At a glance
SMLV charges 0.12% a year, below the 0.32% average of the 8 funds most like it (the 2nd cheapest of 9). It has $254.9M in assets, the 6th largest of that group; it paid 2.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +23.1% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +21.7% a year. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 16.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 21 months after the lows. Its ten largest positions make up 5.7% of the fund, out of 401 in all.
The short version
SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) tracks the State Street US Small Cap Low Volatility Index. That index holds 394 smaller US companies (as of July 31, 2026) whose share prices have moved the least over five years. The calmest stocks get the largest weights, which has left the fund heavy in financial companies. Its 0.12% yearly fee is below the 0.32% average for similar small-cap funds.
Price history
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SMLV +23.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMLV official prospectus, to Dec 31, 2025 | — | +5.69% | — | +9.36% | +9.43% | — |
| SMLV price data to Oct 27, 2026 | +20.6% | +23.1% | +21.7% | +9.1% | +10.4% | +10.9% |
- Over the year to Oct 27, 2026, SMLV returned +23.1%, 1st of 9 among similar funds.
- Its 5-year annualized return was +9.1% and its 10-year +10.4%.
- In the 2020 COVID crash it fell 41.5% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2022 (-7.7%); its best was 2016 (+29.4%).
- The deepest fall in its price history was 42.4% (Jan 16, 2020 to Mar 23, 2020), recovered by Jan 6, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.6% | — |
| 2025 | +5.6% | +5.69% |
| 2024 | +16.8% | +16.82% |
| 2023 | +7.5% | +7.47% |
| 2022 | -7.7% | -7.79% |
| 2021 | +27.7% | +27.86% |
| 2020 | -1.5% | -1.66% |
| 2019 | +24.1% | +23.86% |
| 2018 | -6.6% | -6.03% |
| 2017 | +5.6% | +5.24% |
| 2016 | +29.4% | +30.64% |
| 2015 | -1.7% | — |
| 2014 | +13.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.5% over that stretch · deepest drop along the way 41.5%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15% over that stretch · deepest drop along the way 16.9%, back to its old high 21.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.5900 | |
| 2025 | $3.5900 | +5.0% |
| 2024 | $3.4200 | +13.6% |
| 2023 | $3.0100 | +16.2% |
| 2022 | $2.5900 | +1.6% |
| 2021 | $2.5500 | +8.1% |
| 2020 | $2.3600 | -9.6% |
| 2019 | $2.6100 | 0.0% |
| 2018 | $2.6100 | -64.0% |
| 2017 | $7.2400 | +154.0% |
| 2016 | $2.8500 | +45.4% |
| 2015 | $1.9600 | -8.4% |
| 2014 | $2.1400 |
What's inside
As of Jun 30, 2026, the fund held 401 securities; the ten largest made up 5.68% of assets. It also reported 8.56% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Horace Mann Educators Corp | 0.63% | |
| Phillips Edison & Co Inc | 0.63% | |
| City Holding Co | 0.58% | |
| Northwestern Energy Group Inc | 0.57% | |
| Vishay Precision Group Inc | 0.57% | |
| American States Water Co | 0.56% | |
| Atlanta Braves Holdings Inc | 0.55% | |
| Landstar System Inc | 0.55% | |
| Selective Insurance Group Inc | 0.53% | |
| McGrath RentCorp | 0.52% | |
| Apple Hospitality REIT Inc | 0.50% | |
| Community Trust Bancorp Inc | 0.48% | |
| MSC Industrial Direct Co Inc | 0.48% | |
| TFS Financial Corp | 0.48% | |
| Chemed Corp | 0.48% |
By country
United States 92.59%Bermuda 1.7%Canada 0.73%Panama 0.69%Cayman Islands 0.64%By asset type
Stocks 99.02%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $45.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.48%, +1.75%, +6.44%.
How it works
The index starts with the 2,000 US stocks ranked 1,001 to 3,000 by market value, which is the small-company part of the market. A stock must trade at least 250,000 shares a day on average over six months. More than half of its shares must also be readily available to trade, which is called the free float. Stocks are then grouped by sector and ranked by volatility, meaning how much their monthly returns swung over the past five years. In each sector, the index picks the calmest stocks until they add up to 30% of that sector's market value.
The calmest stocks get the largest weights. No stock can be more than 5% of the index, or more than 20 times its weight in the starting universe. The index rebalances once a year, at the end of March. The result is spread very thin. As of June 30, 2026, the fund had 401 holdings and its top 10 made up just 5.68%. Horace Mann Educators and Phillips Edison & Co. led at about 0.6% each.
The adviser, SSGA Funds Management, may hold only a sample of the index stocks. It must keep at least 80% of assets in index securities. It may also use futures contracts (agreements to buy or sell an asset later at a set price) to handle cash flows. As of June 30, 2026, it held a small E-mini Russell 2000 futures position. A State Street affiliate creates and runs the index.
What it really costs
- SMLV charges 0.12% a year, versus an average of 0.32% for the similar funds below (2nd of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $154 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMLV | $12 | $39 | $68 | $154 |
In a retirement portfolio
It adds small-company US stocks with a tilt toward calmer, financial-heavy names, which works better as a complement to a broad core fund than as a replacement for one.
SMLV launched in February 2013, so it has no record from the 2008 financial crisis. Low volatility did not mean small losses in a crash. From February 20 to March 23, 2020, the fund fell 41.5%. Its deepest drop overall was 42.4%, and it took about 9.5 months to recover. In the 2022 bear market it lost 16.9% and needed about 21 months, until July 2024, to get back to its peak. Its worst calendar year was 2022, with a 7.79% loss. Anyone forced to cash out in early 2020 would have locked in steep losses.
The fund had a 2.34% trailing yield as of October 27, 2026, paid quarterly. Costs are low: $154 over 10 years on $10,000, using the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting small-cap stocks with a calmer tilt; its one-year beta was 0.49 as of October 27, 2026, about half the market's sensitivity.
- Cost-conscious holders: its 0.12% expense ratio is below the 0.32% average for similar small-cap funds, ranking 2nd cheapest of 9.
- Those who like a very spread-out portfolio with quarterly income: 401 holdings, none above about 0.63%, as of June 30, 2026.
Look elsewhere if
- Investors who assume low volatility means small losses; SMLV still fell 41.5% in the 2020 COVID crash.
- Those wanting plain small-cap exposure; its heavy financial-sector weighting and focus on calmer stocks can lag when markets rise quickly.
- Cost minimizers: BKSE charges 0.04%, though it follows a core small-cap approach rather than a low-volatility one.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SMLV this fund | — | 0.12% | $254.9M | +23.1% | +21.7% |
| TPSC Timothy Plan US Small Cap Core ETF | 30% | 0.52% | $357.0M | +13.0% | +18.2% |
| CSA VictoryShares US Small Cap Volatility Wtd E… | 29% | 0.35% | $24.3M | 0.0% | +7.2% |
| JPSE JPMorgan Diversified Return U.S. Small Cap … | 27% | 0.29% | $591.2M | +15.9% | +18.0% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 27% | 0.38% | $2.19B | +19.0% | +17.1% |
| ISMD Inspire Small/Mid Cap ETF | 26% | 0.57% | $336.5M | +22.0% | +20.2% |
| BKSE BNY Mellon US Small Cap Core Equity ETF | 26% | 0.04% | $87.3M | +14.9% | +21.3% |
| AVSC Avantis U.S Small Cap Equity ETF | 26% | 0.25% | $3.11B | +22.7% | +21.5% |
Questions investors ask
Is SMLV good for retirement?
It may suit retirees as a small-cap side holding, not a core fund. Its one-year beta was 0.49 as of October 27, 2026, so it moved less than the market. But it still fell 41.5% in the 2020 crash and took about 9.5 months to recover. After 2022 it needed about 21 months to regain its peak. Its 0.12% fee and 2.34% quarterly-paid yield are pluses.
Does SMLV pay dividends?
Yes. SMLV pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $3.63 per share, a trailing yield of 2.34%. That income comes from dividends on its roughly 400 small-company stocks. Many are banks, insurers, utilities and real estate investment trusts (REITs). Payouts can vary from quarter to quarter, because they depend on what the underlying companies pay.
What is SMLV's expense ratio?
SMLV's expense ratio is 0.12% a year, according to its prospectus filed October 26, 2026. That ranks 2nd cheapest among 9 similar small-cap funds, whose average is 0.32%. In the SEC's standard example, $10,000 earning 5% a year would cost about $12 after one year, $39 after three, $68 after five and $154 after 10 years.
SMLV vs CSA: what's the difference?
Both aim for calmer small-cap exposure, but they get there differently. SMLV picks the least volatile 30% of each sector, measured by market value, and gives the steadiest stocks the most weight. As its name suggests, VictoryShares US Small Cap Volatility Wtd ETF (CSA) weights stocks by volatility. Their holdings overlap by about 29%. CSA charges 0.35% against SMLV's 0.12%. CSA is also much smaller: $24.3 million in net assets as of March 31, 2025.
How has SMLV performed over 10 years?
SMLV returned 9.43% a year on average over the 10 years to December 31, 2025, according to its prospectus. Over five years it returned 9.36% a year, and over one year 5.69%. Results swung widely: it gained 30.64% in 2016 and lost 7.79% in 2022. Based on price, it returned 23.1% over the year to October 27, 2026, and 20.6% for 2026 to that date.