ETF Chart of the Day: Mid-Cap Stocks
February 17th 2012 at 10:22am by Paul Weisbruch, Street One Financial
Earlier this week we noticed sizable outflows in one of the largest and well known equity exchange traded funds out there, SPDR S&P Midcap 400 (NYSEArca: MDY). The fund has seen at least $600 million exit this week via redemption activity as it challenges its highest price levels since the middle of last summer.
While the fund has more than $10 billion in assets under management and is one of the “veterans” of the ETF space, having debuted way back in 1995, the outflows are still enough for one to take notice.
It is possible that holders are simply taking profits and liquidating into recent strength in equities, and perhaps reallocating the proceeds in other areas of the markets.
MDY also has more competition than ever in the mid cap blend equity ETF space, with funds such as iShares S&P Midcap 400 (NYSEArca: IJH) challenging it (and currently narrowly outpacing it) for assets under management supremacy.
IJH and MDY are both based on the same index benchmark, the market cap weighted S&P 400, as is Vanguard S&P Mid Cap 400 (NYSEArca: IVOO).
There are also several other ETFs that either track mid cap indexes not calculated by S&P, but other index providers, or equal weighted or quantitative/fundamental approaches to mid-cap equity indexing.
Such funds include iShares Russell Midcap (NYSEArca: IWR), Vanguard Mid Cap (NYSEArca: VO), Vanguard Extended Market (NYSEArca: VXF) First Trust Mid Cap Core AlphaDEX (NYSEArca: FNX), Schwab U.S. Mid Cap (NYSEArca: SCHM), iShares Morningstar Mid Core (NYSEArca: JKG), RevenueShares Mid Cap (NYSEArca: RWK), SPDR Dow Jones Mid Cap (NYSEArca: EMM), Rydex Russell Midcap Equal Weight (NYSEArca: EWRM), Guggenheim Mid Cap Core (NYSEArca: CZA), PowerShares Fundamental Pure Mid Core (NYSEArca: PXMC), RBS US Mid Cap Trendpilot ETN (NYSEArca: TRNM), FocusShares Morningstar Mid Cap (NYSEArca: FMM), Rydex S&P MidCap 400 Equal Weight (NYSEArca: EWMD) and Global X Nasdaq Mid Cap 400 (NasdaqGM: QQQM).
SPDR S&P Midcap 400