MDYV ETF Explained: Returns, Expense Ratio, Holdings and Alternative ETFs
A passive mid-cap value ETF that tracks the S&P MidCap 400 Value Index. A diversified core built on three undervaluation factors.
SubscribeWhat Is This ETF?
This is a mid-cap value ETF that tracks the S&P MidCap 400 Value Index. It uses price-to-book, price-to-earnings and price-to-sales ratios to select and hold mid-cap stocks with strong value characteristics.
It suits diversification-minded investors who want to reduce their concentration in large-cap growth stocks and increase their exposure to mid-cap value.
State Street (SSGA) launched the ETF in 2005, and it is passively managed (index-tracking).
How Does It Invest?
| Item | Details |
|---|---|
| Tracking Index | S&P MidCap 400 Value Index |
| Management Style | Passive (index-tracking) |
| Rebalancing Frequency | Annually (January) |
| Dividend Frequency | Quarterly |
| Expense Ratio | 0.15% |
From the constituents of the S&P MidCap 400, the fund selects stocks with strong value characteristics based on three value metrics: price-to-book, price-to-earnings and price-to-sales. It holds them on a market-cap-weighted basis. Traditional sectors such as financials, industrials and consumer goods carry relatively high weights.
- Composite screening across three value factors
- Differentiated diversification through mid-cap value exposure rather than large caps
Size and Costs
Assets under management (AUM) stand at $2.8B, and the expense ratio is 0.15% per year.
Its fees are on the low side within the mid-cap value category. Compared with similar ETFs such as IJJ and IWS, its fee is lower or comparable, and compared with MDY, which holds the entire mid-cap universe, its holdings are additionally filtered by the value factor.
Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe value factor is sensitive to the interest rate environment and the economic cycle. In a high-rate environment, expectations for a re-rating of undervalued stocks tend to rise, but when concerns about an economic slowdown emerge, mid-cap value stocks can also fall along with the market.
Fund flows into mid-cap value ETFs are smaller than those into large-cap growth ETFs, but the category draws steady interest from investors looking to diversify portfolio factors. Inflows tend to stand out during periods of style rotation.
Pros and Cons
Its mid-cap value factor access and low fees are strengths, but investors should be mindful of the volatility typical of mid-cap stocks and their relatively low liquidity.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products
The VTV, IWD and IVE shown in the table are large-cap value ETFs that share the value factor with MDYV but differ in size exposure. VBR and SPYV cover small-cap value and S&P 500 value respectively, spanning a different part of the size spectrum. Direct substitutes within the same mid-cap value category include iShares' IJJ and IWS, and MDY, which holds the entire mid-cap universe, can also serve as a reference. For a mid-cap core approach that holds growth and value stocks together, IJH is worth considering.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VTV | Vanguard Morningstar Value ETF | $228.57 | +0.2% | $196.0B | 0.03% | 1.82% | +23.1% |
 IWD | iShares Russell 1000 Value ETF | $259.36 | +0.3% | $83.2B | 0.18% | 1.36% | +26.8% |
 IVE | iShares S&P 500 Value ETF | $239.80 | +0.1% | $50.8B | 0.18% | 1.51% | +14.8% |
 SPYV | State Street SPDR Portfolio S&P 500 Value ETF | $64.22 | +0.1% | $38.9B | 0.04% | 1.65% | +14.7% |
 VBR | Vanguard Morningstar Small-Cap Value ETF | $246.05 | +1.1% | $37.0B | 0.05% | 1.8% | +19.1% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 MYMK | State Street My2031 Municipal Bond ETF | 0.04% | $24.66 | -0.0% | $0.0M | - | 2.61% |
 USFD | US Foods Holding Corp | 0.03% | $105.80 | +2.1% | $22.9B | 32.5 | - |
 SNX | TD Synnex Corp | 0.01% | $222.22 | -6.1% | $17.7B | 13.5 | 0.87% |
 AA | Alcoa Corp | 0.01% | $39.90 | +1.8% | $10.5B | 6.9 | 1% |
 RS | Reliance Inc | 0.01% | $448.08 | +2.6% | $22.8B | 20.9 | 1.11% |
 OVV | Ovintiv Inc | 0.01% | $67.78 | -6.7% | $18.7B | 18.9 | 1.78% |
 PFGC | Performance Food Group Company | 0.01% | $100.84 | +1.8% | $15.9B | 44.1 | - |
 PR | Permian Resources Holdings Inc | 0.01% | $24.56 | -5.6% | $20.6B | 16.3 | 2.6% |
Investor Checkpoints
Here are the points to review before investing in MDYV. For a mid-cap value factor ETF, it is important to understand the style cycle, sector composition and fee level in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative cost impact over a long holding period | Remains at a low level |
| 📊 Factor Cycle | Be aware of the rotation cycle between value and growth styles | Periodic review needed |
| 🏦 Sector Composition | Check for concentration in financials and industrials | Review weights regularly |
| 💱 Exchange Rate | Impact of fluctuations in dollar-converted returns | No currency hedge applied |
If the high volatility typical of mid-cap stocks coincides with a period of value factor weakness, short-term drawdowns can deepen. Investors should be aware in advance of the concentration in financials and industrials and of the fund's economic sensitivity.
It is a suitable choice for investors who want to add the mid-cap value factor to a portfolio at low cost. It can serve as a diversification tool to ease concentration in large-cap growth stocks, and we recommend comparing fees and liquidity against the direct substitutes IJJ and IWS before choosing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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