# SPDR S&P MidCap 400 ETF Trust

SPDR S&P MidCap 400 ETF Trust is an Exchange-Traded Fund.

## Overview

- **Organization type:** Exchange-Traded Fund
- **Region:** North America
- **Founded:** 1995
- **Assets under management:** $27.8 billion (per State Street Global Advisors, 2026)
- **Website:** spdrs.com

## Regulatory record

- **Reports private funds:** No

## About

State Street Global Advisors introduced the SPDR S&P MidCap 400 ETF Trust (MDY) in 1995 as one of the earliest ETFs to target mid-cap US stocks. The fund tracks the S&P MidCap 400 index, which includes 400 publicly traded companies with market capitalizations typically between $2 billion and $10 billion. This positions it as a passive vehicle for investors seeking exposure to the mid-cap segment—one of the three primary market-cap tiers in US equity indexing. The trust invests primarily in common stocks of the S&P MidCap 400 index constituents, weighting each holding by market capitalization. Its sector allocation mirrors the index, with top sectors historically including industrials, financials, health care, and technology. The fund's expense ratio has remained near 0.24% since inception, making it one of the costlier mid-cap ETFs relative to newer competitors (per Morningstar, 2026). As of 2026, MDY's largest holdings included companies like Coinbase Global. The trust operates as a unit investment trust (UIT) structure, which differentiates it from most modern ETFs that are organized as open-end funds. This UIT structure historically meant the fund did not engage in securities lending or derivatives, and it did not accumulate dividends for distribution—it paid them out monthly. The trust is listed on NYSE Arca under ticker MDY. Its sponsor, State Street Global Advisors, manages over $4 trillion in total assets (per SSGA, 2026). MDY's structural differentiator is its seat as the first and longest-running mid-cap ETF. That first-mover advantage has given it liquidity and institutional following, but its UIT structure and higher expense ratio have ceded market share to newer, cheaper competitors like iShares Core S&P Mid-Cap ETF (IJH). The trust's success depends on continued investor preference for the original MDY ticker and its distinct monthly dividend schedule.

## Sectors

- Asset Management
- Passive Investing
- Index Funds
- Equities

## Questions

### Who runs investment decisions at SPDR S&P MidCap 400 ETF Trust?

The fund is passively managed by State Street Global Advisors, the asset management arm of State Street Corporation. Day-to-day portfolio management is handled by the SSGA team, which follows the S&P MidCap 400 index—no active stock selection is involved.

### How does SPDR S&P MidCap 400 ETF Trust source proprietary deal flow?

As a passive ETF, the trust does not source or select individual investments. It holds all stocks in the S&P MidCap 400 index, weighted by market capitalization. There is no proprietary deal flow or active management involved.

### Is SPDR S&P MidCap 400 ETF Trust structured as a passive index fund or something else?

It is a unit investment trust (UIT), a specific type of ETF structure that differs from most modern ETFs organized as open-end funds. The UIT structure means the fund does not engage in securities lending, does not accumulate dividends, and pays distributions on a monthly schedule rather than quarterly or annually.

### What investment stages does SPDR S&P MidCap 400 ETF Trust typically target?

The fund targets publicly traded mid-cap US equities, defined by market capitalizations generally between $2 billion and $10 billion. It does not focus on early-stage, venture, or private companies—all holdings must be in the S&P MidCap 400 index.

### Which sectors does SPDR S&P MidCap 400 ETF Trust explicitly avoid?

The fund does not exclude any sectors—it follows the S&P MidCap 400 index, which includes all sectors represented by public mid-cap companies in the US. It does not invest in bonds, commodities, international equities, or private assets.

### What is SPDR S&P MidCap 400 ETF Trust's known posture on co-investments alongside external GPs?

The trust does not participate in co-investments, fund commitments, or any direct private capital activity. It is a fully passive, public-market ETF. Its only investment activities are rebalancing to track the S&P MidCap 400 index and distributing dividends to shareholders.

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Last updated: 2026-06-03T20:00:00.000Z

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