Invesco S&P SmallCap 600 UCITS ETF (USML.L)

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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.