What Is the MDY ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The SPDR S&P MidCap 400 ETF Trust (MDY) is a broadly diversified ETF covering US mid-cap stocks. Quarterly dividends, a long track record, and fee differences versus peers such as IJH and VO are the key selection criteria for this core mid-cap holding.
SubscribeWhat Is the SPDR S&P MidCap 400 ETF Trust?
This is a core US mid-cap ETF that tracks the S&P MidCap 400 Index. It holds mid-sized companies one step down from large caps, weighted by market capitalization, and follows the performance of the mid-cap segment as a whole.
It suits long-term investors who want to broaden diversification by adding mid-cap exposure to a portfolio focused on large caps.
It is a passively managed (index-tracking) ETF run by State Street.
How Does the SPDR S&P MidCap 400 ETF Trust Invest?
| Item | Details |
|---|---|
| Tracked Index | S&P MidCap 400 |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Quarterly |
| Issuer | State Street |
| Expense Ratio | 0.23% |
The fund holds the constituents of the S&P MidCap 400 in proportion to their market capitalization, tracking the performance of US mid-cap stocks as a whole. Rebalancing is applied automatically each quarter based on index committee decisions, and broad diversification reduces dependence on any single stock.
- The first US mid-cap ETF, with a long track record
- Broad diversification across several hundred stocks
SPDR S&P MidCap 400 ETF Trust Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $26.2B, and the Expense Ratio is 0.23% per year.
Its fees are somewhat higher than those of comparable mid-cap ETFs such as IJH and VO, but it offers a long track record and strong trading liquidity.
SPDR S&P MidCap 400 ETF Trust Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe fund moves with the mid-cap segment as a whole in line with US economic growth, and in the short term it tends to show volatility depending on interest rates, earnings season, and economic sensitivity. It reacts more sensitively to the economic cycle than large caps do.
Fund flows continue in response to demand for mid-cap diversification, and when market risk appetite strengthens, money moving into mid caps can become especially noticeable. Conversely, in risk-off phases, fund flows can swing more than they do for large caps.
SPDR S&P MidCap 400 ETF Trust Strengths and Weaknesses
Its strengths are a long track record and broad mid-cap diversification, while its weakness is that its fees are somewhat higher than those of peer ETFs.
💪 Key Strengths
⚠️ Points to Watch
SPDR S&P MidCap 400 ETF Trust Alternative ETFs and Related Products
IJH, VO, and SPMD shown in the table are direct comparison candidates in the same US mid-cap category, and they are generally core ETFs with lower fees. IWR and SCHM are also options that provide mid-cap exposure. Among these, SPMD is a lower-fee mid-cap ETF also managed by State Street, and it can serve as a direct substitute for investors looking to reduce fee burden.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 IJH | iShares Core S&P Mid-Cap ETF | $74.59 | +0.6% | $124.6B | 0.05% | 1.21% | +15.9% |
 VO | Vanguard Morningstar Mid-Cap ETF | $82.37 | +0.9% | $107.7B | 0.03% | 1.34% | +14.8% |
 IWR | iShares Russell Mid-Cap ETF | $111.56 | +1.1% | $58.2B | 0.18% | 1.14% | +18.0% |
 SPMD | State Street SPDR Portfolio S&P 400TM Mid Cap ETF | $65.34 | +0.6% | $18.9B | 0.03% | 1.29% | +15.8% |
 SCHM | Schwab U.S. Mid-Cap ETF | $35.53 | +1.0% | $14.9B | 0.03% | 1.25% | +21.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 FTI | TechnipFMC plc | 0.01% | $64.50 | -3.4% | $25.1B | 20.3 | 0.39% |
| TWLO | Twilio Inc | 0.01% | $213.50 | -0.1% | $33.0B | 26.9 | - |
 CASY | Casey's General Stores Inc | 0.01% | $674.84 | +1.4% | $24.9B | 32.5 | 0.39% |
 CRS | Carpenter Technology Corp | 0.01% | $292.10 | -1.6% | $14.5B | 25.7 | 0.28% |
 MKSI | MKS Inc | 0.01% | $194.95 | -5.0% | $13.2B | 31.1 | 0.51% |
 UTHR | United Therapeutics Corp | 0.01% | $608.49 | +1.2% | $26.1B | 21.8 | - |
 CW | Curtiss-Wright Corp | 0.02% | $452.13 | -9.2% | $16.7B | 31.1 | 0.22% |
 ENTG | Entegris Inc | 0.01% | $142.87 | -6.5% | $21.8B | 55.8 | 0.24% |
 NVT | nVent Electric plc | 0.01% | $112.82 | -12.7% | $18.2B | 27.4 | 0.69% |
SPDR S&P MidCap 400 ETF Trust Investor Checkpoints
Here are the points to review before investing in MDY. As a core mid-cap holding it offers diversification benefits, but fee costs, economic sensitivity, and currency exposure can affect long-term performance, so it is best to check them in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the impact of cumulative costs over a long holding period | Somewhat higher than peers |
| 💧 Liquidity | Check daily trading value and bid-ask spread | Good |
| 📊 Economic Sensitivity | Review the trend in mid-cap volatility | More sensitive than large caps |
| 💱 Exchange Rate | Impact on returns converted into won | No currency hedge applied |
By nature, mid caps are more sensitive to the economic cycle and to volatility than large caps, and the somewhat higher fees relative to peer ETFs can affect long-term costs. Short-term losses can widen during market corrections.
For investors who want to add US mid-cap exposure as a core holding, it is an option backed by a long track record. If cost is the priority, lower-fee alternatives such as IJH, VO, and SPMD are worth considering, while MDY is a better fit for those who value track record and liquidity.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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