At a glance
MTUM charges 0.15% a year, below the 0.2% average of the 8 funds most like it (the 4th cheapest of 9). It has $25.32B in assets, the 5th largest of that group; it paid 0.17% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.0% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +25.6% a year. At its worst it fell 34.1% in the 2020 crash (S&P 500: 33.7%) and 28.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 20 months after the lows. Its ten largest positions make up 40.0% of the fund, out of 126 in all.
The short version
The iShares MSCI USA Momentum Factor ETF (MTUM) is a BlackRock index fund holding about 125 stocks of large and midsize U.S. companies with the strongest price gains, adjusted for volatility, over the past 6 and 12 months. Its holdings shift as market leaders change; as of July 31, 2026, chip makers Micron, AMD and Broadcom led the list. It costs 0.15% a year, under the 0.20% similar-fund average, but swings more than the market.
Price history
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MTUM +9.0% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MTUM official prospectus, to Dec 31, 2024 | — | +32.88% | — | +11.77% | +13.16% | — |
| MSCIUSA Index index, same period | — | +25.08% | — | +14.56% | +13.08% | — |
| MTUM price data to Nov 2, 2026 | +10.4% | +9.0% | +25.6% | +8.6% | +15.3% | +14.6% |
- Over the year to Nov 2, 2026, MTUM returned +9.0%, 5th of 9 among similar funds.
- Its 5-year annualized return was +8.6% and its 10-year +15.3%.
- In the 2020 COVID crash it fell 34.1% and regained its old high 3.4 months after the low.
- Its worst full calendar year was 2022 (-18.3%); its best was 2017 (+37.5%).
- The deepest fall in its price history was 34.1% (Feb 19, 2020 to Mar 23, 2020), recovered by Jul 6, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.4% | — |
| 2025 | +22.1% | — |
| 2024 | +32.9% | +32.88% |
| 2023 | +9.2% | +9.10% |
| 2022 | -18.3% | -18.23% |
| 2021 | +13.4% | +13.45% |
| 2020 | +29.9% | +29.69% |
| 2019 | +27.2% | +27.57% |
| 2018 | -1.7% | -1.77% |
| 2017 | +37.5% | +37.60% |
| 2016 | +5.0% | +4.89% |
| 2015 | +8.9% | +9.12% |
| 2014 | +14.6% | — |
| 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 34.1% over that stretch · deepest drop along the way 34.1%, back to its old high 3.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.4% over that stretch · deepest drop along the way 28.2%, back to its old high 19.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2950 | |
| 2025 | $0.5675 | +46.5% |
| 2024 | $0.3875 | -26.5% |
| 2023 | $0.5275 | -19.5% |
| 2022 | $0.6550 | +164.6% |
| 2021 | $0.2475 | -26.7% |
| 2020 | $0.3375 | -26.6% |
| 2019 | $0.4600 | +44.9% |
| 2018 | $0.3175 | +19.8% |
| 2017 | $0.2650 | -1.9% |
| 2016 | $0.2700 | +31.7% |
| 2015 | $0.2050 | +15.5% |
| 2014 | $0.1775 |
What's inside
As of Jul 31, 2026, the fund held 126 securities; the ten largest made up 39.99% of assets.
| Holding | Weight | |
|---|---|---|
| MICRON TECHNOLOGY, INC. | 5.87% | |
| ADVANCED MICRO DEVICES, INC. | 5.11% | |
| BROADCOM INC. | 4.72% | |
| INTEL CORPORATION | 4.06% | |
| EXXONMOBIL HOLDINGS CORPORATION | 3.77% | |
| CATERPILLAR INC. | 3.65% | |
| JOHNSON & JOHNSON | 3.54% | |
| APPLIED MATERIALS, INC. | 3.10% | |
| LAM RESEARCH CORPORATION | 3.09% | |
| GE VERNOVA INC. | 3.07% | |
| WALMART INC. | 2.64% | |
| ALPHABET INC. | 2.58% | |
| CISCO SYSTEMS, INC. | 2.55% | |
| WESTERN DIGITAL CORPORATION | 2.23% | |
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | 2.21% |
By country
United States 95.03%Ireland 2.69%Curaçao 0.47%United Kingdom 0.42%Cayman Islands 0.42%By asset type
Stocks 99.87%By sector
Sectors of the companies held, for the 79.6% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $221.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.16%, +8.77%, -12.69%.
How it works
Momentum investing rests on the idea that stocks that have been rising tend to keep rising for a while. MTUM tracks the MSCI USA Momentum SR Variant Index, which starts with the MSCI USA Index of large and midsize U.S. companies. MSCI scores each stock by its price gain over the past 6 and 12 months, above the 3-month Treasury bill rate, divided by how much its weekly returns swung over three years. It averages the results and picks the 125 stocks with the highest positive scores.
Each stock's weight is its momentum score times its weight in the MSCI USA Index, so big companies with high scores count most. At each rebuild, no company can exceed 5%, and stocks above 4.5% can't total more than 22.5% combined. MSCI rebuilds the index quarterly, but caps the share of the index replaced each time at 30%.
BlackRock uses representative sampling: it holds a mix that behaves like the index, not necessarily every stock, and generally keeps at least 80% of assets in index members. Quarterly rebuilds add up: portfolio turnover was 116%, meaning the fund traded more than its whole value in a year, which adds trading costs. The fund may also lend up to one-third of its assets to other firms for a fee.
What it really costs
- MTUM charges 0.15% a year, versus an average of 0.2% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MTUM | $15 | $48 | $85 | $192 |
In a retirement portfolio
It chases stocks with strong price gains, moved about 1.66 times as much as the market in the year to October 29, 2026, and pays little income.
MTUM could add a tilt toward stocks with strong price gains for 0.15% a year, or $15 on $10,000 in the first year under the SEC's standard example. It is not an income fund: the yield was 0.16% as of October 29, 2026, paid quarterly. The ride can be rough. Launched in 2013, it missed the 2008 crisis. It fell 34.1% between February 19 and March 23, 2020, but regained that high by July 6, 2020. In 2022 it dropped 28.2% from January 3 to June 17 and did not recover until February 9, 2024. Its worst calendar year was 2022, a loss of 18.23%.
For someone drawing on savings, selling near the June 2022 low would have locked in losses that took the fund about 20 months to recover. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a momentum tilt for part of a U.S. stock portfolio at 0.15% a year, below the 0.20% average for similar funds.
- Long-term holders who can sit through drops like 2022's 28.2% slide, which the fund didn't fully recover until February 9, 2024.
- Investors comfortable with a portfolio rebuilt quarterly around recent winners, which as of July 31, 2026 leaned on chip makers like Micron and Broadcom.
Look elsewhere if
- Retirees seeking income: MTUM's yield was just 0.16% as of October 29, 2026, paid quarterly.
- Investors wanting a steadier core holding; MTUM moved about 1.66 times as much as the market in the year to October 29, 2026.
- Momentum investors focused on fees; SPMO (0.13%) and JMOM (0.12%) charge less than MTUM's 0.15%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MTUM this fund | — | 0.15% | $25.32B | +9.0% | +25.6% |
| SPMO Invesco S&P 500® Momentum ETF | 58% | 0.13% | $22.19B | +9.7% | +32.6% |
| PWB Invesco Large Cap Growth ETF | 42% | 0.56% | $2.31B | +17.3% | +33.0% |
| QTOP iShares Nasdaq Top 30 Stocks ETF | 40% | 0.2% | $300.0M | +16.1% | — |
| QQQ Invesco QQQ Trust Series I | 40% | 0.2% | $490.10B | +8.8% | +24.0% |
| JMOM JPMorgan U.S. Momentum Factor ETF | 39% | 0.12% | $2.50B | +18.7% | +28.7% |
| IWF iShares Russell 1000 Growth ETF | 33% | 0.19% | $128.90B | -3.7% | +20.3% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 32% | 0.04% | $52.99B | +7.2% | +25.3% |
Questions investors ask
Is MTUM good for retirement?
MTUM may fit as a smaller, higher-risk slice of a retirement portfolio rather than a core holding. It pays little income, with a 0.16% yield as of October 29, 2026, and it swings harder than the market. It fell 28.2% between January 3 and June 17, 2022, and didn't regain that peak until February 9, 2024. Its 0.15% annual fee is modest: $15 on $10,000 in the first year under the SEC's standard example.
What's the difference between MTUM and SPMO?
Both are momentum funds, but they choose from different pools. MTUM tracks the MSCI USA Momentum SR Variant Index, drawn from large and midsize U.S. companies. SPMO, the Invesco S&P 500 Momentum ETF, picks from S&P 500 companies, as its name suggests. Their latest holdings reports show about 57% overlap. SPMO charges 0.13% a year versus 0.15% for MTUM. As of October 29, 2026, SPMO's three-year average annual return was 37.9% versus 31.2% for MTUM, while MTUM led over one year, 16.4% to 15.6%.
Does MTUM pay dividends?
Yes, MTUM pays dividends quarterly, but they are small. Over the 12 months to October 29, 2026, it paid about $0.46 per share, a yield of 0.16%. The fund picks stocks for price strength, not dividends, so income is a by-product. Its largest holdings as of July 31, 2026, chip makers Micron and Advanced Micro Devices, were chosen for momentum, not payouts. It is not designed as an income fund.
Has MTUM beaten the stock market?
Sometimes, but not consistently. In prospectus figures through December 31, 2024, MTUM returned 32.88% over one year versus 25.08% for the MSCI USA Index, a broad measure of large and midsize U.S. companies. Over five years it trailed, averaging 11.77% a year against 14.56%. Over 10 years the two were nearly even, at 13.16% versus 13.08%. Momentum can lag sharply when market leadership flips: in 2022 the fund lost 18.23%.
What are MTUM's top holdings?
As of July 31, 2026, MTUM's largest holdings were Micron Technology (5.9%), Advanced Micro Devices (5.1%), Broadcom (4.7%), Intel (4.1%) and ExxonMobil (3.8%), followed by Caterpillar, Johnson & Johnson, Applied Materials, Lam Research and GE Vernova. The top 10 made up about 40% of assets across 126 holdings. The list shifts often: a year earlier, as of July 31, 2025, the index leaned toward consumer goods and services, financials and technology.