iShares MSCI USA Momentum Factor ETF (0JLA)
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Summary
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MTUM: $20B Momentum ETF Not The Best Choice In Its Category
MTUM is a popular $20B large-cap momentum ETF that's comprised of 125 companies with strong short- and long-term risk-adjusted price momentum characteristics. Its expense ratio is 0.15%. MTUM was the second-best-performing momentum fund over the last decade, but several newer funds have surpassed it over the last five. This article compares its fundamentals against four others. One surprising find was that MTUM's short-term momentum statistics don't stand out, a finding possibly caused by the Index's 30% quarterly turnover constraint.
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MTUM: Capturing U.S. Momentum
The iShares MSCI USA Momentum Factor ETF offers diversified exposure to US large- and mid-cap stocks with strong risk-adjusted momentum, but carries higher volatility. The ETF's high P/E ratio (33x) signals elevated valuations, especially in tech and financials, increasing the risk of sharp corrections if growth expectations falter. Recent performance has lagged peers using pure momentum metrics, partly due to risk-adjusted selection and portfolio turnover limits, despite similar expense ratios.
iShares MSCI USA Momentum Factor ETF (0JLA) FAQ
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iShares MSCI USA Momentum Factor ETF Profile
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Overview
The provided description outlines an investment fund that is designed to track the performance of an underlying index, which is based on stocks showing higher momentum characteristics compared to those in the traditional market capitalization-weighted MSCI USA Index. This approach suggests an investment strategy focused on capitalizing on the momentum of certain stocks, reflecting an active management style aimed at outperforming the general market through the selection of securities that exhibit stronger performance trends. The fund commits to investing at least 80% of its assets in the securities that are part of its underlying index or in investments that mirror the economic characteristics of those securities, indicating a significant adherence to its investment thesis while allowing for a degree of flexibility in portfolio management.
Products and Services
- Component Securities Investment -
The fund invests primarily in the securities that constitute its underlying index. This is a core service offering, leveraging the economic characteristics of these securities to aim for returns that are reflective of the underlying index's performance. The emphasis on investing a large portion of its assets in these securities aligns with the fund's strategy to mirror the momentum-based performance of its chosen index.
- Momentum-based Strategy -
A distinctive characteristic of the fund's investment approach is the focus on stocks exhibiting higher momentum compared to those in the MSCI USA Index. This involves selecting stocks that have shown a tendency to increase in price more significantly than others within the parent index. It's a strategy aimed at investors seeking to capitalize on trends, with the fund's performance heavily dependent on the ability to accurately identify and invest in high-momentum stocks.
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