Dataset · updated monthly
How much of your fund is priced by the market?
Every fund files what kind of price each holding carries: a quoted market trade, something derived from observable data, or a model. Almost nobody reads it back out. For some large index funds, the share carried at an actual quoted price is under one in eight.
How to read this
Level 1 is a quoted price for the identical asset in an active market. Level 2 is derived from something observable that is not the asset's own live price. Level 3 is a model. Shares are value-weighted and normalised to the filing's own total.
A low Level 1 share is not a scandal. A low Level 1 share is not a warning by itself, and reading it as one is the common mistake. Bonds trade over the counter and are Level 2 almost by definition, and international equity is Level 2 because of a fair value adjustment that exists to stop stale prices being arbitraged — both are normal and disclosed. What the number tells you is what kind of price you are buying at, which is why premium and discount to NAV behave differently for these funds. It says nothing about whether a holding could actually be sold at that price.
All funds
61Sorted by Level 1 share, least observable first.
| Ticker | Assets | Level 1 | Level 2 | Level 3 | Restricted | Countries | As of |
|---|---|---|---|---|---|---|---|
| SGOV | $100.0B | 0.86% | 99.14% | 0% | 0% | 1 | 2026-05-31 |
| BND | $402.2B | 0.9% | 99.1% | 0% | 0.3% | 31 | 2026-06-30 |
| TLT | $42.9B | 1.06% | 98.94% | 0% | 0% | 1 | 2026-05-31 |
| DBMF | $3.9B | 2.95% | 97.05% | 0% | 0% | 1 | 2026-06-30 |
| AGG | $141.1B | 3.34% | 96.66% | 0% | 0% | 31 | 2026-05-31 |
| BIL | $49.5B | 5.25% | 94.75% | 0% | 0% | 1 | 2026-06-30 |
| VEA | $316.5B | 11.9% | 88.1% | 0% | 1% | 25 | 2026-06-30 |
| VWO | $161.5B | 12.84% | 87.05% | 0.11% | 4.65% | 28 | 2026-04-30 |
| VXUS | $630.9B | 12.91% | 87.05% | 0.04% | 2.06% | 49 | 2026-04-30 |
| TQQQ | $39.8B | 50.67% | 49.33% | 0% | 0% | 6 | 2026-05-31 |
| VT | $90.2B | 65.99% | 33.99% | 0.02% | 0.8% | 47 | 2026-04-30 |
| UPRO | $5.5B | 70.81% | 29.19% | 0% | 0% | 8 | 2026-05-31 |
| QLD | $14.5B | 72.53% | 27.47% | 0% | 0% | 6 | 2026-05-31 |
| NLR | $4.3B | 75.89% | 24.11% | 0% | 0% | 9 | 2026-06-30 |
| SSO | $8.4B | 82.87% | 17.13% | 0% | 0% | 8 | 2026-05-31 |
| JEPI | $44.8B | 86.29% | 13.71% | 0% | 5.44% | 6 | 2026-06-30 |
| SPLV | $7.1B | 97.1% | 2.9% | 0% | 0% | 5 | 2026-05-31 |
| WCLD | $249M | 98.48% | 1.52% | 0% | 0% | 4 | 2026-06-30 |
| COWZ | $18.4B | 99.09% | 0% | 0% | 0% | 4 | 2026-04-30 |
| GRID | $12.2B | 99.19% | 0.81% | 0% | 0% | 22 | 2026-06-30 |
| QQQ | $492.5B | 99.65% | 0.35% | 0% | 0% | 6 | 2026-06-30 |
| QQQM | $97.5B | 99.68% | 0.32% | 0% | 6.75% | 7 | 2026-05-31 |
| PPTY | $25M | 99.76% | 0% | 0% | 0% | 1 | 2026-05-31 |
| BOTZ | $3.7B | 99.88% | 0.12% | 0% | 2.48% | 11 | 2026-05-31 |
| NOBL | $11.1B | 99.96% | 0.04% | 0% | 0% | 4 | 2026-05-31 |
| VPU | $10.6B | 99.98% | 0.02% | 0% | 0% | 2 | 2026-05-31 |
| VIG | $124.7B | 99.99% | 0.01% | 0% | 0% | 2 | 2026-04-30 |
| ITOT | $95.6B | 99.99% | 0% | 0% | 0% | 13 | 2026-06-30 |
| VNQ | $70.0B | 99.99% | 0% | 0% | 0% | 1 | 2026-04-30 |
| VTI | $2300.0B | 100% | 0% | 0% | 0% | 1 | 2026-06-30 |
| VOO | $1673.6B | 100% | 0% | 0% | 0% | 1 | 2026-06-30 |
| IVV | $889.6B | 100% | 0% | 0% | 0% | 9 | 2026-06-30 |
| VUG | $379.5B | 100% | 0% | 0% | 0% | 1 | 2026-06-30 |
| VTV | $255.3B | 100% | 0% | 0% | 0% | 1 | 2026-06-30 |
| VGT | $171.8B | 100% | 0% | 0% | 0% | 1 | 2026-05-31 |
| XLK | $124.1B | 100% | 0% | 0% | 0% | 4 | 2026-06-30 |
| SCHD | $95.0B | 100% | 0% | 0% | 0% | 4 | 2026-05-31 |
| SMH | $77.4B | 100% | 0% | 0% | 0% | 4 | 2026-06-30 |
| VBR | $67.9B | 100% | 0% | 0% | 0% | 1 | 2026-06-30 |
| SCHG | $61.1B | 100% | 0% | 0% | 0% | 5 | 2026-05-31 |
| QUAL | $50.3B | 100% | 0% | 0% | 0% | 5 | 2026-04-30 |
| SOXX | $48.4B | 100% | 0% | 0% | 0% | 6 | 2026-06-30 |
| XLE | $35.8B | 100% | 0% | 0% | 0% | 2 | 2026-06-30 |
| AVUV | $27.1B | 100% | 0% | 0% | 0% | 15 | 2026-05-31 |
| MTUM | $24.3B | 100% | 0% | 0% | 0% | 8 | 2026-04-30 |
| XLU | $23.2B | 100% | 0% | 0% | 0% | 1 | 2026-06-30 |
| USMV | $22.9B | 100% | 0% | 0% | 0% | 6 | 2026-04-30 |
| IGV | $14.3B | 100% | 0% | 0% | 0% | 3 | 2026-06-30 |
| PAVE | $13.5B | 100% | 0% | 0% | 0% | 1 | 2026-05-31 |
| VDE | $11.9B | 100% | 0% | 0% | 0% | 1 | 2026-05-31 |
| MOAT | $11.6B | 100% | 0% | 0% | 0% | 2 | 2026-06-30 |
| IFRA | $4.7B | 100% | 0% | 0% | 0% | 6 | 2026-06-30 |
| LRGF | $3.3B | 100% | 0% | 0% | 0% | 10 | 2026-04-30 |
| ROBO | $1.8B | 100% | 0% | 0% | 2.42% | 14 | 2026-04-30 |
| CTA | $1.5B | 100% | 0% | 0% | 0% | 4 | 2026-06-30 |
| AIPI | $494M | 100% | 0% | 0% | 0% | 1 | 2026-05-31 |
| SIZE | $418M | 100% | 0% | 0% | 0% | 14 | 2026-04-30 |
| DIVZ | $267M | 100% | 0% | 0% | 0% | 3 | 2026-06-30 |
| FCTR | $57M | 100% | 0% | 0% | 0% | 7 | 2026-06-30 |
| AMOM | $31M | 100% | 0% | 0% | 0% | 3 | 2026-04-30 |
| QRFT | $15M | 100% | 0% | 0% | 0% | 9 | 2026-04-30 |
Take the data
CC BY 4.0valuation.csv · valuation.json
The downloads carry the full issuer-country and asset-class breakdown for every fund, which is more than this table shows. Free to use and republish with attribution to this page. If you find an error, say so on the contact page and it will be corrected in place.
Sources and limits
Computed from SEC Form N-PORT (NPORT-P). Each position carries a filed fairValLevel; the shares here are those positions weighted by pctVal and normalised, because filed weights rarely sum to exactly 100. Figures are as of the reporting date in each row, not today, and different funds report on different quarter ends.
3 of 61 funds carry any Level 3 at all, and the amounts are small. That is the expected result for exchange-traded index funds and is published here because a measure only means something when you can also see the cases where it is unremarkable.
Not covered: SPY, GLD, AIEQ, GLDM, IAU, IBIT, IRBO, SLV, SPLG, IQIN. Unit investment trusts and commodity trusts do not file N-PORT, so they cannot be measured this way.
Full conventions on the methodology page. The companion dataset measures concentration from the same filings.