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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.

Overview

See the risks and other important information.

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
30-Day SEC Yield—With Waiver^3,4,5As of 02/28/2026 (Updated Monthly): 0.90%
30-Day SEC Yield—Without Waiver^4,5As of 02/28/2026 (Updated Monthly): 0.90%
Distribution Rate at NAV⁶As of 03/31/2026 (Updated Daily): 1.04%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁷: 0.60%
Net Expense Ratio^7,8: 0.60%

Identifiers

Ticker: SQLV
IOPV / IIV Ticker⁹: SQLV.IV
Benchmark Ticker: RTY
CUSIP Code: 52468L877

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Fund

Market Price Return

NAV Return

14.49%1 Year
7.61%3 Years
7.23%5 Years
—10 Years
8.43%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

View portfolio section for additional info

As of 02/28/2026 Equity as a % of Total (Updated Monthly)

Top Sectors
Financials21.73%
Health Care17.76%
Consumer Discretionary16.34%
Industrials12.85%
Information Technology11.13%

Additional Fund Info

Fiscal Year End: March 31
Morningstar Category¹⁰: Small Value
Trustee: The Bank of New York Mellon
Lipper Classification: Small-Cap Core Funds

Trading Characteristics

As of 03/31/2026 (Updated Daily)

Creation/Redemption Fee (estimated): $550
Creation Unit Size (Number of Shares): 50,000
Shares Outstanding: 550,000
Daily Volume: 709
20-Day Average Volume: 1215.15

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.

Managed Fund Since 2017

Latest Insights

March 18, 2026

US small caps roll on amid increased volatility

February 16, 2026

Five factors that can drive US small-cap earnings growth

February 5, 2026

When will US small-caps reach the summit?

January 8, 2026

The Royce Roundtable: US small-caps looking strong in 2026

Performance

Average Annual Total Returns

As of 02/28/2026

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.

Month End

Quarter End

As of

Royce Quant Small-Cap Quality Value ETF - Market Price Return (%)

Month End

As of 02/28/2026

Royce Quant Small-Cap Quality Value ETF - NAV Return (%)

Month End

As of 02/28/2026

Russell 2000 Index (%)

Month End

As of 02/28/2026

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 2 out of 5 stars
460 Funds in category

5 Years: 5 Years: 2 out of 5 stars
438 Funds in category

10 Years: —

Rating Category: Small Value

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 02/28/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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 of03/31/2026 (Updated Daily)

Total Net Assets: $24.26 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 289
Benchmark: 1,931

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Weighted Average Market Capitalization (USD)

Fund: $2.08 Billion
Benchmark: $5.17 Billion

Price to Earnings (12-Month Forward)

Fund: 11.04x
Benchmark: 16.45x

Price to Earnings (12-Month Trailing)

Fund: 14.16x
Benchmark: 18.91x

Median Market Cap (USD)
The weighted median is calculated by first ranking all of the companies in the specified universe in ascending order based on the specified formula. All of the weights for the companies are summed. Then, the function steps through the sorted list while keeping a running total of the weights. The value returned by the function as the weighted median value is that belonging to the company straddling the 50% barrier.

Fund: $1.79 Billion
Benchmark: $3.84 Billion

Price to Book

Fund: 2.15x
Benchmark: 3.21x

Market Capitalization Allocation ¹²

As of 02/28/2026 % of Equity (Updated Monthly)

Market Capitalization Allocation
Market Capitalization	Fund
<0.75 Billion	27.87%
0.75-1 Billion	6.22%
1-2.5 Billion	29.29%
2.5-5 Billion	32.14%
5-10 Billion	4.48%

Holdings
As of 03/31/2026 (Updated Daily)

CRESCENT ENERGY INC-A

FEDERATED HERMES INC

VICTORY CAPITAL HOLDING - A

FRESH DEL MONTE PRODUCE INC

SM ENERGY CO

LCI INDUSTRIES

INTERNATIONAL BANCSHARES CRP

BUCKLE INC/THE

CABOT CORP

PERDOCEO EDUCATION CORP

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

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: QuarterlyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 distribution dates for ETFs

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate ⁶

As of 03/31/2026 (Updated Daily)

At Net Asset Value (NAV) 1.04%

30-Day SEC Yield ^3,4,5

As of 02/28/2026 (Updated Monthly)

w/ Waiver 0.90%

w/o Waiver 0.90%

Distributions are not guaranteed and are subject to change.

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

03/16/2026

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Pricing

Pricing History

As of 03/31/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/31/2026

Share Prices

As of 03/31/2026

NAV ¹(Net Asset Value): $44.10
NAV Change ¹: $0.67
NAV Change (%) ¹: 1.54%
Market Price ¹: $44.07
Market Price Change ¹: $0.61
Market Price Change (%) ¹: 1.40%

52-Week Range

Highest NAV: $46.55
Lowest NAV: $33.30
Highest Market Price: $46.59
Lowest Market Price: $33.37

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Royce Quant Small-Cap Quality Value ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Royce Quant Small-Cap Quality Value ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Royce Quant Small-Cap Quality Value ETF	Download Document
Checkbox	Semi-Annual Report - Royce Quant Small-Cap Quality Value ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Royce Quant Small-Cap Quality Value ETF	Download Document
Checkbox	Prospectus - Royce Quant Small-Cap Quality Value ETF	Download Document
Checkbox	Summary Prospectus - Royce Quant Small-Cap Quality Value ETF	Download Document
Checkbox	Statement of Additional Information - Royce Quant Small-Cap Quality Value ETF	Download Document
Checkbox	Fiscal Q1 Holdings - Royce Quant Small-Cap Quality Value ETFMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Royce Quant Small-Cap Quality Value ETFMailed hardcopies unavailable.	Download Document
Checkbox	Distribution Reclassifications (2018)Mailed hardcopies unavailable.	Download Document
Checkbox	Qualified Dividend Income Percentage for Individual Shareholders (2017)Mailed hardcopies unavailable.	Download Document
Checkbox	Qualified Dividend Income Percentage for Individual Shareholders (2018)Mailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

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

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.

Footnotes

Net Asset Value (NAV) returns are based on the NAV of the ETF/ETP. The fund’s NAV represents the per-share-value and is determined by dividing the total NAV of the fund by the number of shares outstanding; Market Price returns are based upon the official closing price of the ETF’s/ETP's shares. The fund calculates the NAV per share each business day and normally coincides with the close of trading on the exchange on which they are listed, typically 4 pm ET. The fund does not calculate the NAV on days the exchange is closed for trading. These returns do not represent investors’ returns had they traded shares at other times.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Trading prices of a fund's shares in the secondary market generally differ from a fund's daily NAV and are affected by market forces such as supply and demand, economic conditions and other factors. Information regarding the intraday value of a fund’s shares, also known as the "indicative optimized portfolio value" ("IOPV"), are disseminated every 15 seconds throughout the trading day by the national securities exchange on which the fund's shares are listed or by market data vendors or other information providers. Therefore, the IOPV should not be viewed as a "real-time" update of the fund's NAV, which is computed only once a day.
©2026 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.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©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.
Capitalization Rate is calculated without the deduction of fees and expenses.

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SQLV Royce Quant Small-Cap Quality Value ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Fund

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 11

Portfolio

Market Capitalization Allocation 12

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹¹

Market Capitalization Allocation ¹²