London Stock Exchange ETF segment · UCITS ETF
Invest in USML ETF from India
Indian and foreign residents can buy Invesco S&P SmallCap 600 UCITS ETF (USML) units directly through Paasa.
By Paasa · Updated
USML at a glance
- Price
- $80.35-$0.63 (0.78%)
- Expense ratio
- 0.14%
- Day range
- $80.35 – $80.89
- Assets
- $449.4M
- Domicile
- Ireland
- Holdings
- —
- Launched
- 2019
- Dividends
- —
- 1 month
- -6.30%
- 6 months
- +12.33%
- YTD
- +12.68%
- 1 year
- +17.33%
- 5 years
- +32.37%
Price change, excluding dividends.
Top 10 holdings
- 1GLAUKOS ORDGKOS0.6%
- 2CORCEPT THERAPEUTICS ORDCORT0.6%
- 3VIASAT ORDVSAT0.6%
- 4FORMFACTOR ORDFORM0.6%
- 5JACKSON FINANCIAL CL A ORDJXN0.5%
- 6CARMAX ORDKMX0.5%
- 7ELEMENT SOLUTIONS ORDESI0.5%
- 8BRINKER INTERNATIONAL ORDEAT0.5%
- 9MATCH GROUP ORDMTCH0.5%
- 10PROTAGONIST THERAPEUTICS ORDPTGX0.5%
These 10 are 5.3% of the fund.
Where the money is invested
Sectors
- Financial Services17.9%
- Industrials15.3%
- Technology14.0%
- Consumer Cyclical13.6%
- Healthcare10.9%
- Real Estate7.0%
Countries
- United States97.6%
- Bermuda0.7%
- Puerto Rico0.5%
- Ireland0.5%
- Other0.4%
- Switzerland0.2%
Similar funds
| Fund | Expense ratio | Assets |
|---|---|---|
| IDP6LSEiShares S&P SmallCap 600 UCITS ETF | 0.3% | 3.1B |
Assets are shown in each fund's own reporting currency.
How to invest in USML from India
Step 1
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.
Step 2
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.
Step 3
Search USML and buy
Find the fund by its ticker, USML, on the London Stock Exchange ETF segment, and place your order.
Why invest in USML from India
What USML holds
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.
Outside US estate tax
USML is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
Hold a dollar asset
USML is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Why USML's UCITS structure matters for Indian investors
USML is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
On the US shares the fund holds, the 15% US dividend withholding is paid inside the fund, and you cannot claim it as a Foreign Tax Credit in India.
Capital gains are taxed in India the same way as on a US-listed ETF.
Frequently asked questions
Can I buy USML from India?
Yes. Indian residents can buy Invesco S&P SmallCap 600 UCITS ETF (USML) through Paasa. It is listed on the London Stock Exchange ETF segment and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does USML invest in?
Its largest holdings are GLAUKOS ORD (0.6%), CORCEPT THERAPEUTICS ORD (0.6%) and VIASAT ORD (0.6%). Financial Services is its largest sector at 17.9%. The fund is domiciled in Ireland.
What is the expense ratio of USML?
Invesco S&P SmallCap 600 UCITS ETF has an expense ratio of 0.14% a year, taken from the fund's assets rather than billed to you. The fund manages about $449.4M.
Is USML a UCITS ETF, and why does that matter for Indian investors?
Yes. Invesco S&P SmallCap 600 UCITS ETF is a UCITS fund domiciled in Ireland. Because it is domiciled outside the US, it is not a US-situs asset, so US estate tax does not apply to it. On the US shares the fund holds, the 15% US dividend withholding is paid inside the fund, and you cannot claim it as a Foreign Tax Credit in India.
What tax do I pay in India when I sell USML?
In India, gains on foreign ETF units held for more than 24 months are long-term and taxed at 12.5% without indexation, and gains on units held for 24 months or less are short-term and taxed at your income-tax slab rate. Both are worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.