Overview
The first mid-cap ETF ever launched. Tracks the S&P MidCap 400 Index — roughly 400 mid-sized US companies that sit between the small-cap and large-cap benchmarks.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FTI | TechnipFMC PLC | 0.87% |
| CASY | Casey's General Stores | 0.84% |
| UTHR | United Therapeutics | 0.79% |
| EME | EMCOR Group | 0.76% |
| RS | Reliance Inc. | 0.72% |
| WSM | Williams-Sonoma | 0.69% |
| CSL | Carlisle Companies | 0.66% |
| ILMN | Illumina Inc. | 0.63% |
| JLL | Jones Lang LaSalle | 0.61% |
| AIT | Applied Industrial Tech. | 0.58% |
Fund Details
Investment Thesis
Mid-caps occupy what many strategists call the market's sweet spot: companies large enough to have proven business models, professional management, and access to capital, yet small enough to still compound growth at rates mega-caps cannot sustain. Historically the S&P MidCap 400 has delivered returns competitive with or better than large-caps while carrying less volatility than small-caps. MDY is also notably diversified — no single holding exceeds roughly 1% of the fund, which sharply reduces the single-stock concentration risk that dominates cap-weighted large-cap funds.
Who It's For
Investors building exposure across the full market-cap spectrum who recognise that an S&P 500 fund alone leaves out the entire middle of the US economy. MDY suits those seeking genuine diversification away from mega-cap technology concentration, and long-term holders who want growth potential without the volatility of micro-caps. Commonly paired with a large-cap core such as VOO and a small-cap sleeve such as IWM.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $298.42 | -- |
| 2017 | $342.18 | +14.7% |
| 2018 | $308.42 | -9.9% |
| 2019 | $378.18 | +22.6% |
| 2020 | $412.42 | +9.1% |
| 2021 | $512.18 | +24.2% |
| 2022 | $432.42 | -15.6% |
| 2023 | $498.18 | +15.2% |
| 2024 | $556.42 | +11.7% |
| 2025 | $628.18 | +12.9% |
| Year | Yield |
|---|---|
| 2016 | 1.58% |
| 2017 | 1.42% |
| 2018 | 1.62% |
| 2019 | 1.38% |
| 2020 | 1.22% |
| 2021 | 1.02% |
| 2022 | 1.42% |
| 2023 | 1.32% |
| 2024 | 1.28% |
| 2025 | 1.35% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $16B | -- |
| 2017 | $19B | +18.8% |
| 2018 | $17B | -10.5% |
| 2019 | $19B | +11.8% |
| 2020 | $18B | -5.3% |
| 2021 | $22B | +22.2% |
| 2022 | $19B | -13.6% |
| 2023 | $22B | +15.8% |
| 2024 | $25B | +13.6% |
| 2025 | $27B | +8.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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