Performance of Invesco S&P SmallCap Consumer Discretionary ETF Turns Negative Amid Sector Struggles The Invesco S&P SmallCap Consumer Discretionary ETF reported a notable downturn, with its NAV dropping over 15% year-to-date. This mirrors broader losses in US consumer discretionary funds, which have been pressured by inflation, tariffs, and declining consumer confidence, leading to sector-wide underperformance since early 2025.34