MDY Fund Description

The SPDR S&P MidCap 400 Index Fund tracks a market-cap-weighted index of midcap US companies.

MDY ETF.com Insight

MDY offers outstanding liquidity and decent coverage, but investors hunting for low fees can find better choices. MDY is one of the most liquid ETF in the US midcap segment. Daily volume isby far the most liquid ETF in the US midcap segment in the neighborhood of about $350M. Spreads are tiny (0.01%). Frequent traders as well as long-term investors are able to enter and exit this fund with no headaches. MDY tracks the same index as the iShares Core S&P MidCap (IJH) and the Vanguard S&P Mid-Cap 400 (IVOO). The three funds share a bias towards small-caps and financials, but differ on fees. At 0.25%, MDY's expense ratio is the highest of the three. MDY is a unit investment trust (UIT), an older but entirely viable structure, one that it shares with the largest ETF on the planet, SPY. MDY itself is no slouch on assets: $14B is second in the segment only to arch-rival IJH. (Insight updated 10/01/2014)

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 11/20/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
MDY 7.75% 1.24% 8.11% 12.72% 20.11% 17.26% 9.85%
MDY (NAV) 7.76% 1.24% 8.16% 12.74% 20.10% 17.27% 9.84%
S&P MidCap 400 Index 7.80% 1.31% 8.46% 13.10% 20.45% 17.63% 10.21%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

MDY Top 10 Countries View All

MDY Top 10 Sectors

MDY Top 10 Holdings View All

MDY Summary Data

SSgA

A company that produces and manages ETFs.

05/04/95

The first date of a fund's operations, as documented by the issuer.

Unit Investment Trust

The organizational structure of the fund or ETN.

0.25%

The net total annual fee a fund holder pays to the issuer.

$15.46 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$654.33 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

MDY Portfolio Data

$5.59 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

30.11

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.45

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.04%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/19/14

The date on which a security's price excludes an upcoming dividend.

369

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

MDY Index Data

S&P MidCap 400 Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Committee

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI USA Mid Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to MDY

IJH, IVOO, VO, IWR, SCHM

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

MDY ETF.com Efficiency Insight

MDY charges 0.25% in fees - higher than IJH and IVOO, two ETFs that track the exact same index and that charge 0.15% and 0.16%, respectively. MDY is structured as unit investment trust (UIT) which means that it must replicate its index fully and cannot lend out securities or reinvest dividends between distribution dates. The UIT structure shouldn't cause alarm: MDY has over $14B in assets. (Insight updated 10/01/2014)

Total Return - 11/20/2014
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
Performance [as of 11/20/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
MDY 7.75% 1.24% 8.11% 12.72% 20.11% 17.26% 9.85%
MDY (NAV) 7.76% 1.24% 8.16% 12.74% 20.10% 17.27% 9.84%
S&P MidCap 400 Index 7.80% 1.31% 8.46% 13.10% 20.45% 17.63% 10.21%
MSCI USA Mid Cap 8.26% 2.57% 11.47% 16.65% 21.23% 18.03% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

MDY Portfolio Management

0.25%

The net annual fee a fund holder pays to the issuer.

-0.36%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.30%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.44%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

MDY Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

MDY Fund Structure

Unit Investment Trust

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

MDY ETF.com Tradability Insight

MDY gets plenty of attention from traders of all stripes: About 1.5M shares, or almost $400M, changes hands on a daily basis, making MDY the most liquid fund in its segment. Bid/ask spreads are minimal: 0.01%. Institutions can enjoy strong block liquidity and over 60 creation units per day of volume. Investors should have no trouble buying and selling MDY. (Insight updated 10/01/2014)



Average Spread
Premium/Discount
Volume

MDY ETF.com/ Block LiquidityAs of 11/21/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of MDY. MDY is rated a 5 out of 5.

MDY Tradability

2,620,797

It is the daily number of shares traded, averaged over the past 45 trading days.

$654.33 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

2,331,476

Median number of shares traded over the past 45 trading days.

$581.53 M

Median dollar value of shares traded over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.04

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.00%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.19% / -0.15%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

25,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

93.26

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.05%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.06%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

103,752

The total number of net outstanding options contracts for an ETF.

$261.94

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

MDY ETF.com Fit Insight

MDY's underlying index bills itself as midcap, but compared to our benchmark, it tilts small - with about 12% of its holdings allocated to small-caps. Its average market cap is less than half that of our benchmark. But the small-cap bias doesn't seem to substantially increase market risk though(beta of 1.03). By sector, the fund makes few significant bets. The most noticeable difference is its 5% overweighting in financials, matched by underweights in both cyclical and non-cyclical goods. (Insight updated 10/01/2014)

MDY Sector/Industry BreakdownView All

MDY Segment Benchmark
16.47% 22.72%

15.74% 18.74%

19.13% 14.08%

13.08% 13.72%

10.44% 9.93%

5.58% 7.38%

5.54% 5.11%

6.20% 4.11%

MDY Geographic ExposureView All

MDY Segment Benchmark
99.04% 96.69%

-- 0.84%

-- 0.74%

-- 0.71%

-- 0.33%

-- 0.18%

-- 0.15%

-- 0.11%

-- 0.09%

0.96% 0.17%

MDY Segment Benchmark
99.18% 96.69%

0.16% 2.18%

0.66% 1.02%

100.00% / -- 99.62% / 0.38%

MDY Performance Statistics

0.95

The degree to which the fund and its segment benchmark move up and down in unison.

1.02

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.96

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.01

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.19%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI USA Mid Cap

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

MDY Benchmark Comparison

MDY
369 Holdings
Segment Benchmark
335 Constituents
Shared Holdings
53 (Count)
 
11.13% (Weight)
MDYSegment Benchmark
$12.49 B$5.59 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

37%1%
63%86%
0%13%
0%0%
23.9530.11

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.782.45

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.35%1.39%

The weighted average of the current yield on the portfolio’s holdings.

335369

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowLow

The level of return contribution attributable to the average portfolio constituent.