# Invesco S&P SmallCap 600 UCITS ETF (USML) **Page:** https://fundology.uk/fund/usml · ISIN IE00BH3YZ803 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. 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. ## Summary 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. Latest close: **$82.44** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | USML | | ISIN | IE00BH3YZ803 | | Also listed as | SMLK (Xetra, euros) | | Category | Smaller companies | | Type | ETF | | Provider | Invesco | | Tracks | S&P Small Cap 600 | | Income | Accumulating | | Ongoing charge | 0.14% a year (£14 per £10,000) | | Fund size | £346m | | Launched | 2019 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 28/01/2019 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +20.05% | +15.80% | income reinvested | | 3 years | +50.65% | +36.11% | income reinvested | | 5 years | +30.75% | +2.06% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year 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 CPIH inflation | Measured as | |---|---|---|---| | 2022 | -5.8% | -13.8% | Price | | 2023 | +11.2% | +6.7% | Price | | 2024 | +10.5% | +6.7% | Price | | 2025 | -2.1% | -5.5% | Price | | 2026 to 13/11/2026 | +18.8% | +15.0% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 14.48% | -7.36% | | 3 years | 17.81% | -28.13% | | 5 years | 18.09% | -28.13% | ## Largest fall 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. ## Charges compared with similar funds 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). ## 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 | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Invesco S&P SmallCap 600 UCITS ETF (this fund) | 0.14% | +20.0% | +50.7% | +30.8% | | iShares S&P SmallCap 600 UCITS ETF USD | 0.30% | +19.0% | +48.8% | +27.7% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.14%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## What it holds 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%. ### Top holdings Largest positions (as of 30/09/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | FormFactor | [FORM](https://fundology.uk/stock/FORM) | 0.70% | | 2 | Glaukos | [GKOS](https://fundology.uk/stock/GKOS) | 0.60% | | 3 | ViaSat | [VSAT](https://fundology.uk/stock/VSAT) | 0.60% | | 4 | CarMax | [KMX](https://fundology.uk/stock/KMX) | 0.50% | | 5 | Element Solutions | [ESI](https://fundology.uk/stock/ESI) | 0.50% | | 6 | Jackson Financial · Class A | [JXN](https://fundology.uk/stock/JXN) | 0.50% | | 7 | Match Group | [MTCH](https://fundology.uk/stock/MTCH) | 0.50% | | 8 | Paycom Software | [PAYC](https://fundology.uk/stock/PAYC) | 0.50% | | 9 | Protagonist Therapeutics | [PTGX](https://fundology.uk/stock/PTGX) | 0.50% | | 10 | Qorvo | [QRVO](https://fundology.uk/stock/QRVO) | 0.50% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By sector As published for the fund, as of 30/09/2026. | Sector | Weight | |---|---| | Financials | 17.6% | | Industrials | 16.8% | | Information Technology | 15.5% | | Consumer Discretionary | 13.2% | | Health Care | 10.4% | | Energy | 6.6% | | Real Estate | 6.6% | | Materials | 4.6% | | Other sectors | 8.7% | ### By country As published for the fund, as of 30/09/2026. | Country | Weight | |---|---| | United States | 98.4% | | Puerto Rico | 0.5% | | Bermuda | 0.4% | | China | 0.3% | | Singapore | 0.3% | | Bahamas | 0.1% | All 602 holdings: https://fundology.uk/fund/usml/holdings ## 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. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.