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 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

MDY
0.81% 1.56% 8.82% 11.20% 20.60% 16.46% 9.51%

MDY (NAV)
0.74% 1.52% 8.81% 11.15% 20.54% 16.48% 9.48%

S&P MidCap 400 Index
0.76% 1.60% 9.14% 11.50% 20.90% 16.83% 9.85%
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

Issuer SSgA

A company that produces and manages ETFs.

Inception Date 05/04/95

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

Legal Structure Unit Investment Trust

The organizational structure of the fund or ETN.

Expense Ratio 0.25%

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

Assets Under Management $15.08 B

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

Average Daily $ Volume $543.42 M

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 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

Weighted Average Market Cap $5.7 B

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

Price / Earnings Ratio 30.02

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

Price / Book Ratio 2.51

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

Distribution Yield 1.04%

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

Next Ex-Dividend Date 12/29/14

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

Number of Holdings 366

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

Index Tracked S&P MidCap 400 Index

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

Index Weighting Methodology Market Cap

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

Index Selection Methodology Committee

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

Segment 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.

Related ETFs to MDY

Top Competing ETFs 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 - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

MDY
0.81% 1.56% 8.82% 11.20% 20.60% 16.46% 9.51%

MDY (NAV)
0.74% 1.52% 8.81% 11.15% 20.54% 16.48% 9.48%

S&P MidCap 400 Index
0.76% 1.60% 9.14% 11.50% 20.90% 16.83% 9.85%

MSCI USA Mid Cap
0.20% 2.22% 11.41% 14.02% 21.50% 17.10% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

MDY Portfolio Management

Expense Ratio 0.25%

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -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.

MDY Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

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

Tax on Distributions Qualified dividends

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

Distributes K1 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

Legal Structure Unit Investment Trust

The organizational structure of the fund or ETN.

OTC Derivative Use No

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

Securities Lending Active N/A

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

ETN Counterparty N/A

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

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

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

Portfolio Disclosure 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 12/19/2014

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

Avg. Daily Share Volume 2,117,177

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

Average Daily $ Volume $543.42 M

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

Median Daily Share Volume 1,906,113

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 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.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.04

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 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.

Impediment to Creations 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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 76.24

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.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 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.

Underlying Volume / 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.

Open Interest on ETF Options 102,847

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

ETF.com Implied Liquidity 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

Sector MDY Segment Benchmark
Financials 16.37% 22.61%

Industrials 15.75% 18.73%

Consumer Cyclicals 20.40% 14.20%

Technology 13.16% 14.15%

Healthcare 8.85% 9.79%

Basic Materials 5.36% 7.44%

Utilities 5.75% 5.04%

Energy 6.08% 3.64%

MDY Geographic ExposureView All

Countries MDY Segment Benchmark
United States 99.10% 96.65%

Germany -- 0.86%

France -- 0.74%

Australia -- 0.68%

Switzerland -- 0.37%

India -- 0.17%

Austria -- 0.15%

South Africa -- 0.11%

Philippines -- 0.09%

Other 0.91% 0.17%

Regions MDY Segment Benchmark
North America 99.26% 96.65%

Europe 0.74% 2.28%

Asia-Pacific -- 0.96%

Developed /
Emerging Split
100.00% / -- 99.61% / 0.39%

MDY Performance Statistics

Beta 1.01

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.

Up Beta 0.95

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.

Down Beta 0.99

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.

Downside Standard Deviation 0.20%

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.

Segment 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
366 Holdings
Segment Benchmark
333 Constituents
Shared Holdings
60 (Count)
 
14.03% (Weight)
MDYSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$11.32 B$5.7 B

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

Size Split

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

Large (>12.9B)31%1%
Mid (>2.7B)69%85%
Small (>600M)0%13%
Micro (<600M)0%0%
Price / Book Ratio2.732.51

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

Dividend Yield1.39%1.39%

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

Holdings | 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." href="javascript:void(0)" class="term">Number Of
Holdings
333366

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.

ConcentrationLowLow

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