SPDR® S&P MIDCAP 400® ETF Trust MDY

Morningstar Fund Comparison

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.

Investments in mid-sized companies may involve greater risks than those in larger, better known companies, but may be less volatile than investments in smaller companies.

Passively managed funds invest by sampling the index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

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Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

Morningstar Fund Comparison

NAV

$433.05

as of Mar 17 2023

Base Currency

USD

Assets Under Management

$17,534.90 M

as of Mar 17 2023

Gross Expense Ratio

0.23%

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Key Features

The SPDR^® S&P MIDCAP 400^® ETF Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P MidCap 400^® Index (the “Index”)

About this Benchmark

The S&P MidCap 400^® Index provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500^®, measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.

Fund Information as of Mar 20 2023

Benchmark	S&P MidCap 400 Index
Inception Date	May 04 1995
Options Available	Yes
Gross Expense Ratio	0.23%
Base Currency	USD
Trustee	The Bank of New York Mellon
Marketing Agent	State Street Global Advisors Funds Distributors, LLC
Sponsor	PDR
Distributor	ALPS Distributors, Inc.
Distribution Frequency	Quarterly

Listing Information as of Mar 20 2023

Exchange	Listing Date	Trading Currency	Ticker	CUSIP	ISIN
NYSE ARCA EXCHANGE	May 04 1995	USD	MDY	78467Y107	US78467Y1073

Fund Characteristics as of Mar 16 2023

Est. 3-5 Year EPS Growth	12.72%
Number of Holdings	401
Price/Book Ratio	2.07
Price/Earnings Ratio FY1	13.78
Weighted Average Market Cap	$6,668.03 M

Index Characteristics as of Mar 16 2023

Est. 3-5 Year EPS Growth	12.72%
Number of Holdings	401
Price/Cash Flow	8.88
Price/Earnings	13.37
Price/Earnings Ratio FY1	13.78

Index Statistics as of Mar 16 2023

	Average Size		Size Range
Weighted Average Market Cap	Mean	Median	Largest	Smallest
$6,668.03 M	$5,527.73 M	$5,142.89 M	$17,104.65 M	$1,376.54 M

Fund Market Price as of Mar 17 2023

Bid/Ask	$432.97
Closing Price	$433.10
Day High	$440.94
Day Low	$431.49
Exchange Volume (Shares)	334,177
Premium/Discount	-0.02%
30-Day Median Bid/Ask Spread	0.02%

Premium Discount to NAV Graph and Summary

Number of Days Summary

	Calendar Year 2022
Days Traded at Premium	139
Days Traded at Discount	112

Fund Data

Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.

Fund Net Cash Amount as of Mar 17 2023

Net Cash Amount

$107,753,900.37

Fund Net Asset Value as of Mar 17 2023

NAV	$433.05
Shares Outstanding	40.49 M
Assets Under Management	$17,534.90 M

Most Recent NAV / NAV History

Fund Performance

Fund Inception Date: May 04 1995

as of Feb 28 2023

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception May 04 1995
Fund Before Tax
NAV	Feb 28 2023	-1.82%	7.19%	7.19%	-0.89%	14.18%	8.30%	10.36%	11.15%
Market Value	Feb 28 2023	-1.86%	7.22%	7.22%	-0.91%	14.14%	8.30%	10.38%	11.15%
Benchmark	Feb 28 2023	-1.81%	7.25%	7.25%	-0.62%	14.47%	8.58%	10.67%	11.53%
Fund After Tax
Return after Taxes on Distributions	Feb 28 2023	-1.82%	7.19%	7.19%	-1.42%	13.61%	7.75%	9.78%	10.59%
Return after Taxes on Distributions and Sale of Fund Shares	Feb 28 2023	-1.08%	4.25%	4.25%	-0.54%	10.85%	6.27%	8.23%	9.69%
Benchmark	Feb 28 2023	-1.81%	7.25%	7.25%	-0.62%	14.47%	8.58%	10.67%	11.53%

as of Dec 31 2022

	As Of	1 Month	QTD	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception May 04 1995
Fund Before Tax
NAV	Dec 31 2022	-5.53%	10.68%	-13.24%	-13.24%	6.97%	6.45%	10.47%	10.94%
Market Value	Dec 31 2022	-5.53%	10.65%	-13.31%	-13.31%	6.96%	6.43%	10.46%	10.94%
Benchmark	Dec 31 2022	-5.54%	10.78%	-13.06%	-13.06%	7.23%	6.71%	10.78%	11.32%
Fund After Tax
Return after Taxes on Distributions	Dec 31 2022	-5.68%	10.51%	-13.72%	-13.72%	6.44%	5.90%	9.89%	10.38%
Return after Taxes on Distributions and Sale of Fund Shares	Dec 31 2022	-3.27%	6.32%	-7.84%	-7.84%	5.16%	4.79%	8.34%	9.49%
Benchmark	Dec 31 2022	-5.54%	10.78%	-13.06%	-13.06%	7.23%	6.71%	10.78%	11.32%

Past performance is not a reliable indicator of future performance. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment. All results are historical and assume the reinvestment of dividends and capital gains. It is not possible to invest directly in an index.

Performance returns for periods of less than one year are not annualized. Performance is shown net of fees.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.23%

Top Holdings

as of Mar 16 2023

Fund Top Holdings as of Mar 16 2023

Name	Shares Held	Weight
Fair Isaac Corporation	216,003	0.82%
Axon Enterprise Inc	584,743	0.71%
Reliance Steel & Aluminum Co.	507,652	0.70%
Hubbell Incorporated	464,491	0.63%
Lattice Semiconductor Corporation	1,185,443	0.61%
Builders FirstSource Inc.	1,272,947	0.59%
AECOM	1,207,851	0.56%
Carlisle Companies Incorporated	447,290	0.56%
Graco Inc.	1,457,618	0.55%
Toro Company	901,258	0.54%

Download All Holdings: Daily

Index Top Holdings as of Mar 16 2023

Name	Weight
Fair Isaac Corporation	0.83%
Axon Enterprise Inc	0.71%
Reliance Steel & Aluminum Co.	0.70%
Hubbell Incorporated	0.63%
Lattice Semiconductor Corporation	0.62%
Builders FirstSource Inc.	0.59%
AECOM	0.57%
Carlisle Companies Incorporated	0.56%
Graco Inc.	0.56%
Toro Company	0.55%

Sector Allocation

as of Mar 16 2023

Fund Sector Breakdown as of Mar 16 2023

Sector	Weight
Industrials	20.91%
Consumer Discretionary	14.50%
Financials	13.93%
Information Technology	13.11%
Health Care	9.61%
Real Estate	8.01%
Materials	6.63%
Consumer Staples	3.96%
Utilities	3.89%
Energy	3.40%
Communication Services	2.07%

Index Sector Breakdown as of Mar 16 2023

Sector	Weight
Industrials	20.91%
Consumer Discretionary	14.50%
Financials	13.93%
Information Technology	13.11%
Health Care	9.61%
Real Estate	8.01%
Materials	6.63%
Consumer Staples	3.96%
Utilities	3.89%
Energy	3.40%
Communication Services	2.07%

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

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Fund Documents

Tax Documents

Information & Schedules

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Unless otherwise noted all information contained herein is that of the SPDR^® S&P MIDCAP 400^® ETF Trust.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.