The MidCap SPDRS (Ticker: MDY) represent ownership interests in the MidCap SPDR Trust which seeks investment results that correspond generally to the performance, before fees and expenses, of the Standard & Poor's Midcap 400 Composite Price Index. S&P MidCap 400 is maintained by the S&P Index Committee, a team of Standard & Poor's economists and index analysts, who meet on a regular basis. The goal of the Index Committee is to ensure that the index remains an accurate measure of midsized companies, reflecting the risk and return characteristics of the broader mid cap universe on an on-going basis. The S&P Index Committee follows a set of published guidelines for maintaining the index. Criteria for index inclusion include: market cap between $1.5 to $5 billion (can be adjusted), minimum public float of 50%, ratio of annual dollar value traded to market cap for the company should be 0.30 or greater, constituents must be operating companies (no closed-end funds, holding companies, etc.), Occasionally, additions to the S&P MidCap 400 are migrated up from the S&P SmallCap 600, or down from the S&P 500. These companies are still required to meet the inclusion criteria.
