"Changing-look" Active Galactic Nuclei (CL-AGNs) are challenging our basic ideas about the physics of accretion flows and of circumnuclear gas around supermassive black holes (SMBHs). Using first year Sloan Digital Sky Survey V (SDSS-V) repeated spectroscopy of nearly 29,000 previously-known AGNs, combined with dedicated follow-up spectroscopic observations, and publicly available optical light curves, we have identified 116 CL-AGNs where (at least) one broad emission line has essentially (dis-)appeared, as well as 88 other extremely variable systems. Our CL-AGN sample, with 107 newly identified cases, is among the largest reported to date, and includes $\sim$0.4% of the AGNs re-observed in the first year of SDSS-V operations. Among our CL-AGNs, 67% exhibit dimming while 33% exhibit brightening. Our data and sample probe extreme AGN spectral variability on timescales of months to decades, including some cases of recurring transitions on surprisingly short timescales ($\lesssim$ 2 months in the rest frame). We find that CL events are preferentially found in lower Eddington ratio ($f_{Edd}$) systems: Our CL-AGNs have a $f_{Edd}$ distribution that significantly differs from that of a redshift- and a carefully constructed, luminosity-matched control sample ($p_{KS}$ $\lesssim$ 2 $\times$ $10^{-4}$ ; median $f_{Edd}$ $\approx$ 0.025 vs. 0.043). This preference for low $f_{Edd}$ strengthens previous findings of higher CL-AGN incidence at lower Eddington ratios, found in much smaller samples of spectroscopically confirmed CL-AGNs. Finally, we show that the broad MgII emission line in our CL-AGN sample tends to vary significantly less than the broad H$\beta$ emission line. Our large CL-AGN sample demonstrates the advantages and challenges in using multi-epoch spectroscopy from large surveys to study extreme AGN variability, SMBH fueling, and AGN physics.
Comment: Submitted to ApJ. Full tables and figure-sets will be published upon acceptance, and can be made available upon request$.$