At a glance
SPLV charges 0.25% a year, below the 0.29% average of the 8 funds most like it (the 5th cheapest of 9). It has $7.09B in assets, the 4th largest of that group; it paid 2.19% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +11.8% a year. At its worst it fell 17.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 12.5% of the fund, out of 100 in all.
The short version
Invesco S&P 500 Low Volatility ETF (SPLV) holds the roughly 100 stocks in the S&P 500 whose prices have moved up and down the least over the past 12 months. The steadiest stocks get the biggest weights. This tilts the fund toward utilities, financials and consumer staples, and it pays monthly. Its 0.25% expense ratio is close to the 0.28% average for similar funds. Low-volatility rivals USMV (0.15%) and LGLV (0.12%) cost less.
Price history
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SPLV +6.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPLV official prospectus, to Dec 31, 2024 | — | +13.97% | — | +5.93% | +8.63% | — |
| SPLV price data to Oct 27, 2026 | +7.6% | +6.2% | +11.8% | +5.8% | — | +8.7% |
- Over the year to Oct 27, 2026, SPLV returned +6.2%, 8th of 9 among similar funds.
- Its 5-year annualized return was +5.8%.
- Its worst full calendar year was 2022 (-4.9%); its best was 2021 (+24.1%).
- The deepest fall in its price history was 17.3% (Apr 20, 2022 to Oct 12, 2022), recovered by Jun 24, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +4.1% | — |
| 2024 | +13.9% | +13.97% |
| 2023 | +0.5% | +0.48% |
| 2022 | -4.9% | -4.81% |
| 2021 | +24.1% | +24.05% |
| 2020 | — | -1.37% |
| 2019 | — | +27.90% |
| 2018 | — | +0.03% |
| 2017 | — | +17.08% |
| 2016 | — | +10.09% |
| 2015 | — | +4.06% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.9% over that stretch · deepest drop along the way 17.3%, back to its old high 20.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3900 | |
| 2025 | $1.4500 | +11.5% |
| 2024 | $1.3000 | -15.0% |
| 2023 | $1.5300 | +14.2% |
| 2022 | $1.3400 | +30.1% |
| 2021 | $1.0300 |
What's inside
As of Aug 31, 2026, the fund held 100 securities; the ten largest made up 12.48% of assets, and 2.33% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Berkshire Hathaway Inc. | 1.36% | |
| WEC Energy Group Inc. | 1.26% | |
| Duke Energy Corp. | 1.26% | |
| Regency Centers Corp. | 1.25% | |
| FirstEnergy Corp. | 1.25% | |
| Atmos Energy Corp. | 1.24% | |
| Evergy, Inc. | 1.24% | |
| Alliant Energy Corp. | 1.22% | |
| Realty Income Corp. | 1.20% | |
| CenterPoint Energy, Inc. | 1.20% | |
| Loews Corp. | 1.19% | |
| Pinnacle West Capital Corp. | 1.18% | |
| DTE Energy Co. | 1.17% | |
| Consolidated Edison, Inc. | 1.16% | |
| Federal Realty Investment Trust | 1.16% |
By country
United States 95.77%Ireland 1.97%Switzerland 1.04%Bermuda 0.96%By asset type
Stocks 99.74%By sector
Sectors of the companies held, for the 68.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $38.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.92%, +1.90%, -1.86%.
How it works
SPLV is an index fund. It aims to match the S&P 500 Low Volatility Index, before fees and expenses. S&P Dow Jones Indices builds and maintains that index. It starts with the S&P 500 and measures each stock's volatility, meaning how much its price rose and fell, over the past year of trading days. The 100 stocks with the lowest volatility make the cut. As of October 31, 2025, their market values ranged from $10 billion to $658.3 billion, so some are mid-sized companies rather than giants.
The index weights stocks by the inverse of their volatility. The calmer a stock has been, the bigger its share of the fund. No single company dominates. As of May 31, 2026, the largest holding, FirstEnergy, made up 1.34% of the fund, and the top 10 together made up 12.52%. The list is rebuilt from recent price behavior, so the mix can change as markets change. The prospectus reports portfolio turnover of 71%, which means the fund traded the equivalent of about 71% of its holdings in a year.
Invesco uses full replication. That means it owns every stock in the index in the same proportions, and it keeps at least 90% of assets in index stocks. It does not use leverage or options. As of May 31, 2026, it held tiny stock-index futures positions. It also held about 3.1% in cash, which appears to be collateral from securities lending (lending shares to other investors for a fee).
What it really costs
- SPLV charges 0.25% a year, versus an average of 0.29% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPLV | $26 | $80 | $141 | $318 |
In a retirement portfolio
It owns only the 100 least volatile S&P 500 stocks, so it aims for smaller price swings, but it is still an all-stock fund.
SPLV could serve as the steadier part of a stock allocation. It launched in May 2011, so it did not exist during the 2008 crisis. It fell 18.99% in the first quarter of 2020 but finished that year down only 1.37%. In the 2022 bear market, it lost 14.9% between the market's January peak and its October low. Its price data starts in June 2020, and its deepest drop since then was 17.3%, from April to October 2022. It took about 20 months to recover, in June 2024. Its worst calendar year was 2022, with a loss of 4.81%. Anyone who sold shares to cover spending in late 2022 would have sold at a loss.
The trailing 12-month yield was 2.19% as of October 27, 2026, paid monthly. The SEC's standard example puts costs at $26 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want stock exposure with smaller swings and accept a tilt toward utilities and financials, such as FirstEnergy, Duke Energy and Berkshire Hathaway.
- Retirees who value monthly payouts. The trailing 12-month yield was 2.19% as of October 27, 2026.
- People who prefer a simple, rules-based spread of 100 S&P 500 stocks. No single holding was above about 1.3% as of May 31, 2026.
Look elsewhere if
- Cost-focused investors. Low-volatility rivals USMV (0.15%) and LGLV (0.12%) charge less than SPLV's 0.25% expense ratio.
- Investors seeking growth. Technology was only 1.7% of classified holdings, and SPLV ranked 8th of 9 peers over one and three years.
- Anyone expecting no losses. SPLV fell 17.3% from April to October 2022 and took about 20 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPLV this fund | — | 0.25% | $7.09B | +6.2% | +11.8% |
| HUSV First Trust Horizon Managed Volatility Dome… | 52% | 0.7% | $73.8M | +7.4% | +12.4% |
| LGLV SPDR SSGA US Large Cap Low Volatility Index… | 44% | 0.12% | $1.14B | +7.7% | +15.0% |
| LVHD Franklin U.S. Low Volatility High Dividend … | 36% | 0.27% | $606.9M | +11.6% | +15.4% |
| SDY SPDR S&P Dividend ETF | 29% | 0.35% | $21.39B | +21.8% | +15.5% |
| USMV iShares MSCI USA Min Vol Factor ETF | 28% | 0.15% | $23.62B | +12.2% | +13.9% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 24% | 0.35% | $11.80B | -42.4% | -9.5% |
| ESMV iShares ESG MSCI USA Min Vol Factor ETF | 24% | 0.18% | $7.7M | +12.0% | +15.1% |
Questions investors ask
Is SPLV good for retirement?
SPLV may suit retirees who want stocks with smaller price swings, but it can still lose money. It holds the 100 least volatile S&P 500 stocks and pays monthly. The trailing yield was 2.19% as of October 27, 2026. In 2022, it fell 17.3% from April to October and took about 20 months to recover. Its average annual return was 8.63% over the 10 years ended December 31, 2024.
Does SPLV pay monthly dividends?
Yes. SPLV pays distributions every month. Over the 12 months to October 27, 2026, it paid about $1.65 per share, a trailing yield of 2.19%. The amount changes from month to month because it comes from the dividends of the stocks the fund holds. Those include utilities, financial companies and real estate investment trusts such as Realty Income and VICI Properties.
What's the difference between SPLV and USMV?
Both aim for steadier US stock returns, but they follow different indexes and charge different fees. SPLV tracks the S&P 500 Low Volatility Index. It simply picks the 100 least volatile S&P 500 stocks and gives the calmest ones the most weight. USMV follows an MSCI minimum-volatility index and charges 0.15%, compared with SPLV's 0.25%. Their holdings overlap by about 33%. USMV returned 12.5% over the year to October 29, 2026. SPLV returned 6.2% over the year to October 27, 2026.
How much does SPLV cost per year?
SPLV's expense ratio is 0.25% a year, according to its prospectus filed December 18, 2025. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs come to about $26 after one year, $141 after five years and $318 after ten. That is close to the 0.28% average for similar funds. USMV (0.15%), FDLO (0.16%) and LGLV (0.12%) cost less.
Why does SPLV hold so many utility stocks?
SPLV chooses and weights stocks by how little their prices move, and utility stocks often move less than the market. As of May 31, 2026, utilities were its largest sector at 16.8% of classified holdings, though sector data covered only 72.1% of the fund. Eight of its 10 largest positions were utilities, including FirstEnergy, Duke Energy and Ameren. That concentration can make the fund sensitive to interest rates and utility regulation.