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Trending ETFs

Royce Quant Small-Cap Quality Value ETF

Active ETF
SQLV
Payout Change
Pending
Price as of:
$41.5005 +0.34 +0.84%
primary theme
U.S. Small-Cap Value Equity
SQLV (ETF)

Royce Quant Small-Cap Quality Value ETF

Payout Change
Pending
Price as of:
$41.5005 +0.34 +0.84%
primary theme
U.S. Small-Cap Value Equity
SQLV (ETF)

Royce Quant Small-Cap Quality Value ETF

Payout Change
Pending
Price as of:
$41.5005 +0.34 +0.84%
primary theme
U.S. Small-Cap Value Equity

Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$41.50

$28.6 M

1.23%

$0.51

0.60%

Vitals

YTD Return

1.0%

1 yr return

20.5%

3 Yr Avg Return

6.8%

5 Yr Avg Return

10.2%

Net Assets

$28.6 M

Holdings in Top 10

9.9%

52 WEEK LOW AND HIGH

$41.2
$33.11
$41.82

Expenses

OPERATING FEES

Expense Ratio 0.60%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 73.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$41.50

$28.6 M

1.23%

$0.51

0.60%

SQLV - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 6.8%
  • 5 Yr Annualized Total Return 10.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.39%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Royce Quant Small-Cap Quality Value ETF
  • Fund Family Name
    FRANKLIN TEMPLETON
  • Inception Date
    Jul 12, 2017
  • Shares Outstanding
    500000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Connors

Fund Description

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 & Associates, LP (Royce & Associates, LP primarily conducts its business under the name Royce Investment Partners (“Royce” or the “subadviser”)). Under normal market conditions, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities of small-capitalization companies or other instruments with similar characteristics. Small-capitalization companies are U.S.-headquartered companies listed on U.S. exchanges with market capitalizations that are between the 1001st and 3000th largest companies based on descending market capitalization at the time of investment. As of March 31, 2023, the universe was comprised of companies with capitalizations ranging from $50 million to $3.9 billion.
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. The fund’s investment universe includes common stocks of U.S.-headquartered companies listed on U.S. exchanges, and excludes royalty companies, American depositary receipts and global depositary receipts, master limited partnerships, stocks with a share price less than or equal to $1.00 at the time of purchase, and stocks deemed by Royce to have insufficient trading volume. The universe is then refined to include stocks with market capitalizations that are between the 1001st and 3000th largest companies based on descending market capitalization at the time of investment. From that universe, real estate investment trusts are excluded.
From the universe of eligible companies, Royce selects securities using its proprietary, rules-based multi-factor scoring system, with all factors described herein measured and determined by Royce, in an effort to identify companies which combine favorable attributes of quality and value, as defined by Royce, compared with companies within the same market sector. Royce ranks the securities in the investment universe within each sector according to the quality and value factors, which yields a model score that determines the securities that are selected for inclusion in the fund’s portfolio. Sector allocations are determined by the number of companies in each sector. For quality factors, Royce focuses on a company’s profitability (as measured by return on invested capital), the historic stability of its profitability (as measured by variance of return on assets), and debt coverage (as measured by cash flow relative to debt). The debt coverage ratio is used in an attempt to limit the fund’s exposure to companies that Royce believes may have higher financial risk. For value factors, Royce focuses on the free cash flow of a company (i.e., net cash from operating activities minus capital expenditures) compared to its enterprise value. Enterprise value is determined by adding the company’s outstanding debt (including preferred stock and minority interests) to the company’s market capitalization and then subtracting cash and cash equivalents from the total value.
After the securities are scored by quality and value factors, each security’s momentum score, which is based on the price performance over the most recent 30 days, is used to determine the timing of when the security may be bought or sold for the fund (i.e., the momentum score is used by Royce to try to determine the opportune time to buy or sell). For example, if a security selected for inclusion in the fund’s portfolio according to the quality and value factors has exhibited high momentum, Royce may temporarily delay purchasing such security. Conversely, if a security selected for removal from the fund’s portfolio according to the quality and value factors has exhibited high momentum, Royce will typically sell such security as soon as is practicable.
Position weights of securities within the fund’s portfolio are determined by Royce by calculating a composite score based on company fundamentals that include book value, revenue, free cash flow, and dividends paid. By using fundamental factors to weight stocks rather than market capitalization, Royce seeks to have lower exposure to overvalued companies while still maintaining broad diversification within the fund’s portfolio. Royce generally seeks to limit the weight of individual securities in the fund’s portfolio to no more than 3% of its net assets and to limit sector exposures within the portfolio to no more than 25% of its net assets, each measured at time of investment. Although the fund primarily invests in equity securities of small-capitalization companies, the fund may continue to hold or, in some cases, build positions in companies with higher market capitalizations.
Royce’s proprietary, rules-based multi-factor scoring system may incorporate information and data obtained from third-party providers as supplementary to Royce’s own proprietary research and analysis. Royce has the right to change the third-party service providers that support this process at any time.
Royce may seek to sell a security if: (i) the security no longer meets its quality and value criteria; (ii) the security reaches its position size limit in the fund’s portfolio; (iii) there are adverse policy changes that could affect the security’s outlook; or (iv) better investment opportunities become available. The fund may engage in active and frequent trading to achieve its investment objective, resulting in high portfolio turnover.
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SQLV - Performance

Return Ranking - Trailing

Period SQLV Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -11.0% 11.8% 79.30%
1 Yr 20.5% -0.8% 43.6% 46.70%
3 Yr 6.8%* -12.8% 69.3% 20.60%
5 Yr 10.2%* -3.6% 49.5% 34.33%
10 Yr N/A* -3.4% 26.6% 46.67%

* Annualized

Return Ranking - Calendar

Period SQLV Return Category Return Low Category Return High Rank in Category (%)
2023 19.7% -18.4% 33.6% 8.33%
2022 -13.9% -36.7% 212.9% 34.00%
2021 35.6% -62.0% 147.6% 8.53%
2020 5.5% -24.8% 31.3% 25.47%
2019 15.9% -30.1% 34.0% 70.86%

Total Return Ranking - Trailing

Period SQLV Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -11.0% 11.8% 79.30%
1 Yr 20.5% -0.8% 43.6% 46.70%
3 Yr 6.8%* -12.8% 69.3% 20.60%
5 Yr 10.2%* -3.6% 49.5% 34.33%
10 Yr N/A* -3.4% 26.6% N/A

* Annualized

Total Return Ranking - Calendar

Period SQLV Return Category Return Low Category Return High Rank in Category (%)
2023 21.2% -15.5% 35.4% 16.45%
2022 -12.9% -36.7% 250.0% 63.76%
2021 37.2% -3.2% 157.9% 14.29%
2020 7.2% -13.5% 33.4% 27.83%
2019 17.4% -17.4% 34.3% 93.83%

SQLV - Holdings

Concentration Analysis

SQLV Category Low Category High SQLV % Rank
Net Assets 28.6 M 2.53 M 46.3 B 89.35%
Number of Holdings 236 10 1583 23.70%
Net Assets in Top 10 3.07 M 217 K 2.97 B 95.00%
Weighting of Top 10 9.95% 0.3% 88.4% 89.98%

Top 10 Holdings

  1. Jackson Financial Inc 1.47%
  2. Alpha Metallurgical Resources Inc 1.18%
  3. Boise Cascade Co 1.09%
  4. American Eagle Outfitters Inc 1.03%
  5. Ryder System Inc 0.94%
  6. Warrior Met Coal Inc 0.86%
  7. Buckle Inc/The 0.86%
  8. CVR Energy Inc 0.86%
  9. Customers Bancorp Inc 0.83%
  10. Matson Inc 0.83%

Asset Allocation

Weighting Return Low Return High SQLV % Rank
Stocks
99.54% 0.99% 105.89% 15.00%
Cash
0.47% 0.00% 99.01% 81.96%
Preferred Stocks
0.00% 0.00% 2.62% 86.96%
Other
0.00% -1.78% 40.01% 85.43%
Convertible Bonds
0.00% 0.00% 2.63% 86.56%
Bonds
0.00% 0.00% 73.18% 86.74%

Stock Sector Breakdown

Weighting Return Low Return High SQLV % Rank
Financial Services
26.80% 0.00% 35.71% 22.89%
Industrials
15.26% 0.65% 48.61% 69.11%
Healthcare
15.07% 0.00% 25.76% 1.78%
Consumer Cyclical
13.58% 0.00% 51.62% 33.78%
Technology
12.42% 0.00% 34.03% 18.89%
Basic Materials
5.66% 0.00% 67.30% 43.11%
Consumer Defense
3.77% 0.00% 13.22% 51.56%
Communication Services
3.50% 0.00% 24.90% 26.00%
Energy
2.49% 0.00% 29.42% 91.56%
Utilities
1.18% 0.00% 13.86% 69.56%
Real Estate
0.29% 0.00% 44.41% 94.00%

Stock Geographic Breakdown

Weighting Return Low Return High SQLV % Rank
US
99.54% 0.96% 105.89% 11.52%
Non US
0.00% 0.00% 67.90% 89.78%

SQLV - Expenses

Operational Fees

SQLV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.60% 0.05% 37.04% 93.26%
Management Fee 0.60% 0.00% 1.50% 14.16%
12b-1 Fee 0.00% 0.00% 1.00% 23.88%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

SQLV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

SQLV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SQLV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 73.00% 7.00% 252.00% 80.30%

SQLV - Distributions

Dividend Yield Analysis

SQLV Category Low Category High SQLV % Rank
Dividend Yield 1.23% 0.00% 14.21% 70.65%

Dividend Distribution Analysis

SQLV Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Annual

Net Income Ratio Analysis

SQLV Category Low Category High SQLV % Rank
Net Income Ratio 1.39% -1.43% 4.13% 7.33%

Capital Gain Distribution Analysis

SQLV Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SQLV - Fund Manager Analysis

Managers

Michael Connors


Start Date

Tenure

Tenure Rank

Jul 12, 2017

4.89

4.9%

Michael Connors is an Assistant Portfolio Manager and Director of Portfolio Analytics of Royce. Mr. Connors joined Royce in 2003 and has been involved in quantitative research since 2014. He holds a bachelor’s degree from Mount Saint Mary College and a Masters of Business Administration from Zicklin School of Business—Baruch College.

George Necakov


Start Date

Tenure

Tenure Rank

Jul 12, 2017

4.89

4.9%

Necakov is a portfolio manager and director of quantitative strategies for Royce & Associates, LLC. He manages the firm’s quantitative product offerings. He joined the firm in 1994 and has been involved in portfolio management since 1998.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 37.45 8.17 3.58