# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001752724-25-202228
**Filing Date:** 2025-8
**Character Count:** 155780
**Document Hash:** ab56ba810f4e20ea6c5a7f5019cfcdb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202228.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202228

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason ETF Investment Trust
- **CENTRAL INDEX KEY:** 0001645194

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 251250317

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF InvestmentTrust
- **DATE OF NAME CHANGE:** 20170221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF Equity Trust
- **DATE OF NAME CHANGE:** 20150615

## Series and Classes Contracts Data

### Royce Quant Small-Cap Quality Value ETF (Series ID: S000058077)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000190092 | Royce Quant Small-Cap Quality Value ETF | SQLV            |

## Nport-Ex

Schedule of Investments (unaudited)

June 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Communication Services — 6.0%** | **Communication Services — 6.0%** | **Communication Services — 6.0%** |
| *Diversified Telecommunication Services — 0.7%* | *Diversified Telecommunication Services — 0.7%* | *Diversified Telecommunication Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; IDT Corp., Class B Shares | &nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; $56432<br>|
| &nbsp;&nbsp;&nbsp; Iridium Communications Inc. | &nbsp;&nbsp; 4179 | &nbsp;&nbsp;&nbsp; 126081<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *182513* |
| *Interactive Media & Services — 2.1%* | *Interactive Media & Services — 2.1%* | *Interactive Media & Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; Angi Inc. | &nbsp;&nbsp; 4893 | &nbsp;&nbsp;&nbsp; 74,667<br> \*<br>|
| &nbsp;&nbsp;&nbsp; EverQuote Inc., Class A Shares | &nbsp;&nbsp; 1911 | &nbsp;&nbsp;&nbsp; 46,208<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MediaAlpha Inc., Class A Shares | &nbsp;&nbsp; 4956 | &nbsp;&nbsp;&nbsp; 54,268<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shutterstock Inc. | &nbsp;&nbsp; 2259 | &nbsp;&nbsp;&nbsp; 42830<br>|
| &nbsp;&nbsp;&nbsp; Taboola.com Ltd. | &nbsp;&nbsp; 26809 | &nbsp;&nbsp;&nbsp; 98,121<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Yelp Inc. | &nbsp;&nbsp; 2862 | &nbsp;&nbsp;&nbsp; 98,081<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ziff Davis Inc. | &nbsp;&nbsp; 2777 | &nbsp;&nbsp;&nbsp; 84,060<br> \*<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *498235* |
| *Media — 3.0%* | *Media — 3.0%* | *Media — 3.0%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Class A Shares | &nbsp;&nbsp; 13575 | &nbsp;&nbsp;&nbsp; 85,115<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cable One Inc. | &nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp; 129834<br>|
| &nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A Shares | &nbsp;&nbsp; 15910 | &nbsp;&nbsp;&nbsp; 36911<br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc. | &nbsp;&nbsp; 30584 | &nbsp;&nbsp;&nbsp; 138546<br>|
| &nbsp;&nbsp;&nbsp; Ibotta Inc., Class A Shares | &nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; 59,731<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | &nbsp;&nbsp; 2427 | &nbsp;&nbsp;&nbsp; 50918<br>|
| &nbsp;&nbsp;&nbsp; TEGNA Inc. | &nbsp;&nbsp; 10998 | &nbsp;&nbsp;&nbsp; 184327<br>|
| &nbsp;&nbsp;&nbsp; Thryv Holdings Inc. | &nbsp;&nbsp; 2987 | &nbsp;&nbsp;&nbsp; 36,322<br> \*<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *721704* |
| *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Spok Holdings Inc. | &nbsp;&nbsp; 2813 | &nbsp;&nbsp;&nbsp; *49734*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1452186** |
| **Consumer Discretionary — 11.9%** | **Consumer Discretionary — 11.9%** | **Consumer Discretionary — 11.9%** |
| *Automobile Components — 0.6%* | *Automobile Components — 0.6%* | *Automobile Components — 0.6%* |
| &nbsp;&nbsp;&nbsp; Phinia Inc. | &nbsp;&nbsp; 2121 | &nbsp;&nbsp;&nbsp; 94363<br>|
| &nbsp;&nbsp;&nbsp; Strattec Security Corp. | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp; 62,832<br> \*<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *157195* |
| *Distributors — 0.2%* | *Distributors — 0.2%* | *Distributors — 0.2%* |
| &nbsp;&nbsp;&nbsp; Weyco Group Inc. | &nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp; *50602*<br>|
| *Diversified Consumer Services — 2.1%* | *Diversified Consumer Services — 2.1%* | *Diversified Consumer Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; Coursera Inc. | &nbsp;&nbsp; 6027 | &nbsp;&nbsp;&nbsp; 52,796<br> \*<br>|
| &nbsp;&nbsp;&nbsp; European Wax Center Inc., Class A Shares | &nbsp;&nbsp; 21610 | &nbsp;&nbsp;&nbsp; 121,664<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Frontdoor Inc. | &nbsp;&nbsp; 1974 | &nbsp;&nbsp;&nbsp; 116,348<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | &nbsp;&nbsp; 4653 | &nbsp;&nbsp;&nbsp; 152107<br>|
| &nbsp;&nbsp;&nbsp; Strategic Education Inc. | &nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp; 68359<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *511274* |
| *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* |
| &nbsp;&nbsp;&nbsp; Everi Holdings Inc. | &nbsp;&nbsp; 6146 | &nbsp;&nbsp;&nbsp; 87,519<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort Inc. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp; 131216<br>|
| &nbsp;&nbsp;&nbsp; United Parks & Resorts Inc. | &nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp; 64,124<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *282859* |

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Durables — 1.6%* | *Household Durables — 1.6%* | *Household Durables — 1.6%* |
| &nbsp;&nbsp;&nbsp; Cricut Inc., Class A Shares | &nbsp;&nbsp; 26118 | &nbsp;&nbsp;&nbsp; $176819<br>|
| &nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co., Class A Shares | &nbsp;&nbsp; 3741 | &nbsp;&nbsp;&nbsp; 66926<br>|
| &nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | &nbsp;&nbsp; 4707 | &nbsp;&nbsp;&nbsp; 49800<br>|
| &nbsp;&nbsp;&nbsp; Lifetime Brands Inc. | &nbsp;&nbsp; 9898 | &nbsp;&nbsp;&nbsp; 50480<br>|
| &nbsp;&nbsp;&nbsp; Universal Electronics Inc. | &nbsp;&nbsp; 7459 | &nbsp;&nbsp;&nbsp; 49,379<br> \*<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *393404* |
| *Leisure Products — 0.9%* | *Leisure Products — 0.9%* | *Leisure Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; JAKKS Pacific Inc. | &nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp; 69301<br>|
| &nbsp;&nbsp;&nbsp; Marine Products Corp. | &nbsp;&nbsp; 7966 | &nbsp;&nbsp;&nbsp; 67791<br>|
| &nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings Inc. | &nbsp;&nbsp; 3814 | &nbsp;&nbsp;&nbsp; 70,864<br> \*<br>|
| *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *207956* |
| *Specialty Retail — 4.1%* | *Specialty Retail — 4.1%* | *Specialty Retail — 4.1%* |
| &nbsp;&nbsp;&nbsp; 1-800-Flowers.com Inc., Class A Shares | &nbsp;&nbsp; 8683 | &nbsp;&nbsp;&nbsp; 42,721<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 1509 | &nbsp;&nbsp;&nbsp; 125,021<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 2893 | &nbsp;&nbsp;&nbsp; 129635<br>|
| &nbsp;&nbsp;&nbsp; Buckle Inc. | &nbsp;&nbsp; 4229 | &nbsp;&nbsp;&nbsp; 191785<br>|
| &nbsp;&nbsp;&nbsp; Lands' End Inc. | &nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp; 41,416<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Monro Inc. | &nbsp;&nbsp; 3354 | &nbsp;&nbsp;&nbsp; 50008<br>|
| &nbsp;&nbsp;&nbsp; ODP Corp. | &nbsp;&nbsp; 6714 | &nbsp;&nbsp;&nbsp; 121,725<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings Inc. | &nbsp;&nbsp; 12200 | &nbsp;&nbsp;&nbsp; 112,972<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tile Shop Holdings Inc. | &nbsp;&nbsp; 8059 | &nbsp;&nbsp;&nbsp; 51,255<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Torrid Holdings Inc. | &nbsp;&nbsp; 16014 | &nbsp;&nbsp;&nbsp; 47,241<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Winmark Corp. | &nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; 63816<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *977595* |
| *Textiles, Apparel & Luxury Goods — 1.2%* | *Textiles, Apparel & Luxury Goods — 1.2%* | *Textiles, Apparel & Luxury Goods — 1.2%* |
| &nbsp;&nbsp;&nbsp; Carter's Inc. | &nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp; 51673<br>|
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | &nbsp;&nbsp; 4182 | &nbsp;&nbsp;&nbsp; 93,677<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rocky Brands Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp; 75446<br>|
| &nbsp;&nbsp;&nbsp; Superior Group of Cos. Inc. | &nbsp;&nbsp; 5619 | &nbsp;&nbsp;&nbsp; 57876<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *278672* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2859557** |
| **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** |
| *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* |
| &nbsp;&nbsp;&nbsp; National Beverage Corp. | &nbsp;&nbsp; 2019 | &nbsp;&nbsp;&nbsp; *87,302*<br> \*<br>|
| *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Andersons Inc. | &nbsp;&nbsp; 3167 | &nbsp;&nbsp;&nbsp; *116387*<br>|
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods Inc. | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; 50014<br>|
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce Inc.  | &nbsp;&nbsp; 5821 | &nbsp;&nbsp;&nbsp; 188717<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *238731* |
| *Household Products — 0.4%* | *Household Products — 0.4%* | *Household Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | &nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp; *100,263*<br> \*<br>|
| *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Lifevantage Corp. | &nbsp;&nbsp; 3706 | &nbsp;&nbsp;&nbsp; 48474<br>|
| &nbsp;&nbsp;&nbsp; Nature's Sunshine Products Inc. | &nbsp;&nbsp; 4273 | &nbsp;&nbsp;&nbsp; 63,198<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Personal Care Products — continued* | *Personal Care Products — continued* | *Personal Care Products — continued* |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences Inc. | &nbsp;&nbsp; 2697 | &nbsp;&nbsp;&nbsp; $82,339<br> \*<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *194011* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **736694** |
| **Energy — 6.6%** | **Energy — 6.6%** | **Energy — 6.6%** |
| *Energy Equipment & Services — 2.1%* | *Energy Equipment & Services — 2.1%* | *Energy Equipment & Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; Aris Water Solutions Inc., Class A Shares | &nbsp;&nbsp; 3133 | &nbsp;&nbsp;&nbsp; 74095<br>|
| &nbsp;&nbsp;&nbsp; Cactus Inc., Class A Shares | &nbsp;&nbsp; 2504 | &nbsp;&nbsp;&nbsp; 109475<br>|
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group Inc. | &nbsp;&nbsp; 15227 | &nbsp;&nbsp;&nbsp; 95,017<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mammoth Energy Services Inc. | &nbsp;&nbsp; 2123 | &nbsp;&nbsp;&nbsp; 5,944<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ranger Energy Services Inc., Class A Shares | &nbsp;&nbsp; 6556 | &nbsp;&nbsp;&nbsp; 78279<br>|
| &nbsp;&nbsp;&nbsp; RPC Inc. | &nbsp;&nbsp; 10414 | &nbsp;&nbsp;&nbsp; 49258<br>|
| &nbsp;&nbsp;&nbsp; Tidewater Inc. | &nbsp;&nbsp; 1938 | &nbsp;&nbsp;&nbsp; 89,400<br> \*<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *501468* |
| *Oil, Gas & Consumable Fuels — 4.5%* | *Oil, Gas & Consumable Fuels — 4.5%* | *Oil, Gas & Consumable Fuels — 4.5%* |
| &nbsp;&nbsp;&nbsp; Berry Corp. | &nbsp;&nbsp; 45096 | &nbsp;&nbsp;&nbsp; 124916<br>|
| &nbsp;&nbsp;&nbsp; Civitas Resources Inc. | &nbsp;&nbsp; 5502 | &nbsp;&nbsp;&nbsp; 151415<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A Shares | &nbsp;&nbsp; 17101 | &nbsp;&nbsp;&nbsp; 147069<br>|
| &nbsp;&nbsp;&nbsp; Excelerate Energy Inc., Class A Shares | &nbsp;&nbsp; 2662 | &nbsp;&nbsp;&nbsp; 78050<br>|
| &nbsp;&nbsp;&nbsp; International Seaways Inc. | &nbsp;&nbsp; 1031 | &nbsp;&nbsp;&nbsp; 37611<br>|
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | &nbsp;&nbsp; 6286 | &nbsp;&nbsp;&nbsp; 141435<br>|
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings Inc. | &nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 39,636<br> \*<br>|
| &nbsp;&nbsp;&nbsp; REX American Resources Corp. | &nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp; 98,881<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SandRidge Energy Inc. | &nbsp;&nbsp; 4260 | &nbsp;&nbsp;&nbsp; 46093<br>|
| &nbsp;&nbsp;&nbsp; Talos Energy Inc. | &nbsp;&nbsp; 14529 | &nbsp;&nbsp;&nbsp; 123,206<br> \*<br>|
| &nbsp;&nbsp;&nbsp; World Kinect Corp. | &nbsp;&nbsp; 3560 | &nbsp;&nbsp;&nbsp; 100926<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *1089238* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1590706** |
| **Financials — 21.1%** | **Financials — 21.1%** | **Financials — 21.1%** |
| *Banks — 9.5%* | *Banks — 9.5%* | *Banks — 9.5%* |
| &nbsp;&nbsp;&nbsp; Axos Financial Inc. | &nbsp;&nbsp; 2418 | &nbsp;&nbsp;&nbsp; 183,865<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | &nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp; 132037<br>|
| &nbsp;&nbsp;&nbsp; Civista Bancshares Inc. | &nbsp;&nbsp; 5420 | &nbsp;&nbsp;&nbsp; 125744<br>|
| &nbsp;&nbsp;&nbsp; Financial Institutions Inc. | &nbsp;&nbsp; 3349 | &nbsp;&nbsp;&nbsp; 86002<br>|
| &nbsp;&nbsp;&nbsp; First Financial Corp. | &nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp; 117321<br>|
| &nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | &nbsp;&nbsp; 2723 | &nbsp;&nbsp;&nbsp; 67204<br>|
| &nbsp;&nbsp;&nbsp; Home Bancorp Inc. | &nbsp;&nbsp; 1032 | &nbsp;&nbsp;&nbsp; 53437<br>|
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | &nbsp;&nbsp; 2785 | &nbsp;&nbsp;&nbsp; 185370<br>|
| &nbsp;&nbsp;&nbsp; MainStreet Bancshares Inc. | &nbsp;&nbsp; 3607 | &nbsp;&nbsp;&nbsp; 68172<br>|
| &nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | &nbsp;&nbsp; 2598 | &nbsp;&nbsp;&nbsp; 120573<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | &nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp; 38,010<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Midland States Bancorp Inc. | &nbsp;&nbsp; 4345 | &nbsp;&nbsp;&nbsp; 75255<br>|
| &nbsp;&nbsp;&nbsp; NBT Bancorp Inc. | &nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp; 90205<br>|
| &nbsp;&nbsp;&nbsp; Northeast Bank | &nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp; 122361<br>|
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp Inc. | &nbsp;&nbsp; 4657 | &nbsp;&nbsp;&nbsp; 108252<br>|
| &nbsp;&nbsp;&nbsp; Old Second Bancorp Inc. | &nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp; 118663<br>|
| &nbsp;&nbsp;&nbsp; Parke Bancorp Inc. | &nbsp;&nbsp; 4578 | &nbsp;&nbsp;&nbsp; 93254<br>|
| &nbsp;&nbsp;&nbsp; Peoples Bancorp Inc. | &nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp; 36556<br>|

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Plumas Bancorp | &nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp; $36057<br>|
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp; 128866<br>|
| &nbsp;&nbsp;&nbsp; S&T Bancorp Inc. | &nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp; 40051<br>|
| &nbsp;&nbsp;&nbsp; Unity Bancorp Inc. | &nbsp;&nbsp; 2695 | &nbsp;&nbsp;&nbsp; 126881<br>|
| &nbsp;&nbsp;&nbsp; WesBanco Inc. | &nbsp;&nbsp; 1477 | &nbsp;&nbsp;&nbsp; 46718<br>|
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | &nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp; 80959<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *2281813* |
| *Capital Markets — 4.3%* | *Capital Markets — 4.3%* | *Capital Markets — 4.3%* |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management Inc. | &nbsp;&nbsp; 3080 | &nbsp;&nbsp;&nbsp; 108539<br>|
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 3803 | &nbsp;&nbsp;&nbsp; 168587<br>|
| &nbsp;&nbsp;&nbsp; Cohen & Steers Inc. | &nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp; 43854<br>|
| &nbsp;&nbsp;&nbsp; Diamond Hill Investment Group Inc. | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 92998<br>|
| &nbsp;&nbsp;&nbsp; DigitalBridge Group Inc. | &nbsp;&nbsp; 4313 | &nbsp;&nbsp;&nbsp; 44640<br>|
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions Inc. | &nbsp;&nbsp; 1427 | &nbsp;&nbsp;&nbsp; 87,975<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Federated Hermes Inc. | &nbsp;&nbsp; 4057 | &nbsp;&nbsp;&nbsp; 179806<br>|
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings Inc., Class A Shares | &nbsp;&nbsp; 3414 | &nbsp;&nbsp;&nbsp; 217369<br>|
| &nbsp;&nbsp;&nbsp; Webull Corp. | &nbsp;&nbsp; 6601 | &nbsp;&nbsp;&nbsp; 78,948<br> \*<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1022716* |
| *Consumer Finance — 1.0%* | *Consumer Finance — 1.0%* | *Consumer Finance — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings Inc. | &nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; 47866<br>|
| &nbsp;&nbsp;&nbsp; PROG Holdings Inc. | &nbsp;&nbsp; 3665 | &nbsp;&nbsp;&nbsp; 107568<br>|
| &nbsp;&nbsp;&nbsp; World Acceptance Corp. | &nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 97,421<br> \*<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *252855* |
| *Financial Services — 3.4%* | *Financial Services — 3.4%* | *Financial Services — 3.4%* |
| &nbsp;&nbsp;&nbsp; Cass Information Systems Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp;&nbsp; 75342<br>|
| &nbsp;&nbsp;&nbsp; Euronet Worldwide Inc. | &nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp; 134,835<br> \*<br>|
| &nbsp;&nbsp;&nbsp; International Money Express Inc. | &nbsp;&nbsp; 3780 | &nbsp;&nbsp;&nbsp; 38,140<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. | &nbsp;&nbsp; 3996 | &nbsp;&nbsp;&nbsp; 114,006<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NMI Holdings Inc. | &nbsp;&nbsp; 4170 | &nbsp;&nbsp;&nbsp; 175,932<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Payoneer Global Inc. | &nbsp;&nbsp; 17154 | &nbsp;&nbsp;&nbsp; 117,505<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Radian Group Inc. | &nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp; 87349<br>|
| &nbsp;&nbsp;&nbsp; Western Union Co. | &nbsp;&nbsp; 9318 | &nbsp;&nbsp;&nbsp; 78458<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *821567* |
| *Insurance — 2.9%* | *Insurance — 2.9%* | *Insurance — 2.9%* |
| &nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | &nbsp;&nbsp; 6651 | &nbsp;&nbsp;&nbsp; 73959<br>|
| &nbsp;&nbsp;&nbsp; Heritage Insurance Holdings Inc. | &nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp; 96,019<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | &nbsp;&nbsp; 1887 | &nbsp;&nbsp;&nbsp; 127071<br>|
| &nbsp;&nbsp;&nbsp; Oscar Health Inc., Class A Shares | &nbsp;&nbsp; 8883 | &nbsp;&nbsp;&nbsp; 190,451<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Universal Insurance Holdings Inc. | &nbsp;&nbsp; 2242 | &nbsp;&nbsp;&nbsp; 62171<br>|
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 140066<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *689737* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **5068688** |
| **Health Care — 18.3%** | **Health Care — 18.3%** | **Health Care — 18.3%** |
| *Biotechnology — 2.3%* | *Biotechnology — 2.3%* | *Biotechnology — 2.3%* |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 4422 | &nbsp;&nbsp;&nbsp; 95,383<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Anika Therapeutics Inc. | &nbsp;&nbsp; 3418 | &nbsp;&nbsp;&nbsp; 36,162<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 4692 | &nbsp;&nbsp;&nbsp; 101,816<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp. | &nbsp;&nbsp; 7771 | &nbsp;&nbsp;&nbsp; $77,088<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics Inc. | &nbsp;&nbsp; 10176 | &nbsp;&nbsp;&nbsp; 45,894<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PTC Therapeutics Inc. | &nbsp;&nbsp; 1416 | &nbsp;&nbsp;&nbsp; 69,158<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Puma Biotechnology Inc. | &nbsp;&nbsp; 17285 | &nbsp;&nbsp;&nbsp; 59,288<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Veracyte Inc. | &nbsp;&nbsp; 2681 | &nbsp;&nbsp;&nbsp; 72,467<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *557256* |
| *Health Care Equipment & Supplies — 5.6%* | *Health Care Equipment & Supplies — 5.6%* | *Health Care Equipment & Supplies — 5.6%* |
| &nbsp;&nbsp;&nbsp; Avanos Medical Inc. | &nbsp;&nbsp; 5116 | &nbsp;&nbsp;&nbsp; 62,620<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CONMED Corp. | &nbsp;&nbsp; 1277 | &nbsp;&nbsp;&nbsp; 66506<br>|
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA Inc. | &nbsp;&nbsp; 10703 | &nbsp;&nbsp;&nbsp; 169964<br>|
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp. | &nbsp;&nbsp; 6836 | &nbsp;&nbsp;&nbsp; 133,575<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Haemonetics Corp. | &nbsp;&nbsp; 1343 | &nbsp;&nbsp;&nbsp; 100,201<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ICU Medical Inc. | &nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 47,178<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp. | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 120,265<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. | &nbsp;&nbsp; 3027 | &nbsp;&nbsp;&nbsp; 37,141<br> \*<br>|
| &nbsp;&nbsp;&nbsp; iRadimed Corp. | &nbsp;&nbsp; 1431 | &nbsp;&nbsp;&nbsp; 85560<br>|
| &nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp. | &nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp; 59,052<br> \*<br>|
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular Inc. | &nbsp;&nbsp; 1196 | &nbsp;&nbsp;&nbsp; 99328<br>|
| &nbsp;&nbsp;&nbsp; OmniAb Inc., $12.50 EARNOUT | &nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OmniAb Inc., $15.00 EARNOUT | &nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Omnicell Inc. | &nbsp;&nbsp; 3120 | &nbsp;&nbsp;&nbsp; 91,728<br> \*<br>|
| &nbsp;&nbsp;&nbsp; STAAR Surgical Co. | &nbsp;&nbsp; 2845 | &nbsp;&nbsp;&nbsp; 47,739<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tactile Systems Technology Inc. | &nbsp;&nbsp; 3931 | &nbsp;&nbsp;&nbsp; 39,860<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Utah Medical Products Inc. | &nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp; 53163<br>|
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp. | &nbsp;&nbsp; 8769 | &nbsp;&nbsp;&nbsp; 76,027<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zynex Inc. | &nbsp;&nbsp; 17689 | &nbsp;&nbsp;&nbsp; 45,638<br> \*<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1335545* |
| *Health Care Providers & Services — 4.0%* | *Health Care Providers & Services — 4.0%* | *Health Care Providers & Services — 4.0%* |
| &nbsp;&nbsp;&nbsp; Addus HomeCare Corp. | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 112,656<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Astrana Health Inc. | &nbsp;&nbsp; 3843 | &nbsp;&nbsp;&nbsp; 95,614<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Castle Biosciences Inc. | &nbsp;&nbsp; 2934 | &nbsp;&nbsp;&nbsp; 59,912<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent Inc. | &nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp; 52865<br>|
| &nbsp;&nbsp;&nbsp; CorVel Corp. | &nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 62,593<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare Inc. | &nbsp;&nbsp; 6490 | &nbsp;&nbsp;&nbsp; 84,695<br> \*<br>|
| &nbsp;&nbsp;&nbsp; National Research Corp. | &nbsp;&nbsp; 4093 | &nbsp;&nbsp;&nbsp; 68762<br>|
| &nbsp;&nbsp;&nbsp; Owens & Minor Inc. | &nbsp;&nbsp; 17781 | &nbsp;&nbsp;&nbsp; 161,807<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group Inc. | &nbsp;&nbsp; 11610 | &nbsp;&nbsp;&nbsp; 166,603<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Premier Inc., Class A Shares | &nbsp;&nbsp; 4913 | &nbsp;&nbsp;&nbsp; 107742<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *973249* |
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| &nbsp;&nbsp;&nbsp; HealthStream Inc. | &nbsp;&nbsp; 2804 | &nbsp;&nbsp;&nbsp; 77587<br>|
| &nbsp;&nbsp;&nbsp; Teladoc Health Inc. | &nbsp;&nbsp; 5515 | &nbsp;&nbsp;&nbsp; 48,035<br> \*<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *125622* |
| *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* | *Life Sciences Tools & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings Inc., Class A Shares | &nbsp;&nbsp; 37856 | &nbsp;&nbsp;&nbsp; 91,233<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Niagen Bioscience Inc. | &nbsp;&nbsp; 2532 | &nbsp;&nbsp;&nbsp; 36,486<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *127719* |

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — 5.4%* | *Pharmaceuticals — 5.4%* | *Pharmaceuticals — 5.4%* |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals Inc. | &nbsp;&nbsp; 7627 | &nbsp;&nbsp;&nbsp; $61,702<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp; 2097 | &nbsp;&nbsp;&nbsp; 48,147<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Biote Corp., Class A Shares | &nbsp;&nbsp; 12249 | &nbsp;&nbsp;&nbsp; 49,241<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical Inc. | &nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp; 71,707<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings Inc. | &nbsp;&nbsp; 3114 | &nbsp;&nbsp;&nbsp; 98,402<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Innoviva Inc. | &nbsp;&nbsp; 7098 | &nbsp;&nbsp;&nbsp; 142,599<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals Inc. | &nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp; 121,979<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Organon & Co. | &nbsp;&nbsp; 18663 | &nbsp;&nbsp;&nbsp; 180658<br>|
| &nbsp;&nbsp;&nbsp; Pacira BioSciences Inc. | &nbsp;&nbsp; 5322 | &nbsp;&nbsp;&nbsp; 127,196<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A Shares | &nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp; 66149<br>|
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare Inc. | &nbsp;&nbsp; 1629 | &nbsp;&nbsp;&nbsp; 130,076<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SIGA Technologies Inc. | &nbsp;&nbsp; 14576 | &nbsp;&nbsp;&nbsp; 95035<br>|
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals Inc. | &nbsp;&nbsp; 3059 | &nbsp;&nbsp;&nbsp; 96,420<br> \*<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1289311* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4408702** |
| **Industrials — 15.3%** | **Industrials — 15.3%** | **Industrials — 15.3%** |
| *Aerospace & Defense — 0.7%* | *Aerospace & Defense — 0.7%* | *Aerospace & Defense — 0.7%* |
| &nbsp;&nbsp;&nbsp; National Presto Industries Inc. | &nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp; 96980<br>|
| &nbsp;&nbsp;&nbsp; Park Aerospace Corp. | &nbsp;&nbsp; 4591 | &nbsp;&nbsp;&nbsp; 67809<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *164789* |
| *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* |
| &nbsp;&nbsp;&nbsp; Hub Group Inc., Class A Shares | &nbsp;&nbsp; 3043 | &nbsp;&nbsp;&nbsp; 101727<br>|
| &nbsp;&nbsp;&nbsp; Radiant Logistics Inc. | &nbsp;&nbsp; 9844 | &nbsp;&nbsp;&nbsp; 59,852<br> \*<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *161579* |
| *Building Products — 2.2%* | *Building Products — 2.2%* | *Building Products — 2.2%* |
| &nbsp;&nbsp;&nbsp; Gibraltar Industries Inc. | &nbsp;&nbsp; 1381 | &nbsp;&nbsp;&nbsp; 81,479<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insteel Industries Inc. | &nbsp;&nbsp; 1918 | &nbsp;&nbsp;&nbsp; 71369<br>|
| &nbsp;&nbsp;&nbsp; Janus International Group Inc. | &nbsp;&nbsp; 10159 | &nbsp;&nbsp;&nbsp; 82,694<br> \*<br>|
| &nbsp;&nbsp;&nbsp; JELD-WEN Holding Inc. | &nbsp;&nbsp; 13297 | &nbsp;&nbsp;&nbsp; 52,124<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Masterbrand Inc. | &nbsp;&nbsp; 16794 | &nbsp;&nbsp;&nbsp; 183,558<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | &nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp; 54338<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *525562* |
| *Commercial Services & Supplies — 2.2%* | *Commercial Services & Supplies — 2.2%* | *Commercial Services & Supplies — 2.2%* |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. | &nbsp;&nbsp; 30845 | &nbsp;&nbsp;&nbsp; 110425<br>|
| &nbsp;&nbsp;&nbsp; Civeo Corp. | &nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp; 77814<br>|
| &nbsp;&nbsp;&nbsp; Ennis Inc. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 87072<br>|
| &nbsp;&nbsp;&nbsp; Liquidity Services Inc. | &nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp; 46,307<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Steelcase Inc., Class A Shares | &nbsp;&nbsp; 10196 | &nbsp;&nbsp;&nbsp; 106344<br>|
| &nbsp;&nbsp;&nbsp; Vestis Corp. | &nbsp;&nbsp; 8381 | &nbsp;&nbsp;&nbsp; 48023<br>|
| &nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | &nbsp;&nbsp; 6068 | &nbsp;&nbsp;&nbsp; 48423<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *524408* |
| *Construction & Engineering — 1.9%* | *Construction & Engineering — 1.9%* | *Construction & Engineering — 1.9%* |
| &nbsp;&nbsp;&nbsp; Argan Inc. | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 112445<br>|
| &nbsp;&nbsp;&nbsp; NWPX Infrastructure Inc. | &nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp; 74,843<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | &nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 144657<br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp. | &nbsp;&nbsp; 2594 | &nbsp;&nbsp;&nbsp; 121,347<br> \*<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *453292* |

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — 1.7%* | *Electrical Equipment — 1.7%* | *Electrical Equipment — 1.7%* |
| &nbsp;&nbsp;&nbsp; Atkore Inc. | &nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; $76335<br>|
| &nbsp;&nbsp;&nbsp; Powell Industries Inc. | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 121009<br>|
| &nbsp;&nbsp;&nbsp; Preformed Line Products Co. | &nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; 102438<br>|
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | &nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp; 112250<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *412032* |
| *Machinery — 2.1%* | *Machinery — 2.1%* | *Machinery — 2.1%* |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp. | &nbsp;&nbsp; 1182 | &nbsp;&nbsp;&nbsp; 51,015<br> \*<br>|
| &nbsp;&nbsp;&nbsp; FreightCar America Inc. | &nbsp;&nbsp; 5390 | &nbsp;&nbsp;&nbsp; 46,462<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Omega Flex Inc. | &nbsp;&nbsp; 1398 | &nbsp;&nbsp;&nbsp; 45267<br>|
| &nbsp;&nbsp;&nbsp; Symbotic Inc. | &nbsp;&nbsp; 2660 | &nbsp;&nbsp;&nbsp; 103,341<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Terex Corp. | &nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp; 116632<br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc. | &nbsp;&nbsp; 4181 | &nbsp;&nbsp;&nbsp; 42,939<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wabash National Corp. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 42860<br>|
| &nbsp;&nbsp;&nbsp; Worthington Enterprises Inc. | &nbsp;&nbsp; 1017 | &nbsp;&nbsp;&nbsp; 64722<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *513238* |
| *Passenger Airlines — 0.9%* | *Passenger Airlines — 0.9%* | *Passenger Airlines — 0.9%* |
| &nbsp;&nbsp;&nbsp; SkyWest Inc. | &nbsp;&nbsp; 1624 | &nbsp;&nbsp;&nbsp; 167,223<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings Inc. | &nbsp;&nbsp; 4026 | &nbsp;&nbsp;&nbsp; 47,306<br> \*<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *214529* |
| *Professional Services — 1.8%* | *Professional Services — 1.8%* | *Professional Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; Forrester Research Inc. | &nbsp;&nbsp; 5156 | &nbsp;&nbsp;&nbsp; 51,044<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles International Inc. | &nbsp;&nbsp; 1627 | &nbsp;&nbsp;&nbsp; 74452<br>|
| &nbsp;&nbsp;&nbsp; Kforce Inc. | &nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp; 60584<br>|
| &nbsp;&nbsp;&nbsp; Korn Ferry | &nbsp;&nbsp; 2178 | &nbsp;&nbsp;&nbsp; 159713<br>|
| &nbsp;&nbsp;&nbsp; Resources Connection Inc. | &nbsp;&nbsp; 7153 | &nbsp;&nbsp;&nbsp; 38412<br>|
| &nbsp;&nbsp;&nbsp; TriNet Group Inc.  | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 64363<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *448568* |
| *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* |
| &nbsp;&nbsp;&nbsp; Global Industrial Co. | &nbsp;&nbsp; 2402 | &nbsp;&nbsp;&nbsp; 64878<br>|
| &nbsp;&nbsp;&nbsp; Hudson Technologies Inc. | &nbsp;&nbsp; 8660 | &nbsp;&nbsp;&nbsp; 70,319<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Karat Packaging Inc. | &nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp; 71527<br>|
| &nbsp;&nbsp;&nbsp; Rush Enterprises Inc., Class A Shares | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp; 52025<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *258749* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3676746** |
| **Information Technology — 11.5%** | **Information Technology — 11.5%** | **Information Technology — 11.5%** |
| *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* |
| &nbsp;&nbsp;&nbsp; Harmonic Inc. | &nbsp;&nbsp; 4584 | &nbsp;&nbsp;&nbsp; 43,410<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Lantronix Inc. | &nbsp;&nbsp; 16415 | &nbsp;&nbsp;&nbsp; 47,111<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NETGEAR Inc. | &nbsp;&nbsp; 3129 | &nbsp;&nbsp;&nbsp; 90,960<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NetScout Systems Inc. | &nbsp;&nbsp; 3412 | &nbsp;&nbsp;&nbsp; 84,652<br> \*<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *266133* |
| *Electronic Equipment, Instruments & Components — 4.7%* | *Electronic Equipment, Instruments & Components — 4.7%* | *Electronic Equipment, Instruments & Components — 4.7%* |
| &nbsp;&nbsp;&nbsp; Bel Fuse Inc., Class B Shares | &nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp; 144484<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Electronics Inc. | &nbsp;&nbsp; 2257 | &nbsp;&nbsp;&nbsp; 87639<br>|
| &nbsp;&nbsp;&nbsp; CTS Corp. | &nbsp;&nbsp; 2077 | &nbsp;&nbsp;&nbsp; 88501<br>|
| &nbsp;&nbsp;&nbsp; Daktronics Inc. | &nbsp;&nbsp; 4847 | &nbsp;&nbsp;&nbsp; 73,287<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ePlus Inc.  | &nbsp;&nbsp; 1301 | &nbsp;&nbsp;&nbsp; 93,802<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

June 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* | *Electronic Equipment, Instruments & Components — continued* |
| &nbsp;&nbsp;&nbsp; IPG Photonics Corp. | &nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp; $97,414<br> \*<br>|
| &nbsp;&nbsp;&nbsp; M-Tron Industries Inc. | &nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; 37,758<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PC Connection Inc. | &nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp; 120048<br>|
| &nbsp;&nbsp;&nbsp; Plexus Corp. | &nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp; 62,378<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sanmina Corp. | &nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp; 80,710<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ScanSource Inc. | &nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp; 96,163<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology Inc. | &nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp; 98901<br>|
| &nbsp;&nbsp;&nbsp; Vishay Precision Group Inc. | &nbsp;&nbsp; 2058 | &nbsp;&nbsp;&nbsp; 57,830<br> \*<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1138915* |
| *IT Services — 1.8%* | *IT Services — 1.8%* | *IT Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; ASGN Inc. | &nbsp;&nbsp; 2227 | &nbsp;&nbsp;&nbsp; 111,194<br> \*<br>|
| &nbsp;&nbsp;&nbsp; DXC Technology Co. | &nbsp;&nbsp; 9122 | &nbsp;&nbsp;&nbsp; 139,475<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hackett Group Inc. | &nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp; 80073<br>|
| &nbsp;&nbsp;&nbsp; Unisys Corp. | &nbsp;&nbsp; 21383 | &nbsp;&nbsp;&nbsp; 96,865<br> \*<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *427607* |
| *Semiconductors & Semiconductor Equipment — 1.3%* | *Semiconductors & Semiconductor Equipment — 1.3%* | *Semiconductors & Semiconductor Equipment — 1.3%* |
| &nbsp;&nbsp;&nbsp; Cohu Inc. | &nbsp;&nbsp; 3145 | &nbsp;&nbsp;&nbsp; 60,510<br> \*<br>|
| &nbsp;&nbsp;&nbsp; inTEST Corp. | &nbsp;&nbsp; 6109 | &nbsp;&nbsp;&nbsp; 44,473<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NVE Corp. | &nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp; 64041<br>|
| &nbsp;&nbsp;&nbsp; Penguin Solutions Inc. | &nbsp;&nbsp; 4297 | &nbsp;&nbsp;&nbsp; 85,124<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Photronics Inc. | &nbsp;&nbsp; 3529 | &nbsp;&nbsp;&nbsp; 66,451<br> \*<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *320599* |
| *Software — 2.6%* | *Software — 2.6%* | *Software — 2.6%* |
| &nbsp;&nbsp;&nbsp; A10 Networks Inc. | &nbsp;&nbsp; 5506 | &nbsp;&nbsp;&nbsp; 106541<br>|
| &nbsp;&nbsp;&nbsp; Adeia Inc. | &nbsp;&nbsp; 11386 | &nbsp;&nbsp;&nbsp; 160998<br>|
| &nbsp;&nbsp;&nbsp; Expensify Inc., Class A Shares | &nbsp;&nbsp; 19751 | &nbsp;&nbsp;&nbsp; 51,155<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mitek Systems Inc. | &nbsp;&nbsp; 3825 | &nbsp;&nbsp;&nbsp; 37,867<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Progress Software Corp. | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 85546<br>|
| &nbsp;&nbsp;&nbsp; Teradata Corp. | &nbsp;&nbsp; 3116 | &nbsp;&nbsp;&nbsp; 69,518<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Verint Systems Inc. | &nbsp;&nbsp; 2898 | &nbsp;&nbsp;&nbsp; 57,004<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Viant Technology Inc., Class A Shares | &nbsp;&nbsp; 3658 | &nbsp;&nbsp;&nbsp; 48,395<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *617024* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2770278** |
| **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** |
| *Chemicals — 1.4%* | *Chemicals — 1.4%* | *Chemicals — 1.4%* |
| &nbsp;&nbsp;&nbsp; Core Molding Technologies Inc. | &nbsp;&nbsp; 3214 | &nbsp;&nbsp;&nbsp; 53,320<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ecovyst Inc. | &nbsp;&nbsp; 10819 | &nbsp;&nbsp;&nbsp; 89,040<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Innospec Inc. | &nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp; 83838<br>|
| &nbsp;&nbsp;&nbsp; LSB Industries Inc. | &nbsp;&nbsp; 5046 | &nbsp;&nbsp;&nbsp; 39,359<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rayonier Advanced Materials Inc. | &nbsp;&nbsp; 16499 | &nbsp;&nbsp;&nbsp; 63,521<br> \*<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *329078* |
| *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* |
| &nbsp;&nbsp;&nbsp; United States Lime & Minerals Inc. | &nbsp;&nbsp; 892 | &nbsp;&nbsp;&nbsp; *89022*<br>|
| *Metals & Mining — 1.4%* | *Metals & Mining — 1.4%* | *Metals & Mining — 1.4%* |
| &nbsp;&nbsp;&nbsp; Metallus Inc. | &nbsp;&nbsp; 3760 | &nbsp;&nbsp;&nbsp; 57,942<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Olympic Steel Inc. | &nbsp;&nbsp; 1594 | &nbsp;&nbsp;&nbsp; 51948<br>|
| &nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | &nbsp;&nbsp; 2081 | &nbsp;&nbsp;&nbsp; 44887<br>|

---

See Notes to Schedule of Investments.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp; SunCoke Energy Inc. | &nbsp;&nbsp; 11154 | &nbsp;&nbsp;&nbsp; $95813<br>|
| &nbsp;&nbsp;&nbsp; Worthington Steel Inc. | &nbsp;&nbsp;&nbsp; Worthington Steel Inc. | &nbsp;&nbsp; 3181 | &nbsp;&nbsp;&nbsp; 94889<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *345479* |
| *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | &nbsp;&nbsp;&nbsp; Sylvamo Corp. | &nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; *114980*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **878559** |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* |
| &nbsp;&nbsp;&nbsp; Forestar Group Inc. | &nbsp;&nbsp;&nbsp; Forestar Group Inc. | &nbsp;&nbsp; 2958 | &nbsp;&nbsp;&nbsp; 59,160<br> \*<br>|
| &nbsp;&nbsp;&nbsp; RMR Group Inc., Class A Shares | &nbsp;&nbsp;&nbsp; RMR Group Inc., Class A Shares | &nbsp;&nbsp; 4967 | &nbsp;&nbsp;&nbsp; 81210<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **140370** |
| **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** |
| *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* |
| &nbsp;&nbsp;&nbsp; ALLETE Inc. | &nbsp;&nbsp;&nbsp; ALLETE Inc. | &nbsp;&nbsp; 2693 | &nbsp;&nbsp;&nbsp; 172541<br>|
| &nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B Shares | &nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B Shares | &nbsp;&nbsp; 5157 | &nbsp;&nbsp;&nbsp; 138620<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **311161** |
| **Total Investments before Short-Term Investments (Cost — $24,374,958)** | **Total Investments before Short-Term Investments (Cost — $24,374,958)** | **Total Investments before Short-Term Investments (Cost — $24,374,958)** | &nbsp;&nbsp; **23893647** |
|  | Rate |  |  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, Institutional Class <br> (Cost — $137,068)  | &nbsp;&nbsp; 4.203% | &nbsp;&nbsp; 137068<br>| &nbsp;&nbsp;&nbsp;&nbsp; **137068**<br> <sup>(e)</sup><br>|
| **Total Investments — 100.0% (Cost — $24,512,026)** | **Total Investments — 100.0% (Cost — $24,512,026)** | **Total Investments — 100.0% (Cost — $24,512,026)** | &nbsp;&nbsp; **24030715** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; (2559)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$24028156** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |
| <sup>(d)</sup> | Restricted security (Note 2). |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

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.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 seeks to achieve long-term growth of capital.

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

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

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 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: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $4408702 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $4408702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 19484945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19484945 |
| Total Long-Term Investments | &nbsp;&nbsp; 23893647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 23893647 |
| Short-Term Investments† | &nbsp;&nbsp; 137068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 137068 |
| **Total Investments** | &nbsp;&nbsp; **$24030715** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$24030715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | 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. <br>

---

| | | |
|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares<br>| Acquisition <br>Date<br>|
| OmniAb Inc., $12.50 <br> EARNOUT, Common <br> Shares<br>| &nbsp;&nbsp; 298 | 11/22<br> $0 <br><sup>(a)</sup><br>&nbsp;&nbsp; $0.00 <br><sup>(b)</sup><br>0.00 %<sup>(c)</sup><br>|
| OmniAb Inc., $15.00 <br> EARNOUT, Common <br> Shares<br>| &nbsp;&nbsp; 298 | 11/22<br> 0 <br><sup>(a)</sup><br>0.00 <br><sup>(b)</sup><br>0.00 <br><sup>(c)</sup><br>|
|  |  | **$0** <br><sup>(a)</sup><br>**$0** <br><sup>(a)</sup><br>&nbsp;&nbsp; **0.00%** <br><sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $1.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Amount represents less than 0.005%.

------

Royce Quant Small-Cap Quality Value ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Legg Mason ETF Investment Trust

- **b. Investment Company Act file number:** 811-23096

- **c. CIK number of Registrant:** 0001645194

- **d. LEI of Registrant:** 549300D7ZZ1A7JJ9G964

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-721-1926

**Item A.2. Information about the Series.**

- **a. Name of Series:** Royce Quant Small-Cap Quality Value ETF

- **b. EDGAR series identifier (if any):** S000058077

- **c. LEI of Series:** 549300PDRO71NW9IHD33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $24040617.83

**Total Liabilities:** $12462.05

**Net Assets:** $24028155.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190092 | -4.13%               | 6.44%                | 4.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6899.44                 | $-1038330.02                               |
| Month 2  | $3.44                    | $1481983.17                                |
| Month 3  | $112851.28               | $886302.10                                 |

### Schedule of Portfolio Investments

| Name                                              | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ScanSource Inc                                    | ScanSource Inc                                    | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      2300 | NS      | $96163.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                                 | PROG Holdings Inc                                 | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |      3665 | NS      | $107567.75    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp                                 | Tutor Perini Corp                                 | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |      2594 | NS      | $121347.32    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                                | Cohen & Steers Inc                                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |       582 | NS      | $43853.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                                   | ICU Medical Inc                                   | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |       357 | NS      | $47177.55     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc                               | Karat Packaging Inc                               | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |      2540 | NS      | $71526.40     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express In                    | International Money Express Inc                   | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3780 | NS      | $38140.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                                         | Adeia Inc                                         | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11386 | NS      | $160998.04    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co                                | Crescent Energy Co                                | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17101 | NS      | $147068.60    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                                      | Veracyte Inc                                      | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      2681 | NS      | $72467.43     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc                          | Resources Connection Inc                          | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7153 | NS      | $38411.61     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc                     | Janus International Group Inc                     | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10159 | NS      | $82694.26     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Angi Inc                                          | Angi Inc                                          | CUSIP: 00183L201<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |      4893 | NS      | $74667.18     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                              | Mercantile Bank Corp                              | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |      2598 | NS      | $120573.18    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens & Minor Inc                                 | Owens & Minor Inc                                 | CUSIP: 690732102<br>LEI: 549300LMT5KQQXCEZ733 | Long             | EC               | CORP              | US        |     17781 | NS      | $161807.10    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc                          | Gibraltar Industries Inc                          | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1381 | NS      | $81479.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                                        | Civeo Corp                                        | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      3370 | NS      | $77813.30     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                                        | Korn Ferry                                        | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      2178 | NS      | $159712.74    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Entravision Communications Cor                    | Entravision Communications Corp                   | CUSIP: 29382R107<br>LEI: 549300SKHY2ALCLKV539 | Long             | EC               | CORP              | US        |     15910 | NS      | $36911.20     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp                                | Varex Imaging Corp                                | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      8769 | NS      | $76027.23     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                                 | Mitek Systems Inc                                 | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |      3825 | NS      | $37867.50     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                                  | Radian Group Inc                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      2425 | NS      | $87348.50     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EverQuote Inc                                     | EverQuote Inc                                     | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1911 | NS      | $46207.98     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                                  | A10 Networks Inc                                  | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      5506 | NS      | $106541.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Insurance Holdings In                    | Heritage Insurance Holdings Inc                   | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |      3850 | NS      | $96019.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp                            | Strattec Security Corp                            | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |      1010 | NS      | $62832.10     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| European Wax Center Inc                           | European Wax Center Inc                           | CUSIP: 29882P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21610 | NS      | $121664.30    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I                    | Harmony Biosciences Holdings Inc                  | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3114 | NS      | $98402.40     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The                                 | Andersons Inc/The                                 | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |      3167 | NS      | $116387.25    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                                      | Metallus Inc                                      | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |      3760 | NS      | $57941.60     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                                       | Plexus Corp                                       | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |       461 | NS      | $62377.91     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifetime Brands Inc                               | Lifetime Brands Inc                               | CUSIP: 53222Q103<br>LEI: 549300GS38DC0OHLYK32 | Long             | EC               | CORP              | US        |      9898 | NS      | $50479.80     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                                      | Symbotic Inc                                      | CUSIP: 87151X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2660 | NS      | $103341.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                              | First Financial Corp                              | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2165 | NS      | $117321.35    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp                             | World Acceptance Corp                             | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       590 | NS      | $97420.80     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                                     | Steelcase Inc                                     | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |     10196 | NS      | $106344.28    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                                   | Masterbrand Inc                                   | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     16794 | NS      | $183558.42    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Community Bancorp In                    | Northeast Community Bancorp Inc                   | CUSIP: 664121100<br>LEI: 5493007BRYL8596Q9L26 | Long             | EC               | CORP              | US        |      4657 | NS      | $108251.97    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                       | Monarch Casino & Resort Inc                       | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      1518 | NS      | $131215.92    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                                        | ALLETE Inc                                        | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |      2693 | NS      | $172540.51    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                                     | Tidewater Inc                                     | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      1938 | NS      | $89399.94     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                              | PTC Therapeutics Inc                              | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      1416 | NS      | $69157.44     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                              | Wabash National Corp                              | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |      4032 | NS      | $42860.16     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                                  | Home Bancorp Inc                                  | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1032 | NS      | $53436.96     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                              | SandRidge Energy Inc                              | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |      4260 | NS      | $46093.20     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc                        | Vishay Intertechnology Inc                        | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      6228 | NS      | $98900.64     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Marine Products Corp                              | Marine Products Corp                              | CUSIP: 568427108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7966 | NS      | $67790.66     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Verint Systems Inc                                | Verint Systems Inc                                | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               | CORP              | US        |      2898 | NS      | $57003.66     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Energy Services Inc                        | Ranger Energy Services Inc                        | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |      6556 | NS      | $78278.64     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mammoth Energy Services Inc                       | Mammoth Energy Services Inc                       | CUSIP: 56155L108<br>LEI: 549300ODHHN3MGXCQ803 | Long             | EC               | CORP              | US        |      2123 | NS      | $5944.40      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc                             | Niagen Bioscience Inc                             | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |      2532 | NS      | $36486.12     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                  | NMI Holdings Inc                                  | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      4170 | NS      | $175932.30    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestis Corp                                       | Vestis Corp                                       | CUSIP: 29430C102<br>LEI: 254900QDW0TA2TMFAP59 | Long             | EC               | CORP              | US        |      8381 | NS      | $48023.13     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp                                | IPG Photonics Corp                                | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |      1419 | NS      | $97414.35     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MainStreet Bancshares Inc                         | MainStreet Bancshares Inc                         | CUSIP: 56064Y100<br>LEI: 549300FHZZP7SP56TS88 | Long             | EC               | CORP              | US        |      3607 | NS      | $68172.30     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                                  | Shutterstock Inc                                  | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      2259 | NS      | $42830.64     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc                         | Benchmark Electronics Inc                         | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |      2257 | NS      | $87639.31     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Media Inc                                    | Gray Media Inc                                    | CUSIP: 389375106<br>LEI: 529900TM5726KDN7UU35 | Long             | EC               | CORP              | US        |     30584 | NS      | $138545.52    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc                     | Academy Sports & Outdoors Inc                     | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2893 | NS      | $129635.33    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc                                 | JAKKS Pacific Inc                                 | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |      3335 | NS      | $69301.30     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                                | Axos Financial Inc                                | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      2418 | NS      | $183864.72    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc                         | USANA Health Sciences Inc                         | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      2697 | NS      | $82339.41     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                           | Perdoceo Education Corp                           | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      4653 | NS      | $152106.57    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                         | Argan Inc                                         | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |       510 | NS      | $112444.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou                    | White Mountains Insurance Group Ltd               | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |        78 | NS      | $140066.16    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                            | Liquidity Services Inc                            | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |      1963 | NS      | $46307.17     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                                | SunCoke Energy Inc                                | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     11154 | NS      | $95812.86     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Advanced Materials In                    | Rayonier Advanced Materials Inc                   | CUSIP: 75508B104<br>LEI: 54930053QJ7OUGZG4F72 | Long             | EC               | CORP              | US        |     16499 | NS      | $63521.15     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc                      | Acadian Asset Management Inc                      | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      3080 | NS      | $108539.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                              | Rush Enterprises Inc                              | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |      1010 | NS      | $52025.10     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                      | Innoviva Inc                                      | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      7098 | NS      | $142598.82    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Civista Bancshares Inc                            | Civista Bancshares Inc                            | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |      5420 | NS      | $125744.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                                   | S&T Bancorp Inc                                   | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1059 | NS      | $40051.38     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JELD-WEN Holding Inc                              | JELD-WEN Holding Inc                              | CUSIP: 47580P103<br>LEI: 529900AXX7CT9GZSCS30 | Long             | EC               | CORP              | US        |     13297 | NS      | $52124.24     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                                      | WesBanco Inc                                      | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1477 | NS      | $46717.51     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc                        | Midland States Bancorp Inc                        | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |      4345 | NS      | $75255.40     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc                             | SIGA Technologies Inc                             | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14576 | NS      | $95035.52     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp                       | REX American Resources Corp                       | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2030 | NS      | $98881.30     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                                    | Northeast Bank                                    | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |      1375 | NS      | $122361.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc                         | Sally Beauty Holdings Inc                         | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     12200 | NS      | $112972.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc                      | Cross Country Healthcare Inc                      | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |      6490 | NS      | $84694.50     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                            | Insteel Industries Inc                            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      1918 | NS      | $71368.78     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc                             | Worthington Steel Inc                             | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |      3181 | NS      | $94889.23     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                                   | NCR Atleos Corp                                   | CUSIP: 63001N106<br>LEI: 9845005FC3S0VA714741 | Long             | EC               | CORP              | US        |      3996 | NS      | $114005.88    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                           | Strategic Education Inc                           | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |       803 | NS      | $68359.39     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc                           | NWPX Infrastructure Inc                           | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |      1825 | NS      | $74843.25     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group Inc                                   | Weyco Group Inc                                   | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |      1526 | NS      | $50602.16     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                              | NetScout Systems Inc                              | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      3412 | NS      | $84651.72     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                          | Cohu Inc                                          | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      3145 | NS      | $60509.80     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| STAAR Surgical Co                                 | STAAR Surgical Co                                 | CUSIP: 852312305<br>LEI: 5299006LRHI7OJ8BY308 | Long             | EC               | CORP              | US        |      2845 | NS      | $47739.10     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc                         | International Seaways Inc                         | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |      1031 | NS      | $37610.88     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                                       | Unisys Corp                                       | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |     21383 | NS      | $96864.99     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc                    | Tactile Systems Technology Inc                    | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               | CORP              | US        |      3931 | NS      | $39860.34     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| inTEST Corp                                       | inTEST Corp                                       | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |      6109 | NS      | $44473.52     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc                    | National Presto Industries Inc                    | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       990 | NS      | $96980.40     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co                           | Central Garden & Pet Co                           | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      2850 | NS      | $100263.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifevantage Corp                                  | Lifevantage Corp                                  | CUSIP: 53222K205<br>LEI: 5493001Z5YYT109QZ980 | Long             | EC               | CORP              | US        |      3706 | NS      | $48474.48     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd                           | G-III Apparel Group Ltd                           | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |      4182 | NS      | $93676.80     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc                            | Castle Biosciences Inc                            | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2934 | NS      | $59912.28     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc                       | Fresh Del Monte Produce Inc                       | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | US        |      5821 | NS      | $188716.82    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH                            | Peoples Bancorp Inc/OH                            | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1197 | NS      | $36556.38     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc                                  | Talos Energy Inc                                  | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     14529 | NS      | $123205.92    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp                         | Dynavax Technologies Corp                         | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      7771 | NS      | $77088.32     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                       | NETGEAR Inc                                       | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      3129 | NS      | $90960.03     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I                    | Helix Energy Solutions Group Inc                  | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |     15227 | NS      | $95016.48     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                                      | Harmonic Inc                                      | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |      4584 | NS      | $43410.48     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| M-Tron Industries Inc                             | M-Tron Industries Inc                             | CUSIP: 55380K109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       899 | NS      | $37758.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp                    | Metropolitan Bank Holding Corp                    | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       543 | NS      | $38010.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Corp                                        | Berry Corp                                        | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45096 | NS      | $124915.92    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hooker Furnishings Corp                           | Hooker Furnishings Corp                           | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4707 | NS      | $49800.06     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                            | Old Second Bancorp Inc                            | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |      6689 | NS      | $118662.86    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                                         | ePlus Inc                                         | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |      1301 | NS      | $93802.10     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Expensify Inc                                     | Expensify Inc                                     | CUSIP: 30219Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19751 | NS      | $51155.09     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Virco Mfg. Corp                                   | Virco Mfg. Corp                                   | CUSIP: 927651109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6068 | NS      | $48422.64     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Institutions Inc                        | Financial Institutions Inc                        | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3349 | NS      | $86002.32     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                                  | Oscar Health Inc                                  | CUSIP: 687793109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8883 | NS      | $190451.52    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                         | Monro Inc                                         | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3354 | NS      | $50008.14     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                            | Primoris Services Corp                            | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      1856 | NS      | $144656.64    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrid Holdings Inc                               | Torrid Holdings Inc                               | CUSIP: 89142B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16014 | NS      | $47241.30     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                                   | Murphy Oil Corp                                   | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      6286 | NS      | $141435.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Electronics Inc                         | Universal Electronics Inc                         | CUSIP: 913483103<br>LEI: 549300ZW9EULAR7T6F89 | Long             | EC               | CORP              | US        |      7459 | NS      | $49378.58     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I                    | Prestige Consumer Healthcare Inc                  | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1629 | NS      | $130075.65    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp                            | Progress Software Corp                            | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      1340 | NS      | $85545.60     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                      | Supernus Pharmaceuticals Inc                      | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      3059 | NS      | $96419.68     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp                                 | World Kinect Corp                                 | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |      3560 | NS      | $100926.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                       | Pediatrix Medical Group Inc                       | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11610 | NS      | $166603.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren                    | Concentra Group Holdings Parent Inc               | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2570 | NS      | $52864.90     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                             | Envista Holdings Corp                             | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |      6836 | NS      | $133575.44    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cricut Inc                                        | Cricut Inc                                        | CUSIP: 22658D100<br>LEI: 254900R3DKAJ28MC0Q39 | Long             | EC               | CORP              | US        |     26118 | NS      | $176818.86    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                                         | Ennis Inc                                         | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4800 | NS      | $87072.00     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Puma Biotechnology Inc                            | Puma Biotechnology Inc                            | CUSIP: 74587V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17285 | NS      | $59287.55     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                                 | Unity Bancorp Inc                                 | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      2695 | NS      | $126880.60    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                      | Catalyst Pharmaceuticals Inc                      | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      4692 | NS      | $101816.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| 1-800-Flowers.com Inc                             | 1-800-Flowers.com Inc                             | CUSIP: 68243Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8683 | NS      | $42720.36     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Coastal Insurance Cor                    | American Coastal Insurance Corp                   | CUSIP: 910710102<br>LEI: 5299002P9105LJQA8G51 | Long             | EC               | CORP              | US        |      6651 | NS      | $73959.12     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc                           | Hudson Technologies Inc                           | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8660 | NS      | $70319.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc                                 | Olympic Steel Inc                                 | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |      1594 | NS      | $51948.46     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                                           | RPC Inc                                           | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10414 | NS      | $49258.22     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                                        | Terex Corp                                        | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |      2498 | NS      | $116631.62    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc                    | Nature's Sunshine Products Inc                    | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4273 | NS      | $63197.67     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FreightCar America Inc                            | FreightCar America Inc                            | CUSIP: 357023100<br>LEI: 254900UEML23YM2EQB31 | Long             | EC               | CORP              | US        |      5390 | NS      | $46461.80     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp                            | National Research Corp                            | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |      4093 | NS      | $68762.40     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc                             | Excelerate Energy Inc                             | CUSIP: 30069T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2662 | NS      | $78049.84     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Flex Inc                                    | Omega Flex Inc                                    | CUSIP: 682095104<br>LEI: 254900V3UM4PIXLDNU54 | Long             | EC               | CORP              | US        |      1398 | NS      | $45267.24     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Astrana Health Inc                                | Astrana Health Inc                                | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |      3843 | NS      | $95613.84     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc                             | Powell Industries Inc                             | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |       575 | NS      | $121008.75    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA                     | Preferred Bank/Los Angeles CA                     | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      1489 | NS      | $128865.51    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Thryv Holdings Inc                                | Thryv Holdings Inc                                | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2987 | NS      | $36321.92     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                             | Euronet Worldwide Inc                             | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      1330 | NS      | $134835.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                          | ASGN Inc                                          | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |      2227 | NS      | $111194.11    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                                       | Ecovyst Inc                                       | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10819 | NS      | $89040.37     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                        | Cactus Inc                                        | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2504 | NS      | $109474.88    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc                           | Titan International Inc                           | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |      4181 | NS      | $42938.87     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                                    | Buckle Inc/The                                    | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      4229 | NS      | $191785.15    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc                                  | TriNet Group Inc                                  | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |       880 | NS      | $64363.20     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding                     | Hamilton Beach Brands Holding Co                  | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3741 | NS      | $66926.49     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc                        | ACADIA Pharmaceuticals Inc                        | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |      4422 | NS      | $95382.54     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DigitalBridge Group Inc                           | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |      4313 | NS      | $44639.55     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                               | Cal-Maine Foods Inc                               | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |       502 | NS      | $50014.26     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions                     | Donnelley Financial Solutions Inc                 | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      1427 | NS      | $87974.55     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                                     | iRadimed Corp                                     | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      1431 | NS      | $85559.49     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                                          | IDT Corp                                          | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |       826 | NS      | $56432.32     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                               | Payoneer Global Inc                               | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |     17154 | NS      | $117504.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co                        | Preformed Line Products Co                        | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |       641 | NS      | $102438.21    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Plumas Bancorp                                    | Plumas Bancorp                                    | CUSIP: 729273102<br>LEI: 549300O5TKTXYTYP4G59 | Long             | EC               | CORP              | US        |       811 | NS      | $36057.06     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                         | Phibro Animal Health Corp                         | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      2590 | NS      | $66148.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                                   | Scholastic Corp                                   | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2427 | NS      | $50918.46     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                                      | Carter's Inc                                      | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      1715 | NS      | $51672.95     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                              | Western Union Co/The                              | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |      9318 | NS      | $78457.56     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Amneal Pharmaceuticals Inc                        | Amneal Pharmaceuticals Inc                        | CUSIP: 03168L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7627 | NS      | $61702.43     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                            | Pacira BioSciences Inc                            | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5322 | NS      | $127195.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp                            | National Beverage Corp                            | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |      2019 | NS      | $87301.56     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                          | NVE Corp                                          | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |       870 | NS      | $64040.70     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Biote Corp                                        | Biote Corp                                        | CUSIP: 090683103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12249 | NS      | $49240.98     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                      | OmniAb, Inc.                                      | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       298 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Victory Capital Holdings Inc                      | Victory Capital Holdings Inc                      | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      3414 | NS      | $217369.38    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp                            | Cathay General Bancorp                            | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |      2900 | NS      | $132037.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group                     | Diamond Hill Investment Group Inc                 | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |       640 | NS      | $92998.40     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc                          | Par Pacific Holdings Inc                          | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      1494 | NS      | $39635.82     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                                 | PC Connection Inc                                 | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      1825 | NS      | $120048.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp                              | Ryerson Holding Corp                              | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |      2081 | NS      | $44887.17     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lands' End Inc                                    | Lands' End Inc                                    | CUSIP: 51509F105<br>LEI: 54930016WOL7P2P67Q43 | Long             | EC               | CORP              | US        |      3867 | NS      | $41415.57     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc                       | Worthington Enterprises Inc                       | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |      1017 | NS      | $64721.88     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc                            | Forrester Research Inc                            | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |      5156 | NS      | $51044.40     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Everi Holdings Inc                                | Everi Holdings Inc                                | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |      6146 | NS      | $87519.04     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc                         | Superior Group of Cos Inc                         | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |      5619 | NS      | $57875.70     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |    137068 | NS      | $137067.60    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                             | Integer Holdings Corp                             | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |       978 | NS      | $120264.66    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kewaunee Scientific Corp                          | Kewaunee Scientific Corp                          | CUSIP: 492854104<br>LEI: 549300Z8MHH8NUYXQ229 | Long             | EC               | CORP              | US        |      1006 | NS      | $59052.20     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                                          | CTS Corp                                          | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      2077 | NS      | $88500.97     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                                      | Bel Fuse Inc                                      | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      1479 | NS      | $144483.51    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                      | Sanmina Corp                                      | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |       825 | NS      | $80709.75     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                                 | Spok Holdings Inc                                 | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |      2813 | NS      | $49733.84     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                                      | Coursera Inc                                      | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |      6027 | NS      | $52796.52     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                                     | Frontdoor Inc                                     | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      1974 | NS      | $116347.56    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati                    | Heidrick & Struggles International Inc            | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      1627 | NS      | $74451.52     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED Corp                                       | CONMED Corp                                       | CUSIP: 207410101<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | EC               | CORP              | US        |      1277 | NS      | $66506.16     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc                     | Amphastar Pharmaceuticals Inc                     | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      2097 | NS      | $48147.12     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc                        | Vishay Precision Group Inc                        | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2058 | NS      | $57829.80     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ibotta Inc                                        | Ibotta Inc                                        | CUSIP: 451051106<br>LEI: 54930026OZD4IQ7YR615 | Long             | EC               | CORP              | US        |      1632 | NS      | $59731.20     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp                     | Quanex Building Products Corp                     | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |      2875 | NS      | $54337.50     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CorVel Corp                                       | CorVel Corp                                       | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       609 | NS      | $62593.02     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                           | Wintrust Financial Corp                           | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |       653 | NS      | $80958.94     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                             | Civitas Resources Inc                             | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      5502 | NS      | $151415.04    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                                      | Sylvamo Corp                                      | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      2295 | NS      | $114979.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                        | Atkore Inc                                        | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      1082 | NS      | $76335.10     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                          | Yelp Inc                                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      2862 | NS      | $98080.74     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc                              | Viant Technology Inc                              | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3658 | NS      | $48395.34     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings I                    | Universal Insurance Holdings Inc                  | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |      2242 | NS      | $62170.66     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp                     | International Bancshares Corp                     | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |      2785 | NS      | $185369.60    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Maravai LifeSciences Holdings                     | Maravai LifeSciences Holdings Inc                 | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37856 | NS      | $91232.96     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocky Brands Inc                                  | Rocky Brands Inc                                  | CUSIP: 774515100<br>LEI: 5299004HQ6GCTW838N96 | Long             | EC               | CORP              | US        |      3400 | NS      | $75446.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                      | Bread Financial Holdings Inc                      | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |       838 | NS      | $47866.56     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parks & Resorts Inc                        | United Parks & Resorts Inc                        | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      1360 | NS      | $64124.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp                              | Mercury General Corp                              | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      1887 | NS      | $127070.58    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Webull Corp                                       | Webull Corp                                       | CUSIP: 000000000<br>LEI: 213800YKAMJ8BY75D995 | Long             | EC               | CORP              | US        |      6601 | NS      | $78947.96     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Daktronics Inc                                    | Daktronics Inc                                    | CUSIP: 234264109<br>LEI: 549300IOLZ3SG5YUJ288 | Long             | EC               | CORP              | US        |      4847 | NS      | $73286.64     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                                      | OmniAb, Inc.                                      | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       298 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RMR Group Inc/The                                 | RMR Group Inc/The                                 | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |      4967 | NS      | $81210.45     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Monte Rosa Therapeutics Inc                       | Monte Rosa Therapeutics Inc                       | CUSIP: 61225M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10176 | NS      | $45893.76     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                                       | SkyWest Inc                                       | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      1624 | NS      | $167223.28    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                                  | HealthStream Inc                                  | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      2804 | NS      | $77586.68     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tile Shop Holdings Inc                            | Tile Shop Holdings Inc                            | CUSIP: 88677Q109<br>LEI: 549300Q3SS4FSW01UE50 | Long             | EC               | CORP              | US        |      8059 | NS      | $51255.24     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co                                 | DXC Technology Co                                 | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      9122 | NS      | $139475.38    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                                 | Parke Bancorp Inc                                 | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |      4578 | NS      | $93253.86     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Taboola.com Ltd                                   | Taboola.com Ltd                                   | CUSIP: 000000000<br>LEI: 984500F5945AFAFFCB30 | Long             | EC               | CORP              | IL        |     26809 | NS      | $98120.94     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                                      | Winmark Corp                                      | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       169 | NS      | $63816.09     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                      | Omnicell Inc                                      | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      3120 | NS      | $91728.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc                      | Collegium Pharmaceutical Inc                      | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      2425 | NS      | $71707.25     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc                         | Utah Medical Products Inc                         | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |       934 | NS      | $53163.28     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc                     | MasterCraft Boat Holdings Inc                     | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |      3814 | NS      | $70864.12     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                                    | Photronics Inc                                    | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      3529 | NS      | $66451.07     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaAlpha Inc                                    | MediaAlpha Inc                                    | CUSIP: 58450V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4956 | NS      | $54268.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Teladoc Health Inc                                | Teladoc Health Inc                                | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |      5515 | NS      | $48035.65     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                                   | NBT Bancorp Inc                                   | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2171 | NS      | $90205.05     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                                | Forestar Group Inc                                | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |      2958 | NS      | $59160.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                             | LeMaitre Vascular Inc                             | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      1196 | NS      | $99327.80     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Zynex Inc                                         | Zynex Inc                                         | CUSIP: 98986M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17689 | NS      | $45637.62     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                                         | TEGNA Inc                                         | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |     10998 | NS      | $184326.48    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                    | Ziff Davis Inc                                    | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      2777 | NS      | $84059.79     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                      | Organon & Co                                      | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     18663 | NS      | $180657.84    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc                                  | AMC Networks Inc                                  | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |     13575 | NS      | $85115.25     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                                     | Cable One Inc                                     | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |       956 | NS      | $129834.36    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                              | Federated Hermes Inc                              | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      4057 | NS      | $179806.24    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                            | Abercrombie & Fitch Co                            | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      1509 | NS      | $125020.65    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc                        | Iridium Communications Inc                        | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      4179 | NS      | $126080.43    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantronix Inc                                     | Lantronix Inc                                     | CUSIP: 516548203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16415 | NS      | $47111.05     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                               | DENTSPLY SIRONA Inc                               | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |     10703 | NS      | $169963.64    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc                     | Core Molding Technologies Inc                     | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |      3214 | NS      | $53320.26     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                        | Kforce Inc                                        | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      1473 | NS      | $60584.49     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                               | Park Aerospace Corp                               | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |      4591 | NS      | $67809.07     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                          | Aris Water Solutions Inc                          | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3133 | NS      | $74095.45     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings                     | Integra LifeSciences Holdings Corp                | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |      3027 | NS      | $37141.29     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                                      | ODP Corp/The                                      | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6714 | NS      | $121724.82    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                      | Innospec Inc                                      | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       997 | NS      | $83837.73     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals                     | United States Lime & Minerals Inc                 | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |       892 | NS      | $89021.60     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                               | Addus HomeCare Corp                               | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       978 | NS      | $112655.82    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Anika Therapeutics Inc                            | Anika Therapeutics Inc                            | CUSIP: 035255108<br>LEI: 529900R9LS3Z0O6QH455 | Long             | EC               | CORP              | US        |      3418 | NS      | $36162.44     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                             | Radiant Logistics Inc                             | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |      9844 | NS      | $59851.52     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                                | Avanos Medical Inc                                | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |      5116 | NS      | $62619.84     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                             | Hackett Group Inc/The                             | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |      3150 | NS      | $80073.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                                     | Teradata Corp                                     | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      3116 | NS      | $69517.96     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc                             | Penguin Solutions Inc                             | CUSIP: 000000000<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | US        |      4297 | NS      | $85123.57     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings                     | Sun Country Airlines Holdings Inc                 | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |      4026 | NS      | $47305.50     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corp                                  | ACCO Brands Corp                                  | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |     30845 | NS      | $110425.10    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                                        | Phinia Inc                                        | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |      2121 | NS      | $94363.29     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                        | Ligand Pharmaceuticals Inc                        | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      1073 | NS      | $121978.64    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                                | LSB Industries Inc                                | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |      5046 | NS      | $39358.80     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                              | Hanmi Financial Corp                              | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      2723 | NS      | $67203.64     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                                     | Hub Group Inc                                     | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3043 | NS      | $101727.49    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                                    | Blue Bird Corp                                    | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |      1182 | NS      | $51015.12     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Industrial Co                              | Global Industrial Co                              | CUSIP: 37892E102<br>LEI: 5493000GO8Z3HEWCGE46 | Long             | EC               | CORP              | US        |      2402 | NS      | $64878.02     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Genie Energy Ltd                                  | Genie Energy Ltd                                  | CUSIP: 372284208<br>LEI: 52990057E36X8869GX58 | Long             | EC               | CORP              | US        |      5157 | NS      | $138620.16    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                                  | Haemonetics Corp                                  | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      1343 | NS      | $100201.23    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                                       | Premier Inc                                       | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4913 | NS      | $107742.09    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding P                    | Sensata Technologies Holding PLC                  | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | US        |      3728 | NS      | $112250.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                      | Cass Information Systems Inc                      | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      1734 | NS      | $75342.30     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem                    | Artisan Partners Asset Management Inc             | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      3803 | NS      | $168586.99    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Legg Mason ETF Investment Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer