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State Street® SPDR® S&P® 400 U.S. Mid Cap Leaders UCITS ETF (Acc)Index, costs, backtest, listings and taxation

ISIN: IE000Q4EBR54Ticker: 400X (Xetra) · 400X (Euronext AMS) · 400X (SIX)Issuer: SPDR
Issuer-declared data
Declared index
S&P MidCap 400 Scored & Screened Leaders Index
TER
0.30%
Transaction costs
0.01% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
4.7 mln EUR
NAV
12.18 USD (30 August 2026)
Domicile
Ireland
Inception date
28 September 2025
Data as declared by SPDR in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

State Street® SPDR® S&P® 400 U.S. Mid Cap Leaders UCITS ETF (Acc) tracks the issuer-declared index: S&P MidCap 400 Scored & Screened Leaders Index. The declared annual cost (TER) is 0.30%, plus 0.01% in transaction costs estimated by the issuer in the KID. Replication is full physical replication (declared as “Replicated” by the issuer); income is accumulated and reinvested in the fund. The fund has assets of about 5 million euro, was launched on 28 September 2025 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment objective The objective of the Fund is to track the U.S. equity market performance of mid cap equity securities. Investment policies The investment policy of the Fund is to track the performance of the S&P MidCap 400 Scored & Screened Leaders Index ( the "Index") as closely as possible while seeking to minimise the tracking difference between the Fund's performance and that of the Index. The Index measures the equity performance of the 400 mid cap companies in the U.S. equity market by market capitalisation, known as the S&P MidCap 400 Index (the ""Standard Index""), while excluding companies based on certain ESG characteristics including their involvement in certain controversial business activities (including controversial weapons, small arms, military contracting, coal, thermal coal, oil sands, shale oil and gas, Arctic drilling, nuclear, tobacco, alcohol). The Fund promotes environmental or social characteristics in accordance with SFDR Article 8. These environmental and social characteristics are detailed in the SFDR Annex of the Fund's Supplement. Thereafter the Index selects the top 50% of the float-adjusted market capitalization of each Global Industry Classification Standard (GICS) Industry Group within the Standard Index (minus the Exclusions), based on each company's S&P Global ESG Score which measures a company's performance on and management of material ESG risks, opportunities, and impacts informed by a combination of company disclosures, media and stakeholder analysis, modeling approaches, and in-depth company engagement. At least 90% of the Fund's assets are invested in securities that are constituents of the Index. After the Exclusions are applied to the Standard Index, the Index universe is reduced by at least 20%. The Fund will utilise a replication strategy which seeks to physically hold all or close to all of the securities of the particular Index, with the approximate weightings as in that Index. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund. Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any income earned by the Fund will be retained and reflected in an increase in the value of the shares. The Fund does not currently engage in securities lending. The Shares of the USD Class are issued in U.S. Dollar. Index Source: The Index is a trademark of S&P Global Inc., or its affiliates, and have been licensed for use by S&P Dow Jones Indices LLC ("S&P") and sub-licensed for use to State Street Investment Management ("State Street"). The Fund is not sponsored, endorsed, sold or promoted by S&P, its affiliates, or its third party licensors. Please see the Prospectus for the full index disclaimer.

Keep reading the KID section ▾

Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

From the KID’s “Objectives” section · 5 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.30%: above the median of equity ETFs we track (0.22%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Sept 2025 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+21.3%
Annualised
+22.8%
Volatility (ann.)
15.7%
Max drawdown
-9.83%
-6%+3%+12%+21%+30%Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+21%Sept 2025Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-2%-4%-6%-8%-10%20252026−9.83% · 20 Mar 2026
Max drawdown
-9.83%
peak → trough
Trough
20 Mar 2026
from the 20 Feb 2026 peak
Recovery time
28 days
recovery only: trough to break-even
Underwater
56 days
decline + recovery: peak to break-even · → recovered on 17 Apr 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
20 Feb 202620 Mar 2026-9.83%17 Apr 202656
27 Oct 202520 Nov 2025-5.80%26 Nov 202530
14 Aug 202601 Sept 2026-4.28%ongoing25
06 May 202619 May 2026-4.08%26 May 202620
06 Oct 202510 Oct 2025-4.01%23 Oct 202517

Calendar-year returns

2025
4.1%
2026
16.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20264.03.5-5.77.73.73.1-0.50.7-0.516.6
20250.62.70.64.1
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: SPDR. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Last year
Volatility (ann.)15.46%
Max drawdown-8.18%
Sharpe1.30
Sortino1.99
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
186
Top-10 weight
15.8%

Top 10 holdings

Twilio Inc. Class A
1.89%
TechnipFMC plc
1.88%
Illumina Inc.
1.84%
Okta Inc. Class A
1.78%
Everpure Inc. Class A
1.59%
US Foods Holding Corp.
1.49%
United Therapeutics Corporation
1.42%
Carpenter Technology Corporation
1.33%
Royal Gold Inc.
1.31%
nVent Electric plc
1.30%

Sectors

Industrials
24.8%
Financials
14.5%
Information Technology
12.7%
Health Care
11.1%
Consumer Discretionary
10.3%
Real Estate
7.5%
Materials
5.9%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 100%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States100%
Download the full portfolio — Excel, 186 rows
Full portfolio declared by SPDR, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Börse Düsseldorf400X30 Sept 2025
Börse Frankfurt400X30 Sept 2025
Börse Hamburg400X2 Dec 2025
Börse Hannover400X17 Oct 2025
Börse München / gettex400X30 Sept 2025
Börse Stuttgart400X15 Oct 2025
Tradegate Exchange400X9 Oct 2025
Xetra (Deutsche Börse)400X30 Sept 2025
+ 7 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does State Street® SPDR® S&P® 400 U.S. Mid Cap Leaders UCITS ETF (Acc) track?
The issuer SPDR declares the benchmark: S&P MidCap 400 Scored & Screened Leaders Index.
How much does 400X cost?
The issuer-declared TER is 0.30% per year; the transaction costs estimated in the KID are 0.01%.
How is 400X taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of 400X?
The fund size declared by SPDR is about 5 million euro.
When was 400X launched?
The fund was launched on 28 September 2025: it has been trading for 346 days: the page fills up as the issuer publishes data.
How does 400X replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (full replication) (issuer wording: “Replicated”).
Does 400X pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does 400X trade?
Per the official ESMA register it trades on 8 main exchanges, including Börse Düsseldorf (400X), Börse Frankfurt (400X), Börse Hamburg (400X), Börse Hannover (400X), Börse München / gettex (400X), Börse Stuttgart (400X).
What was 400X's worst fall?
Over the available history (since 2025), the maximum drawdown was -9.83%, reached in March 2026. Past performance is not indicative of future results.
How many securities does 400X hold?
The declared portfolio holds 186 securities; the top 10 positions weigh 15.8%.
Transparency note
The data in this sheet is declared by SPDR in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.