SPDR Portfolio S&P 400 Mid Cap ETF

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is a State Street index fund that tracks the S&P MidCap 400 Index, a list of 400 mid-sized US companies. Its main draw is cost: an expense ratio (annual fee) of 0.03%, the lowest among nine similar funds, versus 0.05% for IJH and 0.24% for MDY, which hold almost the same stocks. It holds plain stocks, with no leverage or options, so it moves with mid-sized companies.

• Over the year to Nov 2, 2026, SPMD returned +15.3%, 1st of 9 among similar funds.
• Its 5-year annualized return was +6.9%.
• Its worst full calendar year was 2022 (-13.1%); its best was 2021 (+24.8%).
• The deepest fall in its price history was 24.1% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 10, 2025.

As of Jun 30, 2026, the fund held 400 securities; the ten largest made up 7.72% of assets, and 2.93% sat in cash and money-market holdings.

• Over the three months to Jun 30, 2026, investors added a net $535.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.86%, +2.45%, +3.58%.

SPMD aims to match the total return of the S&P MidCap 400 Index, before fees. S&P Dow Jones Indices sets the rules. To join, a US-listed company generally needs a total stock market value between $8 billion and $22.7 billion and at least $4 billion in freely traded shares (its "float"). It also needs steady trading volume and positive earnings over the past four quarters combined and in the latest quarter. The index provider also compares sector weights with the wider US market.

Stocks are weighted by the market value of their freely traded shares, so bigger companies count for more, but no single name dominates. As of June 30, 2026, the largest holding, Twilio, was 0.86% of assets, and the top 10 together were 7.72%. The index rebalances every March, June, September and December, and adds or drops companies as needed. Turnover, a measure of how much the fund trades, was 17%, per the prospectus.

SSGA Funds Management, the adviser, may hold a representative sample of index stocks or nearly all of them. As of June 30, 2026, the fund had 405 positions. It normally keeps at least 80% of assets in index stocks and may use futures (contracts tied to the index) to keep spare cash invested. Its trading price can differ from the value of its holdings.

• SPMD charges 0.03% a year, versus an average of 0.19% for the similar funds below (1st of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $3 in the first year and $39 over 10 years (assuming a 5% annual return).

It gives broad, very low-cost exposure to 400 US mid-sized companies, which can form part of a portfolio's US stock core alongside large-company funds.

Mid-sized companies add breadth but can fall hard. The fund's 2008 record isn't covered here. It lost 29.75% in the first quarter of 2020, during the COVID crash, yet ended 2020 up 13.43%. In the 2022 slump it fell 22.6% from January 4 to June 16 and took about 18 months to recover. Calendar 2022 was its worst year from 2016 through 2025, with a 13.06% loss. Its deepest fall since June 2020 was 24.1%, from November 2024 to April 2025, and it took about 8 months to recover. Withdrawals during such slumps lock in losses.

Income is modest: the 12-month yield was 1.29% as of October 29, 2026, paid quarterly. Fees are very low: the SEC's standard example puts costs on $10,000 at $3 for one year and $39 over 10 years. Past results don't predict future ones, and a plan should consider the whole portfolio, not one fund.

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