Fund · Invesco S&P 500 Low Volatility ETF · measured from SEC filings
SPLV holdings
SPLV reports 103 holdings and behaves like 98.5 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-05-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.
Measured concentration
as of 2026-05-31Read this figure with the following in mind
3.0% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 93.9
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 97.1% at a quoted market price (level 1), 4 issuer countries.
What stands out
as of 2026-05-31SPLV's largest investment is FirstEnergy Corp at 1.34% of net assets. Loews Corp and Berkshire Hathaway Inc follow; the three together are 3.9%. Ten companies are 12.54% of the fund; the other 93 share the rest. Among the 721 equity funds measured here, SPLV behaves like 98.5 holdings against a median of 42.4 — 2.3 times the median. Across 27 quarterly filings SPLV has held roughly steady since 2019-11-30 (98.8 then, 98.5 now). Between the 2026-02-28 and 2026-05-31 filings 23 positions were added and 21 dropped; 21.9% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
27Between 2019-11-30 and 2026-05-31, SPLV went from behaving like 98.8 equally weighted positions to 98.5 — 0% fewer, while its top ten went from 12.09% to 12.54% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-05-31 | 103 | 98.5 | 12.54% | 1.34% |
| 2026-02-28 | 100 | 98.1 | 12.77% | 1.31% |
| 2025-11-30 | 100 | 98.9 | 11.93% | 1.25% |
| 2025-08-31 | 100 | 99.2 | 11.64% | 1.3% |
| 2025-05-31 | 100 | 99.3 | 11.7% | 1.23% |
| 2025-02-28 | 100 | 99.1 | 12.03% | 1.31% |
| 2024-11-30 | 100 | 99 | 12.26% | 1.38% |
| 2024-08-31 | 100 | 98.9 | 12.41% | 1.47% |
Earlier filings (19 more, back to 2019-11-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-05-31 | 100 | 98.7 | 12.51% | 1.43% |
| 2024-02-29 | 100 | 98.7 | 12.61% | 1.38% |
| 2023-11-30 | 100 | 98.9 | 12.36% | 1.4% |
| 2023-08-31 | 100 | 98.9 | 12.16% | 1.38% |
| 2023-05-31 | 100 | 99.1 | 11.98% | 1.39% |
| 2023-02-28 | 100 | 99.2 | 11.9% | 1.29% |
| 2022-11-30 | 101 | 99.3 | 11.57% | 1.28% |
| 2022-08-31 | 101 | 98.8 | 11.96% | 1.25% |
| 2022-05-31 | 101 | 98.9 | 11.99% | 1.25% |
| 2022-02-28 | 100 | 98.8 | 12.4% | 1.34% |
| 2021-11-30 | 100 | 98.8 | 12.46% | 1.33% |
| 2021-08-31 | 100 | 98.8 | 12.62% | 1.41% |
| 2021-05-31 | 100 | 98.6 | 12.85% | 1.4% |
| 2021-02-28 | 100 | 98.8 | 12.18% | 1.54% |
| 2020-11-30 | 101 | 98.8 | 12.27% | 1.45% |
| 2020-08-31 | 100 | 98.8 | 12.17% | 1.43% |
| 2020-05-31 | 100 | 99.3 | 11.69% | 1.34% |
| 2020-02-29 | 100 | 98.6 | 12.16% | 1.31% |
| 2019-11-30 | 100 | 98.8 | 12.09% | 1.27% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
Compared with, in the essays
1Overlap with other funds
1Measured against every other fund on this site, from the same filings. Combined effective holdings is how the pair behaves held in equal size.
| With | Overlap | Shared | Combined effective |
|---|---|---|---|
| SPLV vs USMV | 34.65% | 53 | 146.5 |
As filed, collateral included
2.98% collateralSPLV's filing lists 105 positions including 2.98% of net assets in securities-lending cash collateral. Counted as filed the fund reads 93.9 effective holdings with a top ten of 13.45%; on its own investments — the figure above — it reads 98.5 with a top ten of 12.54%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-05-31The 15 largest of 103 positions in SPLV's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: SPLV.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | FirstEnergy Corp. | 1.34% | 1.3% |
| 2 | Loews Corp. | 1.29% | 2.6% |
| 3 | Berkshire Hathaway Inc. | 1.28% | 3.9% |
| 4 | Duke Energy Corp. | 1.25% | 5.2% |
| 5 | Ameren Corp. | 1.24% | 6.4% |
| 6 | WEC Energy Group Inc. | 1.24% | 7.6% |
| 7 | Alliant Energy Corp. | 1.23% | 8.9% |
| 8 | CenterPoint Energy, Inc. | 1.23% | 10.1% |
| 9 | DTE Energy Co. | 1.22% | 11.3% |
| 10 | Evergy, Inc. | 1.22% | 12.5% |
| 11 | Realty Income Corp. | 1.20% | 13.7% |
| 12 | Pinnacle West Capital Corp. | 1.19% | 14.9% |
| 13 | CMS Energy Corp. | 1.18% | 16.1% |
| 14 | Regency Centers Corp. | 1.18% | 17.3% |
| 15 | VICI Properties Inc. | 1.18% | 18.5% |
By country of issuer
as of 2026-05-31Share of SPLV's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.
| Country | Share |
|---|---|
| United States | 95.97% |
| Ireland° | 2.10% |
| Switzerland | 1.06% |
| Bermuda° | 0.85% |
| Not stated in filing | 0.02% |
Returns the fund reported
2019-09 – 2026-05Monthly total returns from Item B.5 of SPLV's own filings, 81 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference 0.03 percentage points over 81 months, which is roughly the distributions. Every month with the filing it came from: SPLV.json · all funds.
Who borrows SPLV's shares
2026-05-31The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-05-31, $203m was out to 11 borrowers, 2.94% of net assets. The largest, PERSHING, LLC, held 38.9% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| PERSHING, LLC | $79m | 38.9% |
| Wells Fargo Bank, National Association | $54m | 26.4% |
| Natixis Securities Americas LLC | $38m | 18.9% |
| CITIGROUP GLOBAL MARKETS INC. | $10m | 5.0% |
| BofA Securities, Inc. | $9m | 4.3% |
Cash collateral reported against the loan: 2.98% of net assets, 101.5% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter SPLV has filed, with each borrower: SPLV.json · all funds.
Since the previous filing
2026-02-28 → 2026-05-31100 positions became 102: 23 added (18.7% of the fund at the later date), 21 dropped (19.0% at the earlier date). Half the sum of all weight changes, a turnover proxy: 21.9%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of SPLV compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-02-28 | 2026-05-31 | Largest decreases | 2026-02-28 | 2026-05-31 |
|---|---|---|---|---|---|
| FirstEnergy Corp. | 1.09% | 1.34% | Intercontinental Exchange, Inc. | 1.11% | 0.88% |
| Dominion Energy, Inc. | 0.90% | 1.13% | CME Group Inc. | 1.11% | 0.94% |
| Loews Corp. | 1.06% | 1.29% | Exelon Corp. | 1.23% | 1.07% |
| Federal Realty Investment Trust | 0.88% | 1.09% | Cboe Global Markets, Inc. | 1.02% | 0.86% |
| Berkshire Hathaway Inc. | 1.09% | 1.28% | Southern Co. (The) | 1.31% | 1.16% |
| Bank of New York Mellon Corp. (The) | 0.86% | 1.03% | Motorola Solutions, Inc. | 0.99% | 0.84% |
New: Honeywell International Inc. (0.98%), Simon Property Group, Inc. (0.97%), Sempra (0.95%), Globe Life Inc. (0.92%), Essex Property Trust, Inc. (0.91%), Snap-on Inc. (0.90%). Gone: Willis Towers Watson PLC (1.06%), Marsh & McLennan Cos., Inc. (1.01%), Broadridge Financial Solutions, Inc. (1.00%), Aon PLC (0.98%), American Water Works Co., Inc. (0.94%), L3Harris Technologies, Inc. (0.93%).
Asset categories and pricing
as of 2026-05-31| Asset category (as filed) | Share of investments |
|---|---|
| equity EC | 96.94% |
| short-term investment STIV | 3.04% |
| derivative DE | 0.02% |
97.1% of SPLV is carried at a quoted market price (fair-value level 1). Categories and levels are the filer's, from Form N-PORT; what a low level-1 share does and does not mean is in the measure's page.
Derivative exposure and counterparties
as of 2026-05-31A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $6.91B. Notional of an interest-rate or currency swap is not equity exposure.
Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of SPLV (98.5). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| VTV Vanguard Value Index Fund | 317 | 97 | 23.55% | 2026-06-30 |
| SDIV Global X SuperDividend ETF | 109 | 97 | 14.2% | 2026-07-31 |
| EYLD Cambria Emerging Shareholder Yield ETF | 114 | 97.2 | 14.48% | 2026-07-31 |
| EFG iShares MSCI EAFE Growth ETF | 374 | 97.4 | 21.09% | 2026-07-31 |
| CALF Pacer US Small Cap Cash Cows 100 ETF | 199 | 97.5 | 20.25% | 2026-07-31 |
| IEV iShares Europe ETF | 371 | 99.1 | 21.89% | 2026-06-30 |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 105 | 99.1 | 12.91% | 2026-05-31 |
| QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 103 | 99.3 | 12.37% | 2026-07-31 |
| EQWL Invesco S&P 100 Equal Weight ETF | 102 | 99.7 | 11.46% | 2026-07-31 |
| IQDF FlexShares International Quality Dividend Index Fund | 225 | 100.1 | 19.9% | 2026-07-31 |
Measures applied in the essays
5Essays that examine SPLV
5-
The Low-Volatility Anomaly: Why Boring Stocks Keep Beating the Theory
The low-volatility anomaly — lower-risk stocks earning competitive or better risk-adjusted returns — has survived decades of out-of-sample testing, but the...
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Minimum Variance vs Maximum Diversification: Two Optimizers, Two Very Different Portfolios
Minimum variance and maximum diversification start from the same covariance matrix but optimize different things — one minimizes portfolio volatility, the...
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USMV vs SPLV: Two Approaches to Low-Volatility Investing — Which Defense Holds Up?
USMV (optimizer-based minimum variance) and SPLV (simple lowest-volatility ranking) sound similar but are built differently — and the construction gap, not...
-
The Master Guide to Evidence-Based ETF Portfolios: Using AI to Optimize Allocation (2026)
"AI-driven portfolio optimization" mostly solves a problem long-horizon investors don't actually have. Real-time tilting at retail frequency tends to cost...
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VOO vs. MTUM vs. QUAL: Which Smart Beta ETF Wins Numerically? (Backtest Analysis)
Over the trailing five years, the cap-weighted S&P 500 (VOO) actually outperformed both factor ETFs on raw return — 13.1% CAGR versus MTUM's 11.5% and...
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