What do the expense ratios indicate about the structural differences between these funds?

The expense ratios differ significantly: Fund A (SPLV) charges 0.25% while Fund B (VTV) charges 0.03%. This means the difference is 0.22 percentage points annually. For beginners, a lower expense ratio like VTV's can enhance net returns over time, as less money is deducted from your holdings. However, SPLV's higher fee reflects its specialised low-volatility strategy. It is crucial to understand that fees compound, so while 0.22% may seem small, it impacts long-term accumulation differently for each fund.

How do net assets and liquidity affect the trading experience for these ETFs?

Net assets provide insight into a fund's size and liquidity. Fund B (VTV) has huge net assets of $191.1 billion, which typically ensures deep liquidity and tighter trading spreads. Fund A (SPLV) has $7.2 billion in net assets. While this supports adequate liquidity for most retail investors, smaller fund sizes may occasionally result in wider bid-ask spreads during market stress. Beginners should recognise that larger asset bases generally make entering and exiting positions more cost-effective and efficient.

What does the shared holding of BRK.B reveal about the portfolios?

Both funds include Berkshire Hathaway Class B shares (BRK.B) in their top-ten holdings. For Fund A (SPLV), BRK.B represents 1.41% of the portfolio, whereas for Fund B (VTV), it accounts for 2.88%. This overlap indicates that despite different strategies, both funds have selected this large-cap value stock. However, the differing weights show how each index or strategy values the holding. Beginners should note that while overlap exists, the total portfolio composition remains distinct, driven by each fund's specific methodology.

How do dividend yields compare between SPLV and VTV, and what does this mean?

Fund A (SPLV) currently offers a higher dividend yield of 2.28% compared to Fund B (VTV) at 1.85%. This suggests SPLV provides steady income, aligning with its low-volatility focus on companies that may pay consistent dividends. VTV's lower yield is still competitive but places less emphasis on immediate income compared to other options. Beginners should understand that yield fluctuates with price changes, so a higher yield does not always guarantee higher total returns, but it does indicate greater current income generation relative to the share price.

How does top-holding concentration differ between the two funds?

Fund B (VTV) shows higher concentration in its top holdings, with MicroStrategy (MU) at 3.94% and JPMorgan Chase (JPM) at 3.47%. In contrast, Fund A (SPLV) has relatively lower top-holding weights, such as Berkshire Hathaway at 1.41% and FirstEnergy (FE) at 1.27%. This means SPLV spreads its risk more evenly across many stocks, potentially reducing concentrated upside potential but also dampening volatility. Beginners must evaluate whether they prefer the diversified, low-volatility structure of SPLV or the more concentrated large-value exposures found in VTV.

How do the fund's inception dates relate to their historical context?

Fund B (VTV) was established on 26 January 2004, offering a longer track record than Fund A (SPLV), which launched on 5 May 2011. A longer history can provide more data points regarding performance through different market cycles, though it may mask recent market performance changes due to evolving strategies. SPLV, being newer, reflects a more recent emphasis on low-volatility factors. Beginners should consider that while historical data is useful, the structural differences and current market conditions may have a more significant impact on future performance than the length of the fund's history.

How do these funds relate to the broader large-cap value market?

Both funds belong to the Large Value category, indicating they invest in established companies that may be undervalued relative to their fundamentals. Fund B (VTV) tracks the broader large-cap value market, typically including financials like JPM and energy stocks like XOM. Fund A (SPLV) specifically targets stocks within the S&P 500 with lower volatility, which often results in sector weights skewing towards utilities, such as Duke Energy (DUK), and defensive industries. Beginners should understand that while both are 'value' funds, the risk management approach in SPLV creates a distinct market exposure.

What transparency limitations exist regarding the index tracking for these ETFs?

A notable limitation for both funds is that the specific index tracked is currently listed as 'not available' in the provided data. This lack of transparency can restrict full strategic clarity for investors trying to understand the exact methodology behind the security selection. Without knowing the precise index, beginners must rely on the fund names and top holdings to infer the strategy. It is essential to consult official prospectuses or issuer websites to obtain the missing index details for a complete understanding of how each fund tracks its market.

How do the fund issuers differ in terms of recognition and platform?

Fund B (VTV) is issued by Vanguard, a highly reputable provider offering a well-established platform for long-term investors. Conversely, the issuer for Fund A (SPLV) is listed as 'not available' in the provided data, although the fund name historically references the PowerShares brand. This difference in recognised issuer data highlights the importance of verifying current management details. Beginners often prefer funds from large, established issuers due to the robust support and operational history, though they should ensure they understand the management structure of any fund they consider.

What does the sector weighting tell us about potential diversification?

Currently, sector weights are listed as 'not available' for both funds, which limits an immediate assessment of diversification. However, the top holdings offer clues. SPLV features several utility stocks (DUK, WEC, EVRG, LNT, CNP), indicating a potential overweight in defensive sectors to achieve low volatility. VTV includes a mix of financials, tech, energy, and consumer staples, suggesting broader sector exposure. Beginners should note that while specific percentages are missing, the composition of top holdings provides a preliminary view of the sectors dominating each fund's strategy.

What defines the 'Low Volatility' strategy implied by Fund A's name and holdings?

Fund A is named 'S&P 500 Low Volatility', and its holdings support this focus. It includes stocks like Duke Energy and American Water Works, which are traditionally less volatile than high-growth tech stocks. The strategy aims to reduce portfolio risk by selecting securities with historically lower price fluctuations. Beginners should understand that this approach prioritises stability over maximum capital appreciation. This contrasts with Fund B, which targets large-cap value stocks like MicroStrategy and JPMorgan Chase, offering different risk-return profiles.

Why does the top holding percentage matter for a beginner investor?

The top holding percentage indicates how much of the fund's total assets are invested in its single largest stock. For Fund B, the largest holding (MU) is 3.94%, whereas for Fund A, the largest (BRK.B) is only 1.41%. A lower maximum weight in Fund A suggests the risk is more distributed across the portfolio, aligning with a low-volatility mandate. Beginners should look at these percentages to gauge concentration risk; higher top-holding weights mean the fund's performance is more sensitive to the price movements of those specific companies.

SPLV vs VTV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare SPLV (S&P 500 Low Volatility ETF PowerShares) and VTV (Vanguard Value ETF) by examining expense ratios, net assets, dividend yields, and top holdings. While both funds share a Large Value category, they differ in strategy and composition, including a common holding in BRK.B. This page reviews how each ETF tracks its market and key performance metrics to help you understand their structural differences. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SPLV

Metric

VTV

0.25%

Expense Ratio

0.03%

2.28%

Dividend Yield

1.85%

$7.19B

Net Assets

$191.07B

107

Holdings

319

May 5, 2011

Inception Date

Jan 26, 2004

–

Index Tracked

–

Large Value

Fund Category

Large Value

VTV costs about $22.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	SPLV	VTV
BRK.BBerkshire Hathaway Inc.	1.41%	2.88%

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SPLV vs VOO

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Compare SPLV and SPY ETFs. Review 0.25% and 0.09% expense ratios, 2.28% and 0.98% dividend yields, and distinct top holdings for this detailed analysis.

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Compare SPLV and SPYM ETFs. Review fees, dividends, holdings and tracking. SPLV yields 2.28% with 0.25% fee; SPYM yields 1.00% with 0.02% fee.

Investment Analysis

SPLV

Pros

Expense ratio of 0.25% remains competitive for a specialised low-volatility strategy.
Larger net assets of $7.2 billion support adequate liquidity for most retail investors.
High yield of 2.28% provides steady income while targeting lower-volatility holdings.

Considerations

Index tracked and sector weights are not available, limiting transparency of methodology.
Top holdings weights are relatively low, potentially reducing concentrated upside potential.
Smaller fund size than peers may result in wider bid-ask spreads during stress.

VTV

Pros

Exceptionally low expense ratio of 0.03% enhances net returns over the long term.
Huge net assets of $191.1 billion ensure deep liquidity and tight trading spreads.
Reputable issuer Vanguard provides a well-established platform for long-term investors.

Considerations

Lower dividend yield of 1.85% compared to other income-focused options.
Index tracked and sector weights are not available, restricting full strategic clarity.
Longer history since inception in 2004 may mask recent market performance changes.

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About SPLV and VTV

SPLV (SPLV)

SPLV (Invesco S&P 500® Low Volatility ETF) is an exchange-traded fund that seeks to offer S&P 500 exposure with reduced price swings. The fund tracks a rules-based index that selects stocks from the S&P 500 with lower historical volatility and weights them to favour more stable names. Investors often consider SPLV when they want equity market participation but hope for a smoother ride compared with the full S&P 500. It can act as a defensive sleeve within a diversified portfolio, but it is still subject to market risk — returns can fall and are not guaranteed. SPLV’s strategy may underperform in strong bull markets where higher-volatility stocks lead, and its sector and factor tilts can differ from the broad market. Suitable for investors seeking lower short‑term volatility and prepared for equity risk over the medium to long term, it is educational to compare fees, tracking error and holdings before investing.

VTV (VTV)

The Vanguard Value ETF (VTV) is a large-cap value fund designed to track the performance of US large-capitalisation companies considered to have value characteristics. Launched in January 2004, it currently holds a diverse portfolio of 319 stocks. With a very low expense ratio of just 0.03%, it offers investors a cost-effective way to access established US companies that may be trading at lower prices relative to their fundamental metrics. The fund has accumulated net assets of approximately USD 191.07 billion, indicating significant liquidity and investor confidence. It currently provides a dividend yield of 1.85%. While value strategies can offer potential advantages during market rotations, like all investments, the value of shares can fall as well as rise, and returns are not guaranteed. This fund is generally suitable for investors seeking diversified exposure to the US large-cap value segment as part of a broader portfolio strategy.

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SPLV vs VTV

Fund Snapshot