Royce Quant Small-Cap Quality Value ETF
SQLV
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ROIC.AI
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- Royce Quant Small-Cap Quality Value ETF (SQLV) is an actively managed exchange-traded fund that seeks long-term growth of capital by investing primarily in equity securities of small-capitalization companies traded in the United States, selected through a proprietary quantitative methodology developed by its subadviser, Royce Investment Partners; the strategy employs a multi-factor scoring system at the sector level to emphasize high-profitability companies (Quality) with lower-than-average valuations (Value), higher-than-average profitability, and stronger debt coverage, while sizing positions based on fundamental weights and maintaining a comparable risk profile to the broader small-cap universe. The fund offers exposure to a diversified portfolio typically comprising around 285-289 holdings across sectors such as financials (approximately 21%), health care (19%), industrials (14%), and consumer discretionary (13%), with a weighted average market capitalization of about $1.9 billion, price-to-book ratio of 1.96x, and price-to-earnings ratio of around 7-15x; it pays quarterly dividends with a recent 30-day SEC yield of 0.98% and a net expense ratio of 0.60%, benchmarking performance against the Russell 2000 Index. Listed on NASDAQ (ticker: SQLV), the ETF targets investors seeking small-cap value strategies and is managed by portfolio managers George Necakov, CFA, and Michael Connors, drawing on Royce's decades of small-cap expertise. Launched on July 12, 2017, under the original name Legg Mason Small-Cap Quality Value ETF as part of Legg Mason ETF Investment Trust, the fund underwent a significant reorganization on May 10, 2022, when it was renamed Royce Quant Small-Cap Quality Value ETF, shifted its investment strategy to Royce's proprietary quantitative approach, changed its benchmark, and transitioned subadvisory to Royce Investment Partners following Franklin Templeton's acquisition of Legg Mason in 2020, with Royce becoming a subsidiary of Franklin Resources, Inc. Royce Investment Partners, founded in 1972 and headquartered in New York, serves as subadviser and specializes in small- and micro-cap U.S. equity portfolios for individual, advisor, and institutional clients, leveraging over 45-50 years of domain knowledge in the asset class. The ETF operates domestically with total net assets of approximately $24-28 million, shares outstanding around 550,000-650,000, and creation unit size of 50,000 shares handled through authorized participants via Franklin Distributors, LLC. No major acquisitions, partnerships, funding rounds, or new product launches have been reported for the fund in the last 1-2 years beyond ongoing portfolio management and quarterly distributions.