At a glance
MMTM charges 0.12% a year, above the 0.06% average of the 8 funds most like it (the 8th cheapest of 9). It has $165.9M in assets, the 9th largest of that group; it paid 0.9% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +4.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +21.7% a year. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 23.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows. Its ten largest positions make up 40.4% of the fund, out of 1,471 in all.
The short version
SPDR S&P 1500 Momentum Tilt ETF (MMTM), from State Street, tracks an index of about 1,500 US large, mid and small companies that gives extra weight to stocks with the strongest 11-month price gains. That tilt left it leaning heavily on technology, with NVIDIA alone at about 10% of assets as of June 30, 2026. Its 0.12% expense ratio is twice the 0.06% average of similar funds.
Price history
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MMTM +4.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MMTM official prospectus, to Dec 31, 2025 | — | +13.16% | — | +13.77% | +14.30% | — |
| MMTM price data to Oct 27, 2026 | +4.4% | +4.0% | +21.7% | +10.5% | +14.4% | +13.9% |
- Over the year to Oct 27, 2026, MMTM returned +4.0%, 9th of 9 among similar funds.
- Its 5-year annualized return was +10.5% and its 10-year +14.4%.
- In the 2020 COVID crash it fell 33.8% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-16.1%); its best was 2013 (+32.3%).
- The deepest fall in its price history was 33.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 4, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.4% | — |
| 2025 | +13.2% | +13.16% |
| 2024 | +29.9% | +29.79% |
| 2023 | +22.5% | +22.56% |
| 2022 | -16.1% | -15.99% |
| 2021 | +26.3% | +26.02% |
| 2020 | +19.3% | +19.34% |
| 2019 | +30.0% | +29.68% |
| 2018 | -4.6% | -3.85% |
| 2017 | +24.4% | +23.72% |
| 2016 | +6.3% | +8.51% |
| 2015 | +3.8% | — |
| 2014 | +14.2% | — |
| 2013 | +32.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.8% over that stretch · deepest drop along the way 33.8%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.2% over that stretch · deepest drop along the way 23.7%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.1300 | |
| 2025 | $2.5100 | +16.2% |
| 2024 | $2.1600 | -8.1% |
| 2023 | $2.3500 | -15.8% |
| 2022 | $2.7900 | +44.6% |
| 2021 | $1.9300 | +4.9% |
| 2020 | $1.8400 | -14.0% |
| 2019 | $2.1400 | +20.9% |
| 2018 | $1.7700 | +1.7% |
| 2017 | $1.7400 | -6.5% |
| 2016 | $1.8600 | +22.4% |
| 2015 | $1.5200 | +11.8% |
| 2014 | $1.3600 | -0.7% |
| 2013 | $1.3700 |
What's inside
As of Jun 30, 2026, the fund held 1,471 securities; the ten largest made up 40.39% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 10.08% | |
| Apple Inc | 5.42% | |
| Alphabet Inc | 5.20% | |
| Broadcom Inc | 3.96% | |
| Alphabet Inc | 3.92% | |
| Micron Technology Inc | 3.41% | |
| Advanced Micro Devices Inc | 2.35% | |
| Amazon.com Inc | 2.35% | |
| Tesla Inc | 1.99% | |
| Intel Corp | 1.73% | |
| Applied Materials Inc | 1.50% | |
| Lam Research Corp | 1.42% | |
| Johnson & Johnson | 1.35% | |
| Exxon Mobil Corp | 1.33% | |
| Microsoft Corp | 1.30% |
By country
United States 96.52%Ireland 1.81%Switzerland 0.24%Bermuda 0.24%Singapore 0.15%By asset type
Stocks 99.56%By sector
Sectors of the companies held, for the 83% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.97%, +3.73%, -2.77%.
How it works
MMTM tracks the S&P 1500 Positive Momentum Tilt Index. S&P Dow Jones Indices runs the index and is not affiliated with State Street. The index starts with the S&P Composite 1500, which combines the large-company S&P 500, the S&P MidCap 400 and the S&P SmallCap 600. Here, “momentum” means recent price strength. S&P measures each stock's total return over the 11 months ending on a reference date and ranks all 1,500 stocks.
S&P then sorts the stocks into 20 groups of roughly equal total market value, ordered by momentum. Higher-momentum groups get bigger allocations, and lower-momentum groups get smaller ones. Each stock's weight reflects both its market capitalization (the total value of its shares) and its group's allocation. The index still holds nearly everything, about 1,497 stocks as of July 31, 2026, but leans toward recent winners. It rebalances quarterly, after the close on the third Friday of January, April, July and October.
The adviser, SSGA Funds Management, may hold every stock in the index or a representative sample. It must keep at least 80% of net assets in index securities and may use stock index futures to manage cash. Because momentum leaders change, portfolio turnover was 136%. That can raise trading costs and may produce short-term capital gains, which are taxed as ordinary income. The fund is classified as non-diversified.
What it really costs
- MMTM charges 0.12% a year, versus an average of 0.06% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $154 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MMTM | $12 | $39 | $68 | $154 |
In a retirement portfolio
Its momentum tilt, heavy technology weighting and one-year beta of 1.14 make it swing more than the broad market, so it fits better beside a core holding than as one.
MMTM could add a lean toward market leaders alongside a core US stock fund, but that lean has come with sharp drops. The fund launched in October 2012, so it has no record for the 2008 financial crisis. In the 2020 COVID crash it fell 33.8%, its deepest drop, from February 19 to March 23, 2020. It recovered by August 4, 2020. In the 2022 bear market it fell 23.7% and took 14.5 months to recover, until December 14, 2023. Its worst calendar year was 2022, at -15.99%. Selling shares for spending during stretches like these would have meant selling at low prices.
Income is minor: the trailing 12-month yield was 0.9% as of October 27, 2026, paid quarterly. The SEC's standard example puts costs at $154 over 10 years on $10,000 invested. Past results don't predict the future, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US stocks across about 1,500 companies but with extra weight on recent price leaders such as NVIDIA, Broadcom and Micron.
- Investors who can sit through deep drops: the fund fell 33.8% in early 2020 and 23.7% in 2022 before recovering.
- Investors holding it in tax-advantaged accounts, where 136% turnover and possible short-term capital gains distributions matter less.
Look elsewhere if
- Cost-focused investors: the 0.12% expense ratio ranks 8th of 9 among similar funds, while IVV and VOO charge 0.03%.
- Investors seeking income: the trailing 12-month yield was only 0.9% as of October 27, 2026, paid quarterly.
- Investors wary of concentration: NVIDIA was about 10% of assets and the top 10 positions about 40% as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MMTM this fund | — | 0.12% | $165.9M | +4.0% | +21.7% |
| SPY SPDR S&P 500 ETF Trust | 73% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 73% | 0.03% | $888.13B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 73% | 0.03% | $1.67T | +12.4% | +23.6% |
| USPX Franklin U.S. Equity Index ETF | 72% | 0.03% | $1.98B | +12.9% | +24.9% |
| VV Vanguard Large Cap ETF | 72% | 0.04% | $73.83B | +12.0% | +23.8% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 71% | 0.2% | $2.74B | +12.6% | +24.8% |
| ITOT iShares Core S&P Total U.S. Stock Market ETF | 69% | 0.03% | $94.14B | +11.4% | +21.8% |
Questions investors ask
How has MMTM performed over the long term?
MMTM returned an average of 14.3% a year over the 10 years ended December 31, 2025, and 13.77% a year over five years, according to its prospectus. Its strongest calendar year in that span was 2024, up 29.79%. Its weakest was 2022, down 15.99%. Based on share prices, it returned 4.0% over the year ending October 27, 2026, and 4.4% for 2026 through that date.
What's the difference between MMTM and SPY?
SPY, also from State Street, tracks the S&P 500 and weights stocks by company size alone. MMTM covers about 1,500 large, mid and small companies and shifts weight toward those with the strongest 11-month price gains. About 73% of their holdings overlap. SPY's expense ratio is 0.0945%, compared with 0.12% for MMTM. SPY returned 12.4% over the year ending October 30, 2026. MMTM returned 4.0% over the year ending October 27, 2026.
Does MMTM pay dividends?
Yes. MMTM pays dividends quarterly. Over the 12 months through October 27, 2026, it paid $2.73 per share, a yield of about 0.9%. That is modest because the fund picks and weights stocks by price momentum, not by dividends. If income is the main goal, it is worth comparing with funds built around dividend-paying stocks.
What are MMTM's top holdings?
As of June 30, 2026, NVIDIA was the largest holding at about 10.1% of assets. Next came Apple at 5.4% and Alphabet, whose two share classes together made up about 9.1%. Broadcom (4.0%), Micron Technology (3.4%), Advanced Micro Devices (2.4%), Amazon (2.3%), Tesla (2.0%) and Intel (1.7%) completed the top 10. Those 10 positions made up about 40% of a fund with 1,471 holdings. Technology was by far the largest sector.
What is MMTM's expense ratio?
MMTM's expense ratio is 0.12%, according to its prospectus filed October 26, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $12 in the first year, $68 over five years and $154 over 10 years. That is twice the 0.06% average of similar funds and ranks 8th of 9 on cost. IVV and VOO charge 0.03%. The fund's 136% turnover can also add trading costs that the expense ratio doesn't include.