At a glance
MDY charges 0.24% a year, above the 0.09% average of the 8 funds most like it (the most expensive of 9). It has $28.05B in assets, the 2nd largest of that group; it paid 1.04% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.9% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +16.3% a year. At its worst it fell 42.2% in the 2020 crash (S&P 500: 33.7%) and 22.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 18 months after the lows. Its ten largest positions make up 7.7% of the fund, out of 400 in all.
The short version
SPDR S&P MidCap 400 ETF Trust (MDY) holds the 400 mid-sized, mostly US companies in the S&P MidCap 400 Index, and is organized as a unit investment trust, a more rigid structure than most ETFs. Launched in 1995, it offers mid-cap exposure and held $28 billion in assets as of June 30, 2026. The catch is cost: its 0.23% yearly expenses are the highest of nine similar funds; SPMD, with 99% overlapping holdings, charges 0.03%.
Price history
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MDY +14.9% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MDY official prospectus, to — | — | +7.20% | — | +8.81% | +10.40% | — |
| MDY price data to Nov 2, 2026 | +12.6% | +14.9% | +16.3% | +6.6% | +11.0% | +9.4% |
- Over the year to Nov 2, 2026, MDY returned +14.9%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +6.6% and its 10-year +11.0%.
- In the 2020 COVID crash it fell 42.2% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2008 (-36.4%); its best was 2009 (+37.6%).
- The deepest fall in its price history was 55.3% (Jul 13, 2007 to Mar 9, 2009), recovered by Dec 6, 2010.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.6% |
| 2025 | +7.2% |
| 2024 | +13.6% |
| 2023 | +16.1% |
| 2022 | -13.3% |
| 2021 | +24.5% |
| 2020 | +13.5% |
| 2019 | +25.8% |
| 2018 | -11.3% |
| 2017 | +15.9% |
| 2016 | +20.5% |
| 2015 | -2.5% |
| 2014 | +9.4% |
| 2013 | +33.1% |
| 2012 | +17.8% |
| 2011 | -2.1% |
| 2010 | +26.3% |
| 2009 | +37.6% |
| 2008 | -36.4% |
| 2007 | +7.0% |
| 2006 | +10.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.1% over that stretch · deepest drop along the way 55.1%, back to its old high 20.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42% over that stretch · deepest drop along the way 42.2%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.1% over that stretch · deepest drop along the way 22.9%, back to its old high 18.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $4.8200 | |
| 2025 | $6.9100 | +2.5% |
| 2024 | $6.7400 | +9.8% |
| 2023 | $6.1400 | +1.5% |
| 2022 | $6.0500 | +22.5% |
| 2021 | $4.9400 | +4.9% |
| 2020 | $4.7100 | -6.5% |
| 2019 | $5.0400 | +20.0% |
| 2018 | $4.2000 | +2.7% |
| 2017 | $4.0900 | +3.5% |
| 2016 | $3.9500 | +15.2% |
| 2015 | $3.4300 | +10.6% |
| 2014 | $3.1000 | +18.8% |
| 2013 | $2.6100 | +23.1% |
| 2012 | $2.1200 | +24.0% |
| 2011 | $1.7100 | +13.2% |
| 2010 | $1.5100 | -6.2% |
| 2009 | $1.6100 | -11.5% |
| 2008 | $1.8200 | -0.5% |
| 2007 | $1.8300 | +6.2% |
| 2006 | $1.7227 |
What's inside
As of Jun 30, 2026, the fund held 400 securities; the ten largest made up 7.69% of assets.
| Holding | Weight | |
|---|---|---|
| TWILIO INC | 0.86% | |
| CARPENTER TECHNOLOGY CORP | 0.84% | |
| MKS INC | 0.82% | |
| CURTISS-WRIGHT CORP | 0.77% | |
| NVENT ELECTRIC PLC | 0.75% | |
| ENTEGRIS INC | 0.75% | |
| ATI INC | 0.74% | |
| ILLUMINA INC | 0.73% | |
| TECHNIPFMC PLC | 0.73% | |
| STERLING INFRASTRUCTURE INC | 0.71% | |
| MASTEC INC | 0.70% | |
| WOODWARD INC | 0.70% | |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC | 0.68% | |
| EVERPURE INC | 0.68% | |
| XPO INC | 0.66% |
By country
United States 93.54%Bermuda 1.42%Ireland 1.33%United Kingdom 1.04%Cayman Islands 0.85%By asset type
Stocks 99.43%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $460.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.79%, +2.42%, +3.60%.
How it works
MDY aims to match the price and dividend performance of the S&P MidCap 400 Index, before expenses. S&P Dow Jones Indices picks the index's stocks; the trust holds them, giving each about the same weight it has in the index. It is not actively managed, so a struggling company stays until S&P drops it from the index. As of June 30, 2026, it held 400 stocks; the 10 largest, led by Twilio, Carpenter Technology and MKS, totaled 7.69% of assets.
The Bank of New York Mellon, as trustee, updates the portfolio to follow S&P's changes, grouping some trades and adjusting at least monthly, or sooner after major index changes. Portfolio turnover, roughly the share of holdings replaced in a year, was 15.77% in the fiscal year reported in the January 28, 2026 prospectus. It uses no futures or swaps.
MDY is a unit investment trust, a structure with tighter rules than the open-end funds most ETFs use. It cannot lend out its stocks for extra income, and it holds dividends as cash until its quarterly payouts at the end of January, April, July and October. Both limits can cause a small drag on returns. Holders can vote only on matters such as ending the trust. Only large institutions create or redeem units (shares) directly, in blocks of 25,000.
What it really costs
- MDY charges 0.24% a year, versus an average of 0.09% for the similar funds below (9th of 9, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
In a retirement portfolio
It spreads money across 400 mid-sized companies that large-company funds tend to leave out, but it fell sharply in the 2008, 2020 and 2022 downturns.
MDY could add mid-sized companies to a large-company core, but its declines have been deep. In the 2008 financial crisis it had its deepest drop, 55.3% from July 2007 to March 2009, and took about 21 months from that low to recover; 2008 was its worst calendar year, at -36.4%. It fell 42.2% in the 2020 COVID crash, recovering by November 2020, and 22.9% from January to June 2022, not regaining its peak until December 2023. Drawing money in a slump could mean cashing out shares at depressed prices.
Income is modest: the trailing yield, based on the past year's payouts, was 1.03% as of October 29, 2026, with dividends paid quarterly. Its 0.23% yearly cost is above IJH (0.05%) and SPMD (0.03%), which hold nearly the same stocks. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want the S&P MidCap 400's mid-sized companies, with the top 10 holdings at only 7.69% of assets as of June 30, 2026.
- Long-term holders who can ride out deep drops, like the 55.3% fall from July 2007 to March 2009, which took about 21 months to recover.
- Investors who value a long record: the trust launched in May 1995 and held $28 billion in assets as of June 30, 2026.
Look elsewhere if
- Cost-conscious investors: MDY's 0.23% yearly expenses compare with 0.03% for SPMD and 0.05% for IJH, which hold nearly the same stocks.
- Income seekers: the trailing yield was just 1.03% as of October 29, 2026, with dividends paid quarterly.
- Those wanting a fund that lends securities and reinvests dividends between payouts; as a unit investment trust, MDY can do neither.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MDY this fund | — | 0.24% | $28.05B | +14.9% | +16.3% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 99% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 99% | 0.05% | $124.33B | +15.3% | +16.6% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 91% | 0.07% | $5.87B | +12.0% | +18.0% |
| XJH iShares ESG Select Screened S&P Mid-Cap ETF | 88% | 0.12% | $419.5M | +12.0% | +17.8% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 85% | 0.15% | $426.1M | +12.5% | +18.3% |
| MIDE Xtrackers S&P MidCap 400 Scored & Screened … | 66% | 0.15% | $3.4M | +14.7% | +18.8% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 60% | 0.1% | $1.49B | +12.2% | +17.9% |
Questions investors ask
What's the difference between MDY and IJH?
Mainly cost and structure, not holdings. Their portfolios overlapped 99% in the latest filings, but IJH charges 0.05% a year versus MDY's 0.23%. MDY is a unit investment trust, so it cannot lend out its stocks or reinvest dividends between payouts, a small drag versus open-end ETFs such as IJH. Over the year to October 29, 2026, IJH returned 15.2% and MDY 14.9%. SPMD, which also overlaps 99%, charges 0.03%.
Is MDY good for retirement?
It can be one part of a retirement portfolio, mainly as a way to own mid-sized companies alongside larger ones, but it is not a low-risk holding. It fell 55.3% from July 2007 to March 2009 and 42.2% in the 2020 COVID crash. Income is modest, with a 1.03% yield as of October 29, 2026, and its 0.23% yearly cost is the highest among nine similar funds.
Does MDY pay monthly dividends?
No. MDY pays dividends quarterly, on the last business day of January, April, July and October. Its trailing yield was 1.03% as of October 29, 2026, or about $7 per share over the prior year. Because it is a unit investment trust, it holds the dividends its stocks pay as cash until each payout rather than reinvesting them, which can slightly drag on returns.
What is MDY's expense ratio?
MDY's expense ratio, the share of assets used each year to run the fund, is 0.23%, according to its prospectus filed January 28, 2026. That breaks down into a 0.10% trustee fee, a 0.03% S&P license fee and 0.10% for marketing. It is the highest of nine similar mid-cap funds; the other eight average 0.09%, and SPMD charges 0.03%.
What is MDY's 10-year return?
Roughly 10% to 11% a year, depending on the measure. MDY's prospectus filed January 28, 2026 reported an average annual return of 10.4% over 10 years, along with 8.81% over five years and 7.2% over one year. Based on market prices through October 29, 2026, the 10-year figure was 10.9% a year. Results swing by year: it gained 24.54% in 2021 and lost 13.28% in 2022. Past returns don't predict future results.