New England Private Wealth Advisors LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), New England Private Wealth Advisors LLC reported 147 stock positions worth $646.7 million. Its top holding was Vanguard Dividend Apprec ETF (VIG) at 6.8% of the portfolio, followed by Janus Henderson Aaa Clo ETF (JAAA, 5.6%) and First Trust Value Line DVD (FVD, 5.2%). Compared with Q4 2024, it opened 11 new positions, sold out of 8, added to 85 and reduced 34. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +111%) and the biggest sale an exit from Avantis US Small Cap Value (AVUV).

Most Recent 13F
Q2 2026
Location
WELLESLEY, MA
CIK
0001582813
Portfolio Value
$646.7M (Q1 2025)
SEC Filing
0001085146-25-002766 ↗ filed May 8, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $568.8M Q1 2024 Q2 2024: $573.2M Q2 2024 Q3 2024: $619.8M Q3 2024 Q4 2024: $631.2M Q4 2024 Q1 2025: $646.7M $646.7M Q1 2025 Q2 2025: $683.7M Q2 2025 Q3 2025: $758.8M Q3 2025 Q4 2025: $803.1M Q4 2025 Q1 2026: $866.2M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 147 stocks · $646.7M
VIG Vanguard Dividend Apprec ETF 6.84% 228,126 $44.3M Reduce -2.4%
JAAA Janus Henderson Aaa Clo ETF 5.60% 714,363 $36.2M Add +110.8%
FVD First Trust Value Line DVD 5.23% 758,187 $33.8M Reduce -0.8%
VTI VG Morningstar TS MKT ETF-US 5.12% 120,417 $33.1M Add +2.0%
BNL Broadstone Net Lease Inc. 4.32% 1,639,232 $27.9M Reduce -3.3%
SPLV Invesco S&P 500 Low Volatili 4.23% 366,444 $27.4M Reduce -1.7%
RPG Invesco S&P 500 Pure Growth 3.51% 594,063 $22.7M Reduce -0.1%
VXF Vanguard Extended Market ETF 3.12% 117,269 $20.2M Add +3.1%
SPY SS SPDR S&P 500 ETF Trust-US 2.71% 31,380 $17.6M Reduce -4.6%
MOAT Vaneck Morningstar Wide Moat 2.36% 173,397 $15.3M Reduce -2.3%
DFAT Dimensional US Target Value 2.13% 267,379 $13.8M Reduce -1.1%
IWB iShares Russell 1000 ETF 2.00% 42,268 $13.0M Add +0.2%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 1.97% 358,314 $12.8M Add +9.9%
VYMI Vanguard Int High DVD YLD Inc. 1.82% 159,416 $11.7M Add +32.8%
XT Ishar Fture Exp Tech ETF-Usd 1.78% 200,447 $11.5M Reduce -4.1%
TDIV FT Nasdaq Tech DVD Index FD 1.77% 155,379 $11.4M Add +0.1%
EMLP First Trust North American E 1.71% 295,038 $11.1M Add +3.2%
VHT Vanguard Health Care ETF 1.61% 39,309 $10.4M Reduce -0.5%
USMV iShares MSCI USA Min Vol Fac 1.53% 105,480 $9.9M Reduce -3.2%
RSP Invesco S&P 500 Equal Weight 1.50% 55,822 $9.7M Reduce -6.8%
VOO Vanguard S&P 500 ETF 1.44% 18,082 $9.3M Add +2.2%
JEPI JPMorgan Equity Premium Inco 1.38% 156,578 $8.9M Add +7.8%
VIGI Vanguard Int Div App Indx FD 1.35% 105,043 $8.7M Reduce -2.8%
SCHD Schwab US DVD Equity ETF 1.34% 310,972 $8.7M Add +0.5%
QQQ Invesco QQQ Trust Series 1 1.34% 18,414 $8.6M Add +0.8%
RFG Invesco S&P Midcap 400 Pure 1.31% 193,620 $8.5M Reduce -4.8%
QQEW First TR Nasdaq-100 Sel Eq 1.30% 69,536 $8.4M Reduce -3.2%
PAVE Global X US Infrastructure 1.20% 205,783 $7.8M Add +0.2%
VXUS Vanguard Total Intl Stock 1.18% 122,463 $7.6M Add +1.9%
IBDQ iShares Ibonds Dec 2025 Term 1.01% 260,462 $6.6M Reduce -7.9%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 1.00% 124,782 $6.5M Add +6.1%
IWF iShares Russell 1000 Growth 0.95% 17,074 $6.2M Reduce -0.8%
IWM iShares Russell 2000 ETF 0.88% 28,463 $5.7M Add +0.3%
QLTY GMO U.S. Quality ETF 0.87% 179,958 $5.6M Add +7.4%
CEFS Saba Opport Hedg Cef ETF-Usd 0.84% 254,518 $5.4M Add +129.8%
PVAL Putnam Focused LRG Cap Value 0.84% 142,420 $5.4M Add +22.1%
IWR iShares Russell Mid-Cap ETF 0.75% 56,848 $4.8M Add +0.3%
PPA Invesco Aerospace & Defense 0.73% 40,625 $4.7M Reduce -0.0%
EFA iShares MSCI Eafe ETF 0.69% 54,910 $4.5M Reduce -4.6%
FPAG Fpa Global Equity ETF New 0.68% 146,435 $4.4M Add +20.0%
QTUM Defiance Quantum ETF 0.68% 58,759 $4.4M New
IWD iShares Russell 1000 Value E 0.66% 22,578 $4.2M Add +0.4%
IVV iShares Core S&P 500 ETF 0.65% 7,428 $4.2M Reduce -0.5%
PRF Invesco Rafi US 1000 ETF 0.64% 103,096 $4.2M Add +0.2%
IBDR iShares Ibonds Dec 2026 Term 0.64% 169,654 $4.1M Add +4.2%
FRDM Freedom 100 Emeging MRKT ETF 0.61% 111,769 $3.9M Add +2.3%
XLV SS Health Care Select Sector 0.58% 25,588 $3.7M Add +0.2%
IEFA iShares Core MSCI Eafe ETF 0.49% 41,922 $3.2M Add +49.7%
VGT Vanguard Info Tech ETF 0.46% 5,450 $3.0M Add +1.0%
GLD SPDR Gold Shares 0.41% 9,230 $2.7M Add +10.4%
IJH iShares Core S&P Midcap ETF 0.41% 45,015 $2.6M Reduce -15.6%
VWO Vanguard Ftse Emerging Marke 0.40% 56,610 $2.6M Add +18.0%
MDY State Street SPDR S&P Midcap 0.39% 4,721 $2.5M No change
VB Vanguard Most SM-Cap ETF-Usd 0.38% 10,987 $2.4M Reduce -5.6%
SDY SS SPDR S&P Dividend ETF 0.38% 17,897 $2.4M Reduce -2.0%
VYM Vanguard High DVD Yield ETF 0.36% 18,235 $2.4M Add +0.6%
IAU iShares Gold Trust 0.31% 33,681 $2.0M Add +4.4%
MTUM iShares MSCI USA Momentum Fa 0.31% 9,791 $2.0M Add +0.3%
IBMO iShares Ibonds Dec 2026 Term 0.29% 73,255 $1.9M Add +9.2%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 0.28% 74,126 $1.8M Add +49.5%
IBMN iShares Ibonds Dec 2025 Term 0.27% 64,839 $1.7M Reduce -33.5%
DISV Dimensional International SM 0.27% 59,480 $1.7M Add +0.1%
IBB iShares Biotechnology ETF 0.26% 13,053 $1.7M Add +2.9%
COWZ Pacer US Cash Cows 100 ETF 0.26% 30,170 $1.7M Add +0.8%
SCHG Schwab US Large-Cap Growth 0.24% 61,211 $1.5M Reduce -7.0%
PWB Invesco Large Cap Growth ETF 0.24% 15,844 $1.5M No change
IWY iShares Russell Top 200 Grow 0.23% 7,192 $1.5M Add +0.1%
IWV iShares Russell 3000 ETF 0.23% 4,675 $1.5M Add +0.3%
VCSH Vanguard S/T Corp. Bond ETF 0.23% 18,717 $1.5M Add +0.6%
AGG iShares Core U.S. Aggregate 0.22% 14,455 $1.4M No change
GLDM SPDR Gold Minishares Trust 0.22% 22,863 $1.4M No change
VEU Vanguard Ftse All-World Ex-U 0.22% 23,098 $1.4M Add +0.1%
VTV Vanguard Mrngstr Val ETF-Aui 0.21% 8,005 $1.4M Add +0.2%
EEMV iShares MSCI Emg MKT Min Vol 0.21% 23,428 $1.4M Reduce -10.5%
CWB SS SPDR BB Conv Sec ETF 0.20% 16,903 $1.3M Add +0.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.19% 3,291 $1.2M Add +0.1%
IVW iShares S&P 500 Growth ETF 0.18% 12,439 $1.2M Add +0.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.18% 4,452 $1.2M Add +2.0%
DFUV Dimensional US Marketwide Va 0.17% 26,264 $1.1M Add +0.4%
PFF iShares Preferred & Income S 0.16% 33,230 $1.0M Add +0.3%
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.15% 26,128 $989K Add +0.0%
IVE iShares S&P 500 Value ETF 0.15% 5,150 $981K Add +0.2%
FELC Fidelity Enh LRG Cap Cor ETF 0.15% 31,252 $975K Add +3.3%
XLK SS Technology Select Sector 0.15% 4,620 $954K Add +0.1%
IDEV iShares Core MSCI Dev MKTS 0.14% 13,217 $911K No change
VEA Vanguard Ftse Developed ETF 0.14% 17,610 $895K Add +6.4%
IBHE iShares Ibonds 2025 H/Y Inc. 0.12% 34,516 $802K Reduce -4.2%
EMB iShares JP Morgan Usd Emergi 0.11% 8,185 $741K No change
QWLD State Street SPDR MSCI World 0.11% 5,751 $734K No change
ARKK ARK Innovation ETF 0.11% 15,390 $732K Reduce -10.3%
MGV Vngrd Mrgstr MG CP VL ETF-Ui 0.11% 5,446 $702K Add +0.2%
GOF Guggenheim Strategic Opport 0.11% 44,327 $690K New
DVY iShares Select Dividend ETF 0.10% 4,961 $666K Add +13.7%
AOR iShares Core 60/40 Balanced 0.10% 11,518 $663K Reduce -1.6%
NETL Cltpnt NT Leas RL Est-Usd Inc. 0.09% 24,339 $610K Reduce -18.4%
RWX State Street SPDR Dow Jones 0.09% 23,987 $587K No change
SCHX Schwab US Large-Cap ETF 0.09% 26,317 $581K Add +3.5%
VONG Vanguard Russell 1000 Growth 0.08% 5,584 $518K Add +85.0%
CLOA iShares Aaa Clo Act ETF-Usdi 0.08% 10,000 $518K New
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.08% 1,617 $499K No change
XLE SS Energy Select Sector 0.08% 5,327 $498K Add +13.0%
DGRO iShares Core Dividend Growth 0.07% 6,984 $431K Reduce -0.1%
SOXX iShares Semiconductor ETF 0.06% 2,199 $414K Add +0.1%
INDA iShares MSCI India ETF 0.06% 7,872 $405K No change
ITA iShares U.S. Aerospace & Def 0.06% 2,645 $405K Reduce -16.0%
SCHF Schwab Intl Equity ETF 0.06% 20,396 $403K Add +5.2%
ESGD iShares Trust iShares ESG Aw 0.06% 4,892 $400K No change
HDV iShares Core High Dividend E 0.06% 3,077 $373K No change
PHK PIMCO High Income Fund 0.06% 75,786 $371K New
XAR SS SPDR S&P Aerospace Def 0.06% 2,290 $368K No change
HYT BlackRock Corp. Hi YLD 0.05% 36,931 $354K New
XBI SS SPDR S&P Biotech ETF 0.05% 4,157 $337K No change
IEMG iShares Core MSCI Emerging 0.05% 6,224 $336K Add +54.6%
MINT PIMCO Enhanced Short Maturit 0.05% 3,303 $332K Add +1.2%
JFR Nuveen Floating Rate Income 0.05% 38,617 $327K New
OEF iShares S&P 100 ETF 0.05% 1,197 $324K Add +0.1%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.05% 1,234 $317K Add +0.1%
ESGV Vanguard ESG US Stock ETF 0.05% 3,230 $316K Add +9.0%
FLDR Fidelity Low Durat Fact ETF 0.05% 6,282 $315K Add +1.2%
FDVV Fidelity High Dividend ETF 0.05% 6,330 $314K Add +0.6%
VBR Vngrd Mrngst SL-CP Val ETF-U 0.05% 1,625 $303K Add +0.7%
IGEB iShares Investment Grade SYS 0.05% 6,566 $296K Add +0.8%
IVOO Vanguard S&P Mid-Cap 400 ETF 0.05% 2,985 $295K Add +0.3%
FBND Fidelity Total Bond ETF 0.05% 6,441 $294K Add +0.8%
VOOG Vanguard S&P 500 Growth ETF 0.05% 879 $294K Add +0.2%
VT Vanguard Tot World STK ETF 0.04% 2,392 $277K Add +0.2%
QUS SS SPDR MSCI U Stratfact ETF 0.04% 1,762 $276K Add +3.3%
DEM Wisdomtree Emerging Markets 0.04% 6,443 $271K Add +0.1%
VPU Vanguard Utilities ETF 0.04% 1,491 $255K Add +0.5%
IWN iShares Russell 2000 Value E 0.04% 1,659 $250K Add +0.2%
SHLD Global X Defense Tech ETF 0.04% 5,358 $249K New
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.04% 1,007 $246K No change
VNQ Vanguard Real Estate ETF 0.04% 2,671 $242K New
VOE Vngrd Mrngstr MD-Cap Val ETF 0.03% 1,367 $219K Add +3.5%
FSMD Fidelity Small-Mid Multifact 0.03% 5,595 $219K Add +0.4%
IUSG iShares Core S&P U.S. Growth 0.03% 1,718 $218K Add +0.1%
FNDE Schwab Fndmntl Em MRK Eq ETF 0.03% 7,087 $218K No change
BNDX Vanguard Total Intl Bond ETF 0.03% 4,444 $217K Reduce -45.4%
IBHF iShares Ibond 2026 HY & Inc. 0.03% 9,283 $216K Add +1.1%
IBDT iShares Ibonds Dec 2028 ETF 0.03% 8,512 $215K Add +0.8%
PTLC Pacer Trendpilot US Large Ca 0.03% 4,108 $211K No change
PDI PIMCO Dynamic Income Fund 0.03% 10,356 $205K New
IJR iShares Core S&P Small-Cap E 0.03% 1,940 $203K Add +0.1%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.03% 801 $202K Add +2.8%
IVR Invesco Mortgage Capital 0.02% 17,000 $134K New
ICLN iShares Global Clean Energy 0.02% 10,466 $120K Reduce -3.1%
XNEAX Nuveen Amt-FR QLTY Muni Inc. 0.02% 10,000 $112K New

Portfolio Sells Q4 2024 → Q1 2025
AVUV Avantis US Small Cap Value Sold out 0.00% −0.68
VIG Vanguard Dividend Apprec ETF Reduce -2.4% 6.84% −0.41
RPG Invesco S&P 500 Pure Growth Reduce -0.1% 3.51% −0.37
SPY SS SPDR S&P 500 ETF Trust-US Reduce -4.6% 2.71% −0.34
SMDV Proshrs RSL 2000 DVD GRW ETF Sold out 0.00% −0.32
DFAT Dimensional US Target Value Reduce -1.1% 2.13% −0.25
MOAT Vaneck Morningstar Wide Moat Reduce -2.3% 2.36% −0.25
RFG Invesco S&P Midcap 400 Pure Reduce -4.8% 1.31% −0.25
XT Ishar Fture Exp Tech ETF-Usd Reduce -4.1% 1.78% −0.19
RSP Invesco S&P 500 Equal Weight Reduce -6.8% 1.50% −0.17
IBMN iShares Ibonds Dec 2025 Term Reduce -33.5% 0.27% −0.14
IWF iShares Russell 1000 Growth Reduce -0.8% 0.95% −0.14
QQEW First TR Nasdaq-100 Sel Eq Reduce -3.2% 1.30% −0.12
GINN Goldman Sachs Innovate Eqty Sold out 0.00% −0.12
IJH iShares Core S&P Midcap ETF Reduce -15.6% 0.41% −0.12
IBDQ iShares Ibonds Dec 2025 Term Reduce -7.9% 1.01% −0.11
FM iShares Frontier and Select Sold out 0.00% −0.09
EFAV iShares MSCI Eafe Min Vol Fa Sold out 0.00% −0.08
VB Vanguard Most SM-Cap ETF-Usd Reduce -5.6% 0.38% −0.07
VTWO Vanguard Russell 2000 ETF Sold out 0.00% −0.05
FVD First Trust Value Line DVD Reduce -0.8% 5.23% −0.05
SCHG Schwab US Large-Cap Growth Reduce -7.0% 0.24% −0.05
IVV iShares Core S&P 500 ETF Reduce -0.5% 0.65% −0.05
INFL Horizon Kinetics Infl Benef Sold out 0.00% −0.05
ARKK ARK Innovation ETF Reduce -10.3% 0.11% −0.04
CALF PCR US SM CP CSH CWS ETF-Usd Sold out 0.00% −0.04
BNDX Vanguard Total Intl Bond ETF Reduce -45.4% 0.03% −0.03
EEMV iShares MSCI Emg MKT Min Vol Reduce -10.5% 0.21% −0.03
VIGI Vanguard Int Div App Indx FD Reduce -2.8% 1.35% −0.02
NETL Cltpnt NT Leas RL Est-Usd Inc. Reduce -18.4% 0.09% −0.02
ITA iShares U.S. Aerospace & Def Reduce -16.0% 0.06% −0.01
IBHE iShares Ibonds 2025 H/Y Inc. Reduce -4.2% 0.12% −0.01
SDY SS SPDR S&P Dividend ETF Reduce -2.0% 0.38% −0.01
PPA Invesco Aerospace & Defense Reduce -0.0% 0.73% −0.01
USMV iShares MSCI USA Min Vol Fac Reduce -3.2% 1.53% −0.00
AOR iShares Core 60/40 Balanced Reduce -1.6% 0.10% −0.00
DGRO iShares Core Dividend Growth Reduce -0.1% 0.07% −0.00
ICLN iShares Global Clean Energy Reduce -3.1% 0.02% −0.00
EFA iShares MSCI Eafe ETF Reduce -4.6% 0.69% +0.00
VHT Vanguard Health Care ETF Reduce -0.5% 1.61% +0.02
BNL Broadstone Net Lease Inc. Reduce -3.3% 4.32% +0.06
SPLV Invesco S&P 500 Low Volatili Reduce -1.7% 4.23% +0.10

Portfolio Buys Q4 2024 → Q1 2025
JAAA Janus Henderson Aaa Clo ETF Add +110.8% 5.60% +2.88
QTUM Defiance Quantum ETF New 0.68% +0.68
VYMI Vanguard Int High DVD YLD Inc. Add +32.8% 1.82% +0.53
CEFS Saba Opport Hedg Cef ETF-Usd Add +129.8% 0.84% +0.46
IEFA iShares Core MSCI Eafe ETF Add +49.7% 0.49% +0.18
CGDV Cap Group Dividend Value Add +9.9% 1.97% +0.15
PVAL Putnam Focused LRG Cap Value Add +22.1% 0.84% +0.15
GOF Guggenheim Strategic Opport New 0.11% +0.11
EMLP First Trust North American E Add +3.2% 1.71% +0.10
FPAG Fpa Global Equity ETF New Add +20.0% 0.68% +0.09
GLD SPDR Gold Shares Add +10.4% 0.41% +0.09
IBDS Ishrs Ibnds Dec 27 Corp. ETF Add +49.5% 0.28% +0.09
CLOA iShares Aaa Clo Act ETF-Usdi New 0.08% +0.08
VWO Vanguard Ftse Emerging Marke Add +18.0% 0.40% +0.06
JEPI JPMorgan Equity Premium Inco Add +7.8% 1.38% +0.06
PHK PIMCO High Income Fund New 0.06% +0.06
HYT BlackRock Corp. Hi YLD New 0.05% +0.05
VXUS Vanguard Total Intl Stock Add +1.9% 1.18% +0.05
IAU iShares Gold Trust Add +4.4% 0.31% +0.05
JFR Nuveen Floating Rate Income New 0.05% +0.05
FRDM Freedom 100 Emeging MRKT ETF Add +2.3% 0.61% +0.04
SHLD Global X Defense Tech ETF New 0.04% +0.04
VNQ Vanguard Real Estate ETF New 0.04% +0.04
PDI PIMCO Dynamic Income Fund New 0.03% +0.03
VONG Vanguard Russell 1000 Growth Add +85.0% 0.08% +0.03
XLV SS Health Care Select Sector Add +0.2% 0.58% +0.02
QLTY GMO U.S. Quality ETF Add +7.4% 0.87% +0.02
IVR Invesco Mortgage Capital New 0.02% +0.02
IBMO iShares Ibonds Dec 2026 Term Add +9.2% 0.29% +0.02
IEMG iShares Core MSCI Emerging Add +54.6% 0.05% +0.02
DISV Dimensional International SM Add +0.1% 0.27% +0.02
XNEAX Nuveen Amt-FR QLTY Muni Inc. New 0.02% +0.02
IBDR iShares Ibonds Dec 2026 Term Add +4.2% 0.64% +0.01
XLE SS Energy Select Sector Add +13.0% 0.08% +0.01
VEA Vanguard Ftse Developed ETF Add +6.4% 0.14% +0.01
DVY iShares Select Dividend ETF Add +13.7% 0.10% +0.01
VEU Vanguard Ftse All-World Ex-U Add +0.1% 0.22% +0.01
SCHF Schwab Intl Equity ETF Add +5.2% 0.06% +0.01
SCHD Schwab US DVD Equity ETF Add +0.5% 1.34% +0.00
MGV Vngrd Mrgstr MG CP VL ETF-Ui Add +0.2% 0.11% +0.00
QUS SS SPDR MSCI U Stratfact ETF Add +3.3% 0.04% +0.00
VPU Vanguard Utilities ETF Add +0.5% 0.04% +0.00
DEM Wisdomtree Emerging Markets Add +0.1% 0.04% +0.00
FBND Fidelity Total Bond ETF Add +0.8% 0.05% +0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Add +3.5% 0.03% +0.00
IGEB iShares Investment Grade SYS Add +0.8% 0.05% −0.00
IBDT iShares Ibonds Dec 2028 ETF Add +0.8% 0.03% −0.00
IBHF iShares Ibond 2026 HY & Inc. Add +1.1% 0.03% −0.00
ESGV Vanguard ESG US Stock ETF Add +9.0% 0.05% −0.00
FLDR Fidelity Low Durat Fact ETF Add +1.2% 0.05% −0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 205$1.0BVIG, VTI, FVD, BNL, JAAA
Q1 2026 194$866.2MVIG, VTI, FVD, JAAA, BNL
Q4 2025Amended 179$803.1MVIG, VTI, FVD, BNL, RPG
Q3 2025 178$758.8MVIG, VTI, FVD, JAAA, RPG
Q2 2025 163$683.7MVIG, VTI, FVD, JAAA, RPG
Q1 2025 147$646.7MVIG, JAAA, FVD, VTI, BNL
Q4 2024 144$631.2MVIG, VTI, FVD, BNL, SPLV
Q3 2024 146$619.8MVIG, FVD, VTI, BNL, SPLV
Q2 2024 137$573.2MVIG, FVD, VTI, BNL, SPLV
Q1 2024 133$568.8MVIG, FVD, VTI, BNL, SPLV