
Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities (such as convertible bonds, convertible preferred stock, depositary receipts, warrants and rights) issued by large U.S. companies.
Is SELV's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.

SELV offers strong low-volatility exposure and defensive sector tilts, making it attractive for cautious investors, amid macro uncertainty. The fund trades at a 25% valuation discount to the Russell 1000, driven by sector allocation and stock selection. SELV has underperformed both the broader market and most low-volatility peers, especially during bullish periods, but excels in downside protection.

SELV is a buy for growth with lower volatility, backed by strong top holdings like MSFT, AAPL, and WMT. Top holdings are trading at fair-to-undervalued historical P/E levels, supporting an attractive entry point. Risks include tariffs and a potential rotation out of AI, but policy trends and long-term AI prospects remain favorable.

By Michael Venuto Week of May 16, 2022 KPI Summary This week, the industry experienced 13 ETF launches and 1 closure, shifting the 1-year Open-to-Close ratio to 5.40 and total US ETFs to 2,945. ETF assets continue to trend down and haven't been current levels since Spring 2021.