SPDR MSCI USA Gender Diversity ETF

SPDR MSCI USA Gender Diversity ETF (SHE) is a State Street index fund that tracks the MSCI USA Gender Diversity Select Index. It held 231 U.S. large- and mid-cap stocks as of June 30, 2026, chosen for how many women serve on their boards, in management and in the workforce. Its 0.20% expense ratio is well above the 0.03% of VOO, but far below the 0.75% of WOMN, a fund with a similar theme.

• Over the year to Oct 27, 2026, SHE returned +19.6%, 1st of 9 among similar funds.
• Its 5-year annualized return was +9.6% and its 10-year +12.6%.
• In the 2020 COVID crash it fell 35.8% and regained its old high 5.4 months after the low.
• Its worst full calendar year was 2022 (-21.7%); its best was 2019 (+23.6%).
• The deepest fall in its price history was 35.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Sep 2, 2020.

As of Jun 30, 2026, the fund held 231 securities; the ten largest made up 34.1% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $242K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +11.74%, +9.74%, -1.23%.

The index starts with the MSCI USA Index, which covers large and mid-sized U.S. companies. It first screens out companies that MSCI ESG Research links to very severe controversies about their environmental, social or governance (ESG) record, and companies with no score at all. It also removes companies tied to severe workforce discrimination or diversity controversies, such as a history of discrimination lawsuits.

Each remaining company gets a Gender Diversity Score. Women's representation counts for 75% of the score. It measures the share of women on the board, in executive and senior management, and in the workforce overall. The other 25% looks at diversity policies, programs to recruit and promote women, and employee benefits and training. A company is excluded if it has no women on its board and none in executive management, or if it scores 3 or less out of 10 on women's representation. Companies are then picked within each GICS sector. GICS is the standard system for sorting companies by industry.

SSGA Funds Management uses sampling. That means it may hold only some of the index's stocks, but at least 80% of assets must be in index stocks. It can use futures contracts to handle cash. As of June 30, 2026, that was a tiny S&P 500 futures position. Portfolio turnover was 67%. That's a fairly high rate of trading for an index fund.

• SHE charges 0.2% a year, versus an average of 0.15% for the similar funds below (7th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).

SHE holds a broad basket of 231 U.S. large- and mid-cap stocks that have moved with the market (a one-year beta of 1), so it could stand in for part of a U.S. stock allocation for investors who want a gender diversity screen.

SHE launched in March 2016, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 35.8% between February 19 and March 23, 2020, then regained its peak by September 2, 2020, about five months later. The 2022 bear market took longer to recover from. The fund dropped 28% from January 3 to September 30, 2022, and didn't get back to its peak until February 2, 2024, about 16 months later. Its worst calendar year was 2022, at -21.62%. A retiree who had to sell shares during that stretch would have locked in losses. The yield was 1.12% as of October 27, 2026, paid quarterly, so this is not an income fund. The expense ratio of 0.20% works out to about $255 over 10 years on $10,000 in the SEC's standard example. Tech made up about 32% of the fund as of June 30, 2026. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

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