MTUM

The iShares MSCI USA Momentum Factor ETF (MTUM) is an exchange-traded fund that seeks to track the performance of U.S. equities selected based on the momentum factor. The ETF is managed by BlackRock through its iShares platform and trades under the ticker MTUM on NYSE Arca.

Classified as a U.S. equity factor ETF, MTUM follows a passive, rules-based investment strategy. The fund aims to replicate the composition and behavior of its benchmark index, which selects companies exhibiting relatively strong price performance over a defined period.

The methodology emphasizes securities with characteristics associated with price trend persistence, according to quantitative criteria established by the index provider.

MTUM tracks an index composed of U.S. companies demonstrating strong relative performance compared to the broader market. Security selection and weighting follow quantitative momentum-based rules, with periodic reviews to rebalance the portfolio and maintain adherence to the strategy.

The index composition may change over time as relative performance trends shift among eligible securities.

Diversification and sector exposure

MTUM provides exposure to U.S. companies across multiple sectors of the economy, including:

• Information technology.

• Health care.

• Financial sector.

• Consumer discretionary.

• Industrials.

• Communication services.

Sector allocation reflects the application of the momentum factor under the index methodology.

Structure and costs

MTUM shares trade on the secondary market, while creation and redemption occur through authorized participants, helping maintain alignment between the ETF’s market price and its net asset value (NAV).

The fund charges a management fee and does not apply a performance fee. MTUM distributes income periodically, typically derived from dividends paid by the underlying holdings.

History and evolution of the ETF

The iShares MSCI USA Momentum Factor ETF was launched in 2013 during a period of expanding interest in factor-based equity strategies in the United States.

In recent years, MTUM has reflected varying market regimes, including periods of sector rotation, shifts in leadership between growth and value stocks, and adjustments driven by evolving macroeconomic conditions. The fund’s behavior has been closely linked to changes in relative price trends within the U.S. equity market.