SMLV ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
SMLV, the SPDR U.S. small-cap low volatility ETF, centers on a low-volatility strategy that selects and weights lower-volatility small-cap stocks according to fixed rules. Its asset class differs from peer low-volatility ETFs such as USMV and SPLV, and the expense ratio and dividends are the key selection criteria.
SubscribeWhat Is the SPDR U.S. Small-Cap Low Volatility ETF?
The ETF tracks an index that selects U.S. small-cap stocks with low historical volatility according to fixed rules, and assigns higher weights to stocks with lower volatility. The goal is to gain exposure to the small-cap asset class while reducing volatility.
It suits diversified investors who want exposure to the growth potential of small caps but wish to reduce the burden of volatility.
It is a passively managed (index tracking) ETF operated by State Street.
How Does the SPDR U.S. Small-Cap Low Volatility ETF Invest?
| Item | Details |
|---|---|
| Tracked index | U.S. small-cap low volatility index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Regular rebalancing |
| Dividend frequency | Quarterly dividends |
| Issuer | State Street |
| Expense ratio | 0.12% |
Within the small-cap segment by market capitalization, the ETF screens for stocks with low historical volatility according to fixed rules, then weights them so that lower-volatility stocks receive larger allocations. The resulting portfolio is spread across a broad range of small caps and aims to soften the swings typical of small-cap stocks.
- A low-volatility weighting method tailored to small caps
- Broad small-cap diversification
SPDR U.S. Small-Cap Low Volatility ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $263.5M, and the expense ratio is 0.12% per year.
Unlike peer low-volatility ETFs centered on large caps, this ETF applies its low-volatility strategy to the small-cap asset class, which is what sets it apart.
SPDR U.S. Small-Cap Low Volatility ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven the nature of a low-volatility strategy, gains may be limited relative to broad small-cap indexes during sharp market rallies, while the ETF tends to follow a relatively gentler path during declines. Recent trends are influenced by interest rates and small-cap investor sentiment.
The small-cap asset class is highly sensitive to the economic cycle, so money flows in during risk-on phases, while demand sometimes shifts toward low-volatility strategies when volatility rises. Fund flows fluctuate with market conditions.
SPDR U.S. Small-Cap Low Volatility ETF Pros and Cons
Its strength is that it pursues small-cap exposure and volatility reduction at the same time, while limited upside in bull markets and risks specific to small caps are its drawbacks.
💪 Key Strengths
⚠️ Points to Watch
SPDR U.S. Small-Cap Low Volatility ETF Alternatives and Related Products
Among the peer low-volatility ETFs shown in the table, USMV and SPLV are centered on large caps and therefore belong to a different asset class, and LGLV is likewise a large-cap low-volatility ETF from the same issuer. For comparison within the small-cap asset class itself, you can also consider IJR and IWM, which are core broad small-cap ETFs, as well as VBR, which leans toward small-cap value stocks.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 USMV | iShares MSCI USA Min Vol Factor ETF | $103.21 | +0.2% | $24.3B | 0.15% | 1.37% | +10.5% |
 SPLV | Invesco S&P 500 Low Volatility ETF | $78.09 | +0.3% | $7.6B | 0.25% | 2.12% | +9.2% |
 FDLO | Fidelity Low Volatility Factor ETF | $75.71 | +0.3% | $1.6B | 0.15% | 1.31% | +14.4% |
 LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | $192.51 | +0.3% | $1.2B | 0.12% | 2.01% | +10.5% |
 XMLV | Invesco S&P MidCap Low Volatility ETF | $67.12 | +0.2% | $733.4M | 0.25% | 2.98% | +6.7% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 MYMK | State Street My2031 Municipal Bond ETF | 0.12% | $24.76 | -0.1% | $0.0M | - | 2.6% |
 AGX | Argan Inc | 0.01% | $304.40 | -0.6% | $4.3B | 24.1 | 0.69% |
 TSEM | Tower Semiconductor Ltd | 0.01% | $147.60 | -3.1% | $16.8B | 47.4 | - |
 TTMI | TTM Technologies Inc | 0.01% | $72.23 | -4.1% | $7.6B | 28.9 | - |
 TXNM | TXNM Energy Inc | 0.01% | $58.10 | -0.3% | $6.4B | 27.9 | 2.91% |
 PECO | Phillips Edison & Company Inc | 0.01% | $41.20 | +0.9% | $5.8B | 29.6 | 3.21% |
 NWE | NorthWestern Energy Group Inc | 0.01% | $84.92 | +1.0% | $5.2B | 32.0 | 3.16% |
 SON | Sonoco Products Co | 0.01% | $49.79 | -0.9% | $4.9B | - | 4.3% |
 HMN | Horace Mann Educators Corp | 0.01% | $53.69 | +1.2% | $2.2B | 12.5 | 2.66% |
SPDR U.S. Small-Cap Low Volatility ETF Investor Checkpoints
Here are the points to review before investing in SMLV. It is best to understand both the small-cap exposure and the character of the low-volatility strategy, and to check costs, asset class risk, and currency effects in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check cumulative costs over a long holding period | Annual fee applies |
| 📊 Asset class | Confirm exposure to the small-cap segment | Small-cap focused |
| 🌊 Volatility profile | Possible limits on gains in bull markets | Low-volatility oriented |
| 💱 Exchange rate | Impact on returns converted to won | No currency hedge |
Small caps are sensitive to the economic and liquidity environment, so even with a low-volatility strategy, losses can occur during broad market declines. Keep in mind that low-volatility weighting is not a guarantee against losses.
It is an ETF worth considering if you want to diversify across small caps while lowering the burden of volatility. If you want large-cap low volatility, USMV and SPLV are alternatives, and if you want standard small-cap exposure, core ETFs such as IJR and IWM are options.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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