What Is MTUM? iShares MSCI USA Momentum Factor ETF

MTUM is the iShares MSCI USA Momentum Factor ETF, launched by iShares in April 2013. It tracks the MSCI USA Momentum SR Variant Index, which selects US large- and mid-cap stocks with the strongest risk-adjusted price momentum over the trailing 6 and 12 months, aiming to capture the tendency of recent winners to keep outperforming for a time.

MTUM, listed on NYSE Arca and issued by iShares, part of BlackRock. The full name is the iShares MSCI USA Momentum Factor ETF. It is one of the largest single-factor ETFs in the US market.

MTUM ranks US large- and mid-cap stocks by risk-adjusted price momentum over the past 6 and 12 months and selects the highest scorers. The index rebalances about twice a year, with the option for extra reconstitutions after periods of high volatility, so the fund's holdings and sector mix can change substantially from one period to the next.

Whatever stocks currently score highest on momentum, which changes over time. Recent top holdings have included Micron, Intel, AMD, Caterpillar, Broadcom, Lam Research, Applied Materials, GE Vernova, Johnson & Johnson, and Exxon Mobil. See the top-10 table above for current weights. Because momentum rotates, this list can look very different a year later.

0.15% per year, or $15 annually on a $10,000 position. That is low for a factor strategy, though higher than the cheapest broad-market index funds. The fee is one reason MTUM is a popular way to add a momentum tilt without the cost of active management.

MTUM offers systematic exposure to the momentum factor, which has historically added return over long periods but can underperform sharply at market turning points. It is more concentrated and higher-turnover than a broad index fund. Whether it fits depends on your goals and risk tolerance. Walnut is not an investment adviser; this is not a recommendation.

MTUM trades like a stock during US market hours through any major broker, including Robinhood, Fidelity, Schwab, Public, and Webull. Fractional shares are supported at many brokers. If you use MTUM as a factor tilt alongside a core holding, you can connect your broker to Walnut to see how the pieces fit together.

Approximately $29.05 billion as of mid-2026, making it one of the largest factor ETFs by assets. Its size reflects strong investor interest in rules-based factor investing as an alternative to both plain index funds and traditional active management.

The underlying MSCI momentum index rebalances roughly semiannually, and it can undergo additional reconstitutions after periods of unusually high market volatility. This design lets the fund respond when leadership shifts abruptly, but it also means holdings can turn over meaningfully, which contributes to the fund's changing character over time.

April 16, 2013. iShares launched MTUM as part of a suite of single-factor ETFs designed to package well-known academic factors, such as momentum, value, quality, and size, into low-cost, rules-based funds accessible to everyday investors.

The momentum factor is the historical tendency of stocks that have performed well recently to continue outperforming over the near to medium term, and vice versa. MTUM tries to capture it systematically by holding recent winners. Momentum is a well-documented factor, but it is not guaranteed and can reverse quickly during market inflection points.

Momentum strategies tend to struggle at sharp market reversals, when yesterday's leaders suddenly become laggards. Because MTUM rebalances only periodically, it can be caught holding stocks whose momentum has turned before the next reconstitution. Its concentration in whatever sector is winning also means it can fall hard when that sector rolls over.

Yes, though modestly. The listed yield is approximately 0.54% as of mid-2026, lower than the broad market because momentum selection favors price performance over dividend payers. Distributions are paid on the fund's schedule and can be reinvested automatically at most brokers.

A broad index fund like VOO holds the whole large-cap market weighted by size and changes slowly. MTUM deliberately concentrates in high-momentum stocks and reshuffles as trends change, so it is more concentrated, higher-turnover, and can diverge widely from the market in either direction. It is a factor tilt, not a diversified core.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. MTUM's figures are above; the full method is in Walnut's guide on how to compare ETFs.