ETF · Invesco
USML Invesco S&P SmallCap 600 UCITS ETF
ISIN IE00BH3YZ803London Stock Exchange: USMLInvesco Ltd.
- Smaller companies
- ETF
- ISA
- SIPP
- Accumulating
Latest close
LSE$82.44
on
- Ongoing charge
- 0.14% a year
- Fund size
- £346m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, USML (Invesco S&P SmallCap 600 UCITS ETF, ISIN IE00BH3YZ803) closed at $82.44 on the London Stock Exchange. Its ongoing charge is 0.14% a year (about £14 on £10,000). Over the five years to 13/11/2026 its total return was +30.8%, or +2.1% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +20.0%
- +15.8% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +50.7%
- +36.1% after inflation (UK CPIH)
- 5 years to 13/11/2026
- +30.8%
- +2.1% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £1,308 on 13/11/2026 — about £1,021 in today’s spending power, once price rises are taken out. Past performance is not a guide to future returns.
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Invesco S&P SmallCap 600 UCITS ETF in pounds (price, with income reinvested in the fund): 2022 −5.8%, 2023 +11.2%, 2024 +10.5%, 2025 −2.1%; 2026 to 13/11/2026 +18.8%. Returns of Invesco S&P SmallCap 600 UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +16.2%; to 30/09/2025: +4.0%; to 30/09/2024: +14.8%; to 30/09/2023: −2.5%; to 30/09/2022: +0.7%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +18.8% | +15.0% | |
| to | −2.1% | −5.5% | |
| to | +10.5% | +6.7% | |
| +11.2% | +6.7% | ||
| −5.8% | −13.8% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +16.2% | +12.1% |
| from | +4.0% | 0.0% |
| from | +14.8% | +11.9% |
| from | −2.5% | −8.3% |
| from | +0.7% | −7.4% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
18.1%over 5 years
| 1 year | 14.5% |
|---|---|
| 3 years | 17.8% |
| 5 years | 18.1% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −28.1%
- From to
- Lowest 12-month return
- −14.3%
- 12 months to
- Highest 12-month return
- +41.1%
- 12 months to
- Below its highest weekly close since November 2021
- 4.4%
- High of , latest
In words: Volatility of Invesco S&P SmallCap 600 UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 14.5% over 1 year, 17.8% over 3 years, 18.1% over 5 years. Largest fall in the price of Invesco S&P SmallCap 600 UCITS ETF since November 2021, in pounds: −28.1% from 29/11/2024 to 11/04/2025. The lowest 12-month return of Invesco S&P SmallCap 600 UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −14.3% (12 months to 11/04/2025); the highest was +41.1% (12 months to 26/06/2026). On 13/11/2026 the price of Invesco S&P SmallCap 600 UCITS ETF was 4.4% below its highest weekly close since November 2021 (26/06/2026), in pounds.
As of , price, with income reinvested in the fund
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.14%
- a year
- On £10,000
- £14
- a year, roughly
- Over five years
- £70
- of £10,000, before growth
- 1 charge less
- 2 the same
- 33 charge more
Ongoing charge of Invesco S&P SmallCap 600 UCITS ETF 0.14% a year. Compared on 14/11/2026, 33 of the 36 other smaller-company funds charge more, 2 the same and 1 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Invesco S&P SmallCap 600 UCITS ETF is an exchange-traded fund (ETF) from Invesco, launched in 2019.
It tracks the S&P Small Cap 600.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.14% a year — about £14 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
Smaller companies: Smaller firms, which can grow faster than large ones but whose prices usually swing more.
Terms:ETFIndex fundUCITSAccumulating or incomeShare classISIN
Key facts
- Ticker
- USML
- ISIN
- IE00BH3YZ803
- Also listed as
- SMLK (Xetra, euros)
- Provider
- Invesco
- Tracks
- S&P Small Cap 600
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Accumulating
- Income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
- Ongoing charge
- 0.14% a year · about £14 on £10,000
- Fund size
- £346m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- USD
- Category
- Smaller companies
Price chart
Over the last year, the closing price went from $67.83 on 14/11/2025 to $82.44 on 13/11/2026 (+21.5%). The lowest close shown was $66.57 on 21/11/2025 and the highest $87.87 on 14/08/2026.
One close a week. Before 31/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded.
As of , at least 15 min delayed
Five years of prices, and after inflation
262 weekly closes, from 12/11/2021 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 602
- on record
- Ten largest
- 5.4%
- of the whole fund
- Effective number of holdings
- 436
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 0.7%
- FormFactor
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | FormFactorFORM | 0.70% |
| 2 | GlaukosGKOS | 0.60% |
| 3 | ViaSatVSAT | 0.60% |
| 4 | CarMaxKMX | 0.50% |
| 5 | Element SolutionsESI | 0.50% |
| 6 | Jackson Financial · Class AJXN | 0.50% |
| 7 | Match GroupMTCH | 0.50% |
| 8 | Paycom SoftwarePAYC | 0.50% |
| 9 | Protagonist TherapeuticsPTGX | 0.50% |
| 10 | QorvoQRVO | 0.50% |
As of , holdings as published
Where it invests
The portfolio by sector, country and type of asset, as a share of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.
By sector
- Financials17.6%
- Industrials16.8%
- Information Technology15.5%
- Consumer Discretionary13.2%
- Health Care10.4%
- Energy6.6%
- Real Estate6.6%
- Materials4.6%
- Other sectors8.7%
By country
- United States98.4%
- Puerto Rico0.5%
- Bermuda0.4%
- China0.3%
- Singapore0.3%
- Bahamas0.1%
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 100 largest and what changed since .
All holdings
The fund publishes 602 holdings; the ten largest make up 5.4% of it.
Create a free account to see the full holdings list
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Funds tracking the same index
2 funds track S&P Small Cap 600, this one included and share classes counted once; their ongoing charges range from 0.14% to 0.30% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Invesco S&P SmallCap 600 UCITS ETFThis fundAccumulating · 0.14% a year | 0.14% | +20.0% | +50.7% | +30.8% |
| iShares S&P SmallCap 600 UCITS ETF USDDistributing · 0.30% a year | 0.30% | +19.0% | +48.8% | +27.7% |
As of
S&P Small Cap 600 funds compared: charges, sizes and share classes
Read more:Index fundsTracking differenceHow funds are compared
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1, 3 and 5 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 254 rolling 12-month returns since January 2021, and of 150 rolling three-year returns, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 3 largest falls since November 2021, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Rank among similar funds
Rank by total return over 1 year among up to 10 smaller-company funds investing in the US, not currency-hedged, highest first.
ProMoves compared with a similar fund
Correlation and beta of weekly returns in pounds against iShares Core S&P 500 UCITS ETF, over the three years to 13/11/2026 (154 weeks).
Pro
Pro — currently by invitation
Pro includes the rank among similar funds and moves against a comparable fund
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of USML?
The ongoing charge of USML is 0.14% a year — about £14 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco S&P SmallCap 600 UCITS ETF 0.14% a year. Compared on 14/11/2026, 33 of the 36 other smaller-company funds charge more, 2 the same and 1 less (share classes counted once).
What does USML track?
USML tracks the S&P Small Cap 600.
Is USML accumulating or distributing?
USML is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
What is the ISIN of USML?
The ISIN of USML is IE00BH3YZ803. An ISIN identifies one exact share class of a fund; USML is its ticker on the London Stock Exchange. The same share class is also listed as SMLK (Xetra, euros).
What does USML hold?
As of 30/09/2026, USML holds 602 positions, according to its published holdings. The largest is FormFactor at 0.70% of the fund; the ten largest make up 5.4%. Its ten largest holdings are FormFactor (0.70%), Glaukos (0.60%), ViaSat (0.60%), CarMax (0.50%), Element Solutions (0.50%), Jackson Financial · Class A (0.50%), Match Group (0.50%), Paycom Software (0.50%), Protagonist Therapeutics (0.50%) and Qorvo (0.50%).
What were USML’s returns in each of the last five years?
Calendar-year returns of USML in pounds (price, with income reinvested in the fund): 2022 −5.8%, 2023 +11.2%, 2024 +10.5%, 2025 −2.1%; 2026 to 13/11/2026 +18.8%. Past performance is not a guide to future returns.
How has USML done after inflation?
Over the five years to 13/11/2026 USML’s total return was +30.8%, or +2.1% after UK CPIH inflation. Past performance is not a guide to future returns.
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- XXSCXtrackers MSCI Europe Small Cap UCITS ETF Capitalisation 1C0.33% a year · £2.9bn
- CUS1iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF Accum.Ptg.Shs USD0.43% a year · £2.1bn
- ISP6iShares S&P SmallCap 600 UCITS ETF USD0.30% a year · £1.9bn
- WOSCState Street SPDR MSCI World Small Cap UCITS ETF0.45% a year · £1.3bn
- AVSGAvantis Global Small Cap Value UCITS ETF AccumUSD0.39% a year · £1.2bn
- USSCState Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF Accum Ptg USD0.30% a year · £806m
Fund documents and methods
Methodology:ReturnsCategoriesAll methods
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