SHE ETF: What Is It? Returns, Expense Ratio, Holdings, and Alternative ETFs
The State Street SPDR MSCI USA Gender Diversity ETF (SHE) is a passive product that invests in US large caps with a high share of women in leadership. Its diversity screening structure and its differences in selection and criteria versus QUS, USSG, and SIZE are the key factors in choosing it.
SubscribeWhat Is the State Street SPDR MSCI USA Gender Diversity ETF?
This is a passive ETF that tracks an index of US large-cap companies with a high share of women among executives and board members. It selects and weights companies that lead on gender diversity criteria, giving investors exposure to US large caps while reflecting a diversity perspective.
It suits investors who want to invest in US large caps while incorporating gender diversity criteria.
It is a passive (index-tracking) ETF managed by State Street.
How Do You Invest in the State Street SPDR MSCI USA Gender Diversity ETF?
| Item | Details |
|---|---|
| Investment target | US large caps |
| Management style | Passive (diversity screening) |
| Selection criteria | Share of women in leadership |
| Dividend frequency | Quarterly |
| Total expense ratio | 0.20% |
The ETF tracks an index that selects and weights US large caps with a high share of women among executives and board members, sector by sector. By choosing companies that lead on gender diversity criteria, it maintains exposure close to the broad market while reflecting a diversity perspective through a rules-based structure.
- Selection based on the share of women in leadership
- Large-cap exposure that reflects a diversity perspective
Size and Costs of the State Street SPDR MSCI USA Gender Diversity ETF (AUM and Management Fees)
Assets under management (AUM) stand at $339.2M, and the total expense ratio is 0.20% per year.
The main point of comparison is the gender diversity screen, relative to general large-cap ETFs that invest in US large caps without diversity criteria.
Performance and Trends of the State Street SPDR MSCI USA Gender Diversity ETF
1-Year Price Performance
Dividend & Yield
52-Week Price RangeUS large caps respond to interest rates, earnings seasons, and market risk appetite. Because the diversity screening strategy maintains exposure close to the broad market, it generally follows market trends, with differences emerging to the extent of the screening. Its rules-based construction means performance can diverge from a market-cap-weighted index.
Fund flows into diversity-screened products vary with market risk appetite and demand for responsible investing, and money sometimes moves into this group of products when interest in diversity and responsible investing rises. It is also worth noting that performance varies with interest rates and the economic cycle.
Strengths and Weaknesses of the State Street SPDR MSCI USA Gender Diversity ETF
Its strengths are diversity screening and retained market exposure, while tracking differences, sector concentration, and market risk are the considerations.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the State Street SPDR MSCI USA Gender Diversity ETF
To gain exposure to US large caps without diversity screening, direct substitutes include SPY and VOO, and to add an ESG perspective, products such as ESGU are also worth comparing. The three products shown in the table, QUS, USSG, and SIZE, follow a strategic factor approach, ESG screening, and a size factor strategy respectively, and differ from this ETF in gender diversity criteria and selection method. What sets this ETF apart is that it selects large caps based on the share of women in leadership.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 QUS | State Street SPDR MSCI USA StrategicFactors SM ETF | $197.46 | +0.1% | $1.6B | 0.15% | 1.23% | +14.6% |
 HLAL | Wahed FTSE USA Shariah ETF | $69.34 | -0.9% | $935.1M | 0.50% | 0.39% | +13.3% |
 USSG | Xtrackers MSCI USA Selection Equity ETF | $69.20 | -0.9% | $546.0M | 0.09% | 0.99% | +9.1% |
 SIZE | iShares MSCI USA Size Factor ETF | $181.04 | -0.2% | $435.3M | 0.15% | 1.36% | +12.4% |
 MNZL | Manzil Russell Halal USA Broad Market ETF | $60.27 | -0.1% | $39.2M | 0.40% | 0.03% | - |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| AMD | Advanced Micro Devices Inc | 0.10% | $515.21 | +1.3% | $845.0B | 112.0 | - |
| VZ | Verizon Communications Inc | 0.04% | $46.31 | +0.5% | $191.9B | 11.8 | 6.1% |
| NVDA | NVIDIA Corp | 0.08% | $168.89 | -5.5% | $4.07T | 21.4 | 0.46% |
| MSFT | Microsoft Corp | 0.08% | $533.16 | -2.2% | $3.96T | 27.8 | 0.73% |
| INTC | Intel Corp | 0.04% | $58.13 | -2.1% | $309.0B | - | 0.07% |
| AVGO | Broadcom Inc | 0.04% | $331.98 | +3.9% | $1.58T | 42.4 | 0.79% |
| MU | Micron Technology Inc | 0.04% | $725.11 | -1.1% | $820.4B | 9.8 | 0.1% |
Investor Checkpoints for the State Street SPDR MSCI USA Gender Diversity ETF
Here are the points to review before investing in SHE. Diversity screening and retained market exposure are appealing, but tracking differences, sector concentration, and market risk should be checked in advance. It is also a good idea to compare it with plain large-cap and ESG products.
| Checkpoint | What to check | Current status |
|---|---|---|
| 👥 Diversity screening | Review the share-of-women-in-leadership criteria | Diversity reflected |
| 🇺🇸 Market exposure | Review US large-cap composition and diversification | Market exposure |
| 📊 Tracking differences | Review performance versus a market-cap-weighted index | Needs checking |
| 💵 Expense ratio | Check the fees of diversity-screened ETFs | Needs checking |
Tracking differences from diversity screening, sector concentration, and the broader market trend are the main variables for long-term performance, and screening can make the holdings differ from a market-cap-weighted index. In periods of broad market weakness, losses can occur along with the market.
It is a suitable candidate for investors who want to invest in US large caps while reflecting gender diversity criteria. For large-cap exposure without diversity screening, products such as SPY and VOO fit, and for investors who want diversity screening, it is advisable to compare this product alongside them before choosing.
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 10, 2026.
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