XMLV offers a midcap version of its popular large-cap sibling, SPLV. XMLV draws its selection universe from the S&P MidCap 400 (commonly known as S&P 400), taking about 80 stocks with the lowest volatility (as measured by standard deviation) over the past 12 months. Stocks are weighted so that those with the lowest realized volatility get the highest weights. Although XMLV aims a broad exposure in the US equity market, this fund may have numerous sector tilts. The index is rebalanced on a quarterly basis.