XSLV ETF: What Is It? A Complete Guide to Returns, Fees, Holdings, and Alternative ETFs
XSLV (Invesco S&P SmallCap Low Volatility ETF) is a low-volatility factor ETF that holds only the least volatile stocks in the S&P SmallCap 600. Key selection criteria include its management fee, quarterly dividends, its ability to dampen small-cap volatility, and how it compares with other low-volatility ETFs such as SPLV and USMV.
SubscribeWhat Is the Invesco S&P SmallCap Low Volatility ETF?
This is a low-volatility factor ETF that tracks stocks selected for low realized volatility from the S&P SmallCap 600 Index. It invests in small caps while focusing on reducing the range of price swings.
It suits diversified investors who want to keep small-cap exposure while softening volatility and drawdowns.
It is a passively managed (index-tracking) ETF run by Invesco.
How Does the Invesco S&P SmallCap Low Volatility ETF Invest?
| Item | Details |
|---|---|
| Tracked index | S&P SmallCap 600 Low Volatility Index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Quarterly |
| Dividend frequency | Quarterly |
| Issuer | Invesco |
| Total expense ratio | 0.25% |
The strategy holds the stocks in the S&P SmallCap 600 with the lowest realized volatility, weighted inversely to their volatility, in order to reduce price swings compared with the small-cap market as a whole. Its holdings and weights are readjusted every quarter so that its volatility profile is maintained.
- Applies a low-volatility factor to small caps
- Reselects stocks by volatility every quarter
Invesco S&P SmallCap Low Volatility ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $236.4M, and the expense ratio is 0.25% per year.
What sets it apart from SPLV (large caps) and XMLV (mid caps), which belong to the same low-volatility family, is its focus on small caps.
Invesco S&P SmallCap Low Volatility ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBy the nature of a low-volatility strategy, gains may be limited when the market surges, while drawdowns tend to be relatively smaller when it falls. Recent trends are influenced by overall risk appetite toward small caps and the interest rate environment.
Money tends to flow into low-volatility factor ETFs when risk aversion rises, and fund flows can slow when appetite for small caps weakens. Inflows and outflows diverge depending on market conditions.
Invesco S&P SmallCap Low Volatility ETF Pros and Cons
Its strength is dampened small-cap volatility, while its limitation is that the liquidity and economic-sensitivity risks inherent to small caps still remain.
💪 Key Strengths
⚠️ Points to Watch
Invesco S&P SmallCap Low Volatility ETF Alternative ETFs and Related Products
SPLV and XMLV, shown in the table, belong to the same Invesco low-volatility family and hold large caps and mid caps respectively, differing only in market capitalization range. If you want broad minimum volatility exposure, USMV and FDLO are also worth comparing, and if you want to invest in small caps overall without a low-volatility factor, you can also consider IJR, a standard S&P SmallCap 600 ETF.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 USMV | iShares MSCI USA Min Vol Factor ETF | $103.06 | +0.1% | $24.1B | 0.15% | 1.37% | +10.6% |
 SPLV | Invesco S&P 500 Low Volatility ETF | $77.45 | +1.1% | $7.6B | 0.25% | 2.14% | +9.7% |
 FDLO | Fidelity Low Volatility Factor ETF | $74.66 | +0.2% | $1.5B | 0.15% | 1.33% | +13.4% |
 LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | $190.59 | +1.3% | $1.2B | 0.12% | 2.03% | +10.6% |
 XMLV | Invesco S&P MidCap Low Volatility ETF | $67.13 | +1.6% | $725.4M | 0.25% | 2.97% | +8.6% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 LTC | LTC Properties Inc | 0.01% | $45.14 | +0.9% | $2.4B | 16.5 | 5.05% |
 FCPT | Four Corners Property Trust Inc | 0.02% | $23.20 | +3.3% | $2.5B | 21.3 | 6.36% |
 PECO | Phillips Edison & Company Inc | 0.04% | $39.68 | +2.2% | $5.6B | 28.5 | 3.32% |
 NWN | Northwest Natural Holding Co | 0.01% | $50.73 | +1.6% | $2.1B | 16.9 | 3.93% |
 MGEE | MGE Energy Inc | 0.01% | $75.33 | +2.2% | $2.8B | 18.5 | 2.61% |
 GTY | Getty Realty Corp | 0.01% | $28.56 | +2.0% | $1.9B | 17.5 | 6.84% |
 AVA | Avista Corp | 0.01% | $38.37 | +2.1% | $3.2B | 13.9 | 5.19% |
Invesco S&P SmallCap Low Volatility ETF Investor Checkpoints
Here are the points to review before investing in XSLV. Even with a low-volatility strategy, the liquidity and economic-sensitivity risks inherent to small caps remain, and expense costs and currency exposure also affect long-term performance, so it is worth checking them in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check cumulative costs over a long holding period | Annual fee applies |
| 📉 Volatility dampening | Check the difference in drawdowns versus small caps overall | Aims to dampen volatility by design |
| 💧 Liquidity | Trading conditions given the small-cap weighting | Needs checking |
| 💱 Exchange rate | Impact on returns converted to won | No currency hedge applied |
The main risks are small-cap economic sensitivity and the possibility of lagging in rallies. Even with a low-volatility strategy, losses are hard to avoid when small caps as a whole are weak, and the fund may lag when the market surges.
It is a suitable choice for investors who want to invest in small caps while lowering volatility. If you want broad low-volatility exposure, we recommend comparing USMV, and if you want to hold small caps overall without a low-volatility screen, comparing IJR.
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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