This thesis contributes to the research of the low-volatility anomaly and funds’ holding structure. It is oriented on the methodology of Lettau, Ludvigson, and Manoel, 2018 and extents the existing research with the analysis of statistical relevance of the strategy indicators of systematic risk (Beta) and idiosyncratic-risk. The work’s goal is to show the characteristic-specific exposure- distribution for funds that utilize the low-volatility investment anomaly and to discuss whether these funds actually invest in low-volatility stocks compared to a whole-market benchmark. We find out that, even though in low-volatility funds we do observe a slightly lower market- risk exposure relative to the market, the value-weighted risk measurement still approximates a normal distribution. Hence, these funds are more likely to act similarly to funds following a total-market benchmark instead of sticking to a rigorous low risk anomaly strategy. This indicates that low-volatility funds do not tilt their investment decisions in the direction of low- risk stocks. Contrary to the low-volatility anomalies’ suggestion of low-volatility shares’ average out-performance against high volatility shares, low-volatility funds do not stick to their mandate of strict low-volatility investments.