Schedule of Investments (unaudited)
June 30, 2026
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 Royce Quant Small-Cap Quality Value ETF

(Percentages shown based on Fund net assets) 
Security
 
 
 
Shares
Value
Common Stocks — 99.9%
Communication Services — 6.5%
Diversified Telecommunication Services — 0.9%
IDT Corp., Class B Shares
1,325
 $77,062
 
Iridium Communications Inc.
3,445
188,958
 
Total Diversified Telecommunication Services
266,020
Entertainment — 0.1%
Meridian Holdings Inc.
2,388
33,241
 *
Interactive Media & Services — 3.6%
Angi Inc.
22,867
136,059
 *
Bumble Inc., Class A Shares
32,767
104,854
 *
Cars.com Inc.
9,109
99,652
 *
EverQuote Inc., Class A Shares
4,558
108,435
 *
MediaAlpha Inc., Class A Shares
6,642
83,490
 *
Shutterstock Inc.
2,071
28,890
 
Taboola.com Ltd.
24,575
122,875
 *
TripAdvisor Inc.
8,895
121,950
 *
Yelp Inc.
2,624
64,341
 *
Ziff Davis Inc.
2,996
156,901
 *
Total Interactive Media & Services
1,027,447
Media — 1.7%
AMC Global Media Inc., Class A Shares
12,444
124,191
 *
Cable One Inc.
3,790
201,287
 *
Ibotta Inc., Class A Shares
3,346
114,299
 *
Scholastic Corp.
1,270
58,420
 
Total Media
498,197
Wireless Telecommunication Services — 0.2%
Spok Holdings Inc.
4,799
49,142
 
 
Total Communication Services
1,874,047
Consumer Discretionary — 14.0%
Automobile Components — 2.4%
Gentex Corp.
5,697
143,963
 
LCI Industries
1,479
156,596
 
Motorcar Parts of America Inc.
3,530
54,080
 *
Phinia Inc.
1,944
160,127
 
Strattec Security Corp.
926
75,423
 *
Visteon Corp.
890
88,297
 
Total Automobile Components
678,486
Automobiles — 0.5%
Harley-Davidson Inc.
6,080
148,717
 
Broadline Retail — 0.2%
Kohl’s Corp.
3,967
70,295
 
Distributors — 0.2%
Weyco Group Inc.
1,399
55,023
 
Diversified Consumer Services — 3.0%
American Public Education Inc.
1,501
80,604
 *
Coursera Inc.
17,289
97,510
 *
Frontdoor Inc.
745
57,804
 *
See Notes to Schedule of Investments.
1
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Diversified Consumer Services — continued
H&R Block Inc.
4,702
 $179,052
 
Perdoceo Education Corp.
4,265
136,480
 
Phoenix Education Partners Inc.
2,136
70,168
 
Strategic Education Inc.
1,226
93,936
 
Stride Inc.
1,785
153,938
 *
Total Diversified Consumer Services
869,492
Hotels, Restaurants & Leisure — 1.2%
El Pollo Loco Holdings Inc.
5,727
97,130
 *
Monarch Casino & Resort Inc.
1,392
183,201
 
United Parks & Resorts Inc.
1,247
59,532
 *
Total Hotels, Restaurants & Leisure
339,863
Household Durables — 1.8%
Cricut Inc., Class A Shares
23,942
105,105
 
Flexsteel Industries Inc.
1,302
96,973
 
Hamilton Beach Brands Holding Co., Class A Shares
2,471
56,907
 
Hooker Furnishings Corp.
2,808
50,067
 
Hovnanian Enterprises Inc., Class A Shares
748
106,523
 *
La-Z-Boy Inc.
2,284
91,634
 
Total Household Durables
507,209
Leisure Products — 0.9%
Johnson Outdoors Inc., Class A Shares
1,478
68,047
 
MasterCraft Boat Holdings Inc.
2,305
59,515
 *
Peloton Interactive Inc., Class A Shares
14,991
88,597
 *
Polaris Inc.
699
47,839
 
Total Leisure Products
263,998
Specialty Retail — 2.6%
Abercrombie & Fitch Co., Class A Shares
1,383
124,484
 *
Academy Sports & Outdoors Inc.
1,975
93,082
 
Bath & Body Works Inc.
8,330
192,673
 
Buckle Inc.
3,181
134,238
 
Monro Inc.
3,389
57,986
 
Sally Beauty Holdings Inc.
9,066
128,193
 *
Total Specialty Retail
730,656
Textiles, Apparel & Luxury Goods — 1.2%
Carter’s Inc.
1,035
42,601
 
Columbia Sportswear Co.
1,964
121,414
 
G-III Apparel Group Ltd.
3,834
129,244
 
Superior Group of Cos. Inc.
3,946
51,772
 
Total Textiles, Apparel & Luxury Goods
345,031
 
Total Consumer Discretionary
4,008,770
Consumer Staples — 5.2%
Beverages — 0.6%
Boston Beer Co. Inc., Class A Shares
416
73,645
 *
MGP Ingredients Inc.
3,229
56,572
 
National Beverage Corp.
1,851
57,751
 *
Total Beverages
187,968
See Notes to Schedule of Investments.
2
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Consumer Staples Distribution & Retail — 0.3%
Village Super Market Inc., Class A Shares
1,920
 $80,986
 
Food Products — 1.7%
Cal-Maine Foods Inc.
1,680
135,341
 
Del Monte Corp.
5,051
140,973
 
Mission Produce Inc.
1
12
 *
Seneca Foods Corp., Class A Shares
595
103,494
 *
Simply Good Foods Co.
7,378
97,980
 *
Total Food Products
477,800
Household Products — 1.1%
Central Garden & Pet Co.
2,613
115,860
 *
Oil-Dri Corp. of America
496
50,696
 
Spectrum Brands Holdings Inc.
1,656
142,002
 
Total Household Products
308,558
Personal Care Products — 1.5%
BellRing Brands Inc.
12,822
165,917
 *
Lifevantage Corp.
8,744
54,562
 
Nature’s Sunshine Products Inc.
3,917
85,391
 *
Niagen Bioscience Inc.
12,169
38,819
 *
USANA Health Sciences Inc.
3,971
84,781
 *
Total Personal Care Products
429,470
 
Total Consumer Staples
1,484,782
Energy — 4.0%
Energy Equipment & Services — 1.5%
Cactus Inc., Class A Shares
2,295
117,573
 
Helix Energy Solutions Group Inc.
13,070
114,232
 *
Oil States International Inc.
6,880
55,109
 *
Ranger Energy Services Inc., Class A Shares
6,010
96,220
 
Smart Sand Inc.
9,650
48,346
 
Total Energy Equipment & Services
431,480
Oil, Gas & Consumable Fuels — 2.5%
Crescent Energy Co., Class A Shares
15,676
153,938
 
Excelerate Energy Inc., Class A Shares
2,440
92,695
 
Gulfport Energy Corp.
465
78,910
 *
PrimeEnergy Resources Corp.
229
38,218
 *
SM Energy Co.
6,257
163,308
 
Talos Energy Inc.
8,258
106,611
 *
World Kinect Corp.
2,752
90,651
 
Total Oil, Gas & Consumable Fuels
724,331
 
Total Energy
1,155,811
Financials — 22.3%
Banks — 8.7%
Axos Financial Inc.
591
57,557
 *
Cathay General Bancorp
2,658
164,769
 
Citizens Financial Services Inc.
908
65,776
 
Civista Bancshares Inc.
4,968
140,197
 
Financial Institutions Inc.
3,070
119,638
 
First Financial Corp.
1,985
153,718
 
See Notes to Schedule of Investments.
3
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Banks — continued
Hanmi Financial Corp.
2,496
 $80,870
 
Home Bancorp Inc.
946
64,820
 
International Bancshares Corp.
2,553
193,900
 
MainStreet Bancshares Inc.
3,306
81,625
 
Mercantile Bank Corp.
2,382
136,774
 
Metropolitan Bank Holding Corp.
498
49,182
 
Midland States Bancorp Inc.
3,983
124,031
 
NBT Bancorp Inc.
1,990
98,246
 
Northeast Bank
445
58,976
 
Northeast Community Bancorp Inc.
4,269
118,422
 
Orange County Bancorp Inc.
1,738
63,924
 
Parke Bancorp Inc.
4,197
139,173
 
Peoples Bancorp Inc.
1,491
57,269
 
Plumas Bancorp
1,040
60,778
 
Preferred Bank
1,365
145,045
 
S&T Bancorp Inc.
971
47,657
 
Unity Bancorp Inc.
2,470
144,964
 
WesBanco Inc.
1,354
52,847
 
Wintrust Financial Corp.
512
82,289
 
Total Banks
2,502,447
Capital Markets — 2.9%
Artisan Partners Asset Management Inc., Class A Shares
3,486
120,371
 
BRC Group Holdings Inc.
11,622
93,441
 *
Cohen & Steers Inc.
1,137
86,571
 
Donnelley Financial Solutions Inc.
1,308
54,871
 *
Federated Hermes Inc.
3,719
205,363
 
Victory Capital Holdings Inc., Class A Shares
3,130
263,109
 
Total Capital Markets
823,726
Consumer Finance — 2.8%
Bread Financial Holdings Inc.
602
65,227
 
Dave Inc.
146
54,398
 *
Jefferson Capital Inc.
4,388
85,434
 
LendingTree Inc.
1,856
82,202
 *
NerdWallet Inc., Class A Shares
6,663
61,633
 *
PROG Holdings Inc.
3,360
156,610
 
Regional Management Corp.
2,336
96,243
 
SLM Corp.
3,432
89,026
 
World Acceptance Corp.
420
94,009
 *
Total Consumer Finance
784,782
Financial Services — 4.2%
Acacia Research Corp.
14,611
68,087
 *
Cass Information Systems Inc.
1,590
81,599
 
Euronet Worldwide Inc.
1,553
113,664
 *
International Money Express Inc.
3,465
50,069
 *
Marqeta Inc., Class A Shares
15,024
60,998
 *
Merchants Bancorp
1,974
98,700
 
NCR Atleos Corp.
3,180
138,044
 *
See Notes to Schedule of Investments.
4
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Financial Services — continued
NMI Holdings Inc.
3,823
 $157,087
 *
Payoneer Global Inc.
12,432
88,516
 *
Paysign Inc.
6,213
50,885
 *
Radian Group Inc.
2,223
83,740
 
Repay Holdings Corp.
23,587
99,065
 *
Western Union Co.
15,597
120,097
 
Total Financial Services
1,210,551
Insurance — 3.7%
American Coastal Insurance Corp.
6,097
67,677
 
American Integrity Insurance Group Inc.
3,732
70,274
 
Brighthouse Financial Inc.
1,022
64,693
 *
F&G Annuities & Life Inc.
6,203
164,938
 
HCI Group Inc.
451
79,038
 
Heritage Insurance Holdings Inc.
3,529
92,036
 *
Hippo Holdings Inc.
2,036
57,537
 *
Investors Title Co.
169
46,252
 
Kingstone Cos. Inc.
3,657
69,593
 
Mercury General Corp.
449
47,872
 
Slide Insurance Holdings Inc.
7,088
137,294
 *
Universal Insurance Holdings Inc.
1,161
48,019
 
White Mountains Insurance Group Ltd.
59
122,330
 
Total Insurance
1,067,553
 
Total Financials
6,389,059
Health Care — 18.8%
Biotechnology — 3.4%
ACADIA Pharmaceuticals Inc.
3,593
90,903
 *
Anika Therapeutics Inc.
3,649
53,385
 *
Catalyst Pharmaceuticals Inc.
4,301
135,180
 *
Emergent BioSolutions Inc.
6,912
57,923
 *
First Tracks Biotherapeutics Inc.
2,441
49,113
 *
Ironwood Pharmaceuticals Inc.
18,553
78,108
 *
MiMedx Group Inc.
14,720
56,672
 *
Monte Rosa Therapeutics Inc.
3,051
73,834
 *
Myriad Genetics Inc.
11,748
67,081
 *
Puma Biotechnology Inc.
9,881
80,135
 *
Rigel Pharmaceuticals Inc.
1,958
76,597
 *
Vanda Pharmaceuticals Inc.
6,814
41,702
 *
Veracyte Inc.
2,167
127,268
 *
Total Biotechnology
987,901
Health Care Equipment & Supplies — 6.8%
Avanos Medical Inc.
7,115
177,021
 *
Bioventus Inc., Class A Shares
7,906
74,633
 *
CONMED Corp.
2,131
69,748
 
DENTSPLY SIRONA Inc.
9,811
104,095
 
Electromed Inc.
1,761
74,490
 *
Embecta Corp.
43,313
141,201
 
Enovis Corp.
4,459
92,301
 *
See Notes to Schedule of Investments.
5
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Health Care Equipment & Supplies — continued
Envista Holdings Corp.
5,796
 $152,725
 *
Haemonetics Corp.
1,231
92,325
 *
ICU Medical Inc.
327
47,938
 *
Inspire Medical Systems Inc.
2,543
113,443
 *
Integer Holdings Corp.
1,067
99,711
 *
Integra LifeSciences Holdings Corp.
4,079
73,259
 *
iRadimed Corp.
902
86,195
 
LeMaitre Vascular Inc.
1,096
105,172
 
Merit Medical Systems Inc.
679
47,082
 *
OmniAb Inc., $12.50 EARNOUT
298
0
 *(a)(b)(c)(d)
OmniAb Inc., $15.00 EARNOUT
298
0
 *(a)(b)(c)(d)
Omnicell Inc.
1,193
49,533
 *
Pro-Dex Inc.
766
44,849
 *
STAAR Surgical Co.
2,608
74,824
 *
Tactile Systems Technology Inc.
2,633
78,411
 *
Utah Medical Products Inc.
856
59,047
 
Varex Imaging Corp.
8,038
83,836
 *
Total Health Care Equipment & Supplies
1,941,839
Health Care Providers & Services — 2.7%
Addus HomeCare Corp.
897
90,122
 *
AMN Healthcare Services Inc.
3,215
104,069
 *
Castle Biosciences Inc.
2,531
60,364
 *
Concentra Group Holdings Parent Inc.
2,356
70,091
 
CorVel Corp.
2,013
125,853
 *
Cross Country Healthcare Inc.
10,790
142,536
 *
National HealthCare Corp.
372
78,626
 
Pediatrix Medical Group Inc.
3,707
93,898
 *
Total Health Care Providers & Services
765,559
Health Care Technology — 1.7%
Doximity Inc., Class A Shares
4,133
85,718
 *
GoodRx Holdings Inc., Class A Shares
38,114
109,768
 *
HealthStream Inc.
2,570
70,033
 
LifeMD Inc.
8,863
36,604
 *
OptimizeRx Corp.
11,368
65,025
 *
Teladoc Health Inc.
12,912
109,494
 *
Total Health Care Technology
476,642
Pharmaceuticals — 4.2%
Amneal Pharmaceuticals Inc.
3,315
57,383
 *
Amphastar Pharmaceuticals Inc.
3,037
61,287
 *
ANI Pharmaceuticals Inc.
613
50,744
 *
Collegium Pharmaceutical Inc.
2,223
80,473
 *
Corcept Therapeutics Inc.
500
43,475
 *
CorMedix Inc.
8,657
67,957
 *
Harmony Biosciences Holdings Inc.
2,855
103,950
 *
Innoviva Inc.
5,885
133,648
 *
Ligand Pharmaceuticals Inc.
432
136,551
 *
Pacira BioSciences Inc.
4,879
123,780
 *
See Notes to Schedule of Investments.
6
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Pharmaceuticals — continued
Phibro Animal Health Corp., Class A Shares
1,947
 $61,136
 
Prestige Consumer Healthcare Inc.
1,493
70,574
 *
Septerna Inc.
1,547
51,809
 *
SIGA Technologies Inc.
13,361
48,634
 
Supernus Pharmaceuticals Inc.
2,370
110,229
 *
Total Pharmaceuticals
1,201,630
 
Total Health Care
5,373,571
Industrials — 12.4%
Aerospace & Defense — 0.4%
Optex Systems Holdings Inc.
3,811
53,468
 *
Park Aerospace Corp.
1,385
52,852
 
Total Aerospace & Defense
106,320
Air Freight & Logistics — 0.2%
Radiant Logistics Inc.
7,220
68,301
 *
Building Products — 1.7%
AZZ Inc.
792
122,799
 
Gibraltar Industries Inc.
1,668
75,227
 *
Insteel Industries Inc.
1,868
56,414
 
Janus International Group Inc.
9,312
51,682
 *
Masterbrand Inc.
11,726
120,660
 *
Quanex Building Products Corp.
2,635
49,064
 
Total Building Products
475,846
Commercial Services & Supplies — 1.2%
ACCO Brands Corp.
21,518
89,515
 
Ennis Inc.
4,400
93,500
 
HNI Corp.
2,467
99,691
 
Liquidity Services Inc.
1,799
70,377
 *
Total Commercial Services & Supplies
353,083
Construction & Engineering — 1.1%
Matrix Service Co.
3,631
49,745
 *
NWPX Infrastructure Inc.
685
102,709
 *
Tutor Perini Corp.
1,823
151,254
 
Total Construction & Engineering
303,708
Electrical Equipment — 0.5%
Atkore Inc.
807
61,364
 
Sensata Technologies Holding PLC
1,937
92,473
 
Total Electrical Equipment
153,837
Ground Transportation — 0.7%
Lyft Inc., Class A Shares
10,311
150,643
 *
Proficient Auto Logistics Inc.
7,533
51,300
 *
Total Ground Transportation
201,943
Machinery — 1.2%
Blue Bird Corp.
1,084
85,593
 *
Luxfer Holdings PLC
4,842
87,350
 
Miller Industries Inc.
1,309
66,955
 
Omega Flex Inc.
1,731
54,336
 
See Notes to Schedule of Investments.
7
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Machinery — continued
Worthington Enterprises Inc.
932
 $50,104
 
Total Machinery
344,338
Passenger Airlines — 0.8%
Allegiant Travel Co.
574
67,503
 *
SkyWest Inc.
1,489
147,902
 *
Total Passenger Airlines
215,405
Professional Services — 3.4%
Barrett Business Services Inc.
1,928
68,483
 
Forrester Research Inc.
9,145
76,909
 *
Franklin Covey Co.
4,118
101,015
 *
Insperity Inc.
1,792
74,028
 
Kelly Services Inc., Class A Shares
9,286
114,032
 
Kforce Inc.
1,934
90,743
 
Korn Ferry
1,997
132,960
 
Resources Connection Inc.
14,550
61,837
 
TriNet Group Inc.
3,173
157,032
 
Upwork Inc.
11,364
95,003
 *
Total Professional Services
972,042
Trading Companies & Distributors — 1.2%
Global Industrial Co.
1,702
56,949
 
Hudson Technologies Inc.
8,660
49,708
 *
Karat Packaging Inc.
2,328
77,895
 
Rush Enterprises Inc., Class A Shares
1,492
108,894
 
Transcat Inc.
605
56,126
 *
Total Trading Companies & Distributors
349,572
 
Total Industrials
3,544,395
Information Technology — 12.4%
Communications Equipment — 1.9%
ADTRAN Holdings Inc.
3,114
43,285
 *
BK Technologies Corp.
622
53,479
 *
Extreme Networks Inc.
2,514
81,378
 *
Harmonic Inc.
5,349
87,349
 *
Inseego Corp.
3,899
40,277
 *
NETGEAR Inc.
2,017
47,097
 *
NetScout Systems Inc.
1,994
86,839
 *
Vistance Networks Inc.
8,100
103,518
 *
Total Communications Equipment
543,222
Electronic Equipment, Instruments & Components — 3.4%
Badger Meter Inc.
372
55,197
 
Benchmark Electronics Inc.
468
46,177
 
Coda Octopus Group Inc.
3,843
37,546
 *
CTS Corp.
1,904
124,122
 
Daktronics Inc.
3,875
75,795
 *
ePlus Inc.
562
46,775
 
Itron Inc.
1,100
95,183
 *
Kimball Electronics Inc.
3,668
93,901
 *
M-Tron Industries Inc.
824
81,700
 *
See Notes to Schedule of Investments.
8
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Electronic Equipment, Instruments & Components — continued
PC Connection Inc.
1,472
 $107,441
 
Plexus Corp.
295
88,698
 *
ScanSource Inc.
2,108
109,806
 *
Total Electronic Equipment, Instruments & Components
962,341
IT Services — 2.4%
Commerce.com Inc., Series 1
18,891
55,918
 *
DXC Technology Co.
23,992
212,329
 *
Everforth Inc.
9,975
178,253
 *
Hackett Group Inc.
4,175
44,965
 
Kyndryl Holdings Inc.
17,032
192,632
 *
Total IT Services
684,097
Semiconductors & Semiconductor Equipment — 1.1%
Diodes Inc.
389
42,572
 *
inTEST Corp.
2,476
44,989
 *
NVE Corp.
366
38,265
 
Photronics Inc.
3,235
105,235
 *
Universal Display Corp.
838
72,562
 
Total Semiconductors & Semiconductor Equipment
303,623
Software — 3.3%
A10 Networks Inc.
1,403
52,416
 
Adeia Inc.
1,588
52,293
 
Consensus Cloud Solutions Inc.
2,238
85,380
 *
Five9 Inc.
5,201
110,885
 *
Mitek Systems Inc.
3,380
68,039
 *
PagerDuty Inc.
12,653
122,102
 *
Progress Software Corp.
1,667
55,978
 *
Qualys Inc.
1,153
158,526
 *
Rimini Street Inc.
9,967
42,459
 *
Sprinklr Inc., Class A Shares
7,726
39,866
 *
Sprout Social Inc., Class A Shares
9,659
72,926
 *
Teradata Corp.
2,856
98,960
 *
Total Software
959,830
Technology Hardware, Storage & Peripherals — 0.3%
Eastman Kodak Co.
5,463
50,533
 *
Immersion Corp.
6,260
42,380
 
Total Technology Hardware, Storage & Peripherals
92,913
 
Total Information Technology
3,546,026
Materials — 3.2%
Chemicals — 1.4%
Cabot Corp.
2,141
194,446
 
Innospec Inc.
914
74,390
 
Intrepid Potash Inc.
1,210
39,664
 *
Minerals Technologies Inc.
1,325
98,010
 
Total Chemicals
406,510
Construction Materials — 0.3%
United States Lime & Minerals Inc.
818
85,620
 
See Notes to Schedule of Investments.
9
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
 
Metals & Mining — 1.3%
Aura Minerals Inc.
866
 $54,515
 
Compass Minerals International Inc.
3,449
107,368
 *
Metallus Inc.
2,638
49,304
 *
Ryerson Holding Corp.
1,633
40,188
 
SunCoke Energy Inc.
8,759
70,510
 
Worthington Steel Inc.
1,264
42,445
 
Total Metals & Mining
364,330
Paper & Forest Products — 0.2%
Sylvamo Corp.
1,819
68,758
 
 
Total Materials
925,218
Real Estate — 0.9%
Real Estate Management & Development — 0.9%
Forestar Group Inc.
2,712
85,835
 *
Real Brokerage Inc.
45,199
82,262
 *
RMR Group Inc., Class A Shares
4,553
93,473
 
 
Total Real Estate
261,570
Utilities — 0.2%
Electric Utilities — 0.2%
Genie Energy Ltd., Class B Shares
4,727
68,305
 
Total Investments before Short-Term Investments (Cost — $25,073,030)
28,631,554
 
 
Rate
 
 
 
Short-Term Investments — 0.1%
BNY Dreyfus Treasury Obligations Cash Management Fund, Institutional Class
(Cost — $40,510)  
3.542%
40,510
 
40,510
 (e)
Total Investments — 100.0% (Cost — $25,113,540)
28,672,064
Liabilities in Excess of Other Assets — (0.0)%††
(6,251
)
Total Net Assets — 100.0%
$28,665,813
 
††
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.
 
Abbreviation(s) used in this schedule:
BNY
—
Bank of New York
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.
10
Royce Quant Small-Cap Quality Value ETF 2026 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 created 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 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 (the “Board”).  
Pursuant to policies adopted by the Board, 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. 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 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
11
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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, 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 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:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
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
 $5,373,571
—
 $0
*
 $5,373,571
Other Common Stocks
23,257,983
—
—
23,257,983
Total Long-Term Investments
28,631,554
—
0
*
28,631,554
Short-Term Investments†
40,510
—
—
40,510
Total Investments
$28,672,064
—
$0
*
$28,672,064
 
†
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 fair valued in accordance with procedures approved by the Board. 
 
Security
Number of
Shares
Acquisition
Date
Cost
Fair Value
at 6/30/2026
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)
Total
$0
(a)
$0
(a)
0.00
%(c)
 
(a)
Amount represents less than $1.
(b)
Amount represents less than $0.005 per share.
(c)
Amount represents less than 0.005%.
12
Royce Quant Small-Cap Quality Value ETF 2026 Quarterly Report