SQLV
Royce Quant Small-Cap Quality Value ETF
The Legg Mason Small-Cap Quality Value ETF tracks an index of multi-factor selected, fundamentally weighted US small-cap stocks.
US
EQUITY
Active
MANAGEMENT STYLE
60 bp
EXPENSES
$29.5 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Legg Mason |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 12, 2017 |
| Assets (mns) | $29 |
| Expense ratio | 60 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Fundamental |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| ALLIANCE DATA SYSTEMS CORP | 0.9 % |
| CONSENSUS CLOUD SOLUTIONS, INC. | 0.8 % |
| ENCORE WIRE CORP | 0.8 % |
| MASTERBRAND INC | 0.8 % |
| CRICUT, INC. CLASS A | 0.7 % |
| CONSOL ENERGY INC | 0.7 % |
| ALLETE INC | 0.7 % |
| CVR ENERGY INC | 0.7 % |
| VICTORY CAPITAL HOLDING - A | 0.7 % |
| ARCH COAL INC CLASS A | 0.7 % |
Constituent Breakdown
| Number of holdings | 248 |
| Herfindahl-Hirschman Index | 44 |
| Wgt avg mkt cap (mns) | $1,595 |
| Large cap (>$10bn) | 0.0% |
| Mid cap ($2-10bn) | 32.1% |
| Small cap (<$2bn) | 67.4% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 96.0 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -5.1% | 7.6% | 9.3% | 2.1% | 9.6% | -- | 7.9% | Volatility | 16.8% | 17.8% | 21.3% | 21.2% | 27.6% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 68% |
| MSCI EAFE | 1.00 | 66% |
| MSCI Emg Mkts | 0.67 | 31% |
Liquidity Measures
| Avg. volume (000) | 2 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.17% |
| ADV of underlying (mns) | $6,895 |
Technical Indicators
| Recent close | $42.12 |
| 30d moving avg. | $39.34 |
| Annualized volatility | 21.3% |
| Relative strength (RSI) | 47 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 5.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SQLV |
Expenses vs. SQLV |
ALTAR Score™ vs. SQLV |
|---|---|---|---|---|
| ROSC | Hartford Multifactor Small Cap ETF | 29.6% | -26 bp | +0.8% |
| AFSM | First Trust Active Factor Small Cap ETF | 23.8% | +15 bp | -1.0% |
| DSMC | Distillate Small/Mid Cash Flow ETF | 22.6% | -5 bp | +3.7% |
| EES | WisdomTree U.S. SmallCap Fund | 20.8% | -22 bp | +1.5% |
| CALF | Pacer US Small Cap Cash Cows 100 ETF | 20.0% | -1 bp | +4.0% |
| SSLY | Syntax Stratified SmallCap ETF | 18.7% | -20 bp | -0.8% |
| CAFG | Pacer US Small Cap Cash Cows Growth Leaders ETF | 17.7% | -1 bp | -1.2% |
| CSML | IndexIQ ETF Trust IQ U.S. Small Cap ETF | 17.7% | -25 bp | -2.7% |
| XSHQ | Invesco S&P SmallCap Quality ETF | 17.5% | -31 bp | +0.7% |
| AVUV | Avantis U.S. Small Cap Value ETF | 17.3% | -35 bp | +1.3% |
Risk and Returns: SQLV vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SQLV
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
SQLV
7.7%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.7% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. SQLV's ALTAR Score™ is approximately
0.8 standard deviations
above
the category average. This places SQLV in the 79th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
SQLV
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| SQLV (60 bp) Percentile rank | 42 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SQLV | 60.0 | 16.5 | 76.5 |
| Peer Avg. | 47.5 | 20.2 | 67.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .