XMLV ETF Explained: Returns, Expense Ratio, Holdings, and Alternative ETFs
The Invesco S&P MidCap Low Volatility ETF is a passive low-volatility product that invests in lower-volatility US mid-cap stocks, seeking mid-cap exposure with reduced price swings. Key points to check are the fee, its defensive character, and the dividend, and comparison with other low-volatility ETFs is the main selection criterion. The trading ticker is XMLV.
SubscribeWhat Is the Invesco S&P MidCap Low Volatility ETF?
This is a passive low-volatility ETF that tracks an index holding the stocks in the S&P MidCap 400 with notably low recent realized volatility. It is designed to reduce the volatility of mid-cap investing.
It suits conservative investors who want mid-cap exposure with lower volatility and a relatively steady performance profile.
It is a passively managed (index-tracking) ETF run by Invesco.
How Does the Invesco S&P MidCap Low Volatility ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | S&P MidCap 400 Low Volatility Index |
| Management Style | Passive (low-volatility factor) |
| Rebalancing Frequency | Periodic (per index rules) |
| Dividend Frequency | Quarterly |
| Expense Ratio | 0.25% |
The fund tracks a low-volatility index that selects and holds the S&P MidCap 400 stocks with notably low recent realized volatility. By weighting relatively stable names within the more volatile mid-cap segment, it aims to limit drawdowns during market declines.
- Concentrates on low-volatility stocks within the mid-cap universe
- Defensive character aimed at limiting drawdowns in market declines
Invesco S&P MidCap Low Volatility ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $715.1M, and the expense ratio is 0.25% per year.
Unlike a standard mid-cap ETF, it concentrates on low-volatility stocks, so it tends to hold up relatively well in downturns, but it may gain less in strong rallies.
Invesco S&P MidCap Low Volatility ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeLow-volatility strategies tend to hold up relatively well during market declines and periods of heightened volatility. In strong rallies, however, higher-volatility stocks tend to lead, so low-volatility ETFs may gain relatively less.
Money tends to flow into low-volatility ETFs when concerns about market volatility rise, while in risk-on rallies, capital sometimes shifts toward standard mid-cap ETFs.
Invesco S&P MidCap Low Volatility ETF Pros and Cons
Its strength is defensive mid-cap exposure with lower volatility, while its weaknesses are relative underperformance in rising markets and style concentration.
💪 Key Strengths
⚠️ Points to Watch
Invesco S&P MidCap Low Volatility ETF Alternatives and Related Products
USMV, SPLV, LGLV, and the others shown in the table are low-volatility or minimum-volatility ETFs centered on large caps, so they sit in a different market-cap range. To broaden low-volatility exposure, you can also compare the small-cap low-volatility XSLV, and for standard mid-cap exposure, the benchmark mid-cap ETFs IJH and MDY. These differ in market-cap range, volatility methodology, and fees, so it is best to choose according to your investment profile.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 USMV | iShares MSCI USA Min Vol Factor ETF | $103.13 | +0.2% | $24.0B | 0.15% | 1.37% | +10.8% |
 SPLV | Invesco S&P 500 Low Volatility ETF | $76.32 | +1.7% | $7.4B | 0.25% | 2.17% | +8.5% |
 FDLO | Fidelity Low Volatility Factor ETF | $74.60 | +0.3% | $1.5B | 0.15% | 1.33% | +12.9% |
 LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | $187.90 | +1.7% | $1.2B | 0.12% | 2.06% | +9.3% |
 VFMV | Vanguard U.S. Minimum Volatility ETF | $149.06 | +1.0% | $500.2M | 0.13% | 1.54% | +15.5% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 TXNM | TXNM Energy Inc | 0.03% | $58.65 | +0.1% | $6.5B | 32.6 | 2.88% |
 OGE | Oge Energy Corp | 0.04% | $49.37 | +1.0% | $10.2B | 18.6 | 3.46% |
 ADC | Agree Realty Corp | 0.03% | $67.61 | +2.1% | $8.8B | 34.9 | 4.74% |
 IDA | Idacorp Inc | 0.02% | $143.61 | +2.8% | $8.3B | 23.8 | 2.5% |
 NJR | New Jersey Resources Corp | 0.02% | $53.11 | +0.6% | $5.4B | 14.7 | 3.62% |
 SR | Spire Inc | 0.02% | $86.72 | +1.4% | $5.1B | 9.7 | 3.8% |
 WPC | W. P. Carey Inc | 0.02% | $64.89 | +2.9% | $14.8B | 22.4 | 5.78% |
 NNN | NNN REIT Inc | 0.02% | $41.52 | +1.5% | $8.0B | 20.5 | 5.87% |
Invesco S&P MidCap Low Volatility ETF Investor Checkpoints
Here are the points to review before investing in XMLV. As a mid-cap low-volatility ETF, it is important to check its defensive character, relative underperformance in rising markets, sector concentration, and fee level together in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the fee of this passive low-volatility ETF | Needs review |
| 🛡️ Defensive Character | Check resilience in downturns and volatility reduction | Defensive |
| 📈 Rising Markets | Possible relative underperformance in strong rallies | May lag |
| 🏭 Sector Concentration | Check sector weights given the nature of low-volatility stocks | Needs review |
In strong rallies, higher-volatility stocks tend to lead, so the fund may gain relatively less, and the nature of low-volatility stocks can lead to heavier weights in certain sectors. Performance gaps resulting from the low-volatility style tilt should also be considered.
This passive ETF suits conservative investors who want mid-cap exposure with lower volatility and a relatively steady performance profile. For large-cap low volatility, a large-cap low-volatility ETF may be the alternative, while for mid-cap low volatility, XMLV can be the option.
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 4, 2026.
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