Looking for broad exposure to the Mid Cap Value segment of the US equity market? You should consider the State Street SPDR S&P 400 Mid Cap Value ETF (MDYV Quick QuoteMDYV - Free Report) , a passively managed exchange traded fund launched on November 8, 2005.

The fund is sponsored by State Street Investment Management. It has amassed assets over $2.57 billion, making it one of the larger ETFs attempting to match the Mid Cap Value segment of the US equity market.

Why Mid Cap Value

With market capitalization between $2 billion and $10 billion, mid cap companies usually contain higher growth prospects than large cap companies, and are considered less risky than their small cap counterparts. These types of companies, then, have a good balance of stability and growth potential.

Value stocks have lower than average price-to-earnings and price-to-book ratios. They also have lower than average sales and earnings growth rates. Considering long-term performance, value stocks have outperformed growth stocks in almost all markets; however, they are more likely to underperform growth stocks in strong bull markets.

Costs

When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.

Annual operating expenses for this ETF are 0.15%, making it one of the least expensive products in the space.

It has a 12-month trailing dividend yield of 1.75%.

Sector Exposure and Top Holdings

While ETFs offer diversified exposure, which minimizes single stock risk, a deep look into a fund's holdings is a valuable exercise. And, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation to the Financials sector -- about 23.3% of the portfolio. Industrials and Consumer Discretionary round out the top three.

Looking at individual holdings, Us Foods Holding Corp (USFD) accounts for about 1.27% of total assets, followed by Reliance Inc (RS) and Alcoa Corp (AA).

The top 10 holdings account for about 9.54% of total assets under management.

Performance and Risk

MDYV seeks to match the performance of the S&P MidCap 400 Value Index before fees and expenses. The S&P MidCap 400 Value Index measures the performance of the mid-capitalization value sector in the U.S. equity market.

The ETF return is roughly 7.73% so far this year and is up about 28.67% in the last one year (as of 04/23/2026). In the past 52-week period, it has traded between $73.44 and $92.53.

The ETF has a beta of 1.00 and standard deviation of 17.92% for the trailing three-year period, making it a medium risk choice in the space. With about 306 holdings, it effectively diversifies company-specific risk.

Alternatives

State Street SPDR S&P 400 Mid Cap Value ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, MDYV is an outstanding option for investors seeking exposure to the Style Box - Mid Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.

The iShares Russell Mid-Cap Value ETF (IWS) and the Vanguard Mid-Cap Value Index Fund ETF Shares (VOE) track a similar index. While iShares Russell Mid-Cap Value ETF has $14.81 billion in assets, Vanguard Mid-Cap Value Index Fund ETF Shares has $22.09 billion. IWS has an expense ratio of 0.23% and VOE charges 0.05%.

Bottom-Line

Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.