# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001752724-23-043219
**Filing Date:** 2023-2
**Character Count:** 145896
**Document Hash:** 58ee6722f78a35723768eae195d67589
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-043219.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-043219

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason ETF Investment Trust
- **CENTRAL INDEX KEY:** 0001645194
- **IRS NUMBER:** 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:** 23674224

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **STREET 2:** 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **STREET 2:** 49TH FLOOR
- **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

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| **COMMON STOCKS - 99.8%** |  |  |  |
| **COMMUNICATION SERVICES - 5.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified Telecommunication Services - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A Shares | 7769 | $*129587* | *\** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Entertainment - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playstudios Inc. | 18570 | 72051 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sciplay Corp., Class A Shares | 7498 | 120568 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Entertainment* |  | *192619* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interactive Media & Services - 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cargurus Inc. | 5344 | 74870 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha Inc., Class A Shares | 7755 | 77162 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outbrain Inc. | 19048 | 68954 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shutterstock Inc. | 1945 | 102540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor Inc. | 4841 | 87041 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp Inc. | 2927 | 80024 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis Inc. | 1634 | 129250 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter Inc., Class A Shares | 4203 | 69013 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Interactive Media & Services* |  | *688854* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Media - 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A Shares | 18418 | 88406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PubMatic Inc., Class A Shares | 3666 | 46962 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 2632 | 103859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings Inc. | 3938 | 74822 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Media* |  | *314049* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMUNICATION SERVICES** |  | 1325109 |  |
| **CONSUMER DISCRETIONARY - 17.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Auto Components - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 1741 | *160955* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified Consumer Services - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Public Education Inc. | 8475 | 104158 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor Inc. | 4029 | 83803 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education Inc. | 1249 | 131969 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 8839 | 122862 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Diversified Consumer Services* |  | *442792* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hotels, Restaurants & Leisure - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands Inc. | 6275 | 126253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment Inc. | 2305 | 86207 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts Inc., Class A Shares | 3497 | 139915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Entertainment Inc. | 1658 | 88720 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Hotels, Restaurants & Leisure* |  | *441095* | |

---

**See Notes to Schedule of Investments.** 

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report 1

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Household Durables - 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors Inc. | 4641 | $122615 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoPro Inc., Class A Shares | 16602 | 82678 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products Inc. | 1300 | 111280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy Inc. | 4919 | 112252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion Corp. | 2035 | 104823 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp., Class A Shares | 6169 | 187229 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tupperware Brands Corp. | 9862 | 40829 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZAGG Inc. CVR | 8902 | 801 | \*<sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Household Durables* |  | *762507* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Internet & Direct Marketing Retail - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services Inc. | 3855 | 54201 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group Inc. | 3353 | 74638 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats Inc., Class A Shares | 9101 | 66437 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Internet & Direct Marketing Retail* |  | *195276* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Leisure Products - 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings Inc. | 3299 | 85345 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands Inc. | 8573 | 74414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co. Inc. | 2317 | 117286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Outdoor Inc. | 4342 | 105815 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings Inc. | 2684 | 110876 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Leisure Products* |  | *493736* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Specialty Retail - 5.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group Inc. | 1053 | 188750 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Big 5 Sporting Goods Corp. | 8897 | 78560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckle Inc. | 4876 | 221126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chico's FAS Inc. | 20922 | 102936 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Place Inc. | 2870 | 104525 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive Inc. | 1119 | 201834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos. Inc. | 4102 | 122650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarineMax Inc. | 3472 | 108396 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine Inc., Class A Shares | 2756 | 78822 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival Inc. | 4365 | 104367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Torrid Holdings Inc. | 12010 | 35550 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 361 | 85135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zumiez Inc. | 4001 | 86982 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Specialty Retail* |  | *1519633* | |

---

**See Notes to Schedule of Investments.** 

2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury Goods - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands Inc. | 3828 | $153082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movado Group Inc. | 3192 | 102942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries Inc. | 1249 | 116382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Textiles, Apparel & Luxury Goods* |  | *372406* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CONSUMER DISCRETIONARY** |  | 4388400 |  |
| **CONSUMER STAPLES - 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Beverages - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp. | 3608 | *167880* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Products - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands Inc. | 3666 | 93996 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medifast Inc. | 950 | 109582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings Inc. | 30508 | 158947 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences Inc. | 1578 | 83950 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Personal Products* |  | *446475* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Tobacco - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vector Group Ltd. | 15950 | *189167* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CONSUMER STAPLES** |  | 803522 |  |
| **ENERGY - 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Energy Equipment & Services - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cactus Inc., Class A Shares | 2462 | 123740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group Inc. | 24032 | 177356 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Energy Equipment & Services* |  | *301096* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Oil, Gas & Consumable Fuels - 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 1055 | 144334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp. | 2824 | 89973 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy Inc. | 3925 | 66843 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Oil, Gas & Consumable Fuels* |  | *301150* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ENERGY** |  | 602246 |  |
| **FINANCIALS - 22.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Banks - 6.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group Inc. | 2196 | 64628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares Inc. | 3642 | 80161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp Inc. | 3265 | 92530 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions Inc. | 3512 | 85552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services Inc. | 2176 | 79533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 1922 | 46666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 4069 | 100708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeStreet Inc. | 2702 | 74521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 4412 | 105535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares Inc. | 4207 | 90997 |  |

---

**See Notes to Schedule of Investments.** 

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report 3

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Banks - (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp Inc. | 4071 | $108370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group Inc. | 3019 | 95853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 1643 | 69170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacWest Bancorp | 6706 | 153903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp Inc. | 3385 | 70205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 3768 | 66656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 4041 | 84255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Financial Group Inc. | 2816 | 70090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp Inc. | 2560 | 69965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Banks* |  | *1609298* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital Markets - 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management Inc., Class A Shares | 5185 | 153995 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers Inc. | 2006 | 129507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group Inc. | 631 | 116748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions Inc. | 2303 | 89011 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evercore Inc., Class A Shares | 1787 | 194926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co., Class A Shares | 4524 | 173586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp., Class A Shares | 10420 | 70335 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings Inc., Class A Shares | 4552 | 122130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Capital Markets* |  | *1050238* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Consumer Finance - 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp. | 3265 | 85543 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings Inc. | 4770 | 179638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group Inc. | 2241 | 107434 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International Inc. | 3828 | 146880 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A Shares | 5218 | 82549 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Consumer Finance* |  | *602044* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services - 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial Inc., Class A Shares | 7965 | *277102* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Insurance - 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Equity Investment Life Holding Co. | 5135 | 234259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial Inc. | 4011 | 205644 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial Inc., Class A Shares | 51634 | 273144 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 661 | 97530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar Health Inc., Class A Shares | 18332 | 45097 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 2670 | 114089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Insurance* |  | *969763* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Thrifts & Mortgage Finance - 4.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings Inc. | 7898 | 190500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp Inc. | 2430 | 81259 |  |

---

**See Notes to Schedule of Investments.** 

4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Thrifts & Mortgage Finance - (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp Inc. | 2121 | $84903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luther Burbank Corp. | 7706 | 85614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 4299 | 104552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 14228 | 184964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mr. Cooper Group Inc. | 4119 | 165295 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings Inc., Class A Shares | 5469 | 114302 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radian Group Inc. | 7855 | 149795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Thrifts & Mortgage Finance* |  | *1161184* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL FINANCIALS** |  | 5669629 |  |
| **HEALTH CARE - 16.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology - 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agenus Inc. | 16887 | 40529 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics Inc. | 2829 | 83738 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences Inc. | 3544 | 73290 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals Inc. | 4448 | 82733 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp. | 6779 | 72129 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals Inc. | 2215 | 64745 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions Inc. | 4986 | 58885 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals Inc. | 8665 | 107359 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals Inc. | 908 | 60654 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings Inc. | 19251 | 51785 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO Inc. | 2861 | 64888 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals Inc. | 7721 | 57058 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology Inc. | 5969 | 151075 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xencor Inc. | 2868 | 74683 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XOMA Corp. | 3108 | 57187 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Biotechnology* |  | *1100738* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Equipment & Supplies - 5.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics Inc. | 3206 | 44147 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atrion Corp. | 129 | 72169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical Inc. | 3925 | 106210 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 3353 | 84797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heska Corp. | 773 | 48050 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inogen Inc. | 2513 | 49531 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 1747 | 49423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular Inc. | 1499 | 68984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Bioscience Inc. | 2287 | 75951 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems Inc. | 1705 | 120407 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp. | 5463 | 83201 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuVasive Inc. | 2049 | 84501 | \* |

---

**See Notes to Schedule of Investments.** 

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report 5

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Equipment & Supplies - (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical Inc. | 3537 | $72615 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp. | 1594 | 136558 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific Inc. | 1045 | 34485 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensus Healthcare Inc. | 2628 | 19500 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surmodics Inc. | 1624 | 55411 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products Inc. | 726 | 72985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp. | 3830 | 77749 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zynex Inc. | 5512 | 76672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Health Care Equipment & Supplies* |  | *1433346* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Providers & Services - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics Inc. | 2549 | 75909 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 1994 | 74376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy Inc. | 1143 | 92618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Health Care Providers & Services* |  | *242903* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Health Care Technology - 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allscripts Healthcare Solutions Inc. | 6138 | 108274 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computer Programs & Systems Inc. | 2457 | 66880 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthStream Inc. | 3198 | 79438 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare Inc. | 5031 | 94482 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Health Care Technology* |  | *349074* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Life Sciences Tools & Services - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences Inc. | 4729 | 48283 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings Inc., Class A Shares | 4106 | 58757 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb Inc., $12.50 EARNOUT | 298 | 0 | \*<sup>(a)(b)(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb Inc., $15.00 EARNOUT | 298 | 0 | \*<sup>(a)(b)(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb Inc., NASDAQ | 4454 | 16034 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Life Sciences Tools & Services* |  | *123074* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals - 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals Inc. | 2738 | 76719 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvinas Inc. | 1749 | 59833 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics Inc. | 3408 | 69217 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings Inc. | 1452 | 80005 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva Inc. | 7729 | 102409 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences Inc. | 1586 | 61235 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp., Class A Shares | 6399 | 85811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare Inc. | 2219 | 138909 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPhase Labs Inc. | 5509 | 53052 |  |

---

**See Notes to Schedule of Investments.** 

6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals - (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies Inc. | 5659 | $41650 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals Inc. | 2770 | 98806 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Pharmaceuticals* |  | *867646* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL HEALTH CARE** |  | 4116781 |  |
| **INDUSTRIALS - 15.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Building Products - 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises Inc. | 2599 | 115552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries Inc. | 3514 | 96705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 4874 | 115416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co. Inc. | 1503 | 133256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Building Products* |  | *460929* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services & Supplies - 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 21794 | 121828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ennis Inc. | 4668 | 103443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage-Crystal Clean Inc. | 2475 | 80388 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Commercial Services & Supplies* |  | *305659* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Construction & Engineering - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA Inc. | 1242 | 142929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYR Group Inc. | 1208 | 111221 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure Inc. | 3965 | 130052 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Construction & Engineering* |  | *384202* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electrical Equipment - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore Inc. | 1538 | 174440 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encore Wire Corp. | 1013 | 139348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GrafTech International Ltd. | 21612 | 102873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Electrical Equipment* |  | *416661* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Machinery - 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings Inc. | 4130 | 171808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand Inc. | 3576 | 152588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant Inc. | 566 | 100539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries Inc. | 2240 | 132160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Flex Inc. | 764 | 71296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Machinery* |  | *628391* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Marine - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Bulk Shipping Inc. | 2189 | 109319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 7853 | 120622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matson Inc. | 2125 | 132834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Marine* |  | *362775* | |

---

**See Notes to Schedule of Investments.** 

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report 7

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Professional Services - 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRA International Inc. | 965 | $118145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forrester Research Inc. | 1991 | 71198 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International Inc. | 3512 | 98231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kforce Inc. | 1764 | 96720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 2547 | 128929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Professional Services* |  | *513223* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Road & Rail - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 1706 | 119488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group Inc. | 2917 | 100841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAM Transportation Services Inc. | 2559 | 66278 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 1578 | 94980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Road & Rail* |  | *381587* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Trading Companies & Distributors - 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings Inc. | 1814 | 128993 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 3009 | 206628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies Inc. | 7905 | 79999 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Trading Companies & Distributors* |  | *415620* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INDUSTRIALS** |  | 3869047 |  |
| **INFORMATION TECHNOLOGY - 12.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Communications Equipment - 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems Inc. | 3575 | *116223* | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electronic Equipment, Instruments & Components - 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belden Inc. | 1810 | 130139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics Inc. | 2831 | 125611 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. | 3158 | 180922 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies Inc. | 7847 | 118333 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology Inc. | 7492 | 161602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Electronic Equipment, Instruments & Components* |  | *716607* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IT Services - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems Inc. | 2315 | 106073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hackett Group Inc. | 4191 | 85371 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total IT Services* |  | *191444* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor Equipment - 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd. | 2695 | 76996 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies Inc. | 1388 | 110152 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohu Inc. | 3548 | 113713 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries Inc. | 2991 | 132382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear Inc. | 2729 | 92650 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 1568 | 101528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Photronics Inc. | 6030 | 101485 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations Inc. | 1675 | 120131 |  |

---

**See Notes to Schedule of Investments.** 

8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | **SHARES** | **VALUE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor Equipment - (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp. | 2977 | $85410 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp. | 847 | 86072 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SMART Global Holdings Inc. | 5404 | 80411 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Semiconductors & Semiconductor Equipment* |  | *1100930* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Software - 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adeia Inc. | 8416 | 79784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Software Inc., Class A Shares | 4855 | 71271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommVault Systems Inc. | 1668 | 104817 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions Inc. | 3194 | 171710 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp. | 1712 | 49597 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital Inc. | 2425 | 119989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp. | 2363 | 119213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rimini Street Inc. | 12961 | 49381 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp. | 3383 | 113872 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Software* |  | *879634* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Technology Hardware, Storage & Peripherals - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avid Technology Inc. | 2422 | 64401 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 8556 | 60149 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Technology Hardware, Storage & Peripherals* |  | *124550* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INFORMATION TECHNOLOGY** |  | 3129388 |  |
| **MATERIALS - 4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Chemicals - 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdvanSix Inc. | 2957 | 112425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. | 4007 | 86992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Corp. | 984 | 84880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash Inc. | 1921 | 55460 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 10524 | 144284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valhi Inc. | 4024 | 88528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Chemicals* |  | *572569* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Metals & Mining - 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources Inc. | 893 | 130726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TimkenSteel Corp. | 6218 | 112981 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal Inc. | 3978 | 137798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Metals & Mining* |  | *381505* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Paper & Forest Products - 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. | 2539 | 95999 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 3413 | 165838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Total Paper & Forest Products* |  | *261837* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL MATERIALS** |  | 1215911 |  |

---

**See Notes to Schedule of Investments.** 

Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report 9

------

**ROYCE QUANT SMALL-CAP QUALITY VALUE ETF** 

---

| | |
|:---|:---|
| **Schedule of investments (unaudited) (cont'd)**<br>(Percentages shown based on Fund net assets) | **December 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY** | | **SHARES** | **VALUE** |
| **REAL ESTATE - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Estate Management & Development - 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman Inc. |  | 21417 | $87167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group Inc. |  | 8121 | 125145 \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap Inc. |  | 2820 | 97149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmark Group Inc., Class A Shares |  | 12269 | 97784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties Inc. |  | 1506 | 29051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE** |  |  | 436296 |
| **UTILITIES - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Electric Utilities - 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B Shares |  | 7940 | 82100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. |  | 1706 | 100159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL UTILITIES** |  |  | 182259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS**<br> (Cost - $26,289,550) |  |  | 25738588 |
|  | **RATE** |  |  |
| **SHORT-TERM INVESTMENTS - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Cash Management, Institutional Class<br> (Cost - $43,685) | 4.168% | 43685 | 43685 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br> (Cost - $26,333,235) |  |  | 25782273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities - 0.0%†† |  |  | 12160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL NET ASSETS - 100.0%** |  |  | $25794433 |

---

---

| | |
|:---|:---|
| †† | Represents less than 0.1%.  |

---

\* Non-income producing security.

(a) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

(b) Security is valued using significant unobservable inputs (Note 1).

(c) Value is less than $1.

(d) Restricted security (Note 2).

(e) Rate shown is one-day yield as of the end of the reporting period.

<u>Abbreviation(s) used in this schedule:</u> 

CVR — Contingent Value Rights

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

**See Notes to Schedule of Investments.** 

10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Quant Small-Cap Quality Value ETF 2022 Quarterly Report

------

**Notes to Schedule of Investments (unaudited)** 

**1. Organization and significant accounting policies** 

Royce Quant Small-Cap Quality Value ETF (the "Fund") is a separate diversified investment series of Legg Mason ETF Investment Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are issued 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

<br>11<br>

------

**Notes to Schedule of Investments (unaudited) (cont'd)** 

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.

Pursuant to policies adopted by the Board of Trustees, 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 of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger 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.

<br>12<br>

------

**Notes to Schedule of Investments (unaudited) (cont'd)** 

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, 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 of Trustees 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the
fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **DESCRIPTION** | **QUOTED PRICES<br>(LEVEL 1)** | **OTHER SIGNIFICANT<br>OBSERVABLE INPUTS<br>(LEVEL 2)** | **SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS<br>(LEVEL 3)** | **TOTAL** |
|  Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $4387599 |  | $801 | $4388400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 4116781 |  | 0 \* | 4116781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | 17233407 |  |  | 17233407 |
|  Total Long-Term Investments | 25737787 |  | 801 | 25738588 |
|  Short-Term Investments† | 43685 |  |  | 43685 |
|  Total Investments | $25781472 |  | $801 | $25782273 |

---

† See Schedule of Investments for additional detailed categorizations.

\* Amount represents less than $1. 

<br>13<br>

------

**Notes to Schedule of Investments (unaudited) (cont'd)** 

**2. Restricted securities** 

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are valued in good faith in accordance with procedures approved by the Board of Trustees.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **Number of<br>Shares** | **Acquisition<br>Date** | **Cost** | **Fair Value<br>at 12/31/2022** | **Value Per<br>Share** | **Percent of<br>Net Assets** |
|  OmniAb Inc., $12.50 EARNOUT | 298 | 11/2 | $0 <sup>(a)</sup> | $0 <sup>(a)</sup> | $0.00 <sup>(b)</sup> | 0.00 <sup>(c)</sup>% |
|  OmniAb Inc., $15.00 EARNOUT | 298 | 11/2 | 0 <sup>(a)</sup> | 0 <sup>(a)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(c)</sup> |

---

(a) Amount represents less than $1.

(b) Amount represents less than $0.005 per share.

(c) Amount represents less than 0.005%.

<br>14<br>

## 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 SmallCap 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $25807425.15

**Total Liabilities:** $12992.44

**Net Assets:** $25794432.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190092 | 11.83%               | 4.27%                | -6.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $537.43                  | $2430567.38                                |
| Month 2  | $-2318.08                | $907256.62                                 |
| Month 3  | $-234275.62              | $-1518664.35                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OneWater Marine Inc                               | OneWater Marine Inc                               | CUSIP: 68280L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2756 | NS      | $78821.60     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STOCK EXCHANGE                           | ZAGG INC CVR                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8902 | NS      | $801.18       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Jackson Financial Inc                             | Jackson Financial Inc                             | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      7965 | NS      | $277102.35    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                        | Grand Canyon Education Inc                        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      1249 | NS      | $131969.34    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| National Beverage Corp                            | National Beverage Corp                            | CUSIP: 635017106<br>LEI: 549300O9MZIQJI8TGV17 | Long             | EC               | CORP              | US        |      3608 | NS      | $167880.24    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Valhi Inc                                         | Valhi Inc                                         | CUSIP: 918905209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4024 | NS      | $88528.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                                      | Sylvamo Corp                                      | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      3413 | NS      | $165837.67    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                      | Catalyst Pharmaceuticals Inc                      | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      4448 | NS      | $82732.80     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc                          | Golden Entertainment Inc                          | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |      2305 | NS      | $86207.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vir Biotechnology Inc                             | Vir Biotechnology Inc                             | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5969 | NS      | $151075.39    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp                          | Atlanticus Holdings Corp                          | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3265 | NS      | $85543.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc                        | Ligand Pharmaceuticals Inc                        | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |       908 | NS      | $60654.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc                           | Hudson Technologies Inc                           | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7905 | NS      | $79998.60     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc                             | Arcus Biosciences Inc                             | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3544 | NS      | $73289.92     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                                         | Adeia Inc                                         | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8416 | NS      | $79783.68     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                          | Yelp Inc                                          | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      2927 | NS      | $80024.18     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc                             | SIGA Technologies Inc                             | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5659 | NS      | $41650.24     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                                     | Frontdoor Inc                                     | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      4029 | NS      | $83803.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                           | Perdoceo Education Corp                           | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      8839 | NS      | $122862.10    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                              | NetScout Systems Inc                              | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      3575 | NS      | $116223.25    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FS Bancorp Inc                                    | FS Bancorp Inc                                    | CUSIP: 30263Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2430 | NS      | $81259.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                                        | Inogen Inc                                        | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |      2513 | NS      | $49531.23     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                         | Haverty Furniture Cos Inc                         | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |      4102 | NS      | $122649.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions                     | Donnelley Financial Solutions Inc                 | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      2303 | NS      | $89010.95     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc                      | Covenant Logistics Group Inc                      | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2917 | NS      | $100840.69    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Wesson Brands Inc                         | Smith & Wesson Brands Inc                         | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |      8573 | NS      | $74413.64     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENXBIO Inc                                     | REGENXBIO Inc                                     | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               | CORP              | US        |      2861 | NS      | $64887.48     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SMART Global Holdings Inc                         | SMART Global Holdings Inc                         | CUSIP: 000000000<br>LEI: 529900RDGHQY8XKXPN14 | Long             | EC               | CORP              | US        |      5404 | NS      | $80411.52     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc                     | Amphastar Pharmaceuticals Inc                     | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      2738 | NS      | $76718.76     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                                      | Embecta Corp                                      | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |      3353 | NS      | $84797.37     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                                 | Unity Bancorp Inc                                 | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      2560 | NS      | $69964.80     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc                     | American Public Education Inc                     | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      8475 | NS      | $104157.75    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                                  | HealthStream Inc                                  | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      3198 | NS      | $79438.32     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare Inc                            | NextGen Healthcare Inc                            | CUSIP: 65343C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5031 | NS      | $94482.18     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem                    | Artisan Partners Asset Management Inc             | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      5185 | NS      | $153994.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                                  | QuidelOrtho Corp                                  | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |      1594 | NS      | $136557.98    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Genie Energy Ltd                                  | Genie Energy Ltd                                  | CUSIP: 372284208<br>LEI: 52990057E36X8869GX58 | Long             | EC               | CORP              | US        |      7940 | NS      | $82099.60     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytek Biosciences Inc                             | Cytek Biosciences Inc                             | CUSIP: 23285D109<br>LEI: 549300K2J28BOC6FBO89 | Long             | EC               | CORP              | US        |      4729 | NS      | $48283.09     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Outbrain Inc                                      | Outbrain Inc                                      | CUSIP: 69002R103<br>LEI: 549300TNEHRXPVGWVW07 | Long             | EC               | CORP              | US        |     19048 | NS      | $68953.76     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                       | Sterling Infrastructure Inc                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      3965 | NS      | $130052.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Maravai LifeSciences Holdings                     | Maravai LifeSciences Holdings Inc                 | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4106 | NS      | $58756.86     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc                                 | Revolve Group Inc                                 | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3353 | NS      | $74637.78     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                                       | PCB Bancorp                                       | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |      3768 | NS      | $66655.92     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chico's FAS Inc                                   | Chico's FAS Inc                                   | CUSIP: 168615102<br>LEI: 5299003ESGN5T1MFXY13 | Long             | EC               | CORP              | US        |     20922 | NS      | $102936.24    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Allscripts Healthcare Solution                    | Allscripts Healthcare Solutions Inc               | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |      6138 | NS      | $108274.32    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                  | NMI Holdings Inc                                  | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      5469 | NS      | $114302.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd                      | Genco Shipping & Trading Ltd                      | CUSIP: 000000000<br>LEI: 5493003MBZ5GU8QHXZ58 | Long             | EC               | CORP              | US        |      7853 | NS      | $120622.08    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha & Omega Semiconductor Lt                    | Alpha & Omega Semiconductor Ltd                   | CUSIP: 000000000<br>LEI: 5493001FE7J03YOV2V35 | Long             | EC               | CORP              | US        |      2695 | NS      | $76996.15     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWestOne Financial Group Inc                    | MidWestOne Financial Group Inc                    | CUSIP: 598511103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3019 | NS      | $95853.25     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                                     | Teradata Corp                                     | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      3383 | NS      | $113871.78    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Shutterstock Inc                                  | Shutterstock Inc                                  | CUSIP: 825690100<br>LEI: 529900G2TDIS56V0LO22 | Long             | EC               | CORP              | US        |      1945 | NS      | $102540.40    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                        | Belden Inc                                        | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      1810 | NS      | $130139.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                            | Mueller Industries Inc                            | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      2240 | NS      | $132160.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp                            | American Vanguard Corp                            | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |      4007 | NS      | $86991.97     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Parke Bancorp Inc                                 | Parke Bancorp Inc                                 | CUSIP: 700885106<br>LEI: 5493000JF1TWXVD0CR78 | Long             | EC               | CORP              | US        |      3385 | NS      | $70204.90     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Big 5 Sporting Goods Corp                         | Big 5 Sporting Goods Corp                         | CUSIP: 08915P101<br>LEI: 529900BFAM7VKQMKUC49 | Long             | EC               | CORP              | US        |      8897 | NS      | $78560.51     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Investors Title Co                                | Investors Title Co                                | CUSIP: 461804106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       661 | NS      | $97530.55     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                        | Kforce Inc                                        | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      1764 | NS      | $96720.12     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                                    | Ziff Davis Inc                                    | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      1634 | NS      | $129249.40    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Anika Therapeutics Inc                            | Anika Therapeutics Inc                            | CUSIP: 035255108<br>LEI: 529900R9LS3Z0O6QH455 | Long             | EC               | CORP              | US        |      2829 | NS      | $83738.40     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc                         | Utah Medical Products Inc                         | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |       726 | NS      | $72984.78     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc                     | Consensus Cloud Solutions Inc                     | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3194 | NS      | $171709.44    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I                    | Harmony Biosciences Holdings Inc                  | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1452 | NS      | $80005.20     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                           | Enova International Inc                           | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |      3828 | NS      | $146880.36    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                              | Hanmi Financial Corp                              | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      4069 | NS      | $100707.75    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc                         | Vanda Pharmaceuticals Inc                         | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      7721 | NS      | $57058.19     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources                     | Alpha Metallurgical Resources Inc                 | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       893 | NS      | $130726.27    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Servi                    | First Business Financial Services Inc             | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |      2176 | NS      | $79532.80     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                       | Moelis & Co                                       | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      4524 | NS      | $173585.88    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                                    | LCI Industries                                    | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |      1741 | NS      | $160955.45    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                         | Merit Medical Systems Inc                         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      1705 | NS      | $120407.10    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                      | Innoviva Inc                                      | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      7729 | NS      | $102409.25    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                                        | Xencor Inc                                        | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |      2868 | NS      | $74682.72     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMA Corp                                         | XOMA Corp                                         | CUSIP: 98419J206<br>LEI: 549300U6ZVYFCWNBJ613 | Long             | EC               | CORP              | US        |      3108 | NS      | $57187.20     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                            | Insteel Industries Inc                            | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      3514 | NS      | $96705.28     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                                      | ArcBest Corp                                      | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      1706 | NS      | $119488.24    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                                    | Northeast Bank                                    | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |      1643 | NS      | $69170.30     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                                  | InterDigital Inc                                  | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2425 | NS      | $119989.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GoPro Inc                                         | GoPro Inc                                         | CUSIP: 38268T103<br>LEI: 549300CQJMLT21SZFL16 | Long             | EC               | CORP              | US        |     16602 | NS      | $82677.96     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Organogenesis Holdings Inc                        | Organogenesis Holdings Inc                        | CUSIP: 68621F102<br>LEI: 549300RLC2O821TU6941 | Long             | EC               | CORP              | US        |     19251 | NS      | $51785.19     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                                      | Semtech Corp                                      | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      2977 | NS      | $85410.13     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc                           | Methode Electronics Inc                           | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |      2831 | NS      | $125611.47    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc                         | USANA Health Sciences Inc                         | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      1578 | NS      | $83949.60     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc                               | BellRing Brands Inc                               | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |      3666 | NS      | $93996.24     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                              | MGIC Investment Corp                              | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     14228 | NS      | $184964.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc                         | Ethan Allen Interiors Inc                         | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4641 | NS      | $122615.22    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                              | SandRidge Energy Inc                              | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |      3925 | NS      | $66842.75     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeStreet Inc                                    | HomeStreet Inc                                    | CUSIP: 43785V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2702 | NS      | $74521.16     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc                            | Apogee Enterprises Inc                            | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |      2599 | NS      | $115551.54    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group                     | Diamond Hill Investment Group Inc                 | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |       631 | NS      | $116747.62    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Arvinas Inc                                       | Arvinas Inc                                       | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1749 | NS      | $59833.29     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enact Holdings Inc                                | Enact Holdings Inc                                | CUSIP: 29249E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7898 | NS      | $190499.76    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                                  | Boise Cascade Co                                  | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      3009 | NS      | $206628.03    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                                   | Otter Tail Corp                                   | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1706 | NS      | $100159.26    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp                            | First Internet Bancorp                            | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |      1922 | NS      | $46666.16     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Playstudios Inc                                   | Playstudios Inc                                   | CUSIP: 72815G108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18570 | NS      | $72051.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                                   | Hillenbrand Inc                                   | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |      3576 | NS      | $152587.92    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Financial Group Inc                        | Summit Financial Group Inc                        | CUSIP: 86606G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2816 | NS      | $70090.24     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                                  | Movado Group Inc                                  | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |      3192 | NS      | $102942.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                      | Evercore Inc                                      | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      1787 | NS      | $194925.96    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | Marcus & Millichap Inc                            | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |      2820 | NS      | $97149.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                          | Cohu Inc                                          | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      3548 | NS      | $113713.40    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sciplay Corp                                      | Sciplay Corp                                      | CUSIP: 809087109<br>LEI: 549300B8E2F1A3EW6869 | Long             | EC               | CORP              | US        |      7498 | NS      | $120567.84    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                              | Red Rock Resorts Inc                              | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3497 | NS      | $139914.97    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                      | Supernus Pharmaceuticals Inc                      | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      2770 | NS      | $98805.90     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                             | Customers Bancorp Inc                             | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      3265 | NS      | $92530.10     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulgent Genetics Inc                              | Fulgent Genetics Inc                              | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Long             | EC               | CORP              | US        |      2549 | NS      | $75909.22     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bulk Shipping Inc                           | Eagle Bulk Shipping Inc                           | CUSIP: 000000000<br>LEI: 549300EC4INNZBWR8W37 | Long             | EC               | CORP              | US        |      2189 | NS      | $109318.66    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                      | Bread Financial Holdings Inc                      | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      4770 | NS      | $179638.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Institutions Inc                        | Financial Institutions Inc                        | CUSIP: 317585404<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3512 | NS      | $85552.32     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp                                | Varex Imaging Corp                                | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      3830 | NS      | $77749.00     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                                | Kontoor Brands Inc                                | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      3828 | NS      | $153081.72    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                                         | Ennis Inc                                         | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4668 | NS      | $103442.88    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc                         | Emergent BioSolutions Inc                         | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |      4986 | NS      | $58884.66     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrid Holdings Inc                               | Torrid Holdings Inc                               | CUSIP: 89142B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12010 | NS      | $35549.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage-Crystal Clean Inc                        | Heritage-Crystal Clean Inc                        | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2475 | NS      | $80388.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash Inc                               | Intrepid Potash Inc                               | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |      1921 | NS      | $55459.27     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PacWest Bancorp                                   | PacWest Bancorp                                   | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               | CORP              | US        |      6706 | NS      | $153902.70    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Surmodics Inc                                     | Surmodics Inc                                     | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               | CORP              | US        |      1624 | NS      | $55410.88     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Metrocity Bankshares Inc                          | Metrocity Bankshares Inc                          | CUSIP: 59165J105<br>LEI: 549300TC6QB7YG0P6F52 | Long             | EC               | CORP              | US        |      4207 | NS      | $90997.41     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                                 | U-Haul Holding Co                                 | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |      1578 | NS      | $94979.82     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                             | Hackett Group Inc/The                             | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |      4191 | NS      | $85370.67     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                                      | Medifast Inc                                      | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |       950 | NS      | $109582.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Omniab Inc/old                                    | Omniab Inc/old                                    | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       298 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Merchants Bancorp/IN                              | Merchants Bancorp/IN                              | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |      4299 | NS      | $104551.68    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NuVasive Inc                                      | NuVasive Inc                                      | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               | CORP              | US        |      2049 | NS      | $84500.76     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc                            | Forrester Research Inc                            | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |      1991 | NS      | $71198.16     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                                     | EchoStar Corp                                     | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      7769 | NS      | $129586.92    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Elliman Inc                               | Douglas Elliman Inc                               | CUSIP: 25961D105<br>LEI: 549300BXICHPOXA1NO93 | Long             | EC               | CORP              | US        |     21417 | NS      | $87167.19     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc                                  | Home Bancorp Inc                                  | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2121 | NS      | $84903.63     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc                      | Victory Capital Holdings Inc                      | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      4552 | NS      | $122130.16    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc                            | Genworth Financial Inc                            | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     51634 | NS      | $273143.86    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                              | TTM Technologies Inc                              | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      7847 | NS      | $118332.76    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                               | Tronox Holdings PLC                               | CUSIP: 000000000<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | US        |     10524 | NS      | $144284.04    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Children's Place Inc/The                          | Children's Place Inc/The                          | CUSIP: 168905107<br>LEI: 549300BGVK2OO5O7TC19 | Long             | EC               | CORP              | US        |      2870 | NS      | $104525.40    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Software Inc/GA                          | American Software Inc/GA                          | CUSIP: 029683109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4855 | NS      | $71271.40     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| RBB Bancorp                                       | RBB Bancorp                                       | CUSIP: 74930B105<br>LEI: 549300A23FBFZNGET525 | Long             | EC               | CORP              | US        |      4041 | NS      | $84254.85     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc                             | Sensus Healthcare Inc                             | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |      2628 | NS      | $19499.76     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                                    | Buckle Inc/The                                    | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      4876 | NS      | $221126.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Vector Group Ltd                                  | Vector Group Ltd                                  | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |     15950 | NS      | $189167.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                                      | Winmark Corp                                      | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       361 | NS      | $85134.63     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Lif                    | American Equity Investment Life Holding Co        | CUSIP: 025676206<br>LEI: 549300RK5RZQ740FPL83 | Long             | EC               | CORP              | US        |      5135 | NS      | $234258.70    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                                | Avanos Medical Inc                                | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |      3925 | NS      | $106210.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                            | Pacira BioSciences Inc                            | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1586 | NS      | $61235.46     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                                  | Radian Group Inc                                  | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |      7855 | NS      | $149794.85    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                       | Asbury Automotive Group Inc                       | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      1053 | NS      | $188750.25    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Corp                                        | Chase Corp                                        | CUSIP: 16150R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       984 | NS      | $84879.84     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                             | CRA International Inc                             | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       965 | NS      | $118144.95    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                         | Phibro Animal Health Corp                         | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      6399 | NS      | $85810.59     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                          | Encore Capital Group Inc                          | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |      2241 | NS      | $107433.54    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Pharmaceuticals Inc/DE                      | Eagle Pharmaceuticals Inc/DE                      | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               | CORP              | US        |      2215 | NS      | $64744.45     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Agenus Inc                                        | Agenus Inc                                        | CUSIP: 00847G705<br>LEI: 529900NDQQGU5H4UJK81 | Long             | EC               | CORP              | US        |     16887 | NS      | $40528.80     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc                    | Kulicke & Soffa Industries Inc                    | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | SG        |      2991 | NS      | $132381.66    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp                            | National Research Corp                            | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |      1994 | NS      | $74376.20     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                                     | MYR Group Inc                                     | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      1208 | NS      | $111220.56    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc                                 | Vista Outdoor Inc                                 | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |      4342 | NS      | $105814.54    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Omniab Inc/old                                    | Omniab Inc/old                                    | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       298 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sturm Ruger & Co Inc                              | Sturm Ruger & Co Inc                              | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      2317 | NS      | $117286.54    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                                  | Oscar Health Inc                                  | CUSIP: 687793109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18332 | NS      | $45096.72     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp                       | REX American Resources Corp                       | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2824 | NS      | $89972.64     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp                     | Quanex Building Products Corp                     | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |      4874 | NS      | $115416.32    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Heska Corp                                        | Heska Corp                                        | CUSIP: 42805E306<br>LEI: 529900O1OR2EB7L0HY27 | Long             | EC               | CORP              | US        |       773 | NS      | $48049.68     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PAM Transportation Services In                    | PAM Transportation Services Inc                   | CUSIP: 693149106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2559 | NS      | $66278.10     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc                         | Brighthouse Financial Inc                         | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      4011 | NS      | $205643.97    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                                  | Encore Wire Corp                                  | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1013 | NS      | $139348.28    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp                         | Dynavax Technologies Corp                         | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      6779 | NS      | $72128.56     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical Inc                              | Orthofix Medical Inc                              | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3537 | NS      | $72614.61     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Entravision Communications Cor                    | Entravision Communications Corp                   | CUSIP: 29382R107<br>LEI: 549300SKHY2ALCLKV539 | Long             | EC               | CORP              | US        |     18418 | NS      | $88406.40     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                                | Forestar Group Inc                                | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |      8121 | NS      | $125144.61    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                                        | Korn Ferry                                        | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      2547 | NS      | $128929.14    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C                    | Stewart Information Services Corp                 | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      2670 | NS      | $114089.10    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SeaWorld Entertainment Inc                        | SeaWorld Entertainment Inc                        | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      1658 | NS      | $88719.58     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                                       | SiTime Corp                                       | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       847 | NS      | $86072.14     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                      | Simpson Manufacturing Co Inc                      | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      1503 | NS      | $133255.98    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc                               | Avid Technology Inc                               | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |      2422 | NS      | $64400.98     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ZipRecruiter Inc                                  | ZipRecruiter Inc                                  | CUSIP: 98980B103<br>LEI: 549300HLOVNNFCY2IV80 | Long             | EC               | CORP              | US        |      4203 | NS      | $69013.26     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                                     | iRadimed Corp                                     | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      1747 | NS      | $49422.63     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                                      | La-Z-Boy Inc                                      | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |      4919 | NS      | $112251.58    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Flex Inc                                    | Omega Flex Inc                                    | CUSIP: 682095104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       764 | NS      | $71296.48     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Programs and Systems                     | Computer Programs and Systems Inc                 | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |      2457 | NS      | $66879.54     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                         | Taylor Morrison Home Corp                         | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      6169 | NS      | $187229.15    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                                      | AdvanSix Inc                                      | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      2957 | NS      | $112425.14    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                                     | MaxLinear Inc                                     | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |      2729 | NS      | $92649.55     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                        | Cactus Inc                                        | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2462 | NS      | $123740.12    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankwell Financial Group Inc                      | Bankwell Financial Group Inc                      | CUSIP: 06654A103<br>LEI: 5493004NUBQXPY84NX67 | Long             | EC               | CORP              | US        |      2196 | NS      | $64628.28     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TimkenSteel Corp                                  | TimkenSteel Corp                                  | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |      6218 | NS      | $112981.06    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                 | Newmark Group Inc                                 | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12269 | NS      | $97783.93     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                          | NVE Corp                                          | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |      1568 | NS      | $101528.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Rimini Street Inc                                 | Rimini Street Inc                                 | CUSIP: 76674Q107<br>LEI: 54930042ITIRGVM4HY55 | Long             | EC               | CORP              | US        |     12961 | NS      | $49381.41     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPhase Labs Inc                                 | ProPhase Labs Inc                                 | CUSIP: 74345W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5509 | NS      | $53051.67     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings                     | Allison Transmission Holdings Inc                 | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      4130 | NS      | $171808.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Civista Bancshares Inc                            | Civista Bancshares Inc                            | CUSIP: 178867107<br>LEI: 5493001LX61Z2UVYSC48 | Long             | EC               | CORP              | US        |      3642 | NS      | $80160.42     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCard Corp                                     | CoreCard Corp                                     | CUSIP: 45816D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1712 | NS      | $49596.64     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc                          | Axcelis Technologies Inc                          | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      1388 | NS      | $110151.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                                    | Immersion Corp                                    | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |      8556 | NS      | $60148.68     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                                 | Chord Energy Corp                                 | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      1055 | NS      | $144334.55    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Bioscience Inc                           | Meridian Bioscience Inc                           | CUSIP: 589584101<br>LEI: 549300ELSRZEFFFRX195 | Long             | EC               | CORP              | US        |      2287 | NS      | $75951.27     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Lending Corp                                 | Open Lending Corp                                 | CUSIP: 68373J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10420 | NS      | $70335.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc                                        | Zumiez Inc                                        | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |      4001 | NS      | $86981.74     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CommVault Systems Inc                             | CommVault Systems Inc                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1668 | NS      | $104817.12    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                             | LeMaitre Vascular Inc                             | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      1499 | NS      | $68983.98     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc                        | Vishay Intertechnology Inc                        | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      7492 | NS      | $161602.44    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                                        | Kadant Inc                                        | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |       566 | NS      | $100538.58    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In                    | Installed Building Products Inc                   | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      1300 | NS      | $111280.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc                        | Midland States Bancorp Inc                        | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |      4071 | NS      | $108370.02    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                              | Warrior Met Coal Inc                              | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      3978 | NS      | $137797.92    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                            | Liquidity Services Inc                            | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |      3855 | NS      | $54201.30     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                          | Independent Bank Corp/MI                          | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4412 | NS      | $105535.04    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                                        | OmniAb Inc                                        | CUSIP: 68218J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4454 | NS      | $16034.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                            | Power Integrations Inc                            | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      1675 | NS      | $120131.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                        | Matson Inc                                        | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      2125 | NS      | $132833.75    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                               | Mr Cooper Group Inc                               | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |      4119 | NS      | $165295.47    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc                      | Ironwood Pharmaceuticals Inc                      | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |      8665 | NS      | $107359.35    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp                            | Progress Software Corp                            | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      2363 | NS      | $119213.35    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyline Champion Corp                             | Skyline Champion Corp                             | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2035 | NS      | $104822.85    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TripAdvisor Inc                                   | TripAdvisor Inc                                   | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |      4841 | NS      | $87041.18     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati                    | Heidrick & Struggles International Inc            | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      3512 | NS      | $98230.64     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I                    | Prestige Consumer Healthcare Inc                  | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2219 | NS      | $138909.40    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp                             | Clearwater Paper Corp                             | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |      2539 | NS      | $95999.59     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc                     | MasterCraft Boat Holdings Inc                     | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |      3299 | NS      | $85345.13     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Olaplex Holdings Inc                              | Olaplex Holdings Inc                              | CUSIP: 679369108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30508 | NS      | $158946.68    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                            | Group 1 Automotive Inc                            | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      1119 | NS      | $201834.03    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                             | Semler Scientific Inc                             | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      1045 | NS      | $34485.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zynex Inc                                         | Zynex Inc                                         | CUSIP: 98986M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5512 | NS      | $76671.92     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Atrion Corp                                       | Atrion Corp                                       | CUSIP: 049904105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       129 | NS      | $72169.05     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tupperware Brands Corp                            | Tupperware Brands Corp                            | CUSIP: 899896104<br>LEI: G8NWFN4YP7CR6FOP4886 | Long             | EC               | CORP              | US        |      9862 | NS      | $40828.68     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc                          | Corcept Therapeutics Inc                          | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      3408 | NS      | $69216.48     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                      | Sanmina Corp                                      | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      3158 | NS      | $180921.82    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                                     | MarineMax Inc                                     | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |      3472 | NS      | $108395.84    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc                               | Bloomin' Brands Inc                               | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |      6275 | NS      | $126253.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                                 | Shoe Carnival Inc                                 | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4365 | NS      | $104367.15    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                             | Oxford Industries Inc                             | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      1249 | NS      | $116381.82    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                                 | YETI Holdings Inc                                 | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      2684 | NS      | $110876.04    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Thryv Holdings Inc                                | Thryv Holdings Inc                                | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3938 | NS      | $74822.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                                   | Scholastic Corp                                   | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2632 | NS      | $103858.72    | 0.40%             |  |  |  | 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        |     43685 | NS      | $43684.75     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                           | Comfort Systems USA Inc                           | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1242 | NS      | $142929.36    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                      | Cargurus Inc                                      | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      5344 | NS      | $74869.44     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I                    | Helix Energy Solutions Group Inc                  | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |     24032 | NS      | $177356.16    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AngioDynamics Inc                                 | AngioDynamics Inc                                 | CUSIP: 03475V101<br>LEI: 549300W3VKC5ZKMO8C28 | Long             | EC               | CORP              | US        |      3206 | NS      | $44146.62     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stratus Properties Inc                            | Stratus Properties Inc                            | CUSIP: 863167201<br>LEI: 5493008I6ZRDZWT8ZZ15 | Long             | EC               | CORP              | US        |      1506 | NS      | $29050.74     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                             | BlueLinx Holdings Inc                             | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      1814 | NS      | $128993.54    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                                | Cohen & Steers Inc                                | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |      2006 | NS      | $129507.36    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Luther Burbank Corp                               | Luther Burbank Corp                               | CUSIP: 550550107<br>LEI: 5493007YRUZ4ZDZM0J48 | Long             | EC               | CORP              | US        |      7706 | NS      | $85613.66     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaAlpha Inc                                    | MediaAlpha Inc                                    | CUSIP: 58450V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7755 | NS      | $77162.25     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                                    | Green Dot Corp                                    | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5218 | NS      | $82548.76     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO Brands Corp                                  | ACCO Brands Corp                                  | CUSIP: 00081T108<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | EC               | CORP              | US        |     21794 | NS      | $121828.46    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PubMatic Inc                                      | PubMatic Inc                                      | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3666 | NS      | $46961.46     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GrafTech International Ltd                        | GrafTech International Ltd                        | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |     21612 | NS      | $102873.12    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                        | Atkore Inc                                        | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      1538 | NS      | $174439.96    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivid Seats Inc                                   | Vivid Seats Inc                                   | CUSIP: 92854T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9101 | NS      | $66437.30     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                                    | Photronics Inc                                    | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      6030 | NS      | $101484.90    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                                       | Neogen Corp                                       | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |      5463 | NS      | $83201.49     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                      | Cass Information Systems Inc                      | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      2315 | NS      | $106073.30    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                           | US Physical Therapy Inc                           | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |      1143 | NS      | $92617.29     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer