SPDR S&P 400 Mid Cap Growth ETF

SPDR S&P 400 Mid Cap Growth ETF (MDYG), from State Street, tracks the S&P MidCap 400 Growth Index. As of July 31, 2026, that index held 245 mid-sized US companies that score highest on sales growth, earnings trends and price momentum. Its yearly cost of 0.15% falls between the iShares version (IJK, 0.17%) and Vanguard's (IVOG, 0.10%). It can swing sharply: it fell 58.5% from peak to low around the 2008 crisis.

• Over the year to Oct 27, 2026, MDYG returned +11.7%, 7th of 9 among similar funds.
• Its 5-year annualized return was +6.4% and its 10-year +11.0%.
• In the 2020 COVID crash it fell 39.3% and regained its old high 4.7 months after the low.
• Its worst full calendar year was 2008 (-41.6%); its best was 2009 (+56.1%).
• The deepest fall in its price history was 58.5% (Oct 12, 2007 to Nov 20, 2008), recovered by Nov 4, 2010.

As of Jun 30, 2026, the fund held 243 securities; the ten largest made up 14.43% of assets. It also reported 3.52% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jun 30, 2026, investors added a net $26.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.10%, +4.92%, +3.10%.

MDYG is managed by SSGA Funds Management. It aims to match the S&P MidCap 400 Growth Index from S&P Dow Jones Indices, before fees. The index starts with the S&P MidCap 400. Those are US companies worth between $8 billion and $22.7 billion when they are added. They must trade enough shares, have at least 10% of their shares freely traded, and show positive earnings over the latest four quarters and the latest quarter. From that group, the index keeps the stocks that score highest on three measures: sales growth, change in earnings relative to share price, and momentum (recent share-price strength). As of July 31, 2026, the index held 245 stocks.

Each stock is weighted by its market value, so bigger companies count for more. Caps keep the fund within tax rules for funds. The index is rebuilt once a year after the third Friday of December. It is rebalanced after the third Friday of March, June, September and December. Portfolio turnover was 53%, meaning about half the portfolio was traded over the year.

The fund uses sampling. This means it may hold only some of the index's stocks rather than all of them, but it must keep at least 80% of net assets in index securities. As of June 30, 2026, it held 243 stocks. It may also use futures contracts, a type of derivative, to manage cash coming in and out.

• MDYG charges 0.15% a year, versus an average of 0.12% for the similar funds below (6th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).

MDYG holds only mid-sized growth stocks and has fallen much further than the overall market in past downturns, so it fits better as a smaller slice than as a foundation.

MDYG could add mid-sized growth companies to a portfolio built around larger-company or bond funds, but it falls hard in downturns. In the 2008 financial crisis it dropped 58.5% from its October 2007 peak to its November 2008 low. It did not regain that peak until November 2010. Its worst calendar year was 2008, when it lost 41.6%. It fell 39.3% in the 2020 COVID crash but recovered by August 2020. In the 2022 bear market it fell 27.2% and took until February 2024 to recover. Selling shares for spending money during stretches like these would lock in losses.

Income is small: the yield was 0.68% as of October 27, 2026, paid quarterly. The fund costs 0.15% a year, or $192 over 10 years in the SEC's standard $10,000 example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.