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
27.8 M
ASSETS UNDER MGMT
60 bp
EXPENSES
Fund Basics
| Fund sponsor | Legg Mason |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 12, 2017 |
| Assets (mns) | $28 |
| 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
| AVIS BUDGET GROUP INC | 1.4 % |
| INTERDIGITAL INC | 1.4 % |
| K12 INC | 1.3 % |
| CAREER EDUCATION CORP | 1.2 % |
| SANMINA CORP | 1.2 % |
| BUCKLE INC/THE | 1.1 % |
| VICTORY CAPITAL HOLDING - A | 1.0 % |
| PHIBRO ANIMAL HEALTH CORP-A | 1.0 % |
| CONSOL ENERGY INC | 1.0 % |
| TEGNA, INC. | 1.0 % |
Constituent Breakdown
| Number of holdings | 277 |
| Herfindahl-Hirschman Index | 62 |
| Wgt avg mkt cap (mns) | $2,238 |
| Large cap (>$10bn) | 35.6% |
| Mid cap ($2-10bn) | 62.3% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 98.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 110.0 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 0.2% | 1.7% | 9.0% | 10.4% | 13.5% | -- | -- | 6.6% |
| Dividend Yield | 0.9% | 1.2% | 1.3% | 1.4% | 1.4% | -- | -- | 1.3% |
| Total Returns | 1.1% | 2.9% | 10.3% | 11.8% | 14.9% | -- | -- | 7.9% | Ann. Volatility | 23.4% | 22.9% | 21.4% | 21.4% | 22.5% | -- | -- | 25.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.21 | 59% |
| MSCI EAFE | 0.71 | 25% |
| MSCI Emg Mkts | 0.40 | 9% |
Liquidity Measures
| Avg. volume (000) | 4 |
| ADV traded (mns) | $0 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.11% |
Technical Indicators
| Recent close | $42.76 |
| 30d moving avg. | $42.68 |
| Annualized volatility | 21.2% |
| Relative strength (RSI) | 47 |
| Short interest | 0.1% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| ROSC | Hartford Multifactor Small Cap ETF | 33.7% | -26 bp | +9.0% |
| AVUV | Avantis U.S. Small Cap Value ETF | 25.6% | -35 bp | +9.8% |
| SVAL | iShares US Small Cap Value Factor ETF | 23.4% | -40 bp | +8.9% |
| EES | WisdomTree U.S. SmallCap Fund | 23.3% | -22 bp | +8.7% |
| AFSM | First Trust Active Factor Small Cap ETF | 23.3% | +15 bp | +7.5% |
| DSMC | Distillate Small/Mid Cash Flow ETF | 22.9% | -5 bp | +12.5% |
| JPSE | JPMorgan Diversified Return U.S. Small Cap Equity ETF | 21.9% | -31 bp | +8.1% |
| AVSC | Avantis U.S Small Cap Equity ETF | 21.6% | -35 bp | +5.2% |
| XSHQ | Invesco S&P SmallCap Quality ETF | 20.9% | -31 bp | +7.5% |
| DGRS | WisdomTree US Smallcap Quality Dividend Growth Fund | 20.3% | -22 bp | +9.9% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 10/25/2025
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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
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 Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
SQLV
9.5%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 995 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.3%. SQLV's ALTAR Score™ is approximately
1.7 standard deviations
above
the category average. This places SQLV in the 95th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SQLVSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 402 |
| Avg. Expense Ratio | 63.7 bp |
| Std. Deviation | 35.5 bp |
| SQLV (60 bp) Percentile rank | 46 |
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 | 11.5 | 71.5 |
| Peer Avg. | 63.7 | 20.8 | 84.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .