Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Equity Funds
SPDR S&P Kensho Clean Power ETF
SPDR S&P Kensho Final Frontiers ETF
SPDR S&P Kensho Future Security ETF
SPDR S&P Kensho Intelligent Structures ETF
SPDR S&P Kensho New Economies Composite ETF
SPDR S&P Kensho Smart Mobility ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

1

2

3

4

5

6
Schedules of Investments (Unaudited)  

7

10

13

17

21

39

44

54

60

71
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
SPDR S&P Kensho Clean Power ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  ALLETE, Inc. 3.1%  
  Consolidated Edison, Inc. 3.0  
  NextEra Energy, Inc. 3.0  
  Algonquin Power & Utilities Corp. 3.0  
  New Jersey Resources Corp. 3.0  
  ReneSola, Ltd. ADR 3.0  
  Enbridge, Inc. 2.9  
  Ormat Technologies, Inc. 2.9  
  Tesla, Inc. 2.9  
  Avangrid, Inc. 2.8  
  TOTAL 29.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Utilities 37.5%  
  Industrials 32.6  
  Information Technology 21.8  
  Energy 3.0  
  Consumer Discretionary 2.9  
  Materials 2.1  
  Short-Term Investments 8.8  
  Liabilities in Excess of Other Assets (8.7)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


Table of Contents
SPDR S&P Kensho Final Frontiers ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Aerojet Rocketdyne Holdings, Inc. 4.2%  
  Northrop Grumman Corp. 4.1  
  Lockheed Martin Corp. 4.0  
  Maxar Technologies, Inc. 3.9  
  Honeywell International, Inc. 3.9  
  Teledyne Technologies, Inc. 3.8  
  Iridium Communications, Inc. 3.8  
  Raytheon Technologies Corp. 3.8  
  HEICO Corp. 3.8  
  L3Harris Technologies, Inc. 3.8  
  TOTAL 39.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Industrials 75.0%  
  Information Technology 16.3  
  Communication Services 3.8  
  Materials 2.6  
  Energy 2.2  
  Short-Term Investments 2.7  
  Liabilities in Excess of Other Assets (2.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR S&P Kensho Future Security ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Radware, Ltd. 2.1%  
  Broadcom, Inc. 1.8  
  Cisco Systems, Inc. 1.7  
  Fortinet, Inc. 1.7  
  Tenable Holdings, Inc. 1.7  
  A10 Networks, Inc. 1.7  
  Juniper Networks, Inc. 1.7  
  Moog, Inc. Class A 1.7  
  Aerojet Rocketdyne Holdings, Inc. 1.7  
  Varex Imaging Corp. 1.7  
  TOTAL 17.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 54.7%  
  Industrials 40.4  
  Health Care 3.3  
  Communication Services 1.5  
  Short-Term Investments 0.6  
  Liabilities in Excess of Other Assets (0.5)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR S&P Kensho Intelligent Structures ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Itron, Inc. 2.4%  
  Acuity Brands, Inc. 2.4  
  Johnson Controls International PLC 2.3  
  Honeywell International, Inc. 2.3  
  Alarm.com Holdings, Inc. 2.3  
  Silicon Laboratories, Inc. 2.3  
  Evoqua Water Technologies Corp. 2.3  
  Parsons Corp. 2.2  
  Pentair PLC 2.2  
  Resideo Technologies, Inc. 2.2  
  TOTAL 22.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Industrials 52.2%  
  Information Technology 27.5  
  Consumer Discretionary 8.6  
  Communication Services 4.5  
  Utilities 4.1  
  Energy 2.9  
  Short-Term Investments 9.1  
  Liabilities in Excess of Other Assets (8.9)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR S&P Kensho New Economies Composite ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Bruker Corp. 1.0%  
  Teledyne Technologies, Inc. 1.0  
  Vonage Holdings Corp. 0.8  
  ABB, Ltd. ADR 0.8  
  Cisco Systems, Inc. 0.8  
  Elbit Systems, Ltd. 0.8  
  Ambarella, Inc. 0.8  
  Toyota Motor Corp. ADR 0.7  
  PTC, Inc. 0.8  
  Ford Motor Co. 0.7  
  TOTAL 8.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 39.4%  
  Industrials 21.1  
  Health Care 14.7  
  Consumer Discretionary 10.0  
  Communication Services 4.8  
  Utilities 4.4  
  Financials 3.8  
  Materials 0.9  
  Energy 0.8  
  Consumer Staples 0.1  
  Short-Term Investment 9.6  
  Liabilities in Excess of Other Assets (9.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5


Table of Contents
SPDR S&P Kensho Smart Mobility ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Uber Technologies, Inc. 1.6%  
  Ford Motor Co. 1.6  
  XPeng, Inc. ADR 1.5  
  Luminar Technologies, Inc. 1.5  
  Allegro MicroSystems, Inc. 1.5  
  Textron, Inc. 1.5  
  Gentherm, Inc. 1.5  
  Li Auto, Inc. ADR 1.5  
  Lyft, Inc. Class A 1.5  
  Allison Transmission Holdings, Inc. 1.5  
  TOTAL 15.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Consumer Discretionary 37.3%  
  Industrials 32.2  
  Information Technology 24.0  
  Communication Services 3.5  
  Energy 1.3  
  Materials 1.1  
  Financials 0.5  
  Short-Term Investments 15.7  
  Liabilities in Excess of Other Assets (15.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6


Table of Contents
SPDR S&P KENSHO CLEAN POWER ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AUTOMOBILES — 2.9%  
Tesla, Inc. (a)

  9,619   $ 10,165,167
CHEMICALS — 2.1%  
Huntsman Corp.

  207,812   7,248,482
CONSTRUCTION & ENGINEERING — 7.5%  
Arcosa, Inc.

  180,244   9,498,859
ReneSola, Ltd. ADR (a)

  1,749,539   10,427,252
Valmont Industries, Inc.

  25,928   6,494,964
          26,421,075
ELECTRIC UTILITIES — 15.3%  
ALLETE, Inc.

  162,771   10,799,856
Avangrid, Inc. (b)

  200,844   10,018,099
Centrais Eletricas Brasileiras SA ADR (b)

  1,380,305   8,406,057
Cia Paranaense de Energia ADR

  1,033,509   5,818,659
Enel Americas SA ADR (b)

  1,231,951   6,701,813
Enel Chile SA ADR (b)

  957,123   1,732,393
NextEra Energy, Inc.

  113,297   10,577,408
          54,054,285
ELECTRICAL EQUIPMENT — 21.4%  
Advent Technologies Holdings, Inc. (a)

  323,371   2,266,831
American Superconductor Corp. (a)

  295,639   3,216,552
Array Technologies, Inc. (a)

  566,985   8,895,995
Ballard Power Systems, Inc. (a)  (b)

  708,299   8,896,235
Eos Energy Enterprises, Inc. (a)  (b)

  667,322   5,018,261
FTC Solar, Inc. (a)  (b)

  920,040   6,955,502
FuelCell Energy, Inc. (a)  (b)

  1,344,923   6,993,600
Plug Power, Inc. (a)  (b)

  279,656   7,894,689
Shoals Technologies Group, Inc. Class A (a)  (b)

  359,289   8,730,723
Sunrun, Inc. (a)  (b)

  229,089   7,857,753
TPI Composites, Inc. (a)

  587,566   8,789,987
          75,516,128
GAS UTILITIES — 3.0%  
New Jersey Resources Corp.

  254,149   10,435,358
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 13.2%  
AES Corp.

  411,325   9,995,197
Atlantica Sustainable Infrastructure PLC

  266,435   9,527,716
See accompanying notes to financial statements.
7


Table of Contents
SPDR S&P KENSHO CLEAN POWER ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Azure Power Global, Ltd. (a)  (b)

  221,352   $ 4,017,539
Montauk Renewables, Inc. (a)

  206,670   2,118,368
Ormat Technologies, Inc. (b)

  128,920   10,223,356
Sunnova Energy International, Inc. (a)

  310,201   8,660,812
TransAlta Corp.

  159,104   1,769,236
          46,312,224
INDUSTRIAL CONGLOMERATES — 2.8%  
General Electric Co.

  104,108   9,835,083
MACHINERY — 0.9%  
Hyster-Yale Materials Handling, Inc.

  80,227   3,297,330
MULTI-UTILITIES — 6.0%  
Algonquin Power & Utilities Corp. (b)

  729,459   10,540,682
Consolidated Edison, Inc.

  125,558   10,712,609
          21,253,291
OIL, GAS & CONSUMABLE FUELS — 3.0%  
Enbridge, Inc.

  266,084   10,398,563
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 21.8%  
Applied Materials, Inc.

  43,228   6,802,358
Canadian Solar, Inc. (a)  (b)

  300,096   9,390,004
Daqo New Energy Corp. ADR (a)

  220,118   8,875,158
Enphase Energy, Inc. (a)

  45,396   8,304,744
First Solar, Inc. (a)

  101,675   8,861,993
JinkoSolar Holding Co., Ltd. ADR (a)  (b)

  210,412   9,670,535
Maxeon Solar Technologies, Ltd. (a)

  562,323   7,816,290
SolarEdge Technologies, Inc. (a)

  30,928   8,677,469
SunPower Corp. (a)

  410,332   8,563,629
          76,962,180
TOTAL COMMON STOCKS

(Cost $416,134,287)

        351,899,166
SHORT-TERM INVESTMENTS — 8.8%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  285,525   285,553
See accompanying notes to financial statements.
8


Table of Contents
SPDR S&P KENSHO CLEAN POWER ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)

  30,850,667   $ 30,850,667
TOTAL SHORT-TERM INVESTMENTS

(Cost $31,136,221)

  31,136,220  
TOTAL INVESTMENTS — 108.7%

(Cost $447,270,508)

  383,035,386  
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.7)%

  (30,593,738)  
NET ASSETS — 100.0%

  $ 352,441,648  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $351,899,166   $—   $—   $351,899,166
Short-Term Investments

  31,136,220       31,136,220
TOTAL INVESTMENTS

  $383,035,386   $—   $—   $383,035,386
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

334,128   $ 334,229   $ 4,112,391   $ 4,160,999   $(66)   $ (2)   285,525   $ 285,553   $ 58
State Street Navigator Securities Lending Portfolio II

33,447,164   33,447,164   412,892,335   415,488,832       30,850,667   30,850,667   264,290
Total

    $33,781,393   $417,004,726   $419,649,831   $(66)   $ (2)       $31,136,220   $264,348
See accompanying notes to financial statements.
9


Table of Contents
SPDR S&P KENSHO FINAL FRONTIERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 54.6%  
Aerojet Rocketdyne Holdings, Inc.

  18,877   $ 882,688
Astra Space, Inc. (a)  (b)

  86,267   597,830
Boeing Co. (a)

  3,830   771,056
BWX Technologies, Inc.

  10,958   524,669
Elbit Systems, Ltd.

  1,643   286,096
General Dynamics Corp.

  2,630   548,276
HEICO Corp.

  5,562   802,152
Hexcel Corp. (a)

  15,194   787,049
Huntington Ingalls Industries, Inc.

  2,836   529,595
L3Harris Technologies, Inc.

  3,731   795,598
Lockheed Martin Corp.

  2,370   842,322
Maxar Technologies, Inc.

  27,931   824,802
Moog, Inc. Class A

  5,943   481,205
Northrop Grumman Corp.

  2,220   859,295
Raytheon Technologies Corp.

  9,345   804,231
TransDigm Group, Inc. (a)

  863   549,110
Virgin Galactic Holdings, Inc. (a)

  49,774   665,976
          11,551,950
COMMUNICATIONS EQUIPMENT — 2.3%  
Viasat, Inc. (a)

  11,068   492,969
CONTAINERS & PACKAGING — 2.6%  
Ball Corp.

  5,625   541,519
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.8%  
Iridium Communications, Inc. (a)

  19,610   809,697
ELECTRICAL EQUIPMENT — 2.6%  
AMETEK, Inc.

  3,746   550,812
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.6%  
Amphenol Corp. Class A

  6,325   553,185
II-VI, Inc. (a)  (b)

  7,884   538,714
Teledyne Technologies, Inc. (a)

  1,860   812,615
TTM Technologies, Inc. (a)

  37,079   552,477
          2,456,991
ENERGY EQUIPMENT & SERVICES — 2.2%  
TechnipFMC PLC (a)

  79,937   473,227
See accompanying notes to financial statements.
10


Table of Contents
SPDR S&P KENSHO FINAL FRONTIERS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
INDUSTRIAL CONGLOMERATES — 3.9%  
Honeywell International, Inc.

  3,950   $ 823,614
MACHINERY — 6.4%  
ESCO Technologies, Inc.

  5,461   491,435
Fortive Corp.

  6,985   532,886
Standex International Corp.

  2,984   330,209
          1,354,530
PROFESSIONAL SERVICES — 7.5%  
Jacobs Engineering Group, Inc.

  3,657   509,164
KBR, Inc.

  11,437   544,630
Leidos Holdings, Inc.

  5,840   519,176
          1,572,970
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%  
Analog Devices, Inc.

  2,837   498,660
TOTAL COMMON STOCKS

(Cost $21,092,107)

        21,126,939
SHORT-TERM INVESTMENTS — 2.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  19,079   19,081
State Street Navigator Securities Lending Portfolio II (e)  (f)

  543,480   543,480
TOTAL SHORT-TERM INVESTMENTS

(Cost $562,561)

  562,561  
TOTAL INVESTMENTS — 102.6%

(Cost $21,654,668)

  21,689,500  
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%

  (547,386)  
NET ASSETS — 100.0%

  $ 21,142,114  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P KENSHO FINAL FRONTIERS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $21,126,939   $—   $—   $21,126,939
Short-Term Investments

  562,561       562,561
TOTAL INVESTMENTS

  $21,689,500   $—   $—   $21,689,500
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

33,769   $ 33,780   $ 117,157   $ 131,850   $ (6)   $—   19,079   $ 19,081   $ 6
State Street Navigator Securities Lending Portfolio II

521,979   521,979   2,075,399   2,053,898       543,480   543,480  
Total

    $555,759   $2,192,556   $2,185,748   $ (6)   $—       $562,561   $ 6
See accompanying notes to financial statements.
12


Table of Contents
SPDR S&P KENSHO FUTURE SECURITY ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 29.6%  
Aerojet Rocketdyne Holdings, Inc.

  9,851   $ 460,633
AeroVironment, Inc. (a)

  6,881   426,829
Boeing Co. (a)

  1,998   402,237
Elbit Systems, Ltd.

  2,067   359,927
Embraer SA ADR (a)

  20,630   366,183
General Dynamics Corp.

  1,574   328,132
HEICO Corp.

  2,913   420,113
Hexcel Corp. (a)

  7,958   412,224
Huntington Ingalls Industries, Inc.

  1,698   317,085
Kratos Defense & Security Solutions, Inc. (a)

  20,753   402,608
L3Harris Technologies, Inc.

  1,947   415,178
Lockheed Martin Corp.

  1,241   441,064
Maxar Technologies, Inc.

  14,629   431,994
Mercury Systems, Inc. (a)

  6,648   366,039
Moog, Inc. Class A

  5,693   460,962
Northrop Grumman Corp.

  1,162   449,775
Parsons Corp. (a)

  12,322   414,635
RADA Electronic Industries, Ltd. (a)

  21,470   202,247
Raytheon Technologies Corp.

  4,894   421,178
Textron, Inc.

  5,637   435,176
Vectrus, Inc. (a)

  2,947   134,884
          8,069,103
BUILDING PRODUCTS — 1.2%  
Griffon Corp.

  11,343   323,049
COMMUNICATIONS EQUIPMENT — 11.1%  
Cisco Systems, Inc.

  7,425   470,522
F5, Inc. (a)

  1,843   451,001
Gilat Satellite Networks, Ltd. (b)

  32,155   227,336
Juniper Networks, Inc.

  13,006   464,444
NetScout Systems, Inc. (a)

  13,466   445,455
Radware, Ltd. (a)

  13,673   569,344
Viasat, Inc. (a)

  8,868   394,981
          3,023,083
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%  
Iridium Communications, Inc. (a)

  10,270   424,048
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.4%  
908 Devices, Inc. (a)

  11,739   303,688
See accompanying notes to financial statements.
13


Table of Contents
SPDR S&P KENSHO FUTURE SECURITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Amphenol Corp. Class A

  3,786   $ 331,124
OSI Systems, Inc. (a)

  4,542   423,314
Teledyne Technologies, Inc. (a)

  974   425,531
          1,483,657
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%  
Varex Imaging Corp. (a)

  14,519   458,074
IT SERVICES — 3.9%  
Akamai Technologies, Inc. (a)

  3,779   442,294
Cloudflare, Inc. Class A (a)

  2,639   347,029
Limelight Networks, Inc. (a)

  83,974   288,031
          1,077,354
LIFE SCIENCES TOOLS & SERVICES — 1.6%  
Bruker Corp.

  5,154   432,472
MACHINERY — 1.2%  
Fortive Corp.

  4,180   318,892
PROFESSIONAL SERVICES — 8.4%  
ASGN, Inc. (a)

  3,283   405,122
Jacobs Engineering Group, Inc.

  2,930   407,944
KBR, Inc.

  6,846   326,006
Leidos Holdings, Inc.

  4,679   415,963
ManTech International Corp. Class A

  6,020   439,039
Science Applications International Corp.

  3,728   311,624
          2,305,698
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.3%  
Broadcom, Inc.

  719   478,430
eMagin Corp. (a)

  55,561   71,673
Kopin Corp. (a)

  83,176   340,190
          890,293
SOFTWARE — 31.0%  
A10 Networks, Inc.

  28,019   464,555
BlackBerry, Ltd. (a)

  45,474   425,182
Check Point Software Technologies, Ltd. (a)

  3,817   444,910
Cognyte Software, Ltd. (a)

  21,001   329,086
Crowdstrike Holdings, Inc. Class A (a)

  2,024   414,414
CyberArk Software, Ltd. (a)

  2,622   454,340
Fortinet, Inc. (a)

  1,308   470,095
Mandiant, Inc. (a)

  25,276   443,341
See accompanying notes to financial statements.
14


Table of Contents
SPDR S&P KENSHO FUTURE SECURITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
McAfee Corp. Class A

  16,467   $ 424,684
Mimecast, Ltd. (a)

  5,350   425,700
OneSpan, Inc. (a)

  18,361   310,852
Palo Alto Networks, Inc. (a)

  794   442,067
Qualys, Inc. (a)

  3,196   438,555
Rapid7, Inc. (a)

  3,556   418,506
SentinelOne, Inc. Class A (a)

  8,711   439,818
Telos Corp. (a)

  24,758   381,768
Tenable Holdings, Inc. (a)

  8,531   469,802
Varonis Systems, Inc. (a)

  8,043   392,338
VMware, Inc. Class A

  3,674   425,742
Zscaler, Inc. (a)

  1,352   434,439
          8,450,194
TOTAL COMMON STOCKS

(Cost $25,925,343)

        27,255,917
SHORT-TERM INVESTMENTS — 0.6%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  14,780   14,780
State Street Navigator Securities Lending Portfolio II (e)  (f)

  142,148   142,148
TOTAL SHORT-TERM INVESTMENTS

(Cost $156,928)

  156,928  
TOTAL INVESTMENTS — 100.5%

(Cost $26,082,271)

  27,412,845  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%

  (149,240)  
NET ASSETS — 100.0%

  $ 27,263,605  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P KENSHO FUTURE SECURITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $27,255,917   $—   $—   $27,255,917
Short-Term Investments

  156,928       156,928
TOTAL INVESTMENTS

  $27,412,845   $—   $—   $27,412,845
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

34,728   $ 34,738   $ 588,458   $ 608,411   $ (5)   $—   14,780   $ 14,780   $ 6
State Street Navigator Securities Lending Portfolio II

236,289   236,289   3,325,659   3,419,800       142,148   142,148   2,755
Total

    $271,027   $ 3,914,117   $ 4,028,211   $ (5)   $—       $156,928   $2,761
See accompanying notes to financial statements.
16


Table of Contents
SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 2.2%  
Parsons Corp. (a)

  36,967   $ 1,243,939
AUTO COMPONENTS — 2.2%  
Lear Corp.

  6,757   1,236,193
AUTOMOBILES — 1.5%  
Toyota Motor Corp. ADR (b)

  4,560   844,968
BUILDING PRODUCTS — 9.1%  
Allegion PLC

  6,281   831,856
Carrier Global Corp.

  22,505   1,220,671
Johnson Controls International PLC

  15,969   1,298,440
Resideo Technologies, Inc. (a)

  47,608   1,239,236
View, Inc. (a)

  129,221   505,254
          5,095,457
COMMERCIAL SERVICES & SUPPLIES — 3.5%  
ADT, Inc.

  146,673   1,233,520
Tetra Tech, Inc.

  4,408   748,478
          1,981,998
COMMUNICATIONS EQUIPMENT — 1.6%  
Nokia Oyj ADR (a)

  141,994   883,203
CONSTRUCTION & ENGINEERING — 1.6%  
NV5 Global, Inc. (a)

  6,467   893,222
DIVERSIFIED CONSUMER SERVICES — 1.4%  
Vivint Smart Home, Inc. (a)

  77,116   754,194
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%  
BCE, Inc.

  16,026   833,993
ELECTRIC UTILITIES — 0.4%  
Korea Electric Power Corp. ADR (b)

  25,051   228,966
ELECTRICAL EQUIPMENT — 16.9%  
ABB, Ltd. ADR (b)

  22,611   863,062
Acuity Brands, Inc.

  6,290   1,331,719
AMETEK, Inc.

  5,899   867,389
Beam Global (a)

  41,695   775,527
See accompanying notes to financial statements.
17


Table of Contents
SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Blink Charging Co. (a)  (b)

  37,086   $ 983,150
Bloom Energy Corp. Class A (a)  (b)

  50,265   1,102,311
ChargePoint Holdings, Inc. (a)  (b)

  60,543   1,153,344
Hubbell, Inc.

  3,981   829,123
Nuvve Holding Corp. (a)

  25,430   338,727
Stem, Inc. (a)  (b)

  64,509   1,223,736
          9,468,088
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.0%  
Badger Meter, Inc.

  11,468   1,222,030
Itron, Inc. (a)

  19,511   1,336,894
Luna Innovations, Inc. (a)

  23,881   201,556
MicroVision, Inc. (a)  (b)

  116,213   582,227
TE Connectivity, Ltd.

  5,237   844,938
Teledyne Technologies, Inc. (a)

  1,914   836,207
          5,023,852
HOUSEHOLD DURABLES — 1.6%  
Snap One Holdings Corp. (a)

  22,270   469,452
Universal Electronics, Inc. (a)

  10,959   446,579
          916,031
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 2.1%  
Atlantica Sustainable Infrastructure PLC

  33,060   1,182,226
INDUSTRIAL CONGLOMERATES — 3.9%  
Honeywell International, Inc.

  6,207   1,294,222
Roper Technologies, Inc.

  1,763   867,149
          2,161,371
INTERACTIVE MEDIA & SERVICES — 1.5%  
Baidu, Inc. ADR (a)

  5,587   831,290
MACHINERY — 13.4%  
Energy Recovery, Inc. (a)

  56,707   1,218,633
Evoqua Water Technologies Corp. (a)

  26,696   1,248,038
Ideanomics, Inc. (a)  (b)

  513,634   616,361
Mueller Water Products, Inc. Class A

  58,269   839,074
Pentair PLC

  17,002   1,241,656
Proterra, Inc. (a)

  122,486   1,081,551
Xylem, Inc.

  10,231   1,226,902
          7,472,215
See accompanying notes to financial statements.
18


Table of Contents
SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
MULTI-UTILITIES — 1.6%  
National Grid PLC ADR

  12,100   $ 875,072
OIL, GAS & CONSUMABLE FUELS — 3.0%  
Royal Dutch Shell PLC Class A ADR

  18,657   809,714
Suncor Energy, Inc.

  33,579   840,482
          1,650,196
PROFESSIONAL SERVICES — 2.1%  
Rekor Systems, Inc. (a)  (b)

  181,455   1,188,530
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.5%  
ON Semiconductor Corp. (a)

  12,953   879,768
Qorvo, Inc. (a)

  7,871   1,230,946
Silicon Laboratories, Inc. (a)

  6,203   1,280,423
STMicroelectronics NV (b)

  16,936   827,831
          4,218,968
SOFTWARE — 5.7%  
Alarm.com Holdings, Inc. (a)

  15,154   1,285,211
Latch, Inc. (a)

  151,573   1,147,408
Veritone, Inc. (a)  (b)

  34,526   776,144
          3,208,763
SPECIALTY RETAIL — 1.9%  
EVgo, Inc. (a)  (b)

  104,370   1,037,438
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.5%  
Logitech International SA (b)

  10,094   832,553
TRADING COMPANIES & DISTRIBUTORS — 1.6%  
Core & Main, Inc. Class A (a)

  29,664   900,006
WIRELESS TELECOMMUNICATION SERVICES — 1.5%  
Rogers Communications, Inc. Class B

  17,952   855,054
TOTAL COMMON STOCKS

(Cost $56,761,409)

        55,817,786
SHORT-TERM INVESTMENTS — 9.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  77,005   77,013
See accompanying notes to financial statements.
19


Table of Contents
SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)

  5,044,606   $ 5,044,606
TOTAL SHORT-TERM INVESTMENTS

(Cost $5,121,619)

  5,121,619  
TOTAL INVESTMENTS — 108.9%

(Cost $61,883,028)

  60,939,405  
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.9)%

  (5,005,014)  
NET ASSETS — 100.0%

  $ 55,934,391  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $55,817,786   $—   $—   $55,817,786
Short-Term Investments

  5,121,619       5,121,619
TOTAL INVESTMENTS

  $60,939,405   $—   $—   $60,939,405
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

21,837   $ 21,844   $ 433,802   $ 378,626   $ (7)   $—   77,005   $ 77,013   $
State Street Navigator Securities Lending Portfolio II

5,646,547   5,646,547   26,219,286   26,821,227       5,044,606   5,044,606   55,555
Total

    $5,668,391   $26,653,088   $27,199,853   $ (7)   $—       $5,121,619   $55,555
See accompanying notes to financial statements.
20


Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 100.0%   
AEROSPACE & DEFENSE — 4.8%  
Aerojet Rocketdyne Holdings, Inc.

  51,323   $ 2,399,863
AeroVironment, Inc. (a)

  20,337   1,261,504
Astra Space, Inc. (a)  (b)

  228,481   1,583,373
Boeing Co. (a)

  16,024   3,225,952
BWX Technologies, Inc.

  26,659   1,276,433
Elbit Systems, Ltd. (b)

  90,904   15,829,113
Embraer SA ADR (a)  (b)

  363,586   6,453,651
General Dynamics Corp.

  7,294   1,520,580
HEICO Corp.

  21,669   3,125,103
Hexcel Corp. (a)

  37,360   1,935,248
Huntington Ingalls Industries, Inc.

  4,777   892,057
Kratos Defense & Security Solutions, Inc. (a)

  293,591   5,695,665
L3Harris Technologies, Inc.

  14,090   3,004,552
Lockheed Martin Corp.

  32,341   11,494,315
Maxar Technologies, Inc.

  66,765   1,971,570
Mercury Systems, Inc. (a)

  17,981   990,034
Moog, Inc. Class A

  27,855   2,255,419
Northrop Grumman Corp.

  23,680   9,165,818
Parsons Corp. (a)

  273,088   9,189,411
RADA Electronic Industries, Ltd. (a)

  312,106   2,940,039
Raytheon Technologies Corp.

  24,509   2,109,245
Textron, Inc.

  18,363   1,417,624
TransDigm Group, Inc. (a)

  2,249   1,430,994
Vectrus, Inc. (a)

  106,587   4,878,487
Virgin Galactic Holdings, Inc. (a)

  103,862   1,389,674
          97,435,724
AIRLINES — 0.4%  
Blade Air Mobility, Inc. (a)  (b)

  900,730   7,953,446
AUTO COMPONENTS — 2.8%  
American Axle & Manufacturing Holdings, Inc. (a)

  214,129   1,997,824
Aptiv PLC (a)

  32,838   5,416,628
BorgWarner, Inc.

  45,902   2,068,803
Dana, Inc.

  93,340   2,130,019
Foresight Autonomous Holdings, Ltd. ADR (a)  (b)

  1,708,019   2,903,632
Garrett Motion, Inc. (a)

  286,702   2,302,217
Gentherm, Inc. (a)

  27,827   2,418,166
Kandi Technologies Group, Inc. (a)  (b)

  427,342   1,371,768
Lear Corp.

  54,356   9,944,430
Luminar Technologies, Inc. (a)  (b)

  327,295   5,534,559
See accompanying notes to financial statements.
21


Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Modine Manufacturing Co. (a)

  140,048   $ 1,413,084
Veoneer, Inc. (a)  (b)

  172,717   6,127,999
Visteon Corp. (a)

  129,384   14,379,738
          58,008,867
AUTOMOBILES — 4.6%  
ElectraMeccanica Vehicles Corp. (a)  (b)

  539,043   1,229,018
Electric Last Mile Solutions I (a)  (b)

  262,932   1,848,412
Fisker, Inc. (a)

  119,839   1,885,067
Ford Motor Co.

  713,908   14,827,869
General Motors Co. (a)

  129,243   7,577,517
Honda Motor Co., Ltd. ADR (b)

  72,728   2,069,112
Li Auto, Inc. ADR (a)

  183,821   5,900,654
Lordstown Motors Corp. Class A (a)  (b)

  351,180   1,211,571
NIO, Inc. ADR (a)

  177,573