SPMD ETF: What Is It? — Returns, Expense Ratio, Holdings, and Alternative ETFs
The SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) provides broad diversified exposure to US mid-cap stocks, with a low expense ratio as its key strength. The choice between SPMD and competing mid-cap ETFs such as IJH and VO hinges on expense differences and the inherent volatility of mid-caps, while its quarterly dividend and long-term outlook make it well suited as a core holding for long-term investors.
SubscribeWhat Is the SPDR Portfolio S&P 400 Mid Cap ETF?
It is a core ETF that tracks the S&P 400 Mid Cap Index, the benchmark for US mid-cap stocks. It holds the hundreds of mid-sized companies in the index using a full replication approach weighted by market capitalization, mirroring the performance of the mid-cap segment as a whole.
It is well suited for long-term core investors who want diversification beyond large-caps into the US mid-cap range.
The ETF is passively managed (index-tracking) by State Street.
How to Invest in the SPDR Portfolio S&P 400 Mid Cap ETF
| Item | Details |
|---|---|
| Tracked Index | S&P 400 Mid Cap |
| Management Style | Passive (index-tracking) |
| Rebalancing Cycle | Once per quarter |
| Dividend Schedule | Quarterly dividend |
| Issuer | State Street |
| Total Expense Ratio | 0.03% |
The ETF fully replicates the constituents of the S&P 400 Mid Cap Index weighted by market cap, tracking the overall performance of US mid-caps. Rebalancing is reflected on a quarterly basis in line with index committee decisions, with no active security selection.
- Expense level below the category average
- Broad diversification through full replication of the mid-cap segment
SPDR Portfolio S&P 400 Mid Cap ETF Size and Cost (AUM & Expense Ratio)
Assets under management (AUM) stand at $18.9B, and the total expense ratio is 0.03% annually.
Compared with peers in the same mid-cap category, IJH and VO, its expense ratio sits on the lower end, although trading liquidity may differ from that of larger ETFs.
SPDR Portfolio S&P 400 Mid Cap ETF Performance and Flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangeUS mid-caps tend to exhibit a different volatility profile from large-caps depending on the economic cycle and rate environment, and this ETF's performance reflects the trend of the mid-cap segment. Short-term movements are influenced by earnings season and macro variables.
Core demand seeking to diversify away from a large-cap tilt has translated into sustained inflows into mid-cap ETFs, although flows can decelerate relative to large-caps during periods of weaker risk appetite.
SPDR Portfolio S&P 400 Mid Cap ETF Strengths and Weaknesses
A low expense ratio and broad mid-cap diversification are strengths, while mid-cap-specific volatility and currency exposure are drawbacks.
Key Strengths
Points to Watch
SPDR Portfolio S&P 400 Mid Cap ETF Alternatives and Related Products
The IJH and VO shown in the table track the same US mid-cap segment and serve as direct substitutes, with expense ratio and issuer being the main points of comparison. MDY is a longer-standing ETF tracking the same S&P 400 Mid Cap Index, while IWR, based on the Russell mid-cap universe, offers a somewhat broader constituent range and is also worth comparing. Additionally, SCHM, a low-cost mid-cap ETF managed by Schwab, can be considered alongside these options.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 IJH | iShares Core S&P Mid-Cap ETF | $73.33 | -1.2% | $124.7B | 0.05% | 1.23% | +13.6% |
 VO | Vanguard Morningstar Mid-Cap ETF | $81.46 | -0.9% | $108.4B | 0.03% | 1.35% | +12.5% |
 IWR | iShares Russell Mid-Cap ETF | $110.03 | -1.4% | $58.8B | 0.18% | 1.16% | +15.7% |
 MDY | State Street SPDR S&P MIDCAP 400 ETF Trust | $668.88 | -1.2% | $26.2B | 0.23% | 1.05% | +13.5% |
 SCHM | Schwab U.S. Mid-Cap ETF | $34.92 | -1.2% | $15.0B | 0.03% | 1.27% | +18.7% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 MYMK | State Street My2031 Municipal Bond ETF | 0.05% | $24.67 | +0.1% | $0.0M | - | 2.61% |
| FTI | TechnipFMC plc | 0.01% | $68.77 | +2.7% | $27.0B | 21.7 | 0.37% |
| TWLO | Twilio Inc | 0.01% | $205.03 | -15.2% | $31.5B | 25.8 | - |
 CASY | Casey's General Stores Inc | 0.01% | $680.08 | +0.3% | $25.1B | 32.7 | 0.38% |
 CRS | Carpenter Technology Corp | 0.01% | $283.08 | -5.2% | $14.0B | 24.9 | 0.29% |
 MKSI | MKS Inc | 0.01% | $202.04 | -6.5% | $13.7B | 32.2 | 0.49% |
 UTHR | United Therapeutics Corp | 0.01% | $598.72 | +0.9% | $25.7B | 21.4 | - |
 CW | Curtiss-Wright Corp | 0.02% | $476.01 | -4.2% | $17.6B | 32.8 | 0.21% |
SPDR Portfolio S&P 400 Mid Cap ETF Investor Checklist
These are the points to review before investing in SPMD. It works well as a core allocation to US mid-caps, but it is advisable to check the operating cost, mid-cap-specific volatility, and, for won-based investors, currency exposure in advance.
| Checkpoint | What to Confirm | Current Status |
|---|---|---|
| Expense Ratio | Impact of cumulative costs over long-term holding | Low level |
| Mid-Cap Volatility | Volatility trend relative to large-caps | Needs review |
| Diversification | Whether holdings are broadly diversified | Broad diversification |
| Currency | Impact on won-denominated returns | No currency hedge |
Mid-cap-specific volatility and currency fluctuations are the main drivers of short-term volatility. During market corrections, drawdowns can exceed those of large-caps, so risk tolerance should be assessed in advance.
It is a suitable choice for long-term investors seeking to hold the US mid-cap segment as a low-cost core position. If cost is the top priority, VO and SCHM are worth comparing, while MDY is worth a look for those who prefer a longer track record on the same index.
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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