For more, see Layer Tools
To Activate: Layer Tools / Advanced tab
Create a layer containing midpoints of each line segment of features on a designated line layer.
To Use:
Activate Create Midpoint from Line feature.
In the File / Folder Explorer dialog, designate a location to save layer (i.e. EditSHP folder).
Name the new layer.
Click Save As to Save the new layer.
Click Yes to add new layer to project (if desired).