In this work, we investigate the possibility of controlling second-order dispersion in a monolithic Fabry–Perot interferometer based on epitaxial heterostructure with a quantum well (QW) serving as a bottom mirror. Careful choice of heterostructure parameters and experimental conditions makes it possible to introduce negative dispersion in a very narrow spectral region of QW excitonic resonance while maintaining a constant reflection coefficient across this region. The feasibility of the concept is demonstrated for heterostructures with InGaAs/GaAs QWs at cryogenic temperatures. We also propose an active device design that can switch the dispersion compensation on and off by controlling the exciton ensemble’s environment.