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.

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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   5,625,513
Niu Technologies ADR (a)  (b)
   339,754   5,473,437
Stellantis NV (b)
   390,261   7,321,296
Tata Motors, Ltd. ADR (a)  (b)
   47,948   1,538,651
Tesla, Inc. (a)
   10,756   11,366,726
Toyota Motor Corp. ADR (b)
   82,693   15,323,013
Workhorse Group, Inc. (a)  (b)
   489,102   2,132,485
XPeng, Inc. ADR (a)
   159,673   8,036,342
          93,366,683
BANKS — 0.8%  
Banco BBVA Argentina SA ADR (a)  (b)
   132,889   418,600
Banco Bradesco SA ADR
   124,935   427,278
Banco Santander Brasil SA (b)
   76,921   413,066
Banco Santander SA ADR
   1,859,219   6,116,831
Grupo Financiero Galicia SA ADR (b)
   44,180   419,268
Grupo Supervielle SA ADR (b)
   132,681   258,728
ICICI Bank, Ltd. ADR
   21,767   430,769
ING Groep NV ADR (b)
   578,719   8,055,768
Intercorp Financial Services, Inc. (b)
   13,775   363,384
          16,903,692
BIOTECHNOLOGY — 3.2%  
2seventy bio, Inc. (a)
   27,776   711,899
4D Molecular Therapeutics, Inc. (a)
   50,529   1,108,606
Adaptimmune Therapeutics PLC ADR (a)
   266,929   1,000,984
Allogene Therapeutics, Inc. (a)
   61,291   914,462
Alnylam Pharmaceuticals, Inc. (a)
   6,436   1,091,417
Amicus Therapeutics, Inc. (a)
   96,620   1,115,961
See accompanying notes to financial statements.
22

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Arcturus Therapeutics Holdings, Inc. (a)
   29,599   $ 1,095,459
Arrowhead Pharmaceuticals, Inc. (a)
   15,296   1,014,125
Atara Biotherapeutics, Inc. (a)
   64,989   1,024,227
Biogen, Inc. (a)
   4,397   1,054,928
BioMarin Pharmaceutical, Inc. (a)
   10,139   895,781
BioNTech SE ADR (a)
   5,076   1,308,593
Bluebird Bio, Inc. (a)
   108,312   1,082,037
CareDx, Inc. (a)
   16,372   744,599
Caribou Biosciences, Inc. (a)
   52,321   789,524
Cellectis SA ADR (a)
   115,264   935,944
Clene, Inc. (a)  (b)
   486,701   1,995,474
Collplant Biotechnologies, Ltd. (a)  (b)
   212,560   3,477,482
Collplant Biotechnologies, Ltd. ADR (a)
   900   14,724
CRISPR Therapeutics AG (a)  (b)
   12,659   959,299
CureVac NV (a)  (b)
   29,983   1,028,717
Editas Medicine, Inc. (a)  (b)
   28,459   755,586
Fate Therapeutics, Inc. (a)
   18,506   1,082,786
Gilead Sciences, Inc.
   17,476   1,268,932
Grifols SA ADR (b)
   212,290   2,384,017
Gritstone bio, Inc. (a)
   75,240   967,586
Ideaya Biosciences, Inc. (a)
   35,786   845,981
Immatics NV (a)
   91,517   1,229,988
ImmunityBio, Inc. (a)
   168,382   1,023,763
Inovio Pharmaceuticals, Inc. (a)  (b)
   153,305   764,992
Intellia Therapeutics, Inc. (a)
   7,633   902,526
Ionis Pharmaceuticals, Inc. (a)
   22,865   695,782
Iovance Biotherapeutics, Inc. (a)
   54,620   1,042,696
Krystal Biotech, Inc. (a)
   21,162   1,480,282
Legend Biotech Corp. ADR (a)
   18,721   872,586
Ligand Pharmaceuticals, Inc. (a)
   5,433   839,181
MeiraGTx Holdings PLC (a)
   50,088   1,189,089
Merus NV (a)  (b)
   38,225   1,215,555
Moderna, Inc. (a)
   5,082   1,290,726
Natera, Inc. (a)
   6,670   622,911
Novavax, Inc. (a)  (b)
   5,515   789,031
OPKO Health, Inc. (a)  (b)
   174,038   837,123
Precigen, Inc. (a)
   280,140   1,039,319
Precision BioSciences, Inc. (a)
   116,979   865,645
ProQR Therapeutics NV (a)  (b)
   140,736   1,127,295
Recursion Pharmaceuticals, Inc. Class A (a)
   55,253   946,484
Regeneron Pharmaceuticals, Inc. (a)
   1,318   832,343
REGENXBIO, Inc. (a)
   34,676   1,133,905
See accompanying notes to financial statements.
23

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Repare Therapeutics, Inc. (a)  (b)
   40,397   $ 851,973
Rocket Pharmaceuticals, Inc. (a)  (b)
   39,386   859,796
Rubius Therapeutics, Inc. (a)
   79,089   765,582
Sangamo Therapeutics, Inc. (a)
   118,389   887,917
Sarepta Therapeutics, Inc. (a)
   13,403   1,206,940
Seagen, Inc. (a)
   4,878   754,139
Taysha Gene Therapies, Inc. (a)  (b)
   76,325   889,186
Twist Bioscience Corp. (a)
   9,556   739,539
Ultragenyx Pharmaceutical, Inc. (a)
   14,389   1,209,971
uniQure NV (a)
   37,559   778,974
Vericel Corp. (a)  (b)
   24,428   960,020
Vertex Pharmaceuticals, Inc. (a)
   4,740   1,040,904
Vir Biotechnology, Inc. (a)
   39,585   1,657,424
Xencor, Inc. (a)
   31,545   1,265,585
          65,278,302
BUILDING PRODUCTS — 0.7%  
Allegion PLC
   13,944   1,846,743
Carrier Global Corp.
   52,379   2,841,037
Griffon Corp.
   127,002   3,617,017
Johnson Controls International PLC
   36,977   3,006,600
Resideo Technologies, Inc. (a)
   101,967   2,654,201
View, Inc. (a)
   305,017   1,192,617
          15,158,215
CAPITAL MARKETS — 0.8%  
BlackRock, Inc.
   2,655   2,430,812
Charles Schwab Corp.
   29,625   2,491,462
Coinbase Global, Inc. Class A (a)
   29,794   7,519,112
Open Lending Corp. Class A (a)
   125,791   2,827,782
Robinhood Markets, Inc. Class A (a)  (b)
   74,541   1,323,848
          16,593,016
CHEMICALS — 0.4%  
Cabot Corp.
   74,100   4,164,420
Corteva, Inc.
   23,368   1,104,839
Huntsman Corp.
   111,827   3,900,526
          9,169,785
COMMERCIAL SERVICES & SUPPLIES — 0.2%  
ADT, Inc.
   301,477   2,535,421
Tetra Tech, Inc.
   13,592   2,307,922
          4,843,343
See accompanying notes to financial statements.
24

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SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMUNICATIONS EQUIPMENT — 2.5%  
CalAmp Corp. (a)
   406,384   $ 2,869,071
Cisco Systems, Inc.
   251,983   15,968,163
F5, Inc. (a)
   21,206   5,189,320
Gilat Satellite Networks, Ltd. (b)
   114,862   812,074
Ituran Location & Control, Ltd.
   117,402   3,131,111
Juniper Networks, Inc.
   150,696   5,381,354
NetScout Systems, Inc. (a)
   138,120   4,569,010
Nokia Oyj ADR (a)
   423,148   2,631,981
Radware, Ltd. (a)
   134,738   5,610,490
Viasat, Inc. (a)
   86,573   3,855,962
          50,018,536
CONSTRUCTION & ENGINEERING — 0.9%  
Arcosa, Inc.
   82,334   4,339,002
NV5 Global, Inc. (a)
   22,725   3,138,777
ReneSola, Ltd. ADR (a)  (b)
   1,168,471   6,964,087
Valmont Industries, Inc.
   14,091   3,529,795
          17,971,661
CONSUMER FINANCE — 1.0%  
Ally Financial, Inc.
   77,345   3,682,395
FinVolution Group ADR (b)
   589,674   2,907,093
Green Dot Corp. Class A (a)
   15,236   552,153
LendingClub Corp. (a)
   87,797   2,122,932
LexinFintech Holdings, Ltd. ADR (a)
   612,690   2,364,983
Lufax Holding, Ltd. ADR (a)  (b)
   338,678   1,906,757
Oportun Financial Corp. (a)
   72,341   1,464,905
Qudian, Inc. ADR (a)  (b)
   877,261   850,154
SoFi Technologies, Inc. (a)  (b)
   129,735   2,051,110
Upstart Holdings, Inc. (a)
   15,347   2,322,001
          20,224,483
CONTAINERS & PACKAGING — 0.1%  
Ball Corp.
   15,974   1,537,817
DIVERSIFIED CONSUMER SERVICES — 0.2%  
Afya, Ltd. Class A (a)  (b)
   53,078   833,855
Vivint Smart Home, Inc. (a)
   236,366   2,311,660
          3,145,515
DIVERSIFIED FINANCIAL SERVICES — 0.3%  
ORIX Corp. ADR
   54,947   5,592,506
See accompanying notes to financial statements.
25

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%  
BCE, Inc. (b)
   35,802   $ 1,863,136
Consolidated Communications Holdings, Inc. (a)
   998,686   7,470,171
IDT Corp. Class B (a)
   252,579   11,153,889
Iridium Communications, Inc. (a)
   72,377   2,988,446
Ooma, Inc. (a)
   236,416   4,832,343
          28,307,985
ELECTRIC UTILITIES — 1.7%  
ALLETE, Inc.
   82,288   5,459,809
Avangrid, Inc. (b)
   102,687   5,122,028
Centrais Eletricas Brasileiras SA ADR (b)
   861,876   5,248,825
Cia Paranaense de Energia ADR
   836,882   4,711,648
Enel Americas SA ADR (b)
   960,554   5,225,414
Enel Chile SA ADR (b)
   770,175   1,394,017
Korea Electric Power Corp. ADR (b)
   181,225   1,656,396
NextEra Energy, Inc.
   58,954   5,503,945
          34,322,082
ELECTRICAL EQUIPMENT — 5.5%  
ABB, Ltd. ADR (b)
   428,211   16,344,814
Acuity Brands, Inc.
   12,940   2,739,657
Advent Technologies Holdings, Inc. (a)  (b)
   627,414   4,398,172
American Superconductor Corp. (a)
   326,158   3,548,599
AMETEK, Inc.
   27,782   4,085,065
Array Technologies, Inc. (a)
   189,433   2,972,204
Ballard Power Systems, Inc. (a)  (b)
   394,356   4,953,111
Beam Global (a)  (b)
   94,739   1,762,145
BitNile Holdings, Inc. (a)  (b)
   666,335   792,939
Blink Charging Co. (a)  (b)
   382,820   10,148,558
Bloom Energy Corp. Class A (a)  (b)
   125,845   2,759,781
CBAK Energy Technology, Inc. (a)  (b)
   847,993   1,322,869
ChargePoint Holdings, Inc. (a)  (b)
   161,647   3,079,375
Emerson Electric Co.
   79,379   7,379,866
Eos Energy Enterprises, Inc. (a)  (b)
   480,302   3,611,871
FTC Solar, Inc. (a)  (b)
   473,154   3,577,044
FuelCell Energy, Inc. (a)  (b)
   500,679   2,603,531
Hubbell, Inc.
   11,839   2,465,709
Nuvve Holding Corp. (a)  (b)
   144,793   1,928,643
Ocean Power Technologies, Inc. (a)  (b)
   2,430,455   3,597,073
Plug Power, Inc. (a)  (b)
   162,734   4,593,981
Rockwell Automation, Inc.
   22,889   7,984,828
Romeo Power, Inc. (a)  (b)
   432,428   1,578,362
See accompanying notes to financial statements.
26

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Sensata Technologies Holding PLC (a)
   25,822   $ 1,592,959
Shoals Technologies Group, Inc. Class A (a)  (b)
   144,146   3,502,748
Stem, Inc. (a)  (b)
   140,247   2,660,486
Sunrun, Inc. (a)  (b)
   84,380   2,894,234
TPI Composites, Inc. (a)
   220,387   3,296,989
          112,175,613
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.8%  
908 Devices, Inc. (a)
   143,376   3,709,137
Aeva Technologies, Inc. (a)  (b)
   691,615   5,228,609
Amphenol Corp. Class A
   18,152   1,587,574
Badger Meter, Inc.
   34,299   3,654,902
Cognex Corp.
   83,887   6,523,053
FARO Technologies, Inc. (a)
   59,179   4,143,714
Hollysys Automation Technologies, Ltd. (a)  (b)
   326,428   4,596,106
II-VI, Inc. (a)  (b)
   20,926   1,429,874
Innoviz Technologies, Ltd. (a)  (b)
   1,177,543   7,465,623
IPG Photonics Corp. (a)
   15,186   2,614,118
Itron, Inc. (a)
   46,674   3,198,103
Luna Innovations, Inc. (a)
   158,132   1,334,634
MicroVision, Inc. (a)  (b)
   732,207   3,668,357
OSI Systems, Inc. (a)
   64,325   5,995,090
Ouster, Inc. (a)  (b)
   1,715,412   8,920,142
Sanmina Corp. (a)
   154,717   6,414,567
Soluna Holdings, Inc. (a)  (b)
   143,836   1,547,675
TE Connectivity, Ltd.
   11,844   1,910,911
Teledyne Technologies, Inc. (a)
   44,309   19,358,159
Trimble, Inc. (a)
   107,691   9,389,578
TTM Technologies, Inc. (a)
   102,406   1,525,849
Velodyne Lidar, Inc. (a)  (b)
   859,662   3,988,832
Vontier Corp.
   289,517   8,896,857
Wrap Technologies, Inc. (a)  (b)
   276,854   1,088,036
Zepp Health Corp. ADR (a)
   153,039   772,847
          118,962,347
ENERGY EQUIPMENT & SERVICES — 0.2%  
Aspen Aerogels, Inc. (a)
   38,572   1,920,500
Oceaneering International, Inc. (a)
   198,232   2,242,004
TechnipFMC PLC (a)
   125,259   741,533
          4,904,037
ENTERTAINMENT — 0.6%  
Activision Blizzard, Inc.
   11,139   741,078
See accompanying notes to financial statements.
27

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Bilibili, Inc. ADR (a)  (b)
   12,892   $ 598,189
DouYu International Holdings, Ltd. ADR (a)
   292,215   771,448
Electronic Arts, Inc.
   5,494   724,659
Gravity Co., Ltd. ADR (a)  (b)
   5,711   389,033
iQIYI, Inc. ADR (a)
   82,293   375,256
NetEase, Inc. ADR
   13,969   1,421,765
ROBLOX Corp. (a)  (b)
   11,785   1,215,740
Sea, Ltd. ADR (a)
   4,343   971,572
Skillz, Inc. (a)  (b)
   56,183   418,001
Tencent Music Entertainment Group ADR (a)
   119,624   819,424
The9, Ltd. ADR (a)  (b)
   565,891   3,791,470
Zynga, Inc. Class A (a)
   142,002   908,813
          13,146,448
GAS UTILITIES — 0.3%  
New Jersey Resources Corp.
   132,651   5,446,650
HEALTH CARE EQUIPMENT & SUPPLIES — 6.0%  
Abbott Laboratories
   41,461   5,835,221
Accelerate Diagnostics, Inc. (a)  (b)
   449,316   2,345,430
Accuray, Inc. (a)
   674,014   3,215,047
AngioDynamics, Inc. (a)
   149,004   4,109,530
Asensus Surgical, Inc. (a)  (b)
   2,278,118   2,528,711
Boston Scientific Corp. (a)
   121,099   5,144,285
Brainsway, Ltd. ADR (a)  (b)
   156,763   1,205,507
Butterfly Network, Inc. (a)  (b)
   121,755   814,541
Conformis, Inc. (a)  (b)
   2,651,728   2,019,026
CONMED Corp.
   16,699   2,367,250
CVRx, Inc. (a)
   130,037   1,590,352
DarioHealth Corp. (a)  (b)
   73,972   959,417
DexCom, Inc. (a)
   15,234   8,179,896
Globus Medical, Inc. Class A (a)
   54,318   3,921,760
Intuitive Surgical, Inc. (a)
   12,993   4,668,385
iRhythm Technologies, Inc. (a)
   99,911   11,758,526
Koninklijke Philips NV
   128,173   4,723,175
Masimo Corp. (a)
   36,924   10,810,609
Medtronic PLC
   70,026   7,244,190
Penumbra, Inc. (a)
   17,048   4,898,231
ResMed, Inc.
   4,411   1,148,977
Sight Sciences, Inc. (a)
   330,573   5,808,168
SmileDirectClub, Inc. (a)  (b)
   304,343   715,206
Smith & Nephew PLC ADR
   221,500   7,668,330
Stereotaxis, Inc. (a)
   314,837   1,951,989
See accompanying notes to financial statements.
28

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Stryker Corp.
   15,018   $ 4,016,114
Surgalign Holdings, Inc. (a)  (b)
   5,445,453   3,901,123
Vapotherm, Inc. (a)  (b)
   39,850   825,293
Varex Imaging Corp. (a)
   220,651   6,961,539
          121,335,828
HEALTH CARE PROVIDERS & SERVICES — 0.6%  
1Life Healthcare, Inc. (a)
   52,287   918,683
CorVel Corp. (a)
   3,894   809,952
HealthEquity, Inc. (a)
   49,446   2,187,491
Hims & Hers Health, Inc. (a)
   148,571   973,140
McKesson Corp.
   11,129   2,766,335
MEDNAX, Inc. (a)
   27,885   758,751
Premier, Inc. Class A
   18,954   780,336
Privia Health Group, Inc. (a)
   36,486   943,893
Quest Diagnostics, Inc.
   5,151   891,174
Talkspace, Inc. (a)
   523,638   1,031,567
          12,061,322
HEALTH CARE TECHNOLOGY — 1.2%  
Allscripts Healthcare Solutions, Inc. (a)
   43,390   800,545
American Well Corp. Class A (a)
   145,857   880,976
Castlight Health, Inc. Class B (a)
   267,356   411,728
Cerner Corp.
   10,121   939,937
Change Healthcare, Inc. (a)
   57,779   1,235,315
Evolent Health, Inc. Class A (a)
   24,175   668,922
GoodRx Holdings, Inc. Class A (a)  (b)
   27,679   904,550
Health Catalyst, Inc. (a)
   24,167   957,497
NextGen Healthcare, Inc. (a)
   44,443   790,641
Omnicell, Inc. (a)
   28,374   5,119,805
OptimizeRx Corp. (a)
   16,296   1,012,145
Sharecare, Inc. (a)  (b)
   193,009   866,610
Simulations Plus, Inc. (b)
   162,842   7,702,427
Tabula Rasa HealthCare, Inc. (a)
   88,251   1,323,765
Teladoc Health, Inc. (a)
   8,983   824,819
UpHealth, Inc. (a)  (b)
   338,266   757,716
          25,197,398
HOUSEHOLD DURABLES — 1.5%  
Garmin, Ltd.
   70,984   9,665,891
iRobot Corp. (a)
   44,670   2,942,860
Snap One Holdings Corp. (a)
   112,427   2,369,961
Sony Group Corp. ADR (b)
   6,119   773,442
See accompanying notes to financial statements.
29

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Universal Electronics, Inc. (a)
   28,861   $ 1,176,086
Vuzix Corp. (a)  (b)
   1,606,487   13,928,242
          30,856,482
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.8%  
AES Corp.
   206,820   5,025,726
Atlantica Sustainable Infrastructure PLC (b)
   223,871   8,005,627
Azure Power Global, Ltd. (a)  (b)
   340,237   6,175,302
Montauk Renewables, Inc. (a)
   171,391   1,756,758
Ormat Technologies, Inc. (b)
   127,162   10,083,947
Sunnova Energy International, Inc. (a)
   126,057   3,519,511
TransAlta Corp.
   130,861   1,455,174
          36,022,045
INDUSTRIAL CONGLOMERATES — 0.7%  
General Electric Co.
   46,306   4,374,528
Honeywell International, Inc.
   33,830   7,053,893
Roper Technologies, Inc.
   5,040   2,478,974
          13,907,395
INSURANCE — 0.6%  
Allstate Corp.
   21,975   2,585,359
Bright Health Group, Inc. (a)
   168,724   580,410
Mercury General Corp.
   47,028   2,495,306
MetroMile, Inc. (a)
   1,298,048   2,842,725
Oscar Health, Inc. Class A (a)  (b)
   100,930   792,300
Progressive Corp.
   27,517   2,824,620
Prudential PLC ADR
   18,918   651,347
          12,772,067
INTERACTIVE MEDIA & SERVICES — 2.2%  
Alphabet, Inc. Class C (a)
   3,401   9,841,100
Baidu, Inc. ADR (a)
   38,388   5,711,751
Bumble, Inc. Class A (a)
   17,480   591,873
Hello Group, Inc. ADR
   73,780   662,544
JOYY, Inc. ADR (b)
   18,138   824,009
Match Group, Inc. (a)
   6,354   840,317
Meta Platforms, Inc. Class A (a)
   25,425   8,551,699
Snap, Inc. Class A (a)
   97,843   4,601,556
Sohu.com, Ltd. ADR (a)  (b)
   33,320   542,450
Twitter, Inc. (a)
   18,329   792,179
Vimeo, Inc. (a)
   42,473   762,815
Weibo Corp. ADR (a)  (b)
   24,245   751,110
Yandex NV Class A (a)  (b)
   173,621   10,504,070
See accompanying notes to financial statements.
30

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Yelp, Inc. (a)
   24,713   $ 895,599
          45,873,072
INTERNET & DIRECT MARKETING RETAIL — 0.5%  
Alibaba Group Holding, Ltd. ADR (a)
   49,535   5,884,263
Jumia Technologies AG ADR (a)
   36,027   410,708
MercadoLibre, Inc. (a)
   403   543,405
Overstock.com, Inc. (a)  (b)
   60,293   3,557,890
          10,396,266
IT SERVICES — 2.2%  
Akamai Technologies, Inc. (a)
   43,985   5,148,004
Block, Inc. (a)
   2,765   446,575
Cloudflare, Inc. Class A (a)
   24,017   3,158,235
Evo Payments, Inc. Class A (a)
   20,404   522,342
ExlService Holdings, Inc. (a)
   5,539   801,881
Fidelity National Information Services, Inc.
   5,971   651,735
Fiserv, Inc. (a)
   6,506   675,258
Flywire Corp. (a)
   14,816   563,897
GreenBox POS (a)  (b)
   503,393   2,114,251
I3 Verticals, Inc. Class A (a)
   26,346   600,425
Limelight Networks, Inc. (a)
   1,352,072   4,637,607
Marqeta, Inc. Class A (a)
   26,656   457,684
Mastercard, Inc. Class A
   8,023   2,882,824
Pagseguro Digital, Ltd. Class A (a)  (b)
   89,063   2,335,232
Paya Holdings, Inc. (a)
   79,429   503,580
Paymentus Holdings, Inc. Class A (a)
   20,086   702,608
Payoneer Global, Inc. (a)
   54,622   401,472
PayPal Holdings, Inc. (a)
   3,170   597,799
Paysafe, Ltd. (a)  (b)
   908,618   3,552,696
QIWI PLC ADR (b)
   77,216   616,184
Repay Holdings Corp. (a)  (b)
   31,601   577,350
Shift4 Payments, Inc. Class A (a)
   9,790   567,135
Shopify, Inc. Class A (a)
   370   509,634
Twilio, Inc. Class A (a)
   39,380   10,370,329
Visa, Inc. Class A
   3,150   682,637
          44,077,374
LIFE SCIENCES TOOLS & SERVICES — 3.4%  
AbCellera Biologics, Inc. (a)  (b)
   54,266   776,004
Agilent Technologies, Inc.
   15,316   2,445,199
Berkeley Lights, Inc. (a)  (b)
   47,946   871,658
Bionano Genomics, Inc. (a)  (b)
   1,766,902   5,283,037
See accompanying notes to financial statements.
31

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Bio-Techne Corp.
   1,685   $ 871,718
Bruker Corp.
   244,748   20,536,805
Charles River Laboratories International, Inc. (a)
   8,839   3,330,358
Codexis, Inc. (a)
   30,371   949,701
Danaher Corp.
   14,007   4,608,443
Inotiv, Inc. (a)  (b)
   39,423   1,658,526
Maravai LifeSciences Holdings, Inc. Class A (a)
   30,749   1,288,383
Mettler-Toledo International, Inc. (a)
   1,598   2,712,142
Pacific Biosciences of California, Inc. (a)  (b)
   304,119   6,222,275
PerkinElmer, Inc.
   13,388   2,691,791
Rapid Micro Biosystems, Inc. Class A (a)
   226,303   2,407,864
Seer, Inc. (a)  (b)
   273,987   6,249,644
Thermo Fisher Scientific, Inc.
   8,335   5,561,445
          68,464,993
MACHINERY — 3.9%  
AgEagle Aerial Systems, Inc. (a)  (b)
   502,055   788,226
Allison Transmission Holdings, Inc.
   65,700   2,388,195
Barnes Group, Inc.
   90,049   4,195,383
Blue Bird Corp. (a)
   75,831   1,185,997
Cummins, Inc.
   9,427   2,056,406
Desktop Metal, Inc. Class A (a)  (b)
   379,801   1,880,015
Dover Corp.
   42,497   7,717,455
Energy Recovery, Inc. (a)
   173,846   3,735,951
ESCO Technologies, Inc.
   16,300   1,466,837
Evoqua Water Technologies Corp. (a)
   87,170   4,075,197
Fortive Corp.
   18,538   1,414,264
GreenPower Motor Co., Inc. (a)  (b)
   98,729   935,951
Hyliion Holdings Corp. (a)  (b)
   247,042   1,531,660
Hyster-Yale Materials Handling, Inc.
   139,368   5,728,025
Hyzon Motors, Inc. (a)  (b)
   333,542   2,164,688
Ideanomics, Inc. (a)  (b)
   1,045,403   1,254,484
John Bean Technologies Corp.
   23,697   3,638,911
Lightning eMotors, Inc. (a)  (b)
   241,355   1,450,544
Lincoln Electric Holdings, Inc.
   28,252   3,940,306
Luxfer Holdings PLC
   71,304   1,376,880
Markforged Holding Corp. (a)  (b)
   424,559   2,279,882
Meritor, Inc. (a)
   61,795   1,531,280
Mueller Water Products, Inc. Class A
   144,740   2,084,256
Nikola Corp. (a)  (b)
   133,188   1,314,566
PACCAR, Inc.
   16,483   1,454,790
Pentair PLC
   50,373   3,678,740
Proterra, Inc. (a)  (b)
   478,376   4,224,060
See accompanying notes to financial statements.
32

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Proto Labs, Inc. (a)
   49,898   $ 2,562,262
SPX Corp. (a)
   39,096   2,333,249
Standex International Corp.
   12,398   1,371,963
Xylem, Inc.
   28,335   3,397,933
          79,158,356
METALS & MINING — 0.4%  
Allegheny Technologies, Inc. (a)
   122,965   1,958,832
ArcelorMittal SA (b)
   45,603   1,451,544
Carpenter Technology Corp.
   88,651   2,587,723
Kaiser Aluminum Corp.
   19,809   1,860,857
          7,858,956
MULTI-UTILITIES — 0.7%  
Algonquin Power & Utilities Corp. (b)
   361,473   5,223,285
Consolidated Edison, Inc.
   67,454   5,755,175
National Grid PLC ADR
   37,551   2,715,688
          13,694,148
OIL, GAS & CONSUMABLE FUELS — 0.5%  
Enbridge, Inc.
   128,222   5,010,916
Royal Dutch Shell PLC Class A ADR
   54,495   2,365,083
Suncor Energy, Inc. (b)
   91,842   2,298,805
Ultrapar Participacoes SA ADR (b)
   259,715   685,648
          10,360,452
PHARMACEUTICALS — 0.4%  
ATAI Life Sciences NV (a)
   64,516   492,257
Bristol-Myers Squibb Co.
   14,815   923,715
Catalent, Inc. (a)
   8,938   1,144,332
Fulcrum Therapeutics, Inc. (a)
   61,697   1,091,420
Novartis AG ADR
   10,736   939,078
Novo Nordisk A/S ADR
   9,906   1,109,472
Pacira BioSciences, Inc. (a)
   14,258   857,904
Sanofi ADR
   17,506   877,051
          7,435,229
PROFESSIONAL SERVICES — 2.0%  
ASGN, Inc. (a)
   36,907   4,554,324
Jacobs Engineering Group, Inc.
   78,437   10,920,784
KBR, Inc.
   32,700   1,557,174
Leidos Holdings, Inc.
   141,098   12,543,612
ManTech International Corp. Class A
   58,528   4,268,447
Rekor Systems, Inc. (a)  (b)
   257,287   1,685,230
See accompanying notes to financial statements.
33

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Science Applications International Corp.
   16,409   $ 1,371,628
SOS, Ltd. (a)  (b)
   4,768,164   3,920,384
          40,821,583
ROAD & RAIL — 1.7%  
Avis Budget Group, Inc. (a)
   38,068   7,894,161
HyreCar, Inc. (a)  (b)
   1,292,810   6,089,135
Lyft, Inc. Class A (a)
   187,172   7,997,860
TuSimple Holdings, Inc. Class A (a)
   147,394   5,284,075
Uber Technologies, Inc. (a)
   200,755   8,417,657
          35,682,888
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.4%  
Advanced Micro Devices, Inc. (a)
   31,245   4,496,155
Allegro MicroSystems, Inc. (a)
   321,808   11,643,013
Ambarella, Inc. (a)
   77,810   15,786,871
Analog Devices, Inc.
   7,880   1,385,068
Applied Materials, Inc.
   22,083   3,474,981
Azenta, Inc.
   40,767   4,203,485
Broadcom, Inc.
   8,394   5,585,452
Canadian Solar, Inc. (a)  (b)
   120,920   3,783,587
CyberOptics Corp. (a)
   34,137   1,587,370
Daqo New Energy Corp. ADR (a)
   67,013   2,701,964
eMagin Corp. (a)  (b)
   601,181   775,523
Enphase Energy, Inc. (a)
   18,641   3,410,185
First Solar, Inc. (a)
   46,636   4,064,794
Himax Technologies, Inc. ADR (b)
   741,462   11,855,977
indie Semiconductor, Inc. Class A (a)  (b)
   412,607   4,947,158
Intel Corp.
   80,733   4,157,749
JinkoSolar Holding Co., Ltd. ADR (a)  (b)
   76,298   3,506,656
KLA Corp.
   21,543   9,265,860
Kopin Corp. (a)  (b)
   1,360,155   5,563,034
Maxeon Solar Technologies, Ltd. (a)  (b)
   263,533   3,663,109
Micron Technology, Inc.
   60,148   5,602,786
NeoPhotonics Corp. (a)
   290,321   4,462,234
NVE Corp.
   33,822   2,310,043
NVIDIA Corp.
   38,848   11,425,585
NXP Semiconductors NV
   21,482   4,893,170
ON Semiconductor Corp. (a)
   195,848   13,301,996
Qorvo, Inc. (a)
   16,795   2,626,570
Silicon Laboratories, Inc. (a)
   12,983   2,679,951
SolarEdge Technologies, Inc. (a)
   17,147   4,810,934
STMicroelectronics NV (b)
   219,141   10,711,612
See accompanying notes to financial statements.
34

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
SunPower Corp. (a)
   164,560   $ 3,434,367
Synaptics, Inc. (a)
   17,131   4,959,596
Teradyne, Inc.
   25,763   4,213,023
Texas Instruments, Inc.
   8,282   1,560,909
Tower Semiconductor, Ltd. (a)
   136,676   5,423,304
Ultra Clean Holdings, Inc. (a)
   65,128   3,735,742
          192,009,813
SOFTWARE — 16.4%  
8x8, Inc. (a)
   580,143   9,723,197
A10 Networks, Inc.
   286,266   4,746,290
ACI Worldwide, Inc. (a)
   18,211   631,922
Adobe, Inc. (a)
   13,682   7,758,515
Agilysys, Inc. (a)
   9,563   425,171
Alarm.com Holdings, Inc. (a)
   30,519   2,588,316
Alteryx, Inc. Class A (a)
   112,383   6,799,171
ANSYS, Inc. (a)
   14,966   6,003,162
Asana, Inc. Class A (a)
   86,872   6,476,308
Aspen Technology, Inc. (a)
   50,266   7,650,485
Atlassian Corp. PLC Class A (a)
   27,443   10,463,741
Autodesk, Inc. (a)
   29,320   8,244,491
Avaya Holdings Corp. (a)
   587,207   11,626,699
Bit Digital, Inc. (a)  (b)
   677,031   4,116,348
BIT Mining, Ltd. ADR (a)  (b)
   915,859   5,623,374
Blackbaud, Inc. (a)
   44,068   3,480,491
BlackBerry, Ltd. (a)  (b)
   426,162   3,984,615
Box, Inc. Class A (a)
   502,535   13,161,392
C3.ai, Inc. Class A (a)
   89,485   2,796,406
Check Point Software Technologies, Ltd. (a)
   41,337   4,818,241
Cognyte Software, Ltd. (a)
   233,515   3,659,180
Crowdstrike Holdings, Inc. Class A (a)
   16,330   3,343,568
CyberArk Software, Ltd. (a)
   23,453   4,063,936
Dropbox, Inc. Class A (a)
   428,278   10,509,942
Fortinet, Inc. (a)
   13,526   4,861,244
Latch, Inc. (a)
   257,457   1,948,949
Mandiant, Inc. (a)
   256,489   4,498,817
Marathon Digital Holdings, Inc. (a)  (b)
   112,770   3,705,622
Materialise NV ADR (a)  (b)
   110,060   2,627,132
Mawson Infrastructure Group, Inc. (a)
   151,132   1,002,005
McAfee Corp. Class A
   228,576   5,894,975
Microsoft Corp.
   43,995   14,796,398
Mimecast, Ltd. (a)
   57,103   4,543,686
Nuance Communications, Inc. (a)
   14,146   782,557
See accompanying notes to financial statements.
35

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
OneConnect Financial Technology Co., Ltd. (a)
   2,011,638   $ 4,968,746
OneSpan, Inc. (a)
   222,520   3,767,264
Palo Alto Networks, Inc. (a)
   9,694   5,397,231
PTC, Inc. (a)
   126,475   15,322,446
Q2 Holdings, Inc. (a)
   4,757   377,896
Qualys, Inc. (a)
   34,163   4,687,847
Rapid7, Inc. (a)
   34,226   4,028,058
RingCentral, Inc. Class A (a)
   51,236   9,599,065
Riot Blockchain, Inc. (a)  (b)
   188,619   4,211,862
salesforce.com, Inc. (a)
   43,045   10,939,026
SAP SE ADR
   32,158   4,505,657
SentinelOne, Inc. Class A (a)
   66,594   3,362,331
Stronghold Digital Mining, Inc. Class A (a)
   279,056   3,585,870
Telos Corp. (a)
   392,585   6,053,661
Tenable Holdings, Inc. (a)
   82,679   4,553,133
UiPath, Inc. Class A (a)
   80,659   3,478,823
Unity Software, Inc. (a)
   23,172   3,313,364
Varonis Systems, Inc. (a)
   69,741   3,401,966
Veritone, Inc. (a)  (b)
   70,544   1,585,829
VMware, Inc. Class A
   39,207   4,543,307
Vonage Holdings Corp. (a)
   821,375   17,076,386
Workiva, Inc. (a)
   77,898   10,164,910
Xperi Holding Corp.
   212,756   4,023,216
Zoom Video Communications, Inc. Class A (a)
   45,745   8,412,963
Zscaler, Inc. (a)
   14,635   4,702,665
          333,419,868
SPECIALTY RETAIL — 0.2%  
EVgo, Inc. (a)  (b)
   356,514   3,543,749
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.1%  
3D Systems Corp. (a)
   632,142   13,616,339
Apple, Inc.
   66,531   11,813,910
Canaan, Inc. (a)  (b)
   659,792   3,397,929
Eastman Kodak Co. (a)  (b)
   295,589   1,383,356
Ebang International Holdings, Inc. Class A (a)  (b)
   4,567,038   4,704,049
HP, Inc.
   94,018   3,541,658
Immersion Corp. (a)
   581,256   3,318,972
Logitech International SA (b)
   21,796   1,797,734
Nano Dimension, Ltd. ADR (a)  (b)
   2,162,694   8,218,237
Stratasys, Ltd. (a)
   211,020   5,167,880
See accompanying notes to financial statements.
36

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Xerox Holdings Corp.
   240,696   $ 5,449,357
          62,409,421
TEXTILES, APPAREL & LUXURY GOODS — 0.2%  
Fossil Group, Inc. (a)
   425,962   4,383,149
THRIFTS & MORTGAGE FINANCE — 0.3%  
loanDepot, Inc. Class A (b)
   562,995   2,702,376
Rocket Cos., Inc. Class A
   241,088   3,375,232
          6,077,608
TOBACCO — 0.1%  
22nd Century Group, Inc. (a)  (b)
   386,532   1,194,384
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Applied Industrial Technologies, Inc.
   37,161   3,816,435
Core & Main, Inc. Class A (a)
   86,298   2,618,281
          6,434,716
WIRELESS TELECOMMUNICATION SERVICES — 0.5%  
Rogers Communications, Inc. Class B (b)
   38,337   1,825,991
SK Telelcom Co., Ltd. ADR (b)
   9,435   251,631
Turkcell Iletisim Hizmetleri A/S ADR (b)
   598,533   2,148,734
Vodafone Group PLC ADR (b)
   456,804   6,820,084
          11,046,440
TOTAL COMMON STOCKS

(Cost $2,074,566,721)
         2,036,961,755
SHORT-TERM INVESTMENT — 9.6%      
State Street Navigator Securities Lending Portfolio II (c) (d)

(Cost $194,956,416)
   194,956,416   194,956,416
TOTAL INVESTMENTS — 109.6%

(Cost $2,269,523,137)
   2,231,918,171  
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.6)%
  (194,994,435)  
NET ASSETS — 100.0%
   $ 2,036,923,736  
(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 an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
See accompanying notes to financial statements.
37

Table of Contents
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE 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
   $2,036,961,755   $—   $—   $2,036,961,755
Short-Term Investment
   194,956,416   —   —   194,956,416
TOTAL INVESTMENTS
   $2,231,918,171   $—   $—   $2,231,918,171
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
 1,278,253   $ 1,278,637   $ 31,571,576   $ 32,849,931   $(282)   $—   —   $ —   $ 410
State Street Navigator Securities Lending Portfolio II
 183,542,647   183,542,647   412,688,133   401,274,364   —   —   194,956,416   194,956,416   4,493,508
Total
     $184,821,284   $444,259,709   $434,124,295   $(282)   $—       $194,956,416   $4,493,918
See accompanying notes to financial statements.
38

Table of Contents
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 3.7%  
HEICO Corp.
   12,504   $ 1,803,327
Huntington Ingalls Industries, Inc.
   9,698   1,811,004
Textron, Inc.
   32,864   2,537,101
          6,151,432
AIRLINES — 1.5%  
Blade Air Mobility, Inc. (a)
   277,535   2,450,634
AUTO COMPONENTS — 16.7%  
American Axle & Manufacturing Holdings, Inc. (a)
   250,738   2,339,386
Aptiv PLC (a)
   14,438   2,381,548
BorgWarner, Inc.
   53,448   2,408,902
Dana, Inc.
   106,121   2,421,681
Foresight Autonomous Holdings, Ltd. ADR (a)  (b)
   1,050,939   1,786,596
Garrett Motion, Inc. (a)
   121,311   974,127
Gentherm, Inc. (a)
   28,790   2,501,851
Kandi Technologies Group, Inc. (a)  (b)
   584,277   1,875,529
Lear Corp.
   13,133   2,402,682
Luminar Technologies, Inc. (a)  (b)
   152,828   2,584,322
Modine Manufacturing Co. (a)
   163,209   1,646,779
Veoneer, Inc. (a)  (b)
   69,690   2,472,601
Visteon Corp. (a)
   21,080   2,342,831
          28,138,835
AUTOMOBILES — 20.5%  
ElectraMeccanica Vehicles Corp. (a)  (b)
   860,708   1,962,414
Electric Last Mile Solutions I (a)
   289,150   2,032,725
Fisker, Inc. (a)
   130,942   2,059,718
Ford Motor Co.
   124,666   2,589,313
General Motors Co. (a)
   40,445   2,371,290
Honda Motor Co., Ltd. ADR (b)
   86,868   2,471,395
Li Auto, Inc. ADR (a)
   77,935   2,501,713
Lordstown Motors Corp. Class A (a)  (b)
   550,618   1,899,632
NIO, Inc. ADR (a)
   70,438   2,231,476
Niu Technologies ADR (a)  (b)
   121,915   1,964,051
Stellantis NV (b)
   95,991   1,800,791
Tata Motors, Ltd. ADR (a)  (b)
   55,818   1,791,200
Tesla, Inc. (a)
   2,290   2,420,026
Toyota Motor Corp. ADR (b)
   9,901   1,834,655
Workhorse Group, Inc. (a)
   446,768   1,947,908
See accompanying notes to financial statements.
39

Table of Contents
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
XPeng, Inc. ADR (a)
   51,420   $ 2,587,969
          34,466,276
COMMUNICATIONS EQUIPMENT — 1.5%  
CalAmp Corp. (a)
   62,936   444,328
Gilat Satellite Networks, Ltd.
   216,193   1,528,484
Ituran Location & Control, Ltd.
   19,901   530,760
          2,503,572
DIVERSIFIED FINANCIAL SERVICES — 0.6%  
ORIX Corp. ADR
   9,355   952,152
ELECTRICAL EQUIPMENT — 6.6%  
Advent Technologies Holdings, Inc. (a)
   152,100   1,066,221
Ballard Power Systems, Inc. (a)  (b)
   170,294   2,138,893
Blink Charging Co. (a)  (b)
   71,855   1,904,876
Plug Power, Inc. (a)  (b)
   67,493   1,905,327
Romeo Power, Inc. (a)  (b)
   593,209   2,165,213
Sensata Technologies Holding PLC (a)
   30,332   1,871,181
          11,051,711
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.0%  
Aeva Technologies, Inc. (a)  (b)
   254,404   1,923,294
Innoviz Technologies, Ltd. (a)
   382,367   2,424,207
Ouster, Inc. (a)
   378,905   1,970,306
Sanmina Corp. (a)
   46,845   1,942,193
Trimble, Inc. (a)
   27,920   2,434,345
Velodyne Lidar, Inc. (a)  (b)
   447,603   2,076,878
Vontier Corp.
   77,423   2,379,209
          15,150,432
ENERGY EQUIPMENT & SERVICES — 1.3%  
Aspen Aerogels, Inc. (a)
   42,984   2,140,174
INTERACTIVE MEDIA & SERVICES — 2.4%  
Baidu, Inc. ADR (a)
   12,189   1,813,601
Yandex NV Class A (a)  (b)
   36,803   2,226,582
          4,040,183
MACHINERY — 14.8%  
AgEagle Aerial Systems, Inc. (a)  (b)
   1,083,418   1,700,966
Allison Transmission Holdings, Inc.
   68,360   2,484,886
Blue Bird Corp. (a)
   41,221   644,697
Cummins, Inc.
   11,184   2,439,678
See accompanying notes to financial statements.
40

Table of Contents
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
GreenPower Motor Co., Inc. (a)  (b)
   54,267   $ 514,451
Hyliion Holdings Corp. (a)
   375,197   2,326,221
Hyster-Yale Materials Handling, Inc.
   37,741   1,551,155
Hyzon Motors, Inc. (a)  (b)
   350,203   2,272,818
Lightning eMotors, Inc. (a)  (b)
   374,134   2,248,545
Luxfer Holdings PLC
   41,494   801,249
Meritor, Inc. (a)
   68,942   1,708,383
Nikola Corp. (a)  (b)
   237,863   2,347,708
PACCAR, Inc.
   20,462   1,805,976
Proterra, Inc. (a)
   238,187   2,103,191
          24,949,924
METALS & MINING — 1.1%  
ArcelorMittal SA (b)
   61,098   1,944,749
ROAD & RAIL — 5.6%  
Avis Budget Group, Inc. (a)
   9,910   2,055,037
Lyft, Inc. Class A (a)
   58,336   2,492,697
TuSimple Holdings, Inc. Class A (a)
   61,756   2,213,953
Uber Technologies, Inc. (a)
   63,622   2,667,670
          9,429,357
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.4%  
Allegro MicroSystems, Inc. (a)
   70,657   2,556,370
Ambarella, Inc. (a)
   11,361   2,305,033
indie Semiconductor, Inc. Class A (a)  (b)
   165,416   1,983,338
Intel Corp.
   35,004   1,802,706
NVIDIA Corp.
   5,724   1,683,486
NXP Semiconductors NV
   7,933   1,806,979
ON Semiconductor Corp. (a)
   28,172   1,913,442
SolarEdge Technologies, Inc. (a)
   5,484   1,538,646
STMicroelectronics NV (b)
   36,994   1,808,267
Texas Instruments, Inc.
   9,215   1,736,751
          19,135,018
SOFTWARE — 2.1%  
ANSYS, Inc. (a)
   4,478   1,796,215
Xperi Holding Corp.
   91,001   1,720,829
          3,517,044
WIRELESS TELECOMMUNICATION SERVICES — 1.1%  
Vodafone Group PLC ADR (b)
   120,256   1,795,422
TOTAL COMMON STOCKS

(Cost $189,277,270)
         167,816,915
See accompanying notes to financial statements.
41

Table of Contents
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 15.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)
   70,782   $ 70,789
State Street Navigator Securities Lending Portfolio II (e)  (f)
   26,324,861   26,324,861
TOTAL SHORT-TERM INVESTMENTS

(Cost $26,395,650)
   26,395,650  
TOTAL INVESTMENTS — 115.6%

(Cost $215,672,920)
   194,212,565  
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.6)%
  (26,253,418)  
NET ASSETS — 100.0%
   $ 167,959,147  
(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
   $167,816,915   $—   $—   $167,816,915
Short-Term Investments
   26,395,650   —   —   26,395,650
TOTAL INVESTMENTS
   $194,212,565   $—   $—   $194,212,565
See accompanying notes to financial statements.
42

Table of Contents
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
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
 16,914   $ 16,919   $ 1,910,348   $ 1,856,426   $(52)   $—   70,782   $ 70,789   $ 53
State Street Navigator Securities Lending Portfolio II
 31,673,974   31,673,974   248,688,001   254,037,114   —   —   26,324,861   26,324,861   587,449
Total
     $31,690,893   $250,598,349   $255,893,540   $(52)   $—       $26,395,650   $587,502
See accompanying notes to financial statements.
43

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)
  SPDR S&P Kensho Clean Power ETF   SPDR S&P Kensho Final Frontiers ETF   SPDR S&P Kensho Future Security ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $ 351,899,166   $21,126,939   $27,255,917
Investments in affiliated issuers, at value
 31,136,220   562,561   156,928
Total Investments
 383,035,386   21,689,500   27,412,845
Receivable for investments sold
 902,817   —   —
Dividends receivable — unaffiliated issuers
 381,327   3,931   2,943
Dividends receivable — affiliated issuers
 20   1   —
Securities lending income receivable — unaffiliated issuers
 6,726   —   —
Securities lending income receivable — affiliated issuers
 9,480   197   49
TOTAL ASSETS
384,335,756   21,693,629   27,415,837
LIABILITIES          
Payable upon return of securities loaned
 30,850,667   543,480   142,148
Payable for fund shares repurchased
 902,539   —   —
Advisory fee payable
 140,661   8,031   10,074
Trustees’ fees and expenses payable
 241   4   10
TOTAL LIABILITIES
31,894,108   551,515   152,232
NET ASSETS
$ 352,441,648   $ 21,142,114   $27,263,605
NET ASSETS CONSIST OF:          
Paid-in Capital
 $ 461,873,284   $22,570,467   $27,652,154
Total distributable earnings (loss)
 (109,431,636)   (1,428,353)   (388,549)
NET ASSETS
$ 352,441,648   $ 21,142,114   $27,263,605
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 90.25   $ 39.89   $ 52.43
Shares outstanding (unlimited amount authorized, $0.01 par value)
 3,905,000   530,000   520,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $ 416,134,287   $21,092,107   $25,925,343
Investments in affiliated issuers
 31,136,221   562,561   156,928
Total cost of investments
 $ 447,270,508   $21,654,668   $26,082,271
* Includes investments in securities on loan, at value
 $ 58,310,221   $ 983,078   $ 133,998
See accompanying notes to financial statements.
44

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
December 31, 2021 (Unaudited)
  SPDR S&P Kensho Intelligent Structures ETF   SPDR S&P Kensho New Economies Composite ETF   SPDR S&P Kensho Smart Mobility ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $55,817,786   $2,036,961,755   $167,816,915
Investments in affiliated issuers, at value
 5,121,619   194,956,416   26,395,650
Total Investments
 60,939,405   2,231,918,171   194,212,565
Foreign currency, at value
 —   462,847   —
Cash
 —   —   4,557,150
Receivable for investments sold
 —   6,225   8,591
Receivable for fund shares sold
 —   1,185,169   1,394
Dividends receivable — unaffiliated issuers
 49,276   1,080,623   105,390
Dividends receivable — affiliated issuers
 2   50   8
Securities lending income receivable — unaffiliated issuers
 137   126,614   6,120
Securities lending income receivable — affiliated issuers
 9,591   755,630   27,499
Receivable for foreign taxes recoverable
 2,318   33,236   358
TOTAL ASSETS
61,000,729   2,235,568,565   198,919,075
LIABILITIES          
Due to custodian
 —   3,336,867   —
Payable upon return of securities loaned
 5,044,606   194,956,416   26,324,861
Payable for investments purchased
 —   —   4,565,742
Advisory fee payable
 21,728   349,847   69,228
Trustees’ fees and expenses payable
 4   1,699   97
TOTAL LIABILITIES
5,066,338   198,644,829   30,959,928
NET ASSETS
$55,934,391   $2,036,923,736   $167,959,147
NET ASSETS CONSIST OF:          
Paid-in Capital
 $60,437,308   $2,386,684,143   $219,888,215
Total distributable earnings (loss)
 (4,502,917)   (349,760,407)   (51,929,068)
NET ASSETS
$55,934,391   $2,036,923,736   $167,959,147
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 45.48   $ 58.95   $ 55.25
Shares outstanding (unlimited amount authorized, $0.01 par value)
 1,230,000   34,555,000   3,040,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $56,761,409   $2,074,566,721   $189,277,270
Investments in affiliated issuers
 5,121,619   194,956,416   26,395,650
Total cost of investments
 $61,883,028   $2,269,523,137   $215,672,920
Foreign currency, at cost
 $ —   $ 484,441   $ —
* Includes investments in securities on loan, at value
 $ 7,859,494   $ 299,164,324   $ 35,177,961
See accompanying notes to financial statements.
45

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)
  SPDR S&P Kensho Clean Power ETF   SPDR S&P Kensho Final Frontiers ETF   SPDR S&P Kensho Future Security ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 2,821,507   $ 90,819   $ 159,935
Dividend income — affiliated issuers
 58   6   6
Unaffiliated securities lending income
 70,477   —   492
Affiliated securities lending income
 264,290   —   2,755
Foreign taxes withheld
 (106,421)   (432)   (481)
TOTAL INVESTMENT INCOME (LOSS)
 3,049,911   90,393   162,707
EXPENSES          
Advisory fee
 859,607   49,216   59,919
Trustees’ fees and expenses
 2,019   115   128
Miscellaneous expenses
 6   —   —
TOTAL EXPENSES
 861,632   49,331   60,047
NET INVESTMENT INCOME (LOSS)
 $ 2,188,279   $ 41,062   $ 102,660
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (16,298,895)   (121,004)   (536,466)
Investments — affiliated issuers
 (66)   (6)   (5)
In-kind redemptions — unaffiliated issuers
 9,730,296   513,780   2,455,803
Foreign currency transactions
 (3,761)   —   —
Net realized gain (loss)
 (6,572,426)   392,770   1,919,332
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 (54,693,330)   (1,741,912)   (1,632,716)
Investments — affiliated issuers
 (2)   —   —
Foreign currency translations
 106   —   1
Net change in unrealized appreciation/depreciation
 (54,693,226)   (1,741,912)   (1,632,715)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (61,265,652)   (1,349,142)   286,617
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(59,077,373)   $(1,308,080)   $ 389,277
See accompanying notes to financial statements.
46

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended December 31, 2021 (Unaudited)
  SPDR S&P Kensho Intelligent Structures ETF   SPDR S&P Kensho New Economies Composite ETF   SPDR S&P Kensho Smart Mobility ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 252,663   $ 7,730,013   $ 483,574
Dividend income — affiliated issuers
 —   410   53
Unaffiliated securities lending income
 6,921   1,020,719   —
Affiliated securities lending income
 55,555   4,493,508   587,449
Foreign taxes withheld
 (13,890)   (325,383)   (13,239)
TOTAL INVESTMENT INCOME (LOSS)
 301,249   12,919,267   1,057,837
EXPENSES          
Advisory fee
 123,480   2,087,565   431,711
Trustees’ fees and expenses
 254   11,751   1,110
Miscellaneous expenses
 —   26   2
TOTAL EXPENSES
 123,734   2,099,342   432,823
NET INVESTMENT INCOME (LOSS)
 $ 177,515   $ 10,819,925   $ 625,014
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (1,711,164)   (201,721,649)   (11,496,106)
Investments — affiliated issuers
 (7)   (282)   (52)
In-kind redemptions — unaffiliated issuers
 2,424,460   143,466,715   11,949,253
Foreign currency transactions
 401   221   —
Net realized gain (loss)
 713,690   (58,254,995)   453,095
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 (3,653,231)   (208,100,607)   (26,291,236)
Foreign currency translations
 375   (17,821)   (13)
Net change in unrealized appreciation/depreciation
 (3,652,856)   (208,118,428)   (26,291,249)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (2,939,166)   (266,373,423)   (25,838,154)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(2,761,651)   $(255,553,498)   $(25,213,140)
See accompanying notes to financial statements.
47

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR S&P Kensho Clean Power ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 2,188,279   $ 2,623,202
Net realized gain (loss)
 (6,572,426)   31,752,013
Net change in unrealized appreciation/depreciation
 (54,693,226)   (9,438,330)
Net increase (decrease) in net assets resulting from operations
 (59,077,373)   24,936,885
Net equalization credits and charges
 81,859   1,096,816
Distributions to shareholders
 (2,595,560)   (2,261,215)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 64,644,347   519,162,987
Cost of shares redeemed
 (52,844,566)   (168,941,797)
Net income equalization
 (81,859)   (1,096,816)
Net increase (decrease) in net assets from beneficial interest transactions
 11,717,922   349,124,374
Net increase (decrease) in net assets during the period
 (49,873,152)   372,896,860
Net assets at beginning of period
 402,314,800   29,417,940
NET ASSETS AT END OF PERIOD
 $352,441,648   $ 402,314,800
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 670,000   4,850,000
Shares redeemed
 (570,000)   (1,640,000)
Net increase (decrease) from share transactions
 100,000   3,210,000
See accompanying notes to financial statements.
48

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Kensho Final Frontiers ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 41,062   $ 200,923
Net realized gain (loss)
 392,770   1,572,162
Net change in unrealized appreciation/depreciation
 (1,741,912)   2,645,277
Net increase (decrease) in net assets resulting from operations
 (1,308,080)   4,418,362
Net equalization credits and charges
 494   17,468
Distributions to shareholders
 (47,145)   (392,351)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 3,191,727   20,084,297
Cost of shares redeemed
 (3,203,514)   (10,405,125)
Net income equalization
 (494)   (17,468)
Net increase (decrease) in net assets from beneficial interest transactions
 (12,281)   9,661,704
Net increase (decrease) in net assets during the period
 (1,367,012)   13,705,183
Net assets at beginning of period
 22,509,126   8,803,943
NET ASSETS AT END OF PERIOD
 $ 21,142,114   $ 22,509,126
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 80,000   500,000
Shares redeemed
 (80,000)   (260,000)
Net increase (decrease) from share transactions
 —   240,000
See accompanying notes to financial statements.
49

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Kensho Future Security ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 102,660   $ 86,239
Net realized gain (loss)
 1,919,332   2,684,483
Net change in unrealized appreciation/depreciation
 (1,632,715)   3,886,678
Net increase (decrease) in net assets resulting from operations
 389,277   6,657,400
Net equalization credits and charges
 (12,038)   77,814
Distributions to shareholders
 (95,245)   (161,621)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 8,357,069   14,386,534
Cost of shares redeemed
 (8,816,731)   (12,850,322)
Net income equalization
 12,038   (77,814)
Net increase (decrease) in net assets from beneficial interest transactions
 (447,624)   1,458,398
Net increase (decrease) in net assets during the period
 (165,630)   8,031,991
Net assets at beginning of period
 27,429,235   19,397,244
NET ASSETS AT END OF PERIOD
 $27,263,605   $ 27,429,235
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 160,000   290,000
Shares redeemed
 (170,000)   (290,000)
Net increase (decrease) from share transactions
 (10,000)   —
See accompanying notes to financial statements.
50

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Kensho Intelligent Structures ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 177,515   $ 345,084
Net realized gain (loss)
 713,690   4,663,640
Net change in unrealized appreciation/depreciation
 (3,652,856)   2,938,560
Net increase (decrease) in net assets resulting from operations
 (2,761,651)   7,947,284
Net equalization credits and charges
 1,317   27,355
Distributions to shareholders
 (175,511)   (371,749)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 16,513,299   62,634,396
Cost of shares redeemed
 (10,654,611)   (23,478,369)
Net income equalization
 (1,317)   (27,355)
Net increase (decrease) in net assets from beneficial interest transactions
 5,857,371   39,128,672
Net increase (decrease) in net assets during the period
 2,921,526   46,731,562
Net assets at beginning of period
 53,012,865   6,281,303
NET ASSETS AT END OF PERIOD
 $ 55,934,391   $ 53,012,865
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 360,000   1,420,000
Shares redeemed
 (240,000)   (520,000)
Net increase (decrease) from share transactions
 120,000   900,000
See accompanying notes to financial statements.
51

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Kensho New Economies Composite ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 10,819,925   $ 17,112,251
Net realized gain (loss)
 (58,254,995)   700,211,021
Net change in unrealized appreciation/depreciation
 (208,118,428)   162,322,195
Net increase (decrease) in net assets resulting from operations
 (255,553,498)   879,645,467
Net equalization credits and charges
 107,204   446,101
Distributions to shareholders
 (16,589,423)   (19,138,938)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 762,143,980   2,150,181,464
Cost of shares redeemed
 (584,105,915)   (1,890,919,014)
Net income equalization
 (107,204)   (446,101)
Net increase (decrease) in net assets from beneficial interest transactions
 177,930,861   258,816,349
Net increase (decrease) in net assets during the period
 (94,104,856)   1,119,768,979
Net assets at beginning of period
 2,131,028,592   1,011,259,613
NET ASSETS AT END OF PERIOD
 $2,036,923,736   $ 2,131,028,592
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 12,540,000   35,180,000
Shares redeemed
 (9,870,000)   (30,430,000)
Net increase (decrease) from share transactions
 2,670,000   4,750,000
See accompanying notes to financial statements.
52

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Kensho Smart Mobility ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 625,014   $ 1,885,286
Net realized gain (loss)
 453,095   17,721,819
Net change in unrealized appreciation/depreciation
 (26,291,249)   5,251,959
Net increase (decrease) in net assets resulting from operations
 (25,213,140)   24,859,064
Net equalization credits and charges
 193,331   (1,367,163)
Distributions to shareholders
 (1,101,558)   (1,561,657)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 43,702,471   349,103,006
Cost of shares redeemed
 (82,733,942)   (144,462,300)
Net income equalization
 (193,331)   1,367,163
Net increase (decrease) in net assets from beneficial interest transactions
 (39,224,802)   206,007,869
Net increase (decrease) in net assets during the period
 (65,346,169)   227,938,113
Net assets at beginning of period
 233,305,316   5,367,203
NET ASSETS AT END OF PERIOD
 $167,959,147   $ 233,305,316
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 760,000   6,020,000
Shares redeemed
 (1,480,000)   (2,430,000)
Net increase (decrease) from share transactions
 (720,000)   3,590,000
See accompanying notes to financial statements.
53

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR S&P Kensho Clean Power ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  For the
Period
10/23/18*-
6/30/19
Net asset value, beginning of period
 $ 105.73   $ 49.44   $ 38.06   $29.92
Income (loss) from investment operations:              
Net investment income (loss) (a)
 0.57   1.20   1.04   0.48
Net realized and unrealized gain (loss) (b)
 (15.40)   55.34   10.88   7.97
Total from investment operations
 (14.83)   56.54   11.92   8.45
Net equalization credits and charges (a)
 0.02   0.50   0.26   0.06
Distributions to shareholders from:              
Net investment income
 (0.67)   (0.75)   (0.80)   (0.37)
Net asset value, end of period
 $ 90.25   $ 105.73   $ 49.44   $38.06
Total return (c)
 (14.02)%   115.51%   32.40%   28.61%
Ratios and Supplemental Data:              
Net assets, end of period (in 000s)
 $352,442   $402,315   $29,418   $6,279
Ratios to average net assets:              
Total expenses
 0.45%(d)   0.45%   0.45%   0.45%(d)
Net investment income (loss)
 1.15%(d)   1.15%   2.42%   2.08%(d)
Portfolio turnover rate (e)
 9%(f)   43%   37%   24%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Kensho Final Frontiers ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  For the
Period
10/23/18*-
6/30/19
Net asset value, beginning of period
 $ 42.47   $ 30.36   $33.70   $30.13
Income (loss) from investment operations:              
Net investment income (loss) (a)
 0.08   0.48   0.29   0.18
Net realized and unrealized gain (loss) (b)
 (2.57)   12.32   (3.63)   3.57
Total from investment operations
 (2.49)   12.80   (3.34)   3.75
Net equalization credits and charges (a)
 0.00(c)   0.04   0.21   0.00(c)
Distributions to shareholders from:              
Net investment income
 (0.09)   (0.73)   (0.21)   (0.18)
Net asset value, end of period
 $ 39.89   $ 42.47   $30.36   $33.70
Total return (d)
 (5.87)%   42.54%   (9.34)%   12.52%
Ratios and Supplemental Data:              
Net assets, end of period (in 000s)
 $21,142   $22,509   $8,804   $3,370
Ratios to average net assets:              
Total expenses
 0.45%(e)   0.45%   0.45%   0.46%(e)
Net investment income (loss)
 0.38%(e)   1.26%   0.87%   0.89%(e)
Portfolio turnover rate (f)
 10%(g)   43%   39%   17%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
55

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Kensho Future Security ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  For the
Period
12/27/17* -

6/30/18
Net asset value, beginning of period
 $ 51.75   $ 36.60   $ 37.52   $ 32.83   $30.00
Income (loss) from investment operations:                  
Net investment income (loss) (a)
 0.20   0.19   0.46   0.09   0.03
Net realized and unrealized gain (loss) (b)
 0.70   15.15   (0.96)   5.44   2.84
Total from investment operations
 0.90   15.34   (0.50)   5.53   2.87
Net equalization credits and charges (a)
 (0.02)   0.17   0.02   (0.30)   0.00(c)
Distributions to shareholders from:                  
Net investment income
 (0.20)   (0.36)   (0.44)   (0.54)   (0.04)
Net asset value, end of period
 $ 52.43   $ 51.75   $ 36.60   $ 37.52   $32.83
Total return (d)
 1.69%   42.50%   (1.16)%   16.36%   9.56%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)
 $27,264   $27,429   $19,397   $19,883   $8,207
Ratios to average net assets:                  
Total expenses
 0.45%(e)   0.45%   0.45%   0.45%   0.46%(e)
Net investment income (loss)
 0.77%(e)   0.42%   1.25%   0.27%   0.20%(e)
Portfolio turnover rate (f)
 42%(g)   39%   25%   28%   32%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
56

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Kensho Intelligent Structures ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  For the
Period
12/27/17* -

6/30/18
Net asset value, beginning of period
 $ 47.76   $ 29.91   $30.22   $28.99   $30.00
Income (loss) from investment operations:                  
Net investment income (loss) (a)
 0.15   0.56   0.42   0.21   0.11
Net realized and unrealized gain (loss) (b)
 (2.29)   17.65   (0.27)   1.23   (1.03)
Total from investment operations
 (2.14)   18.21   0.15   1.44   (0.92)
Net equalization credits and charges (a)
 0.00(c)   0.04   (0.01)   (0.00)(c)   0.00(c)
Distributions to shareholders from:                  
Net investment income
 (0.14)   (0.40)   (0.45)   (0.21)   (0.09)
Net asset value, end of period
 $ 45.48   $ 47.76   $29.91   $30.22   $28.99
Total return (d)
 (4.48)%   61.22%   0.45%   5.01%   (3.07)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)
 $55,934   $53,013   $6,281   $9,067   $4,349
Ratios to average net assets:                  
Total expenses
 0.45%(e)   0.45%   0.45%   0.45%   0.46%(e)
Net investment income (loss)
 0.65%(e)   1.27%   1.43%   0.73%   0.67%(e)
Portfolio turnover rate (f)
 35%(g)   58%   26%   22%   45%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
    
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Kensho New Economies Composite ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  For the
Period
10/23/18*-
6/30/19
Net asset value, beginning of period
 $ 66.83   $ 37.27   $ 33.27   $ 30.17
Income (loss) from investment operations:              
Net investment income (loss) (a)
 0.33   0.57   0.43   0.21
Net realized and unrealized gain (loss) (b)
 (7.72)   29.61   3.43   2.56
Total from investment operations
 (7.39)   30.18   3.86   2.77
Net equalization credits and charges (a)
 0.00(c)   0.01   0.48   0.44
Distributions to shareholders from:              
Net investment income
 (0.49)   (0.63)   (0.34)   (0.11)
Net asset value, end of period
 $ 58.95   $ 66.83   $ 37.27   $ 33.27
Total return (d)
 (11.09)%   81.27%   13.09%   10.71%
Ratios and Supplemental Data:              
Net assets, end of period (in 000s)
 $2,036,924   $2,131,029   $1,011,260   $41,760
Ratios to average net assets:              
Total expenses
 0.20%(e)   0.20%   0.20%   0.20%(e)
Net investment income (loss)
 1.04%(e)   1.01%   1.27%   0.99%(e)
Portfolio turnover rate (f)
 55%(g)   67%   91%   98%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Kensho Smart Mobility ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  For the
Period
12/27/17* -

6/30/18
Net asset value, beginning of period
 $ 62.05   $ 31.57   $28.05   $29.77   $30.00
Income (loss) from investment operations:                  
Net investment income (loss) (a)
 0.19   0.88   0.40   0.24   0.06
Net realized and unrealized gain (loss) (b)
 (6.71)   30.70   3.41   (1.20)   (0.24)
Total from investment operations
 (6.52)   31.58   3.81   (0.96)   (0.18)
Net equalization credits and charges (a)
 0.06   (0.64)   0.16   (0.10)   0.01
Distributions to shareholders from:                  
Net investment income
 (0.34)   (0.46)   (0.45)   (0.66)   (0.06)
Net asset value, end of period
 $ 55.25   $ 62.05   $31.57   $28.05   $29.77
Total return (c)
 (10.41)%   98.17%   14.48%   (3.22)%   (0.58)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)
 $167,959   $233,305   $5,367   $ 7,011   $5,954
Ratios to average net assets:                  
Total expenses
 0.45%(d)   0.45%   0.45%   0.45%   0.46%(d)
Net investment income (loss)
 0.65%(d)   1.49%   1.47%   0.85%   0.39%(d)
Portfolio turnover rate (e)
 41%(f)   70%   29%   36%   63%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2021 (Unaudited)
1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of December 31, 2021, the Trust consists of eighty-two (82) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “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
Each Fund is classified as a non-diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not
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Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments (including registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
The three levels of the fair value hierarchy are as follows:
•   Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2021, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value.
Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
3.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”). For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR S&P Kensho Clean Power ETF
 0.45%
SPDR S&P Kensho Final Frontiers ETF
 0.45
SPDR S&P Kensho Future Security ETF
 0.45
SPDR S&P Kensho Intelligent Structures ETF
 0.45
SPDR S&P Kensho New Economies Composite ETF
 0.20
SPDR S&P Kensho Smart Mobility ETF
 0.45
From time to time, the Adviser may waive all or a portion of its fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2022. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2022 except with the approval of the Funds' Board.
The Adviser pays all the operating expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
Beginning on January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds is below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
4.    Trustees’ Fees
The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
5.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:
  Purchases   Sales
SPDR S&P Kensho Clean Power ETF
 $ 33,946,471   $ 34,398,229
SPDR S&P Kensho Final Frontiers ETF
 2,208,868   2,291,424
SPDR S&P Kensho Future Security ETF
 10,989,861   11,384,172
SPDR S&P Kensho Intelligent Structures ETF
 24,552,801   18,723,254
SPDR S&P Kensho New Economies Composite ETF
 1,325,387,930   1,144,161,881
SPDR S&P Kensho Smart Mobility ETF
 78,147,148   117,641,974
For the period ended December 31, 2021, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR S&P Kensho Clean Power ETF
 $ 64,628,150   $ 52,517,651   $ 9,730,296
SPDR S&P Kensho Final Frontiers ETF
 3,192,207   3,114,702   513,780
SPDR S&P Kensho Future Security ETF
 8,359,754   8,804,602   2,455,803
SPDR S&P Kensho Intelligent Structures ETF
 16,520,548   10,735,984   2,424,460
SPDR S&P Kensho New Economies Composite ETF
 756,391,747   575,467,478   143,466,715
SPDR S&P Kensho Smart Mobility ETF
 43,172,566   82,342,577   11,949,253
6.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
7.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2021, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of December 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR S&P Kensho Clean Power ETF
 $ 447,528,220   $ 12,793,453   $ 77,286,287   $(64,492,834)
SPDR S&P Kensho Final Frontiers ETF
 21,752,806   1,334,771   1,398,077   (63,306)
SPDR S&P Kensho Future Security ETF
 26,133,033   3,128,567   1,848,755   1,279,812
SPDR S&P Kensho Intelligent Structures ETF
 62,030,604   4,271,689   5,362,888   (1,091,199)
SPDR S&P Kensho New Economies Composite ETF
 2,273,433,902   162,781,841   204,297,572   (41,515,731)
SPDR S&P Kensho Smart Mobility ETF
 215,697,962   13,273,789   34,759,186   (21,485,397)
8.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of December 31, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2021:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received * 		  Total
Collateral
Received
SPDR S&P Kensho Clean Power ETF
   $ 58,310,221   $ 30,850,667   $ 29,428,512   $ 60,279,179
SPDR S&P Kensho Final Frontiers ETF
   983,078   543,480   454,282   997,762
SPDR S&P Kensho Future Security ETF
   133,998   142,148   —   142,148
SPDR S&P Kensho Intelligent Structures ETF
   7,859,494   5,044,606   3,136,609   8,181,215
SPDR S&P Kensho New Economies Composite ETF
   299,164,324   194,956,416   117,253,762   312,210,178
SPDR S&P Kensho Smart Mobility ETF
   35,177,961   26,324,861   10,453,265   36,778,126
 * The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
    
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
        Remaining Contractual Maturity of the Agreements
as of December 31, 2021
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR S&P Kensho Clean Power ETF
   Common Stocks   $ 30,850,667   $—   $—   $—   $ 30,850,667   $ 30,850,667
SPDR S&P Kensho Final Frontiers ETF
   Common Stocks   543,480   —   —   —   543,480   543,480
SPDR S&P Kensho Future Security ETF
   Common Stocks   142,148   —   —   —   142,148   142,148
SPDR S&P Kensho Intelligent Structures ETF
   Common Stocks   5,044,606   —   —   —   5,044,606   5,044,606
SPDR S&P Kensho New Economies Composite ETF
   Common Stocks   194,956,416   —   —   —   194,956,416   194,956,416
SPDR S&P Kensho Smart Mobility ETF
   Common Stocks   26,324,861   —   —   —   26,324,861   26,324,861
9.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
Credit Risk
A Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
10.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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OTHER INFORMATION
December 31, 2021 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2021 to December 31, 2021.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
  SPDR S&P Kensho Clean Power ETF   SPDR S&P Kensho Final Frontiers ETF   SPDR S&P Kensho Future Security ETF
Annualized Expense Ratio
 0.45%   0.45%   0.45%
Actual:          
Ending Account Value
 $ 859.80   $ 941.30   $1,016.90
Expenses Paid During Period(a)
 2.11   2.20   2.29
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,022.90   1,022.90   1,022.90
Expenses Paid During Period(a)
 2.29   2.29   2.29
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
  SPDR S&P Kensho Intelligent Structures ETF   SPDR S&P Kensho New Economies Composite ETF   SPDR S&P Kensho Smart Mobility ETF
Annualized Expense Ratio
 0.45%   0.20%   0.45%
Actual:          
Ending Account Value
 $ 955.20   $ 889.10   $ 895.90
Expenses Paid During Period(a)
 2.22   0.95   2.15
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,022.90   1,024.20   1,022.90
Expenses Paid During Period(a)
 2.29   1.02   2.29
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:
• the Program supported each Fund’s ability to honor redemption requests timely;
• the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
• no material liquidity issues were identified during the period;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage each Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibit on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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SPDR Series Trust
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
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
SPDR® Series Trust - Equity Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.
KENSHO© is a registered service mark of Kensho Technologies Inc. ("Kensho"), and all Kensho financial indices in the Kensho New Economies© family and such indices' corresponding service marks have been licensed by the Licensee in connection with the SPDR S&P Kensho Clean Power ETF, SPDR S&P Kensho Final Frontiers ETF, SPDR S&P Kensho New Economies Composite ETF, SPDR S&P Kensho Intelligent Structures ETF, SPDR S&P Kensho Smart Mobility ETF and SPDR S&P Kensho Future Security ETF (collectively, the "SPDR ETFs"). The SPDR ETFs are not marketed, sold, or sponsored by Kensho, Kensho's affiliates, or Kensho's third party licensors.
Kensho is not an investment adviser or broker dealer and Kensho makes no representation regarding the advisability of investing in any investment fund, other investment vehicle, security or other financial product regardless of whether or not it is based on, derived from, or included as a constituent of any Kensho New Economies© family index. Kensho bears no responsibility or liability for any business decision, input, recommendation, or action taken based on Kensho indices or any products
based on, derived from, or included as a constituent of any such index. All referenced names and trademarks are the property of their respective owners.
Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
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.
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