MTUM vs USCA: Grades, Fees and Holdings Compared

iShares MSCI USA Momentum Factor ETF

MTUMBCboe

Xtrackers MSCI USA Climate Action Equity ETF

USCAANYSE Arca

Overlap

22.8%by weight

Expense ratio

USCA −0.08pt a year

MTUM0.15%USCA0.07%

Avg volume · 30D

MTUM 15.1×the volume

MTUM1.48MUSCA97.9K

3Y return · a year

MTUM +5.1pt

MTUM+25.6%USCA+20.5%

MTUM vs USCA Performance

Oct 31, 2025 – Nov 2, 2026

+9.0%MTUM+7.7%USCA

Expense ratio: MTUM 0.15%; USCA 0.07%, better
Fund size: MTUM $17.8B; USCA $3.42B
1Y total return: MTUM +9.0%, better; USCA +7.7%
Yield (12M): MTUM 0.67%; USCA 1.05%, better
Holdings: MTUM 128; USCA 392
Avg volume (30D): MTUM 1.48M sh, better; USCA 97.9K sh
NAV per share: MTUM $284.24; USCA $44.82
52W range

ETF.net Grade

Pillar letters and Scores for MTUM, USCA, with each pillar’s weight
Pillar	MTUM	USCA
Cost30% weight	A81	A97Higher
Mission25% weight	B57	A91Higher
Risk15% weight	D29	C54Higher
Tradability15% weight	A75Higher	B61
Holdings10% weight	C47Higher	D29
Durability5% weight	A85Higher	C49

Rank among US Factor Index funds

How we build Categories ›

Same Category. MTUM 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 MTUM 12th 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 11BGARPiShares MSCI USA Quality GARP ETFScore 64
Rank 12BMTUMiShares MSCI USA Momentum Factor ETFScore 63
Rank 13BFDMOFidelity Momentum Factor ETFScore 57

Our read on each fund

ETF.net Research

MTUMBiShares MSCI USA Momentum Factor ETF

USCAAXtrackers MSCI USA Climate Action Equity ETF

In short

MTUM The 2013 original that turned momentum into a mainstream factor bet. MTUM ranks large- and mid-cap US stocks by their 6- and 12-month gains divided by their volatility, so steady climbers outrank wild ones, then rebuilds a roughly 130-stock lineup on a set schedule.

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

MTUM The fund seeks to track an index of U.S. large- and mid-capitalization stocks with relatively high price momentum. Its strategy uses an index designed to emphasize stocks with stronger momentum characteristics than the MSCI USA parent index.

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

MTUM Momentum here is volatility-adjusted: 6- and 12-month price gains scaled by three-year volatility, which favors steady climbers over the jumpiest movers.msci.com
0.15% a year, a fraction of the typical fee among US momentum funds, and one of the stronger overall implementations in that peer group.
Running since 2013 and now a multi-billion-dollar fund that trades actively, which generally means tight spreads and easy fills.
The index spreads its rebalance trades over three days into the effective date and caps weights at the issuer level, both aimed at curbing turnover and concentration.msci.com

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

MTUM Roughly 130 names, chosen by what has been working, so sector tilts can get lopsided and stay that way between index reviews.msci.com
Sharp reversals are momentum's classic weak spot: the portfolio resets at the scheduled May and November reviews, or sooner only if an ad-hoc trigger fires.msci.com
Cheap but not cheapest: JMOM, VFMO and SPMO each charge slightly less for their own version of momentum.

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 MTUM profile⁠

Full USCA profile⁠

MTUM vs USCA Holdings

How MTUM and USCA differ

Overlap by weight

22.8%

Shared holdings make up 86.5% of MTUM and 24.0% of USCA.

Level by level

Holdings98 in both22.8%
Sector11 Sectors79.6%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in MTUM and USCA, widest gap first
Sector	More in MTUMMore in USCA	MTUM	USCA
Technology	MTUM +8.3 points	51.7%	43.4%
Energy	MTUM +8.0 points	9.9%	1.9%
Consumer Discretionary	USCA +7.5 points	1.9%	9.4%
Communication	USCA +6.9 points	4.7%	11.6%
Industrials	MTUM +3.9 points	10.1%	6.2%
Financials	USCA +3.4 points	5.6%	9.0%
Utilities	USCA +1.3 points	0.2%	1.5%
Consumer Staples	USCA +0.7 points	3.1%	3.8%
Materials	USCA +0.5 points	0.9%	1.4%
Real Estate	MTUM +0.1 points	1.8%	1.7%
Health Care	MTUM +0.1 points	10.2%	10.1%

Country, concentration and asset class

Country by domicile

Country weights in MTUM and USCA, widest gap first
Country	More in MTUMMore in USCA	MTUM	USCA
United States	USCA +0.2 points	99.1%	99.3%
United Kingdom	MTUM +0.3 points	0.3%	0.0%
Switzerland	MTUM +0.1 points	0.3%	0.2%
Mexico	MTUM +0.2 points	0.3%	0.1%
Brazil	USCA +0.1 points	0.0%	0.1%
China	USCA +0.1 points	0.0%	0.1%
Canada	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

MTUM34.3%
USCA44.6%

Securities held

MTUM125
USCA391

Asset class

MTUM: Equity
USCA: Equity

Holdings

Only in MTUM27
In both98
Only in USCA293

Only in MTUM

27 securities, 13.3% of MTUM by weight

Sandisk2.25%
Crowdstrike Holdings Class A1.80%
Texas Instrument1.47%
Marathon Petroleum1.34%
Valero Energy Corp1.21%
Phillips 660.85%
Johnson Controls International PLC0.47%
Targa Resources0.42%
Bloom Energy Class A0.39%
Astera Labs0.37%
Revolution Medicines0.33%
Royalty Pharma PLC Class A0.24%
Centene Corp0.23%
Entergy Corp0.22%
Caseys General Stores Inc0.20%
Roivant Sciences Ltd0.19%
Quest Diagnostics Inc0.19%
Ati0.18%
Qnity Electronics0.16%
Nvent Electric PLC0.14%
Reliance Steel & Aluminum0.12%
Cf Industries Holdings Inc0.11%
United Therapeutics0.11%
Carpenter Technology0.10%
Sharkninja0.10%
Lyondellbasell Industries Class A0.08%
Curtiss Wright0.08%

Only in USCA

293 securities, 75.6% of USCA by weight

Apple Inc9.49%
NVIDIA Corp8.82%
Microsoft Corp6.90%
Amazon.com Inc4.36%
Broadcom2.76%
Meta Platform Inc Class A2.53%
Tesla2.14%
Lilly (Eli) & Co2.13%
Visa Inc-Class A Shares1.29%
JPMorgan Chase & Co1.26%
Wal-Mart Stores Inc1.01%
AbbVie Inc0.98%
Mastercard Inc-Class A0.97%
Palantir Technologies Inc Class A0.75%
Procter & Gamble Co0.71%
Home Depot Inc0.62%
Netflix Inc0.48%
Thermo Fisher Scientific Inc0.48%
Amgen Inc0.47%
Bank of America Corp0.46%
2226792D0.44%
General Electric Co0.44%
Costco Wholesale Corp0.42%
Gilead Sciences Inc0.40%
Verizon Communications Inc0.35%
Pepsico0.35%
salesforce.com Inc0.34%
McDonald's Corp0.34%
International Business Machine Corp0.34%
QUALCOMM Inc0.33%
Pfizer Inc0.33%
NextEra Energy Inc0.32%
American Express Co0.32%
Oracle Corp0.32%
Blackrock Inc0.31%
Deere & Co0.31%
Accenture Ltd-Cl A0.29%
AT&T Inc0.28%
Danaher Corp0.28%
Charles Schwab Corp0.27%
Walt Disney Co0.27%
Eaton Corp PLC0.27%
S&P Global0.27%
Vertex Pharm0.26%
Abbott Laboratories0.26%
Wells Fargo & Co0.24%
Bristol-Myers Squibb Co0.24%
Prologis Inc0.22%
Starbucks Corp0.22%
Automatic Data Process0.22%

Weight gaps

All 98 Holdings in both funds, largest gap first.

Holding weights in MTUM and USCA, widest gap first
Holding	More in MTUMMore in USCA	MTUM	USCA
Micron TechnologyMU	MTUM +4.55 points	5.02%	0.47%
Advanced Micro DevicesAMD	MTUM +4.21 points	5.75%	1.54%
Cisco Systems IncCSCO	MTUM +2.83 points	3.60%	0.77%
Intel CorporationINTC	MTUM +2.62 points	2.89%	0.27%
Exxonmobil Holdings CorpXOM	MTUM +2.51 points	3.24%	0.73%
Johnson & JohnsonJNJ	MTUM +2.47 points	3.69%	1.23%
Palo Alto NetworksPANW	MTUM +2.21 points	2.77%	0.56%
Applied Material IncAMAT	MTUM +2.19 points	2.63%	0.44%
Seagate Technology Holdings PLCSTX	MTUM +1.68 points	1.88%	0.20%
UnitedHealth GroupUNH	MTUM +1.63 points	2.32%	0.69%
Lam ResearchLRCX	MTUM +1.56 points	1.98%	0.42%
Dell Technologies Inc Class CDELL	MTUM +1.50 points	1.68%	0.18%
Western Digital CorpWDC	MTUM +1.48 points	1.66%	0.18%
Coca-ColaKO	MTUM +1.48 points	2.16%	0.68%
Marvell TechnologyMRVL	MTUM +1.40 points	1.71%	0.31%
ChevronCVX	MTUM +1.38 points	1.79%	0.41%
Caterpillar IncCAT	MTUM +1.36 points	1.77%	0.41%
Merck & Co IncMRK	MTUM +1.32 points	2.01%	0.69%
Ge VernovaGEV	MTUM +1.25 points	1.47%	0.22%
Union PacificUNP	MTUM +0.76 points	1.10%	0.34%
Hewlett Packard EnterpriseHPE	MTUM +0.77 points	0.87%	0.10%
KlaKLAC	MTUM +0.73 points	1.12%	0.39%
WelltowerWELL	MTUM +0.73 points	1.04%	0.31%
CitigroupC	MTUM +0.70 points	0.90%	0.20%
Morgan StanleyMS	MTUM +0.69 points	1.00%	0.31%
Alphabet Class AGOOGL	USCA +0.67 points	2.41%	3.08%
Goldman Sachs GroupGS	MTUM +0.66 points	1.03%	0.37%
FortinetFTNT	MTUM +0.65 points	0.81%	0.16%
Bank of New York Mellon CorpBNY	MTUM +0.62 points	0.76%	0.14%
Lumentum HoldingsLITE	MTUM +0.62 points	0.74%	0.12%
Amphenol Corp Class AAPH	MTUM +0.62 points	0.80%	0.18%
Analog DevicesADI	MTUM +0.61 points	0.99%	0.38%
ConocophillipsCOP	MTUM +0.60 points	0.78%	0.18%
Cvs HealthCVS	MTUM +0.59 points	0.75%	0.16%
CsxCSX	MTUM +0.58 points	0.76%	0.18%
Travelers CompaniesTRV	MTUM +0.53 points	0.61%	0.08%
Alphabet Class CGOOG	USCA +0.53 points	1.91%	2.44%
Ross Stores IncROST	MTUM +0.50 points	0.57%	0.07%
Datadog Inc Class ADDOG	MTUM +0.50 points	0.64%	0.14%
CorningGLW	MTUM +0.49 points	0.63%	0.14%
Arista NetworksANET	MTUM +0.45 points	0.79%	0.34%
Quanta Services IncPWR	MTUM +0.45 points	0.62%	0.17%
Eog ResourcesEOG	MTUM +0.44 points	0.52%	0.08%
Howmet AerospaceHWM	MTUM +0.43 points	0.50%	0.07%
Equinix ReitEQIX	MTUM +0.41 points	0.55%	0.14%
Allstate CorpALL	MTUM +0.40 points	0.46%	0.06%
NucorNUE	MTUM +0.36 points	0.45%	0.09%
State StreetSTT	MTUM +0.36 points	0.40%	0.04%
HumanaHUM	MTUM +0.34 points	0.41%	0.07%
Target CorpTGT	MTUM +0.33 points	0.43%	0.10%
Cloudflare Class ANET	MTUM +0.33 points	0.49%	0.16%
Netapp IncNTAP	MTUM +0.32 points	0.38%	0.06%
CienaCIEN	MTUM +0.32 points	0.40%	0.08%
Ww Grainger IncGWW	MTUM +0.31 points	0.37%	0.06%
TeradyneTER	MTUM +0.28 points	0.34%	0.06%
Keysight TechnologiesKEYS	MTUM +0.28 points	0.38%	0.10%
Marriott International Class AMAR	MTUM +0.28 points	0.44%	0.16%
Fedex CorpFDX	MTUM +0.28 points	0.34%	0.06%
Monster BeverageMNST	MTUM +0.27 points	0.40%	0.13%
Cummins IncCMI	MTUM +0.24 points	0.34%	0.10%
Comfort Systems UsaFIX	MTUM +0.23 points	0.31%	0.08%
Westinghouse Air Brake TechnologieWAB	MTUM +0.22 points	0.29%	0.07%
Vertiv Holdings Class AVRT	MTUM +0.22 points	0.38%	0.16%
GarminGRMN	MTUM +0.22 points	0.28%	0.06%
Flex LtdFLEX	MTUM +0.22 points	0.26%	0.04%
General MotorsGM	MTUM +0.20 points	0.31%	0.11%
Steel Dynamics IncSTLD	MTUM +0.20 points	0.25%	0.05%
Monolithic Power Systems IncMPWR	MTUM +0.18 points	0.29%	0.11%
Ventas ReitVTR	MTUM +0.17 points	0.23%	0.06%
Occidental Petroleum CorpOXY	MTUM +0.17 points	0.24%	0.07%
CoherentCOHR	MTUM +0.17 points	0.19%	0.02%
Archer Daniels MidlandADM	MTUM +0.15 points	0.17%	0.02%
Okta Class AOKTA	MTUM +0.15 points	0.22%	0.07%
Illumina IncILMN	MTUM +0.14 points	0.21%	0.07%
EbayEBAY	MTUM +0.14 points	0.23%	0.09%
Diamondback EnergyFANG	MTUM +0.15 points	0.21%	0.06%
West Pharmaceutical ServicesWST	MTUM +0.14 points	0.18%	0.04%
Northern TrustNTRS	MTUM +0.13 points	0.16%	0.03%
Twilio Class ATWLO	MTUM +0.14 points	0.19%	0.05%
JabilJBL	MTUM +0.14 points	0.15%	0.01%
Iron Mountain IncIRM	MTUM +0.13 points	0.19%	0.06%
Technipfmc PLCFTI	MTUM +0.12 points	0.17%	0.05%
Rockwell Automation IncROK	MTUM +0.12 points	0.21%	0.09%
Principal Financial Group IncPFG	MTUM +0.12 points	0.14%	0.02%
Hp IncHPQ	MTUM +0.11 points	0.15%	0.04%
F5FFIV	MTUM +0.10 points	0.14%	0.04%
Jb Hunt Transport ServicesJBHT	MTUM +0.10 points	0.11%	<0.01%
Citizens Financial Group IncCFG	MTUM +0.11 points	0.12%	0.01%
BiogenBIIB	MTUM +0.10 points	0.17%	0.07%
Credo Technology Group Holding LtdCRDO	MTUM +0.09 points	0.13%	0.04%
On Semiconductor CorpON	MTUM +0.10 points	0.14%	0.04%
Cboe Global MarketsCBOE	MTUM +0.09 points	0.16%	0.07%
Interactive Brokers Group Inc ClasIBKR	MTUM +0.09 points	0.14%	0.05%
Old Dominion Freight LineODFL	MTUM +0.09 points	0.15%	0.06%
XpoXPO	MTUM +0.08 points	0.11%	0.03%
TapestryTPR	MTUM +0.05 points	0.10%	0.05%
Delta Air LinesDAL	MTUM +0.05 points	0.07%	0.02%
NordsonNDSN	MTUM +0.05 points	0.07%	0.02%

All 125 MTUM 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.

MTUM vs USCA Cost

Overpaying MTUM vs USCA

$1,657

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

MTUM 0.15%
$3,137
USCA 0.07%
$1,480

Amount$10,000

Years30 years

Cost over time

MTUM 0.15%
USCA 0.07%
Overpaying

Year by year

Year	MTUM	USCA	Overpaying
10	$274	$128	$146
20	$1,071	$503	$568
30	$3,137	$1,480	$1,657

Expense ratio

0.15%MTUM
0.07%USCA, cheaper

USCA0.07%MTUM0.15%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

USCA 2nd cheapest of 30 funds

MTUM 5th cheapest of 30 funds

MTUM vs USCA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MTUM 0.67%; USCA 1.05%, better
Payout (12M): MTUM $1.85; USCA $0.47
Last payment: MTUM $0.60; USCA $0.10
Ex-dividend: MTUM Sep 15, 2026; USCA Sep 18, 2026
Paid on: MTUM Sep 18, 2026; USCA Sep 25, 2026
Frequency: MTUM Quarterly; USCA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MTUMQuarterly · 39 paymentsAll MTUM payments⁠

USCAQuarterly · 15 paymentsAll USCA payments⁠

MTUM vs USCA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MTUM 21.6%USCA 12.5%, better
Return per unit of riskSharpe ratio, 3 years: MTUM 1.07USCA 1.27, better
Worst fallMax drawdown, 5 years: MTUM −32.3%USCA −19.2%since Apr 2023
Market sensitivityBeta, 5 years: MTUM 1.24USCA 1.00; Market = 1

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