A strong management team and sound investment process underpin SPDR® S&P 400 Mid Cap Value ETF's Morningstar Medalist Rating of Bronze. The portfolio maintains a sizable cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The strategy’s management team earns an Above Average People Pillar rating. The strategy merits an Above Average Process Pillar rating.  The strategy's parent organization earns the firm an Above Average Parent Pillar rating. People, Process and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

Jabil

Equity LifeStyle Properties

Chesapeake Energy

Reinsurance Group of America

Regal Rexnord Corp

Unum

XPO Logistics

Lithia Motors

New York Community Bancorp

Toll Brothers

The portfolio features smaller companies than most peers in the mid-cap value category. This fund’s average market cap was just $5.2 billion at 2022’s end, which is less than half the category average. Only the next 400 largest profitable companies in the United States are considered for parent index, after the S&P 500 Index collects the largest 500. As of January 2023, stocks qualifying for the S&P MidCap 400 Index had a market cap of between $4.6 billion and $12.7 billion. 
The fund’s broad reach minimizes stock-specific risk. The portfolio usually holds around 300 stocks, and only 8% of assets are concentrated in the fund's top 10 holdings, as of December 31, 2022. No one position claims more than 1% of the portfolio.
The portfolio’s sector composition looks a little different than its average peer due to its size and style orientation. For example, its energy allocation dwindled to less than 1% of the portfolio as names like EQT EQT and HF Sinclair DINO grew too large for the fund’s size mandate. The category's average allocation to that sector is 6%. This fund compensates for the deficit with greater allocations to consumer cyclical, real estate, and technology stocks.
The portfolio remains a good representation of the mid-cap value category despite these sector differences. Most key value metrics are closely tied to the category average. Price/book, price/earnings, and price/sales ratios have all moved in lockstep with the average peer since the fund’s inception in 2000. Approximating the category average should help this fund turn its low fee into a distinct performance advantage.

Note: The Process Pillar rating and analysis are indirectly assigned by an analyst. When an analyst covers a passively managed vehicle that tracks a particular index, Morningstar associates the Process Pillar rating assigned to that vehicle with the index concerned. Morningstar then maps the Process Pillar associated with a given index to any other uncovered passive strategies that track the same index. This ensures that the analyst’s view is leveraged whenever available and promotes consistency when analyzing passive vehicles associated with a given index.

Above Average

Process

SPDR® S&P 400 Mid Cap Value ETF's strong equity team drives the strategy's Above Average People Pillar rating. There are three managers listed on the fund: Karl Schneider, Michael Feehily, Juan Acevedo. The team is well equipped, with an average of 24 years of portfolio management experience. Together, they manage a total of four strategies, with a Silver asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

People

State Street Global Advisors is under new leadership but continues to move along the positive trajectory established by former leaders. SSGA maintains its Above Average Parent Pillar rating.
Cyrus Taraporevala, who oversaw much of SSGA’s recent transformation, retired from the CEO position in December 2022 and passed the baton to his successor, Yie-Hsin Hung. She inherited a business that’s become more disciplined with its fund lineup. Fees have come down, while product development remains focused on fixed-income and sustainability funds, and many of SSGA’s launches have echoed that intention.
The seeds that SSGA planted over the past several years have been bearing fruit. It built out a low-cost series of portfolio building-block ETFs in the U.S. bearing the “SPDR Portfolio” branding. SSGA launched these later than its industry rivals, so they aren’t as large. But they’re competitive, with solid management and low fees, which helped them consistently take in new money over the past several years.
SSGA continued to overhaul its ETF business in Europe with most of its recent fixed-income and sustainability fund launches. Many of these funds track indexes and charge relatively low fees. With operations in the U.S. and Europe standing on a firm foundation, SSGA will put more focus on its Asia-Pacific business—the smallest regional segment of its business.

Parent

SPDR S&P 400 Mid Cap Value ETF

MDYV tracks a market cap-weighted index of US value stocks. Constituents are drawn from the Committee-selected S&P mid-cap 400.

Looking for broad exposure to the Mid Cap Value segment of the US equity market? You should consider the SPDR S&P 400 Mid Cap Value ETF (MDYV), a passively managed exchange traded fund launched on 11/08/2005.

Should SPDR S&P 400 Mid Cap Value ETF (MDYV) Be on Your Investing Radar?

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For the SPDR S&P 400 Mid Cap Value ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $56.51 per unit.

Analysts Expect The SPDR S&P 400 Mid Cap Value ETF Will Reach $57

For the SPDR S&P 400 Mid Cap Value ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $56.59 per unit.

Implied SPDR S&P 400 Mid Cap Value ETF Analyst Target Price: $57

For the SPDR S&P 400 Mid Cap Value ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $57.07 per unit.

Analysts Anticipate 12% Upside For The SPDR S&P 400 Mid Cap Value ETF

For the SPDR S&P 400 Mid Cap Value ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $57.77 per unit.

Analysts Predict 15% Upside For The Holdings Of The SPDR S&P 400 Mid Cap Value ETF

For the SPDR S&P 400 Mid Cap Value ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $57.43 per unit.

Sum Up The Parts: The SPDR S&P 400 Mid Cap Value ETF Could Be Worth $57

For the SPDR S&P 400 Mid Cap Value ETF, we found that the implied analyst target price for the ETF based upon its underlying holdings is $56.95 per unit.

News for SPDR S&P 400 Mid Cap Value ETF ETF (MDYV)