MMTM vs USCA: Grades, Fees and Holdings Compared

State Street SPDR S&P 1500 Momentum Tilt ETF

MMTMBNYSE Arca

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

65.9%by weight

Expense ratio

USCA −0.05pt a year

MMTM0.12%USCA0.07%

Avg volume · 30D

USCA 38.0×the volume

MMTM2.58KUSCA97.9K

3Y return · a year

USCA +1.4pt

MMTM+19.9%USCA+21.3%

MMTM vs USCA Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%MMTM+6.8%USCA

Expense ratio: MMTM 0.12%; USCA 0.07%, better
Fund size: MMTM $130M; USCA $3.42B
1Y total return: MMTM +1.1%; USCA +6.8%, better
Yield (12M): MMTM 0.93%; USCA 1.06%, better
Holdings: MMTM 1490; USCA 392
Avg volume (30D): MMTM 2.58K sh; USCA 97.9K sh, better
NAV per share: MMTM $302.79; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for MMTM, USCA, with each pillar’s weight
Pillar	MMTM	USCA
Cost30% weight	A93	A97Higher
Mission25% weight	A84	A91Higher
Risk15% weight	D33	C54Higher
Tradability15% weight	D29	B61Higher
Holdings10% weight	C43Higher	D29
Durability5% weight	C50Higher	C49

Rank among US Factor Index funds

How we build Categories ›

Same Category. MMTM and USCA are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

USCA ranks 2nd and MMTM 9th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 8BPRFInvesco RAFI US 1000 ETFScore 66
Rank 9BMMTMState Street SPDR S&P 1500 Momentum Tilt ETFScore 65
Rank 9BNULCNuveen ESG Large-CapScore 65

Our read on each fund

ETF.net Research

MMTMBState Street SPDR S&P 1500 Momentum Tilt ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

MMTM Most momentum funds cut the market down to a hundred-odd winners. MMTM keeps roughly 1,500 US large, mid and small caps and just reweights them: strong momentum overweight, laggards underweight, for 0.12% a year.

USCA The largest US ETF debut on record when it launched in 2023, seeded by a Finnish pension fund. It owns roughly 400 US large- and mid-caps, keeping only the top half of each sector on MSCI's climate-transition scoring, for 0.07% a year.

Stated mandate

MMTM The fund seeks to track, before fees and expenses, the total return of the S&P 1500 Positive Momentum Tilt Index. The index emphasizes stocks with stronger recent price momentum.

USCA The fund seeks to track the MSCI USA Climate Action Index before fees and expenses through a passive indexing strategy. The index selects U.S. large- and mid-capitalization companies assessed as leading sector peers in climate-transition positioning and actions.

Why people hold it

MMTM Costs 0.12% a year, well under half the 0.28% median for its US factor peer group. One of the cheaper ways to buy a momentum tilt.
The whole S&P Composite 1500 stays in the portfolio (large, mid and small caps). Momentum changes the weights, not the roster, so nothing gets dropped for one bad quarter.spglobal.com
Trading since 2012, which makes it one of the longer-running factor-tilt funds around. Distributions come quarterly.

USCA Costs 0.07% a year against a typical screened US equity peer near 0.28%, and undercuts bigger ESG names like SUSA at 0.25%.
No blanket sector bans: the index keeps the top 50% of companies in each GICS sector, so energy and industrials stay in, represented by their climate-transition leaders.dws.com msci.com
Rules do the picking. MSCI's climate metrics, ESG ratings and controversy screens set the roster; no manager discretion, no stock-by-stock calls.dws.com
A multi-billion-dollar fund with an institutional anchor investor from day one, and it pays quarterly.businesswire.com

Worth knowing

MMTM Thinly traded with a modest asset base. Limit orders and a glance at the spread matter more here than with the giant factor ETFs.
The tilt is gentle by design. Holding all 1,500 names keeps it close to the broad US market rather than a concentrated bet on recent winners.spglobal.com
Weights follow recent price strength, so the fund leans into whatever has been running lately, crowded corners of the market included.ssga.com

USCA Half of each sector is screened out, so results can drift from a plain MSCI USA index fund in either direction.dws.com
Market-cap weighted and filed as non-diversified, so America's largest companies carry heavy weight at the top.dws.com
Moderately traded next to the giants of US equity, so spreads can be a bigger part of the cost of getting in and out.

Full MMTM profile⁠

Full USCA profile⁠

MMTM vs USCA Holdings

How MMTM and USCA differ

Overlap by weight

65.9%

Shared holdings make up 96.2% of USCA and 82.2% of MMTM.

Level by level

Holdings357 in both65.9%
Sector11 Sectors89.0%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in MMTM and USCA, widest gap first
Sector	More in MMTMMore in USCA	MMTM	USCA
Energy	MMTM +4.5 points	6.4%	1.9%
Consumer Discretionary	USCA +4.3 points	5.1%	9.4%
Technology	USCA +3.0 points	40.4%	43.4%
Communication	USCA +3.0 points	8.6%	11.6%
Industrials	MMTM +2.3 points	8.5%	6.2%
Health Care	MMTM +2.2 points	12.3%	10.1%
Materials	MMTM +0.7 points	2.1%	1.4%
Utilities	USCA +0.7 points	0.8%	1.5%
Financials	MMTM +0.7 points	9.7%	9.0%
Consumer Staples	MMTM +0.5 points	4.3%	3.8%
Real Estate	MMTM +0.1 points	1.8%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in MMTM and USCA, widest gap first
Country	More in MMTMMore in USCA	MMTM	USCA
United States	MMTM +0.1 points	99.4%	99.3%
Switzerland	MMTM +0.1 points	0.3%	0.2%
Brazil	USCA +0.1 points	0.0%	0.1%
United Kingdom	MMTM +0.1 points	0.1%	0.0%
China	USCA +0.1 points	0.0%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	MMTM +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

MMTM36.3%
USCA44.6%

Securities held

MMTM1,488
USCA391

Asset class

MMTM: Equity
USCA: Equity

Holdings

Only in MMTM1,131
In both357
Only in USCA34

Only in MMTM

1,131 securities, 17.3% of MMTM by weight

Berkshire Hathaway Inc Class B1.08%
Philip Morris International0.76%
Texas Instruments Inc0.71%
Crowdstrike Holdings Inc A0.70%
Sandisk Corp0.54%
Linde PLC0.35%
Marathon Petroleum Corp0.32%
Valero Energy Corp0.29%
Phillips 660.29%
Altria Group Inc0.26%
Freeport Mcmoran Inc0.24%
Moderna Inc0.23%
Eaton Corp PLC0.23%
Johnson Controls Internation0.21%
Chubb Ltd0.21%
Elevance Health Inc0.19%
Slb Ltd0.19%
Targa Resources Corp0.18%
Bloom Energy Corp A0.17%
Lockheed Martin Corp0.14%
Devon Energy Corp0.13%
Becton Dickinson and Co0.12%
Air Products & Chemicals Inc0.11%
Kinder Morgan Inc0.11%
Nxp Semiconductors NV0.10%
Centene Corp0.08%
Ati Inc0.07%
Corpay Inc0.07%
Quest Diagnostics Inc0.06%
Medtronic PLC0.06%
Qnity Electronics Inc0.06%
Viatris Inc0.06%
Tjx Companies Inc0.06%
Roivant Sciences Ltd0.06%
Dollar General Corp0.06%
Entergy Corp0.05%
Permian Resources Corp Class A0.05%
Reliance Inc0.05%
Nvent Electric PLC0.05%
Td Synnex Corp0.05%
Ovintiv Inc0.05%
Boeing Co/The0.05%
Macom Technology Solutions H0.05%
Vivmark Residential0.05%
Royal Gold Inc0.05%
General Dynamics Corp0.05%
Revvity Inc0.05%
Smurfit Westrock PLC0.05%
Us Foods Holding Corp0.05%
Sharkninja Inc0.05%

Only in USCA

34 securities, 3.5% of USCA by weight

2226792D0.44%
Accenture Ltd-Cl A0.29%
Eaton Corp PLC0.27%
Snowflake Inc0.19%
Chubb Ltd Npv0.18%
Medtronic plc0.18%
Anthem Inc0.17%
Johnson Controls International PLC0.17%
Cloudflare Inc0.16%
Schlumberger Ltd0.15%
MercadoLibre Inc.0.14%
NXP Semiconductors NV0.12%
Crh PLC0.11%
Natera0.10%
Becton Dickinson & Co0.08%
Equity Residential0.07%
Square Class A0.07%
Atlassian Corp Plc0.06%
Willis Towers Watson PLC0.06%
Zscaler Inc0.05%
Waste Connections Inc0.04%
SoFi Technologies Inc0.04%
Fiserv Inc0.04%
Credo Technology Group Holding Ltd0.04%
Smurfit Westrock PLC0.03%
Ball Corp0.03%
Liberty Media Corp-Liberty Formula0.03%
Samsara Inc-Cl A0.03%
Tradeweb Markets Inc0.03%
Flutter Entmt(Us)0.02%
LPL Financial Holdings Inc0.02%
Rivian Automotive Inc0.02%
Carnival Corp0.02%
Everest Re Group<0.01%

Weight gaps

The 100 widest of 357 Holdings in both funds.

Holding weights in MMTM and USCA, widest gap first
Holding	More in MMTMMore in USCA	MMTM	USCA
Microsoft CorpMSFT	USCA +4.37 points	2.53%	6.90%
Micron Technology IncMU	MMTM +2.46 points	2.93%	0.47%
Amazon.com IncAMZN	USCA +2.14 points	2.22%	4.36%
Broadcom IncAVGO	USCA +1.94 points	0.82%	2.76%
Tesla IncTSLA	USCA +1.90 points	0.24%	2.14%
NVIDIA CorpNVDA	USCA +1.82 points	7.00%	8.82%
Exxonmobil Holdings CorpXOM	MMTM +1.04 points	1.77%	0.73%
Intel CorpINTC	MMTM +1.00 points	1.27%	0.27%
Advanced Micro DevicesAMD	MMTM +0.90 points	2.44%	1.54%
Meta Platforms Inc Class AMETA	USCA +0.86 points	1.67%	2.53%
Chevron CorpCVX	MMTM +0.60 points	1.01%	0.41%
Home Depot IncHD	USCA +0.60 points	0.02%	0.62%
Palantir Technologies Inc APLTR	USCA +0.59 points	0.16%	0.75%
Mastercard Inc AMA	USCA +0.57 points	0.40%	0.97%
Visa Inc Class A SharesV	USCA +0.54 points	0.75%	1.29%
Procter & Gamble Co/ThePG	USCA +0.52 points	0.19%	0.71%
Walmart IncWMT	USCA +0.51 points	0.50%	1.01%
Netflix IncNFLX	USCA +0.46 points	0.02%	0.48%
Applied Materials IncAMAT	MMTM +0.44 points	0.88%	0.44%
Lam Research CorpLRCX	MMTM +0.42 points	0.84%	0.42%
Ge Vernova IncGEV	MMTM +0.37 points	0.59%	0.22%
Johnson & JohnsonJNJ	MMTM +0.33 points	1.56%	1.23%
Intl Business Machines CorpIBM	USCA +0.32 points	0.02%	0.34%
Apple IncAAPL	MMTM +0.31 points	9.80%	9.49%
Eli Lilly & CoLLY	MMTM +0.30 points	2.43%	2.13%
McDonald’s CorpMCD	USCA +0.30 points	0.04%	0.34%
Oracle CorpORCL	USCA +0.30 points	0.02%	0.32%
Cisco Systems IncCSCO	MMTM +0.30 points	1.07%	0.77%
Caterpillar IncCAT	MMTM +0.29 points	0.70%	0.41%
Pepsico IncPEP	USCA +0.28 points	0.07%	0.35%
JPMorgan Chase & CoJPM	USCA +0.28 points	0.98%	1.26%
American Express CoAXP	USCA +0.28 points	0.04%	0.32%
Salesforce IncCRM	USCA +0.27 points	0.07%	0.34%
Citigroup IncC	MMTM +0.27 points	0.47%	0.20%
Palo Alto Networks IncPANW	MMTM +0.26 points	0.82%	0.56%
ConocophillipsCOP	MMTM +0.24 points	0.42%	0.18%
UnitedHealth Group IncUNH	USCA +0.24 points	0.45%	0.69%
Seagate Technology HoldingsSTX	MMTM +0.24 points	0.44%	0.20%
Nextera Energy IncNEE	USCA +0.23 points	0.09%	0.32%
S+p Global IncSPGI	USCA +0.24 points	0.03%	0.27%
Alphabet Inc Class CGOOG	USCA +0.24 points	2.20%	2.44%
Dell Technologies CDELL	MMTM +0.22 points	0.40%	0.18%
Abbott LaboratoriesABT	USCA +0.22 points	0.04%	0.26%
Western Digital CorpWDC	MMTM +0.22 points	0.40%	0.18%
Marvell Technology IncMRVL	MMTM +0.22 points	0.53%	0.31%
Merck & Co. Inc.MRK	MMTM +0.21 points	0.90%	0.69%
Uber Technologies IncUBER	USCA +0.21 points	<0.01%	0.22%
Walt Disney Co/TheDIS	USCA +0.20 points	0.07%	0.27%
Intuitive Surgical IncISRG	USCA +0.20 points	0.01%	0.21%
Servicenow IncNOW	USCA +0.19 points	<0.01%	0.20%
Booking Holdings IncBKNG	USCA +0.20 points	0.02%	0.22%
General ElectricGE	USCA +0.19 points	0.25%	0.44%
BlackRock IncBLK	USCA +0.18 points	0.13%	0.31%
Amphenol Corp Class AAPH	MMTM +0.18 points	0.36%	0.18%
Adobe IncADBE	USCA +0.18 points	<0.01%	0.19%
Intuit IncINTU	USCA +0.17 points	<0.01%	0.18%
Rtx CorpRTX	MMTM +0.16 points	0.29%	0.13%
Kla CorpKLAC	MMTM +0.16 points	0.55%	0.39%
Pnc Financial Services GroupPNC	MMTM +0.15 points	0.19%	0.04%
Constellation EnergyCEG	USCA +0.14 points	<0.01%	0.15%
At+t IncT	USCA +0.15 points	0.13%	0.28%
Bank of America CorpBAC	USCA +0.15 points	0.31%	0.46%
Wells Fargo & CoWFC	USCA +0.15 points	0.09%	0.24%
Analog Devices IncADI	MMTM +0.15 points	0.53%	0.38%
Blackstone IncBX	USCA +0.14 points	0.02%	0.16%
Qualcomm IncQCOM	USCA +0.15 points	0.18%	0.33%
Danaher CorpDHR	USCA +0.14 points	0.14%	0.28%
Marsh & Mclennan CosMRSH	USCA +0.13 points	0.05%	0.18%
Automatic Data ProcessingADP	USCA +0.13 points	0.09%	0.22%
American Tower CorpAMT	USCA +0.13 points	0.03%	0.16%
T Mobile Us IncTMUS	USCA +0.12 points	0.02%	0.14%
Capital One Financial CorpCOF	USCA +0.12 points	0.05%	0.17%
Us BancorpUSB	MMTM +0.12 points	0.21%	0.09%
Cadence Design Sys IncCDNS	USCA +0.12 points	0.05%	0.17%
Ross Stores IncROST	MMTM +0.12 points	0.19%	0.07%
Schwab (Charles) CorpSCHW	USCA +0.11 points	0.16%	0.27%
Corning IncGLW	MMTM +0.11 points	0.25%	0.14%
Sherwin Williams Co/TheSHW	USCA +0.11 points	0.03%	0.14%
Amgen IncAMGN	MMTM +0.12 points	0.59%	0.47%
Hewlett Packard EnterpriseHPE	MMTM +0.12 points	0.22%	0.10%
Robinhood Markets Inc AHOOD	USCA +0.11 points	<0.01%	0.12%
Alphabet Inc Class AGOOGL	USCA +0.11 points	2.97%	3.08%
Moody’s CorpMCO	USCA +0.11 points	0.03%	0.14%
Synopsys IncSNPS	USCA +0.11 points	0.05%	0.16%
Coca Cola Co/TheKO	MMTM +0.11 points	0.79%	0.68%
Boston Scientific CorpBSX	USCA +0.11 points	<0.01%	0.12%
Aon PLC Class AAON	USCA +0.11 points	0.01%	0.12%
Cme Group IncCME	USCA +0.10 points	0.10%	0.20%
Deere & CoDE	MMTM +0.10 points	0.41%	0.31%
Travelers Cos Inc/TheTRV	MMTM +0.10 points	0.18%	0.08%
Eog Resources IncEOG	MMTM +0.11 points	0.19%	0.08%
Lumentum Holdings IncLITE	MMTM +0.11 points	0.23%	0.12%
Coherent CorpCOHR	MMTM +0.10 points	0.12%	0.02%
Te Connectivity PLCTEL	USCA +0.11 points	0.01%	0.12%
Comcast Corp Class ACMCSA	USCA +0.10 points	0.02%	0.12%
3M CoMMM	USCA +0.10 points	0.07%	0.17%
Bank of New York Mellon CorpBNY	MMTM +0.10 points	0.24%	0.14%
Delta Air Lines IncDAL	MMTM +0.10 points	0.12%	0.02%
Autodesk IncADSK	USCA +0.10 points	<0.01%	0.10%
Fedex CorpFDX	MMTM +0.10 points	0.16%	0.06%

All 1,487 MMTM holdings⁠All 394 USCA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MMTM vs USCA Cost

Overpaying MMTM vs USCA

$1,040

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

MMTM 0.12%
$2,520
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

MMTM 0.12%
USCA 0.07%
Overpaying

Year by year

Year	MMTM	USCA	Overpaying
10	$220	$128	$92
20	$859	$503	$356
30	$2,520	$1,480	$1,040

Expense ratio

0.12%MMTM
0.07%USCA, cheaper

USCA0.07%MMTM0.12%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

MMTM 3rd cheapest of 30 funds

MMTM vs USCA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MMTM 0.93%; USCA 1.06%, better
Payout (12M): MMTM $2.74; USCA $0.47
Last payment: MMTM $0.66; USCA $0.10
Ex-dividend: MMTM Sep 21, 2026; USCA Sep 18, 2026
Paid on: MMTM Sep 23, 2026; USCA Sep 25, 2026
Frequency: MMTM Quarterly; USCA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MMTMQuarterly · 39 paymentsAll MMTM payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

MMTM vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MMTM 14.5%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: MMTM 1.03USCA 1.27, better
Worst fallMax drawdown, 5 years: MMTM −23.7%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: MMTM 1.03USCA 1.00; Market = 1

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