At a glance
XMLV charges 0.25% a year, below the 0.28% average of the 7 funds most like it (the 6th cheapest of 8). It has $739.9M in assets, the 4th largest of that group; it paid 3.07% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +7.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +14.4% a year. At its worst it fell 16.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 18.8% of the fund, out of 80 in all.
The short version
Invesco S&P MidCap Low Volatility ETF (XMLV) holds the 80 stocks in the S&P MidCap 400 Index whose prices moved the least over the past year, and it gives the steadiest ones the largest weights. That screen leans the fund toward real estate and companies such as TXNM Energy and OGE Energy. The trailing yield was 3.07% as of October 27, 2026, and the expense ratio is 0.25%.
Price history
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XMLV +7.1% 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 | |
|---|---|---|---|---|---|---|
| XMLV official prospectus, to Dec 31, 2024 | — | +17.29% | — | +4.68% | +8.53% | — |
| XMLV price data to Oct 27, 2026 | +7.7% | +7.1% | +14.4% | +6.3% | — | +9.4% |
- Over the year to Oct 27, 2026, XMLV returned +7.1%, 7th of 8 among similar funds.
- Its 5-year annualized return was +6.3%.
- Its worst full calendar year was 2022 (-6.6%); its best was 2021 (+23.0%).
- The deepest fall in its price history was 16.5% (Dec 29, 2021 to Sep 30, 2022), recovered by Mar 27, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +5.5% | — |
| 2024 | +17.1% | +17.29% |
| 2023 | +1.9% | +1.70% |
| 2022 | -6.6% | -6.52% |
| 2021 | +23.0% | +23.14% |
| 2020 | — | -8.45% |
| 2019 | — | +23.83% |
| 2018 | — | -0.19% |
| 2017 | — | +13.80% |
| 2016 | — | +21.60% |
| 2015 | — | +5.52% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.7% over that stretch · deepest drop along the way 16.4%, back to its old high 17.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5800 | |
| 2025 | $1.8000 | +32.4% |
| 2024 | $1.3600 | +8.8% |
| 2023 | $1.2500 | +13.6% |
| 2022 | $1.1000 | +66.7% |
| 2021 | $0.6600 |
What's inside
As of Aug 31, 2026, the fund held 80 securities; the ten largest made up 18.75% of assets. It also reported 8.89% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| TXNM Energy, Inc. | 5.22% | |
| Agree Realty Corp. | 1.57% | |
| OGE Energy Corp. | 1.54% | |
| Ingredion Inc. | 1.53% | |
| NNN REIT, Inc. | 1.53% | |
| W.P. Carey Inc. | 1.52% | |
| Starwood Property Trust, Inc. | 1.49% | |
| ONE Gas, Inc. | 1.46% | |
| IDACORP, Inc. | 1.46% | |
| Equity LifeStyle Properties, Inc. | 1.44% | |
| New Jersey Resources Corp. | 1.44% | |
| Portland General Electric Co. | 1.43% | |
| Brixmor Property Group Inc. | 1.40% | |
| Southwest Gas Holdings, Inc. | 1.40% | |
| COPT Defense Properties | 1.40% |
By country
United States 97.51%Bermuda 2.27%By asset type
Stocks 99.78%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $8.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.92%, +3.33%, -2.16%.
How it works
The fund tracks the S&P MidCap 400 Low Volatility Index, which S&P Dow Jones Indices builds and maintains. The index starts with the S&P MidCap 400, which holds about 400 mid-sized US companies. It then measures each stock's realized volatility, meaning how far its price swung up and down over the past year of trading days, and keeps the 80 least volatile. As of October 31, 2025, those 80 companies ranged from $2.2 billion to $18.4 billion in market value.
The index weights stocks by the inverse of their volatility. The calmest stocks get the biggest weights, not the largest companies. The fund uses full replication, which means it owns all the index stocks in the same proportions, and it keeps at least 90% of its assets in them. As stocks move into or out of the low-volatility group, the fund trades to match the index. Portfolio turnover was 58%.
Because the screen looks only at price swings, sector weights can drift. The fund may concentrate in an industry when the index does, and it had significant real estate exposure as of August 31, 2025. As of August 31, 2026, the 10 largest positions made up 18.75% of the fund. TXNM Energy alone was 5.2%, far ahead of Agree Realty at 1.6%. The fund held no derivatives.
What it really costs
- XMLV charges 0.25% a year, versus an average of 0.28% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XMLV | $26 | $80 | $141 | $318 |
In a retirement portfolio
It screens mid-cap stocks for the smallest price swings, and its beta (how much it tends to move with the broad market) was 0.18 over the year to October 27, 2026.
XMLV launched in 2013, so it has no record from the 2008 crisis. Its low-volatility screen did not prevent sharp losses. It fell 25.13% in the first quarter of 2020 and finished 2020 down 8.45%, its weakest calendar year from 2015 through 2024. In 2022 it dropped 16.4% between January 4 and September 30, and it took about 18 months, until March 2024, to recover. Anyone who sold shares to cover spending during that stretch would have locked in losses. The fund paid a trailing 12-month yield of 3.07% as of October 27, 2026, in quarterly distributions. Under the SEC's standard example, costs come to $26 in the first year on $10,000. Its one- and three-year returns ranked 7th of 8 against similar funds. 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 who want mid-sized US companies screened for steadier prices, with holdings such as TXNM Energy, OGE Energy and Agree Realty.
- Income-minded holders who are fine with quarterly payouts; the trailing 12-month yield was 3.07% as of October 27, 2026.
- People willing to pay 0.25% a year, a bit below the 0.28% peer average, for a rules-based low-volatility index.
Look elsewhere if
- Cost-focused investors: Vanguard S&P Mid-Cap 400 Value ETF (IVOV) charges 0.10% and SPDR S&P 400 Mid Cap Value ETF (MDYV) 0.15%.
- Those who want broad mid-cap exposure; XMLV holds only 80 stocks, leans on real estate, and had 5.2% in TXNM Energy alone.
- Investors focused on growth: its 7.1% one-year return ranked 7th of 8 similar funds as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XMLV this fund | — | 0.25% | $739.9M | +7.1% | +14.4% |
| HSMV First Trust Horizon Managed Volatility Smal… | 42% | 0.8% | $35.2M | +5.2% | +11.7% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 29% | 0.39% | $505.0M | +24.3% | +22.2% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 27% | 0.1% | $1.49B | +12.2% | +17.9% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 26% | 0.18% | $8.73B | +12.0% | +17.8% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 26% | 0.15% | $2.68B | +12.1% | +17.8% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor E… | 23% | 0.2% | $289.0M | +9.7% | +15.2% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened … | 21% | 0.15% | $3.4M | +14.7% | +18.8% |
Questions investors ask
Does XMLV pay monthly dividends?
No. XMLV pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $2.01 per share, a trailing yield of 3.07%. The payout comes from dividends on its 80 holdings, which include real estate investment trusts such as Agree Realty, NNN REIT and W.P. Carey, so the amount can change from one quarter to the next.
What's the difference between XMLV and HSMV?
Both aim for steadier small and mid-sized stocks, but HSMV (First Trust Horizon Managed Volatility Small/Mid ETF) costs much more: 0.80% a year against XMLV's 0.25%. About 42% of their holdings overlap. As of October 27, 2026, XMLV returned 7.1% over one year and 14.4% a year over three years, compared with 5.2% and 11.7% for HSMV. HSMV is also far smaller, with $35 million in net assets as of July 31, 2026, while XMLV had $740 million as of August 31, 2026.
Is XMLV good for retirement?
It may suit a defensive role, but it can still lose a lot. It fell 25.13% in the first quarter of 2020. In 2022 it dropped 16.4% and needed about 18 months to recover. Its average annual return was 8.53% over the 10 years to December 31, 2024. It paid a 3.07% trailing yield as of October 27, 2026. Over one and three years its returns trailed most similar funds.
What are XMLV's top holdings?
As of August 31, 2026, TXNM Energy was by far the largest holding at 5.2% of the fund. Next came Agree Realty (1.6%), OGE Energy, Ingredion, NNN REIT and W.P. Carey (about 1.5% each). The fund owned 80 stocks, and the top 10 made up 18.75% of assets. Holdings change as the index adds the least volatile S&P MidCap 400 stocks and drops others.
What is XMLV's expense ratio?
XMLV's expense ratio is 0.25%, according to the prospectus filed December 18, 2025. In the SEC's standard example, $10,000 earning 5% a year would pay about $26 in costs after one year, $141 after five years and $318 after ten. That is a little below the 0.28% average for similar funds, but cheaper mid-cap options exist, such as IVOV at 0.10% and MDYV at 0.15%.