. Performance would have been lower if expenses had not been waived in various periods. Returns for periods of less than one year are not annualized.
Royce Quant Small-Cap Quality Value ETF - Market Price Return (%)
Royce Quant Small-Cap Quality Value ETF - NAV Return (%)
Russell 2000 Index (%)
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of12/09/2025 (Updated Daily)
- Total Net Assets
- $23.82 Million
Positions
As of 11/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 285
- Benchmark
- 1,951
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Weighted Average Market Capitalization (USD)
- Fund
- $1.90 Billion
- Benchmark
- $4.60 Billion
- Fund
- 10.85x
- Benchmark
- 16.87x
- Fund
- 7.54x
- Benchmark
- 13.25x
- Fund
- $1.50 Billion
- Benchmark
- $3.50 Billion
- Fund
- 1.96x
- Benchmark
- 3.06x
Market Capitalization Allocation
As of 11/30/2025 % of Equity (Updated Monthly)
| Market Capitalization | Fund |
|---|---|
| <0.75 Billion | 29.41% |
| 0.75-1 Billion | 6.42% |
| 1-2.5 Billion | 32.73% |
| 2.5-5 Billion | 27.99% |
| 5-10 Billion | 3.45% |
Holdings
As of 12/09/2025 (Updated Daily)
TEGNA INC
FRESH DEL MONTE PRODUCE INC
VICTORY CAPITAL HOLDING - A
FEDERATED HERMES INC
MURPHY OIL CORP
BUCKLE INC/THE
DXC TECHNOLOGY CO
INTERNATIONAL BANCSHARES CRP
SALLY BEAUTY HOLDINGS INC
LCI INDUSTRIES
Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.
Distributions & Tax
Federal ID Number 82-0914214
For information on tax years prior to 2008, please contact usThese amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.
Distributions per Share ($)
Mar 19
Jun 17
Sep 16
Dec 16
Supplemental Tax Information
- Foreign Source Income
- —
- Foreign Source Qualified Dividends
- —
- Direct U.S. Government Obligations
- —
- Specified Private Activity Bond Interest
- —
- Dividends Received Deduction
- 100.00%
- Section 163(j)
- —
- Indiana Resident Taxable Income
- —
- Utah Resident Taxable Income
- —
Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
Pricing
Pricing History
As of 12/09/2025 (Updated Daily)
Daily Fund Prices
As of 12/09/2025
Share Prices
As of 12/09/2025
52-Week Range
- Highest NAV
- $45.40
- Lowest NAV
- $33.30
- Highest Market Price
- $45.46
- Lowest Market Price
- $33.37
Premium / Discount
As of 12/09/2025
- 30-Day Median Bid/Ask Spread
- 0.14%
- Bid / Ask Spread
- $0.14
- Avg. of Market Price vs. NAV at Close
11 - -0.05%
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Royce Quant Small-Cap Quality Value ETF |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Royce Quant Small-Cap Quality Value ETF - Single Class | |||
| Annual Financial Statements and Other Information - Royce Quant Small-Cap Quality Value ETF | |||
| Semi-Annual Report - Royce Quant Small-Cap Quality Value ETF - Single Class | |||
| Semi-Annual Financial Statements and Other Information - Royce Quant Small-Cap Quality Value ETF | |||
| Prospectus - Royce Quant Small-Cap Quality Value ETF | |||
| Summary Prospectus - Royce Quant Small-Cap Quality Value ETF | |||
| Statement of Additional Information - Royce Quant Small-Cap Quality Value ETF | |||
| Fiscal Q1 Holdings - Royce Quant Small-Cap Quality Value ETF | |||
| Fiscal Q3 Holdings - Royce Quant Small-Cap Quality Value ETF | |||
| Distribution Reclassifications (2018) | |||
| Qualified Dividend Income Percentage for Individual Shareholders (2017) | |||
| Qualified Dividend Income Percentage for Individual Shareholders (2018) |
Risks
All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. There is no assurance that the quantitative methodology used will achieve its intended results. When the fund’s size is small, the fund may experience low trading volume and wide bid/ask spreads. These and other risks are discussed in the fund’s prospectus.
Important Information
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.
Franklin Templeton, its affiliated companies, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
ETFs trade like stocks, fluctuate in market value and may trade at prices above or below their net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF shares may be bought or sold throughout the day at their market price (MP), not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market. Prior to trading in the secondary market, shares of the fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units. Each "creator" or "Authorized Participant" enters into an authorized participant agreement with Franklin Distributors, LLC. Only an Authorized Participant may create or redeem Creation Units directly with the fund. Retail investors buy and sell shares of ETFs at market price (not NAV) in the secondary market throughout the trading day. These shares are not individually available for purchase or redemption directly from the ETF.
Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares.
Redemption payments will be effected within the specified number of calendar days following the date on which a request for redemption in proper form is made. For more information, please see the ETF’s statement of additional information (SAI) which can be found on the fund’s webpage.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.
Retail investors buy and sell shares of ETFs at market price (not NAV) in the secondary market throughout the trading day. These shares are not individually available for purchase or redemption directly from the ETF.
Authorized participants ("APs") may acquire shares in the primary market directly from the ETFs and may tender their shares for redemption directly to the ETFs, at net asset value per share only in Creation Units or Creation Unit Aggregations. Once created, shares of the funds generally trade in the secondary market in amounts less than a Creation Unit.
Exchange Traded Funds (ETFs) — A type of investment company which is bought and sold on a securities exchange. ETFs generally represent a portfolio of securities, derivative instruments, currencies or commodities. The risks of owning an ETF generally reflect the risks of owning the underlying securities or commodities the ETF is designed to track. ETFs also have management fees and operating expenses that increase their costs.
Franklin Resources, Inc., its specialized investment managers, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.