What Is the SMMV ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) holds lower-volatility US small-cap stocks. Compared with large-cap-focused low-volatility ETFs such as USMV and SPLV, differences in expense ratio, dividends, and market exposure are the key selection criteria.
SubscribeWhat Is the iShares MSCI USA Small-Cap Min Vol Factor ETF?
This is a passive ETF that tracks the MSCI USA Small Cap Minimum Volatility Index. It holds a basket of US small-cap stocks constructed to have lower volatility than the overall small-cap market, with the aim of mitigating market risk.
It suits medium- to long-term diversified investors who want small-cap exposure while reducing the burden of volatility.
It is a passive (index-tracking) ETF managed by iShares.
How Does the iShares MSCI USA Small-Cap Min Vol Factor ETF Invest?
| Item | Details |
|---|---|
| Tracked index | MSCI USA Small Cap Minimum Volatility Index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Semiannual |
| Dividend frequency | Quarterly |
| Issuer | iShares |
| Expense ratio | 0.20% |
Within the US small-cap universe, the portfolio is built by considering both individual stocks and the correlations among them, so as to minimize the volatility of the whole portfolio. Rather than simply picking low-volatility stocks, it also reflects diversification effects, seeking to dampen price swings relative to the small-cap category.
- A structure that combines small caps with a minimum volatility factor
- Broad diversification to reduce single-stock risk
Size and Costs of the iShares MSCI USA Small-Cap Min Vol Factor ETF (AUM and Expense Ratio)
Assets under management (AUM) stand at $284.7M, and the expense ratio is 0.20% per year.
The key difference from the large-cap minimum volatility ETF USMV is its focus on small caps, and there is also a difference in fees.
Performance and Trends of the iShares MSCI USA Small-Cap Min Vol Factor ETF
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBy nature, small caps have been sensitive to the economic cycle and interest rate environment, but thanks to the minimum volatility design, the fund has tended to show dampened volatility relative to general small-cap indexes. However, market trends can vary over time.
When demand for avoiding volatility rises, investor interest tends to gather in low-volatility factor ETFs, while in strongly risk-on phases the fund can be relatively overlooked compared with general small caps. Fund flows fluctuate with market conditions.
Pros and Cons of the iShares MSCI USA Small-Cap Min Vol Factor ETF
Its strength is that it pursues small-cap exposure and volatility reduction together, while its main drawback is the possibility of more limited upside than general small caps in a bull market.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the iShares MSCI USA Small-Cap Min Vol Factor ETF
The four funds in the table, USMV, SPLV, FDLO, and LGLV, all share the low-volatility factor but are large-cap-focused, so their market exposure differs from this ETF's small-cap focus. XMLV, which tracks mid-cap low volatility, also sits in the middle in terms of size. Alongside these, investors who want general small-cap exposure can also consider IWM, a broad small-cap core ETF, and AVUV, which concentrates on 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 | $101.75 | -2.6% | $24.4B | 0.15% | 1.39% | +9.5% |
 SPLV | Invesco S&P 500 Low Volatility ETF | $77.59 | -1.2% | $7.6B | 0.25% | 2.13% | +9.6% |
 FDLO | Fidelity Low Volatility Factor ETF | $74.34 | -2.7% | $1.6B | 0.15% | 1.34% | +13.2% |
 LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | $190.89 | -1.4% | $1.2B | 0.12% | 2.03% | +10.6% |
 XMLV | Invesco S&P MidCap Low Volatility ETF | $66.50 | -1.8% | $738.2M | 0.25% | 3% | +6.7% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 PNW | Pinnacle West Capital Corp | 0.03% | $103.83 | -1.6% | $12.6B | 19.5 | 3.55% |
 OHI | Omega Healthcare Investors Inc | 0.03% | $47.99 | -2.4% | $14.5B | 19.4 | 5.63% |
 ADC | Agree Realty Corp | 0.03% | $70.46 | +0.7% | $9.2B | 36.3 | 4.55% |
 NYT | New York Times Co | 0.03% | $65.57 | -1.4% | $10.6B | 26.2 | 1.37% |
 RNR | RenaissanceRe Holdings Ltd | 0.01% | $354.23 | +0.2% | $14.3B | 10.2 | 0.46% |
 CTRE | CareTrust REIT Inc | 0.01% | $37.18 | -2.0% | $8.8B | 23.4 | 4.18% |
Investor Checkpoints for the iShares MSCI USA Small-Cap Min Vol Factor ETF
Here are the points to review before investing in SMMV. Because it combines small caps with a low-volatility factor, it is wise to check its market exposure, costs, and volatility characteristics in advance.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Check the impact of cumulative costs over a long holding period | Needs verification |
| 📊 Market exposure | Check the small-cap weighting and sector diversification | Small-cap focused |
| 📉 Volatility profile | Whether volatility is dampened relative to general small caps | Low-volatility design |
| 💱 Exchange rate | Impact on returns converted to Korean won | Not currency hedged |
The main items to review are the limited upside in bull markets and the liquidity and volatility risks inherent to small caps. A minimum volatility design only tends to reduce fluctuations and does not prevent losses, so losses can occur during market downturns.
It is a suitable choice for investors who want small-cap exposure while lowering the burden of volatility. If you want large-cap low volatility, USMV and SPLV can be alternatives, and if you want general small-cap exposure, a core ETF such as IWM can be an alternative.
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 11, 2026.
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