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MDY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is State Street SPDR S&P MIDCAP 400 ETF Trust (MDY) stock moving?
No news items or SEC filings were found for MDY in the 14 days before Nov 10, 2026, so this view rests only on price and volume. The ETF rose from about 664 on Oct 22 to 676.30 on Nov 10, a gain of roughly 1.9%. On Nov 5 it fell 3.9% to 653.68 on 2.9M shares, about four times the typical daily volume of roughly 0.4M to 0.7M, then recovered to 678.61 by Nov 9 and closed at 676.30 on Nov 10. The sharp selloff on heavy volume followed by a recovery suggests the move was absorbed without a lasting break, but with no identifiable catalyst the cause of the drop is unknown. Overall the picture is mildly constructive but unconfirmed.
About State Street SPDR S&P MIDCAP 400 ETF Trust
MDY is State Street's ETF that tracks the S&P MidCap 400 Index, a basket of about 400 medium-sized US companies. It launched in 1995 as the first US mid-cap ETF and remains one of the largest and most heavily traded, with roughly $26 billion in assets.
How the fund works
It holds all the stocks in the S&P MidCap 400, weighted by market value. The index is rebalanced quarterly, and no single stock makes up much more than about 1% of the fund. Annual fees are about 0.23–0.24%, which is noticeably higher than cheaper funds tracking the same index. The fund is a unit investment trust, an older legal structure that can't lend out its shares or reinvest dividends between payouts. That can make it track the index slightly less closely than rivals. Dividends are paid quarterly, with a yield of about 1%. Industrials are the largest sector, at roughly a quarter of the fund.
What usually moves MDY
- US economic growth and earnings of mid-sized companies
- Interest rates and credit conditions
- Industrial and financial sector performance
- Investor appetite for risk and for smaller stocks versus mega caps