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Invesco S&P 500 Low Volatility UCITS ETF AccIndex, costs, backtest, listings and taxation

ISIN: IE00BKW9SX35Ticker: SPLW (Borsa Italiana) · ILOV (Xetra) · SPLW (London SE)Issuer: InvescoClass: Acc
Issuer-declared data
Declared index
S&P 500 Low Vol NTR Index
TER
0.25%
Transaction costs
0.01% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
122.8 mln EUR
NAV
54.21 USD (1 September 2026)
Domicile
Ireland
Inception date
13 July 2021
Data as declared by Invesco in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Invesco S&P 500 Low Volatility UCITS ETF Acc tracks the issuer-declared index: S&P 500 Low Vol NTR Index. The declared annual cost (TER) is 0.25%, plus 0.01% in transaction costs estimated by the issuer in the KID. Replication is physical replication (it buys the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 123 million euro, was launched on 13 July 2021 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment objective: The objective of the Fund is to achieve the net total return performance of the S&P 500 Low Volatility Index (the "Index"), less fees, expenses and transaction costs. Investment approach: The Fund is a passively managed ETF. To achieve the investment objective, the Fund will, as far as possible and practicable, hold all the securities in the Index in their respective weightings. The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income. The Fund may engage in securities lending, whereby 90% of the revenues arising from securities lending will be returned to the Fund and 10% of the revenues will be retained by the securities lending agent. The Fund may be exposed to the risk of the borrower defaulting on its obligation to return the securities at the end of the loan period and of being unable to sell the collateral provided to it if the borrower defaults. The Fund’s base currency is USD.

Keep reading the KID section ▾

Intended Retail InvestorThe Fund is intended for investors aiming for long term capital growth, who may not have specific financial expertise but are able to make an informed investment decision based on this document, the supplement, and the prospectus, have a risk appetite consistent with the risk indicator displayed below and understand that there is no capital guarantee or protection (100% of capital is at risk). Practical Information Fund Depositary: The Bank of New York Mellon SA/NV, Dublin Branch, Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 KV60, Ireland. Find out more: This document is specific to the Fund. Further information about the Fund can be obtained from the supplement, the prospectus, annual and interim reports. The prospectus, annual and interim reports are prepared for the Umbrella Fund, of which the Fund is a sub-fund. These documents are available free of charge in English. They can be obtained along with other information, such as share prices, at https://etf.invesco.com (select your country and navigate to the Documents section on the product page), or by calling +353 1 439 8000. The assets of the Fund are segregated as a matter of Irish law and as such, in Ireland, the assets of one sub-fund will not be available to satisfy the liabilities of another sub-fund. This position may be considered differently by the courts in jurisdictions outside of Ireland. Subject to satisfying certain criteria as set out in the prospectus, investors may be able to exchange their investment in the Fund for shares in another sub-fund of the Umbrella which is being offered at that time. The Index: The Index aims to reflect the performance of the 100 least volatile stocks in the S&P 500 index (the "Parent Index"). The Parent Index is designed to reflect the US large-cap equity market, by including 500 leading companies and covering approximately 80% of the available market capitalisation. The Index is constructed from the Parent Index by calculating the volatilities of all of the underlying securities and ranking them in descending order, based on the inverse of the realised volatility. Realised volatility is defined as the standard deviation of the security's daily price returns over the prior calendar year. The 100 securities with the lowest realised volatility are selected for the index. The Index is rebalanced on a quarterly basis. This document provides a summary of the principal features of the Index, the

From the KID’s “Objectives” section · 14 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.25%: above the median of equity ETFs we track (0.22%).
  • Average tracking difference over the last 3 years: +0.13% p.a., against a declared TER of 0.25%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Jul 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+33.0%
Annualised
+5.7%
Volatility (ann.)
12.3%
Max drawdown
-17.42%
-9%+4%+16%+29%+42%Jul 2021Oct 2022Feb 2024May 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+33%Jul 2021Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-5%-10%-15%-20%202120222023202420252026−17.42% · 12 Oct 2022
Max drawdown
-17.42%
peak → trough
Trough
12 Oct 2022
from the 20 Apr 2022 peak
Recovery time
643 days
recovery only: trough to break-even · ≈ 1 year and 9 months
Underwater
818 days
decline + recovery: peak to break-even · ≈ 2 years and 3 months · → recovered on 16 Jul 2024

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
20 Apr 202212 Oct 2022-17.42%16 Jul 2024818
03 Mar 202508 Apr 2025-9.12%20 Aug 2025170
31 Dec 202124 Feb 2022-9.01%06 Apr 202296
29 Nov 202410 Jan 2025-8.54%28 Feb 202591
02 Mar 202601 Jun 2026-7.51%24 Jul 2026144

Calendar-year returns

2021
11.5%
2022
-5.2%
2023
0.1%
2024
13.6%
2025
3.7%
2026
6.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20263.35.3-5.41.9-2.83.91.9-1.90.76.6
20252.14.60.3-2.31.1-0.8-0.31.50.2-3.83.8-2.23.7
20241.01.63.0-3.12.4-0.24.45.11.0-0.95.5-6.313.6
2023-0.0-3.31.52.6-5.34.10.9-3.0-3.8-0.55.32.30.1
2022-4.6-2.45.3-2.3-0.6-4.34.2-1.9-8.46.95.8-1.8-5.2
20211.7-4.94.7-1.49.611.5
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: Invesco. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 4 of the last 4 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
+0.13% /anno
Declared TER
0.25%
YearFundIndexDifference
2025+3.74%+3.62%+0.12%
2024+13.59%+13.47%+0.12%
2023+0.09%-0.06%+0.14%
2022-5.18%-5.32%+0.14%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 years
Volatility (ann.)11.92%12.77%14.52%
Max drawdown-7.28%-14.74%-16.57%
Sharpe0.290.330.27
Sortino0.420.450.37
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
104
Top-10 weight
12.6%

Top 10 holdings

BERKSHIRE HATHAWAY INC-CL B USD0.0033
1.36%
REGENCY CENTERS CORP USD0.01
1.28%
DUKE ENERGY CORP USD0.001
1.28%
WEC ENERGY GROUP INC USD0.01
1.27%
ATMOS ENERGY CORP NPV
1.26%
FIRSTENERGY CORP USD0.1
1.26%
EVERGY INC NPV
1.26%
ALLIANT ENERGY CORP USD0.01
1.22%
REALTY INCOME CORP USD1
1.22%
CENTERPOINT ENERGY INC USD0.01
1.21%

Sectors

Utilities
26.9%
Financials
23.8%
Real Estate
17.3%
Industrials
12.8%
Consumer Staples
6.8%
Health Care
3.8%
Consumer Discretionary
3.7%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 100%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States100%
Download the full portfolio — Excel, 104 rows
Full portfolio declared by Invesco, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)SPLW7 Oct 2022
Börse DüsseldorfILOV20 May 2025
Börse HamburgILOV29 Jan 2024
Börse HannoverILOV13 Nov 2025
Tradegate ExchangeILOV27 Nov 2024
+ 8 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Invesco S&P 500 Low Volatility UCITS ETF Acc track?
The issuer Invesco declares the benchmark: S&P 500 Low Vol NTR Index.
How much does SPLW cost?
The issuer-declared TER is 0.25% per year; the transaction costs estimated in the KID are 0.01%.
How is SPLW taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of SPLW?
The fund size declared by Invesco is about 123 million euro.
When was SPLW launched?
The fund was launched on 13 July 2021: it has 5 years of history.
How does SPLW replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical”).
Does SPLW pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does SPLW trade?
Per the official ESMA register it trades on 5 main exchanges, including Borsa Italiana (ETFplus) (SPLW), Börse Düsseldorf (ILOV), Börse Hamburg (ILOV), Börse Hannover (ILOV), Tradegate Exchange (ILOV).
What was SPLW's worst fall?
Over the available history (since 2021), the maximum drawdown was -17.42%, reached in October 2022. Past performance is not indicative of future results.
What is SPLW's tracking difference?
Over the last 3 complete calendar years the fund returned on average +0.13% per year versus its index (from issuer-declared series).
How many securities does SPLW hold?
The declared portfolio holds 104 securities; the top 10 positions weigh 12.6%.
Transparency note
The data in this sheet is declared by Invesco in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.