Invesco S&P SmallCap 600 UCITS ETF
Invesco S&P SmallCap 600 UCITS ETF (LSE: USML) is an exchange-traded fund listed on the London Stock Exchange ETF segment, trading at $80.98 (about ₹7,768 a unit) as of 25 Sep 2026, 9:27 AM ET. It has an expense ratio of 0.14%. Indian residents can buy USML through Paasa under the RBI's Liberalised Remittance Scheme.
Quote
Today's low
$80.97
Today's high
$81.30
52 week low
$65.00
52 week high
$88.37
USML opened at $81.21, closed previously at $80.61, and has traded between $65.00 and $88.37 over the past 52 weeks.
About
The Invesco S&P SmallCap 600 UCITS ETF (USML.L) seeks to replicate the net total return performance of the S&P SmallCap 600 USD Index, after accounting for its own operational fees. This benchmark index is designed to provide exposure to small-capitalization U.S. equities, specifically by tracking the performance of the 600 smallest stocks found within the broader S&P 1500 index. The weighting of these stocks within the index is determined by their free-float market capitalization. To achieve its investment objective, the fund employs a hybrid replication strategy. It maintains a portfolio of equities, which typically contributes the majority of the fund's returns, although this selection of holdings is not usually identical to the index's complete constituent list. Additionally, the fund utilizes unfunded swap agreements. These are contracts with approved counterparties where any difference between the performance of the reference index and the returns generated by the fund's own equity basket is exchanged. This method is used to achieve a more precise and consistent tracking of the index than might be possible through holding physical assets alone. An important detail is that while the fund's stated goal is to match the net total return index, the underlying swaps are structured to reference the gross total return index. As a consequence, the ETF's overall performance is likely to exceed the return of the net index. This ETF is a passively managed, index-tracking fund. An investment in USML.L represents the acquisition of units in the fund itself, rather than direct ownership of the specific underlying assets it holds.
Key statistics
Expense ratio
0.14%
Assets (AUM)
$447.9M
Holdings
—
NAV
$80.97
Avg. volume
—
1-year price change
+18.25%
5-year price change
+32.08%
Price change excludes dividends.
Top 10 holdings
These 10 are 5.3% of the fund.
Where the money is invested
Sectors
Countries
Similar funds
This is not an investment recommendation
How to buy USML from India
Indian residents can buy USML units through Paasa in three steps. Funds leave India under the RBI's Liberalised Remittance Scheme and the units are held in your own name with Interactive Brokers.
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Search USML and buy
Find the fund by its ticker, USML, on the London Stock Exchange ETF segment, and place your order.
Read the full guide: how to invest in USML from India
Trading and taxes when buying USML from India
Trading and limits
- Trading hours
- 8:00 am – 4:30 pm UK
- LRS limit
- $250,000Per financial year, under the RBI's Liberalised Remittance Scheme.
Tax for Indian residents
- TCS on remittance
- 20%Collected by your bank on LRS remittances above ₹10 lakh in a financial year. The TCS is adjustable against your income-tax liability.Adjusting TCS against your tax
- Capital gains in India
- 12.5% or slab rateGains on foreign ETF units held for more than 24 months are long-term and taxed at 12.5% without indexation. Gains on units held for 24 months or less are short-term and taxed at your income-tax slab rate.Capital gains explained
Custody. Units are held in your own name at Interactive Brokers, segregated from Paasa's own assets.
FAQs
What is the USML price today?
Invesco S&P SmallCap 600 UCITS ETF (USML) last traded at $80.98 on the London Stock Exchange ETF segment, as of 25 Sep 2026, 9:27 AM ET. That is ₹7,768 a unit at the 25 Sep 2026 USD/INR rate.
When does USML trade, in Indian time?
The London Stock Exchange ETF segment trades 12:30 pm – 9:00 pm IST. The window shifts to 1:30 pm – 10:00 pm IST when the UK is on standard time. Orders can only execute during that window.
How big is USML, and what does it cost to hold?
Invesco S&P SmallCap 600 UCITS ETF manages about $447.9M. Its expense ratio is 0.14% a year, deducted inside the fund. It launched in 2019.
Is USML a UCITS ETF?
Yes. Invesco S&P SmallCap 600 UCITS ETF is a UCITS fund domiciled in Ireland, set up under the European Union's UCITS rules for funds sold across Europe. It is listed on the London Stock Exchange ETF segment and trades in US dollars.
What are USML's largest holdings?
The top three are GLAUKOS ORD (0.6%), CORCEPT THERAPEUTICS ORD (0.6%) and VIASAT ORD (0.6%). USML's 10 largest positions make up 5.3% of the fund.
Is USML subject to US estate tax?
No. Because USML is domiciled in Ireland rather than the US, it is not a US-situs asset, so US estate tax does not apply to it. US-listed ETFs held directly can be taxed at up to 40% above $60,000 when they pass to your family.
How are US dividends taxed inside USML?
The US withholds 15% on dividends from the US shares the fund holds, and that tax is paid inside the fund. You cannot claim it as a Foreign Tax Credit in India.
How are gains on USML taxed in India?
Units held for more than 24 months are long-term and taxed at 12.5% without indexation; units held for 24 months or less are taxed at your income-tax slab rate. The gain is worked out in rupees, so the currency move counts.
How has USML performed?
USML's price is up 18.3% over the past year and up 32.1% over five years. These figures are price change only and exclude dividends; past performance does not guarantee future returns.
How is USML different from a US-listed ETF?
USML is domiciled in Ireland rather than the US. That keeps it outside US estate tax, and dividend withholding on its US shares is 15%, paid inside the fund, instead of the 25% withheld on a US-listed ETF. The 25% can generally be claimed as a credit in India; the 15% cannot. Capital gains on both are taxed the same way in India.