Annual Report
June 30, 2021
SPDR® Series Trust - Equity Funds
SPDR Dow Jones REIT ETF
SPDR S&P Biotech ETF
SPDR S&P Dividend 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 www.ssga.com. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS

1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

2

5

8
Schedules of Investments  

11

16

23

30

35

38

52

54
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 www.ssga.com. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Dow Jones U.S. Select REIT Index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate.
The S&P Biotechnology Select Industry Index represents the biotechnology segment of the S&P Total Market Index.
The S&P High Yield Dividend Aristocrats Index is designed to measure the performance of the highest dividend yielding S&P Composite 1500 Index constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years.
See accompanying notes to financial statements.
1


Table of Contents
SPDR DOW JONES REIT ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR Dow Jones REIT ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded real estate investment trusts. The Fund’s benchmark is the Dow Jones U.S. Select REIT Index (the “Index”).
For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 39.59%, and the Index was 39.98%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Real Estate Investment Trusts (“REITs”) traded in the U.S. provided solid results over the past fiscal year and only slightly underperformed the S&P 500 for the overall Reporting Period. Not surprisingly, the response to Covid-19 played a major role in the Fund’s performance this past fiscal year. The Index was only slightly positive during the first fiscal quarter and significantly underperformed the S&P 500 during that time. While U.S. equities responded strongly to signs of economic recovery and progress towards addressing the pandemic, U.S. REITs were relatively flat during that same timeframe. U.S. REITs staged a strong comeback in the second fiscal quarter, however, based on continued rollout of the vaccines and increasingly positive expectations that the country would be able to return to normal sooner than anticipated. This lifted up some previously beaten down real estate sectors such as retail, lodging/resorts and office. U.S. REITs continued to rally strongly into 2021 and actually outperformed the S&P 500 during the final two fiscal quarters. Strong earnings, positive vaccine news, dovish comments from the Fed and progress towards a U.S. infrastructure spending plan all seemed to outweigh any fears of higher interest rates and new virus variants.
The Fund used index equity futures contracts in order to gain exposure to the market for the cash and cash equivalents within the fund during the Reporting Period. The Fund’s use of these futures contracts did not result in any tracking error between the Fund and the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Simon Property Group, Inc., Prologis, Inc., and Public Storage. The top negative contributors to the Fund’s performance during the Reporting Period were Equity Commonwealth, Easterly Government Properties Inc, and Universal Health Realty Income Trust.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Dow Jones REIT ETF
Performance Summary (Unaudited)
Performance as of June 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Dow Jones U.S. Select REIT Index   Net
Asset
Value
Market
Value
Dow Jones U.S. Select REIT Index
ONE YEAR 39.59% 39.69% 39.98%   39.59% 39.69% 39.98%
FIVE YEARS 26.86% 26.84% 28.58%   4.87% 4.87% 5.16%
TEN YEARS 123.65% 123.57% 129.67%   8.38% 8.38% 8.67%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Dow Jones REIT ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.25%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
3


Table of Contents
SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2021

     
  Description % of Net Assets  
  Prologis, Inc. REIT 9.3%  
  Public Storage REIT 4.8  
  Simon Property Group, Inc. REIT 4.5  
  Digital Realty Trust, Inc. REIT 4.5  
  Welltower, Inc. REIT 3.6  
  AvalonBay Communities, Inc. REIT 3.1  
  Equity Residential REIT 2.8  
  Alexandria Real Estate Equities, Inc. REIT 2.6  
  Realty Income Corp. REIT 2.6  
  Extra Space Storage, Inc. REIT 2.3  
  TOTAL 40.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2021

     
    % of Net Assets  
  Residential REITs 21.4%  
  Industrial REITs 16.7  
  Retail REITs 15.3  
  Specialized REITs 15.1  
  Office REITs 11.1  
  Health Care REITs 10.7  
  Diversified REITs 5.2  
  Hotel & Resort REITs 4.3  
  Short-Term Investments 0.5  
  Liabilities in Excess of Other Assets (0.3)  
  TOTAL 100.0%  
(The Fund's industry 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 BIOTECH ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Biotech ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the aerospace and defense segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Biotechnology Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 21.27%, and the Index was 21.19%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Securities lending contributed to the difference between the Fund’s performance and that of the Index.
Successful COVID-19 vaccine rollouts and the development of new drugs were primary drivers of Fund performance during the Reporting Period.
Biotech companies faced many challenges during the fiscal year. Many projects were delayed due to spill over from the initial COVID-19 shutdowns and there were supply chain issues across the industry. Even with these hurdles, Biotech companies were able to roll out new drugs throughout the year and experience moderate success.
Strong earnings within the pharmaceutical and life sciences companies led the way for the Index to have a solid return stream during the fiscal year (+21%).
As the U.S. implemented a COVID-19 vaccine rollout plan at the end of 2020, Biotech companies greatly benefited as some of the companies involved with these vaccines were included in the index and exhibited strong returns.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Moderna, Inc., Immunomedics, Inc., and Intellia Therapeutics, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Inovio Pharmaceuticals, Inc., Adverum Biotechnologies Inc, and Esperion Therapeutics, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
5


Table of Contents
SPDR S&P Biotech ETF
Performance Summary (Unaudited)
Performance as of June 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Biotechnology Select Industry Index   Net
Asset
Value
Market
Value
S&P Biotechnology Select Industry Index
ONE YEAR 21.27% 21.28% 21.19%   21.27% 21.28% 21.19%
FIVE YEARS 152.25% 152.42% 152.57%   20.33% 20.34% 20.36%
TEN YEARS 475.04% 474.84% 465.83%   19.12% 19.11% 18.92%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Biotech ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
6


Table of Contents
SPDR S&P Biotech ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2021

     
  Description % of Net Assets  
  Intellia Therapeutics, Inc. 1.2%  
  Editas Medicine, Inc. 1.0  
  Anavex Life Sciences Corp. 0.9  
  Beam Therapeutics, Inc. 0.9  
  MannKind Corp. 0.8  
  Translate Bio, Inc. 0.8  
  Ocugen, Inc. 0.8  
  MacroGenics, Inc. 0.8  
  Twist Bioscience Corp. 0.7  
  Seres Therapeutics, Inc. 0.7  
  TOTAL 8.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2021

     
    % of Net Assets  
  Biotechnology 99.9%  
  Short Term Investments 11.5  
  Liabilities in Excess of Other Assets (11.4)  
  TOTAL 100.0%  
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR S&P DIVIDEND ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded issuers that have historically followed a policy of making dividend payments. The Fund’s benchmark is the S&P High Yield Dividend Aristocrats Index (the “Index”).
For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 38.17%, and the Index was 38.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and cash drag resulting from the strong positive market returns contributed to the difference between the Fund’s performance and that of the Index.
A strong economic rebound in the third quarter of 2020 came amid a relaxation of COVID lockdowns allowing pent up demand to be released before the market experienced a bit of a setback in September having been beset by another resurgence in COVID-19 cases and concerns about high stock valuations. This was only the beginning as another sizable fiscal stimulus package of $800 billion in the U.S. got pushed through Congress after months of stalemate and good news on the vaccine development and approval fronts along with the positive overall news from the election results caused the strong rally to continue in the fourth quarter of 2020. The S&P High Yield Dividend Aristocrats Index rose 18.30% during the last half of the year. Market momentum also shifted strongly from “stay at home” stocks and sectors to “re-opening” stocks and sectors.
The first half of 2021 saw positive market momentum continue on the back of vaccine rollouts accelerating in the U.S. and other developed markets coupled with the decline in infections and hospitalizations. The Federal Reserve also provided additional support by initially indicating that there would be no rate hikes prior to 2024, before rolling that back a bit amidst a surprise increase in inflation measures which caused them to become a bit more hawkish. Revised messaging now pointed to the possibility of two rate hikes before the end of 2023. U.S. gross domestic product came in at a solid 6.4% in the second quarter of 2021 and a continued increase in consumer spending along with the passing of a bipartisan infrastructure spending deal of over $600 billion helped to carry the S&P High Yield Dividend Aristocrats Index to another robust six month return of 17.26% and an eye-popping 38.71% gain for the fiscal year ended June 30, 2021.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Exxon Mobil Corporation, People's United Financial, Inc., and Eaton Vance Corp.. The top negative contributors to the Fund’s performance during the Reporting Period were Kimberly-Clark Corporation, Clorox Company, and Northwest Natural Holding Co..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
8


Table of Contents
SPDR S&P Dividend ETF
Performance Summary (Unaudited)
Performance as of June 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P High Yield Dividend Aristocrats Index   Net
Asset
Value
Market
Value
S&P High Yield Dividend Aristocrats Index
ONE YEAR 38.17% 38.25% 38.71%   38.17% 38.25% 38.71%
FIVE YEARS 72.37% 72.30% 75.49%   11.50% 11.50% 11.91%
TEN YEARS 230.46% 230.42% 243.40%   12.70% 12.70% 13.13%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
9


Table of Contents
SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2021

     
  Description % of Net Assets  
  Exxon Mobil Corp. 2.8%  
  AT&T, Inc. 2.5  
  South Jersey Industries, Inc. 2.2  
  Chevron Corp. 2.0  
  International Business Machines Corp. 2.0  
  AbbVie, Inc. 1.9  
  National Retail Properties, Inc. REIT 1.9  
  Federal Realty Investment Trust REIT 1.8  
  Realty Income Corp. REIT 1.7  
  Old Republic International Corp. 1.6  
  TOTAL 20.4%  
(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 June 30, 2021

     
    % of Net Assets  
  Financials 16.3%  
  Industrials 14.7  
  Consumer Staples 14.7  
  Utilities 14.2  
  Materials 8.5  
  Real Estate 6.6  
  Consumer Discretionary 6.2  
  Health Care 6.0  
  Energy 4.8  
  Communication Services 4.6  
  Information Technology 3.1  
  Short-Term Investments 0.9  
  Liabilities in Excess of Other Assets (0.6)  
  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.
10


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
June 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 99.8%  
Acadia Realty Trust REIT

  165,475   $ 3,633,831
Agree Realty Corp. REIT

  130,877   9,225,520
Alexandria Real Estate Equities, Inc. REIT

  265,108   48,233,750
American Assets Trust, Inc. REIT

  97,475   3,634,843
American Campus Communities, Inc. REIT

  265,334   12,396,404
American Homes 4 Rent Class A REIT (a)

  529,432   20,568,433
Americold Realty Trust REIT

  488,253   18,480,376
Apartment Income REIT Corp.

  303,809   14,409,661
Apartment Investment & Management Co. Class A REIT (a)

  298,405   2,002,298
Apple Hospitality REIT, Inc.

  403,958   6,164,399
AvalonBay Communities, Inc. REIT

  269,783   56,301,014
Boston Properties, Inc. REIT

  274,494   31,454,267
Brandywine Realty Trust REIT (a)

  331,730   4,548,018
Brixmor Property Group, Inc. REIT

  571,378   13,078,842
Broadstone Net Lease, Inc. REIT

  299,162   7,003,382
Camden Property Trust REIT

  188,823   25,051,147
CareTrust REIT, Inc.

  185,772   4,315,484
Centerspace REIT

  25,792   2,034,989
Chatham Lodging Trust REIT (b)

  93,303   1,200,810
City Office REIT, Inc.

  84,877   1,055,021
Columbia Property Trust, Inc. REIT

  220,306   3,831,121
Community Healthcare Trust, Inc. REIT

  44,440   2,109,122
Corporate Office Properties Trust REIT

  215,770   6,039,402
Cousins Properties, Inc. REIT

  286,042   10,520,625
CubeSmart REIT

  387,898   17,967,435
DiamondRock Hospitality Co. REIT (b)

  411,670   3,993,199
Digital Realty Trust, Inc. REIT

  544,084   81,862,879
Diversified Healthcare Trust REIT

  461,843   1,930,504
Douglas Emmett, Inc. REIT

  317,271   10,666,651
Duke Realty Corp. REIT

  724,772   34,317,954
Easterly Government Properties, Inc. REIT

  160,444   3,382,160
EastGroup Properties, Inc. REIT

  76,995   12,661,828
Empire State Realty Trust, Inc. Class A REIT (a)

  270,217   3,242,604
EPR Properties REIT (b)

  145,549   7,667,521
Equity Commonwealth REIT

  236,823   6,204,763
Equity LifeStyle Properties, Inc. REIT

  327,743   24,354,582
Equity Residential REIT

  664,852   51,193,604
Essential Properties Realty Trust, Inc. REIT

  227,639   6,155,359
Essex Property Trust, Inc. REIT

  125,579   37,674,956
Extra Space Storage, Inc. REIT

  258,460   42,340,917
See accompanying notes to financial statements.
11


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
Federal Realty Investment Trust REIT

  136,154   $ 15,953,164
First Industrial Realty Trust, Inc. REIT

  248,496   12,978,946
Four Corners Property Trust, Inc. REIT

  149,258   4,121,013
Franklin Street Properties Corp. REIT

  189,523   996,891
Getty Realty Corp. REIT

  71,099   2,214,734
Global Medical REIT, Inc.

  105,990   1,564,412
Global Net Lease, Inc. REIT

  185,327   3,428,550
Healthcare Realty Trust, Inc. REIT

  273,528   8,260,546
Healthcare Trust of America, Inc. Class A REIT

  421,038   11,241,715
Healthpeak Properties, Inc. REIT

  1,041,559   34,673,499
Hersha Hospitality Trust REIT (b)

  71,619   770,620
Highwoods Properties, Inc. REIT

  200,078   9,037,523
Host Hotels & Resorts, Inc. REIT (b)

  1,364,992   23,327,713
Hudson Pacific Properties, Inc. REIT

  290,270   8,075,311
Independence Realty Trust, Inc. REIT

  200,110   3,648,005
Industrial Logistics Properties Trust REIT (a)

  125,130   3,270,898
Innovative Industrial Properties, Inc. REIT

  45,988   8,784,628
Invitation Homes, Inc. REIT

  1,096,943   40,905,004
JBG SMITH Properties REIT

  212,304   6,689,699
Kilroy Realty Corp. REIT

  203,943   14,202,591
Kimco Realty Corp. REIT

  834,440   17,398,074
Kite Realty Group Trust REIT

  162,026   3,566,192
Lexington Realty Trust REIT

  533,497   6,375,289
Life Storage, Inc. REIT

  147,982   15,885,868
LTC Properties, Inc. REIT (a)

  75,396   2,894,452
Macerich Co. REIT

  324,100   5,914,825
Mack-Cali Realty Corp. REIT (b)

  169,037   2,898,985
Mid-America Apartment Communities, Inc. REIT

  221,277   37,267,472
Monmouth Real Estate Investment Corp. REIT

  188,500   3,528,720
National Health Investors, Inc. REIT

  88,375   5,925,544
National Retail Properties, Inc. REIT

  337,947   15,842,955
National Storage Affiliates Trust REIT

  133,589   6,754,260
NexPoint Residential Trust, Inc. REIT

  44,185   2,429,291
Office Properties Income Trust REIT (a)

  93,725   2,747,080
Omega Healthcare Investors, Inc. REIT (a)

  453,221   16,447,390
Paramount Group, Inc. REIT

  323,212   3,254,745
Park Hotels & Resorts, Inc. REIT (a)  (b)

  454,870   9,374,871
Pebblebrook Hotel Trust REIT

  252,401   5,944,044
Piedmont Office Realty Trust, Inc. Class A REIT

  241,058   4,452,341
Prologis, Inc. REIT

  1,429,079   170,817,813
PS Business Parks, Inc. REIT

  39,057   5,783,561
Public Storage REIT

  294,108   88,435,335
See accompanying notes to financial statements.
12


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
QTS Realty Trust, Inc. Class A REIT

  133,243   $ 10,299,684
Realty Income Corp. REIT

  721,915   48,180,607
Regency Centers Corp. REIT

  305,446   19,569,925
Retail Opportunity Investments Corp. REIT

  229,521   4,053,341
Retail Properties of America, Inc. Class A REIT

  417,409   4,779,333
Rexford Industrial Realty, Inc. REIT

  259,281   14,766,053
RLJ Lodging Trust REIT

  320,934   4,887,825
RPT Realty REIT

  160,104   2,078,150
Ryman Hospitality Properties, Inc. REIT (b)

  105,920   8,363,443
Seritage Growth Properties Class A REIT (b)

  77,845   1,432,348
Service Properties Trust REIT

  320,415   4,037,229
Simon Property Group, Inc. REIT

  634,782   82,826,355
SITE Centers Corp. REIT

  330,330   4,974,770
SL Green Realty Corp. REIT (a)

  133,405   10,672,400
Spirit Realty Capital, Inc. REIT

  221,120   10,578,381
STAG Industrial, Inc. REIT

  307,239   11,499,956
STORE Capital Corp. REIT

  470,548   16,238,611
Summit Hotel Properties, Inc. REIT (b)

  209,727   1,956,753
Sun Communities, Inc. REIT

  216,166   37,050,852
Sunstone Hotel Investors, Inc. REIT (b)

  415,333   5,158,436
Tanger Factory Outlet Centers, Inc. REIT (a)

  195,782   3,690,491
Terreno Realty Corp. REIT

  134,792   8,696,780
UDR, Inc. REIT (a)

  573,703   28,099,973
Universal Health Realty Income Trust REIT

  25,510   1,570,141
Urban Edge Properties REIT

  211,056   4,031,170
Ventas, Inc. REIT

  724,942   41,394,188
VEREIT, Inc.

  443,009   20,347,403
Vornado Realty Trust REIT

  302,226   14,104,887
Washington Real Estate Investment Trust

  163,999   3,771,977
Weingarten Realty Investors REIT

  230,648   7,396,881
Welltower, Inc. REIT

  806,685   67,035,523
WP Carey, Inc. REIT

  343,969   25,666,967
Xenia Hotels & Resorts, Inc. REIT (b)

  221,216   4,143,377
TOTAL COMMON STOCKS

(Cost $1,754,737,186)

        1,834,348,454
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (c)  (d)

  3,631,274   3,632,363
See accompanying notes to financial statements.
13


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

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

  6,259,134   $ 6,259,134
TOTAL SHORT-TERM INVESTMENTS

(Cost $9,891,432)

  9,891,497  
TOTAL INVESTMENTS — 100.3%

(Cost $1,764,628,618)

  1,844,239,951  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%

  (5,665,812)  
NET ASSETS — 100.0%

  $ 1,838,574,139  
(a) All or a portion of the shares of the security are on loan at June 30, 2021.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
At June 30, 2021, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   100   09/17/2021   $4,067,800   $3,968,605   $(99,195)
During the period ended June 30, 2021, average notional value related to futures contracts was $605,462.
See accompanying notes to financial statements.
14


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $1,834,348,454   $—   $—   $1,834,348,454
Short-Term Investments

  9,891,497       9,891,497
TOTAL INVESTMENTS

  $1,844,239,951   $—   $—   $1,844,239,951
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)

  (99,195)       (99,195)
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ (99,195)   $—   $—   $ (99,195)
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

4,097,975   $ 4,099,614   $ 94,721,882   $ 95,188,174   $(1,024)   $65   3,631,274   $3,632,363   $ 1,587
State Street Navigator Securities Lending Portfolio II

9,665,286   9,665,286   323,325,629   326,731,781       6,259,134   6,259,134   164,168
Total

    $13,764,900   $ 418,047,511   $421,919,955   $(1,024)   $65       $9,891,497   $165,755
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS
June 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
BIOTECHNOLOGY — 99.9%          
AbbVie, Inc.

    392,481   $ 44,209,060
ACADIA Pharmaceuticals, Inc. (a)

    1,651,810   40,287,646
Acceleron Pharma, Inc. (a)  (b)

    339,410   42,592,561
Achillion Pharmaceuticals, Inc. (b)

    51,865   75,464
Adverum Biotechnologies, Inc. (a) (b)  (c)

    7,775,227   27,213,295
Agenus, Inc. (a)  (b)

    7,286,825   40,004,669
Agios Pharmaceuticals, Inc. (a)  (b)

    784,419   43,229,331
Akebia Therapeutics, Inc. (a) (b)  (c)

    10,330,349   39,152,023
Akero Therapeutics, Inc. (a)  (b)

    816,823   20,265,379
Albireo Pharma, Inc. (a)  (b)

    525,349   18,481,778
Aldeyra Therapeutics, Inc. (a)  (b)

    2,316,676   26,247,939
Alector, Inc. (a)  (b)

    1,650,518   34,380,290
Alexion Pharmaceuticals, Inc. (a)

    249,370   45,811,763
Alkermes PLC (a)

    1,809,544   44,370,019
Allakos, Inc. (a)  (b)

    482,329   41,176,427
Allogene Therapeutics, Inc. (a)  (b)

    1,735,355   45,258,058
Allovir, Inc. (a)  (b)

    1,190,095   23,492,475
Alnylam Pharmaceuticals, Inc. (a)

    274,416   46,519,000
Altimmune, Inc. (a)  (c)

    3,151,954   31,046,747
ALX Oncology Holdings, Inc. (a)

    759,178   41,511,853
Amgen, Inc.

    186,572   45,476,925
Amicus Therapeutics, Inc. (a)

    4,264,907   41,113,703
AnaptysBio, Inc. (a)  (b)

    832,836   21,595,437
Anavex Life Sciences Corp. (a)  (b)

    2,922,089   66,798,955
Anika Therapeutics, Inc. (a)  (b)

    344,536   14,914,963
Annexon, Inc. (a)

    481,282   10,833,658
Apellis Pharmaceuticals, Inc. (a)  (b)

    729,112   46,079,878
Applied Molecular Transport, Inc. (a)  (b)

    823,106   37,648,868
Arcturus Therapeutics Holdings, Inc. (a) (b)  (c)

    1,317,004   44,567,415
Arcus Biosciences, Inc. (a)

    1,819,758   49,970,555
Arcutis Biotherapeutics, Inc. (a)  (b)

    655,734   17,894,981
Ardelyx, Inc. (a)  (b)

    4,850,547   36,767,146
Arena Pharmaceuticals, Inc. (a)

    694,777   47,383,791
Arrowhead Pharmaceuticals, Inc. (a)

    510,593   42,287,312
Atara Biotherapeutics, Inc. (a)  (b)

    2,745,086   42,686,087
Athenex, Inc. (a) (b)  (c)

    7,074,314   32,683,331
Avid Bioservices, Inc. (a)  (b)

    1,416,927   36,344,178
Avidity Biosciences, Inc. (a)  (b)

    836,885   20,679,428
Avita Therapeutics, Inc. (a)  (b)

    473,134   9,708,710
Avrobio, Inc. (a)  (b)

    1,891,706   16,817,266
See accompanying notes to financial statements.
16


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
Beam Therapeutics, Inc. (a)  (b)

    510,326   $ 65,684,059
BioAtla, Inc. (a)

    442,103   18,736,325
BioCryst Pharmaceuticals, Inc. (a)  (b)

    2,710,522   42,853,353
Biogen, Inc. (a)

    114,222   39,551,652
Biohaven Pharmaceutical Holding Co., Ltd. (a)

    431,309   41,871,478
BioMarin Pharmaceutical, Inc. (a)  (b)

    551,920   46,052,205
Bioxcel Therapeutics, Inc. (a)  (b)

    1,196,297   34,764,391
Bluebird Bio, Inc. (a)  (b)

    1,328,245   42,477,275
Blueprint Medicines Corp. (a)

    521,181   45,843,081
Bridgebio Pharma, Inc. (a)  (b)

    708,433   43,186,076
C4 Therapeutics, Inc. (a)  (b)

    847,944   32,086,201
CareDx, Inc. (a)

    496,371   45,427,874
Catalyst Pharmaceuticals, Inc. (a)  (b)

    3,337,071   19,188,158
Celldex Therapeutics, Inc. (a)  (b)

    1,362,999   45,578,687
CEL-SCI Corp. (a)  (b)

    2,039,362   17,701,662
Cerevel Therapeutics Holdings, Inc. (a)  (b)

    726,375   18,609,728
ChemoCentryx, Inc. (a) (b)  (c)

    3,718,648   49,792,697
Chimerix, Inc. (a)

    1,848,113   14,784,904
Chinook Therapeutics, Inc. (a)  (b)

    442,203   6,243,906
Clovis Oncology, Inc. (a) (b)  (c)

    7,836,192   45,449,914
Coherus Biosciences, Inc. (a)  (b)

    3,123,684   43,200,550
Constellation Pharmaceuticals, Inc. (a)  (b)

    965,313   32,627,579
Cortexyme, Inc. (a)  (b)

    625,377   33,144,981
Cue Biopharma, Inc. (a)  (b)

    912,447   10,630,008
Curis, Inc. (a) (b)  (c)

    5,654,541   45,632,146
Cytokinetics, Inc. (a)  (b)

    2,152,721   42,602,349
CytomX Therapeutics, Inc. (a) (b)  (c)

    3,390,843   21,464,036
Deciphera Pharmaceuticals, Inc. (a)  (b)

    1,278,719   46,813,903
Denali Therapeutics, Inc. (a)

    603,865   47,367,171
Dermtech, Inc. (a)  (b)

    1,116,978   46,432,775
Dicerna Pharmaceuticals, Inc. (a)  (b)

    1,212,296   45,242,887
Dynavax Technologies Corp. (a)  (b)

    4,933,899   48,598,905
Eagle Pharmaceuticals, Inc. (a)

    356,887   15,274,764
Editas Medicine, Inc. (a)  (b)

    1,210,347   68,554,054
Emergent BioSolutions, Inc. (a)  (b)

    713,149   44,921,256
Enanta Pharmaceuticals, Inc. (a)  (b)

    425,642   18,732,504
Epizyme, Inc. (a)  (b)

    3,821,739   31,758,651
Esperion Therapeutics, Inc. (a) (b)  (c)

    1,717,543   36,326,034
Exact Sciences Corp. (a)

    371,554   46,187,878
Exelixis, Inc. (a)  (b)

    1,970,971   35,911,092
Fate Therapeutics, Inc. (a)

    504,648   43,798,400
FibroGen, Inc. (a)  (b)

    1,738,067   46,284,724
See accompanying notes to financial statements.
17


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
Flexion Therapeutics, Inc. (a) (b)  (c)

    3,031,246   $ 24,947,155
Forma Therapeutics Holdings, Inc. (a)  (b)

    1,651,190   41,098,119
G1 Therapeutics, Inc. (a)  (b)

    2,094,965   45,963,532
Generation Bio Co. (a)  (b)

    1,518,027   40,834,926
Geron Corp. (a)  (b)

    7,728,474   10,897,148
Gilead Sciences, Inc.

    658,622   45,352,711
Global Blood Therapeutics, Inc. (a)  (b)

    1,114,485   39,029,265
Gossamer Bio, Inc. (a)  (b)

    1,959,460   15,910,815
Halozyme Therapeutics, Inc. (a)  (b)

    1,058,539   48,068,256
Harpoon Therapeutics, Inc. (a)  (b)

    1,034,036   14,342,079
Heron Therapeutics, Inc. (a)  (b)

    2,941,073   45,645,453
Horizon Therapeutics PLC (a)

    485,483   45,460,628
Humanigen, Inc. (a)  (b)

    2,145,544   37,289,555
IGM Biosciences, Inc. (a)  (b)

    446,211   37,124,755
ImmunityBio, Inc. (a)

    2,981,797   42,580,061
ImmunoGen, Inc. (a)

    6,989,672   46,061,938
Immunovant, Inc. (a)  (b)

    3,597,505   38,025,628
Incyte Corp. (a)

    548,480   46,143,622
Inovio Pharmaceuticals, Inc. (a)  (b)

    4,977,234   46,138,959
Insmed, Inc. (a)  (b)

    1,506,721   42,881,280
Intellia Therapeutics, Inc. (a)  (b)

    531,018   85,977,124
Intercept Pharmaceuticals, Inc. (a) (b)  (c)

    2,100,790   41,952,776
Invitae Corp. (a)  (b)

    1,450,804   48,935,619
Ionis Pharmaceuticals, Inc. (a)  (b)

    1,194,133   47,633,965
Iovance Biotherapeutics, Inc. (a)  (b)

    1,931,495   50,257,500
Ironwood Pharmaceuticals, Inc. (a)  (b)

    3,861,310   49,695,060
IVERIC bio, Inc. (a)

    1,656,001   10,449,366
Kadmon Holdings, Inc. (a)  (b)

    7,309,458   28,287,602
KalVista Pharmaceuticals, Inc. (a)  (b)

    1,036,999   24,846,496
Karuna Therapeutics, Inc. (a)  (b)

    333,161   37,977,022
Karyopharm Therapeutics, Inc. (a) (b)  (c)

    4,388,848   45,292,911
Keros Therapeutics, Inc. (a)  (b)

    440,114   18,691,642
Kiniksa Pharmaceuticals Ltd. Class A (a) (b)  (c)

    1,789,862   24,932,778
Kodiak Sciences, Inc. (a)  (b)

    541,678   50,376,054
Krystal Biotech, Inc. (a)  (b)

    388,312   26,405,216
Kura Oncology, Inc. (a)  (b)

    2,020,166   42,120,461
Kymera Therapeutics, Inc. (a)

    895,974   43,454,739
Ligand Pharmaceuticals, Inc. (a)  (b)

    366,338   48,059,882
MacroGenics, Inc. (a)  (b)

    2,123,423   57,035,142
Madrigal Pharmaceuticals, Inc. (a)

    419,558   40,869,145
MannKind Corp. (a)  (b)

    11,183,424   60,949,661
Mersana Therapeutics, Inc. (a)  (b)

    2,039,881   27,701,584
See accompanying notes to financial statements.
18


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
MiMedx Group, Inc. (a)  (b)

    1,624,440   $ 20,321,744
Mirati Therapeutics, Inc. (a)

    263,230   42,519,542
Moderna, Inc. (a)

    206,951   48,629,346
Morphic Holding, Inc. (a)

    506,373   29,060,746
Myovant Sciences, Ltd. (a)  (b)

    2,004,073   45,632,742
Myriad Genetics, Inc. (a)

    1,523,470   46,587,713
Natera, Inc. (a)  (b)

    436,024   49,501,805
Neoleukin Therapeutics, Inc. (a)

    629,646   5,811,633
Neurocrine Biosciences, Inc. (a)

    459,287   44,697,811
Nkarta, Inc. (a)  (b)

    941,157   29,825,265
Novavax, Inc. (a)  (b)

    216,008   45,860,658
Nurix Therapeutics, Inc. (a)  (b)

    1,366,374   36,249,902
Ocugen, Inc. (a)  (b)

    7,144,072   57,366,898
OPKO Health, Inc. (a)  (b)

    12,175,579   49,311,095
Organogenesis Holdings, Inc. (a)  (b)

    2,995,529   49,785,692
ORIC Pharmaceuticals, Inc. (a)  (b)

    827,158   14,632,425
Passage Bio, Inc. (a)  (b)

    1,227,383   16,250,551
PMV Pharmaceuticals, Inc. (a)  (b)

    602,705   20,588,403
Precigen, Inc. (a)  (b)

    4,025,111   26,243,724
Precision BioSciences, Inc. (a)  (b)

    1,773,070   22,198,836
Prelude Therapeutics, Inc. (a)  (b)

    864,365   24,746,770
Protagonist Therapeutics, Inc. (a)

    680,530   30,542,186
Prothena Corp. PLC (a)  (b)

    593,508   30,512,246
PTC Therapeutics, Inc. (a)  (b)

    1,054,574   44,576,843
Puma Biotechnology, Inc. (a)  (b)

    887,941   8,151,298
Radius Health, Inc. (a)  (b)

    1,393,055   25,409,323
Regeneron Pharmaceuticals, Inc. (a)

    86,201   48,146,707
REGENXBIO, Inc. (a)

    1,112,773   43,231,231
Relay Therapeutics, Inc. (a)

    1,323,568   48,429,353
Replimenu Group, Inc. (a)

    1,188,082   45,646,110
REVOLUTION Medicines, Inc. (a)  (b)

    1,321,689   41,950,409
Rhythm Pharmaceuticals, Inc. (a)  (b)

    1,441,535   28,225,255
Rigel Pharmaceuticals, Inc. (a)  (b)

    7,155,147   31,053,338
Rocket Pharmaceuticals, Inc. (a)  (b)

    980,818   43,440,429
Rubius Therapeutics, Inc. (a)  (b)

    1,641,043   40,057,860
Sage Therapeutics, Inc. (a)

    572,547   32,526,395
Sana Biotechnology, Inc. (a)  (b)

    1,515,861   29,801,827
Sangamo Therapeutics, Inc. (a)  (b)

    3,630,064   43,451,866
Sarepta Therapeutics, Inc. (a)  (b)

    526,704   40,945,969
Scholar Rock Holding Corp. (a)  (b)

    1,224,457   35,386,807
Seagen, Inc. (a)

    289,231   45,663,790
Seres Therapeutics, Inc. (a)  (b)

    2,205,129   52,592,327
See accompanying notes to financial statements.
19


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
Sesen Bio, Inc. (a) (b)  (c)

    10,657,136   $ 49,235,968
Shattuck Labs, Inc. (a)

    495,148   14,354,341
Sorrento Therapeutics, Inc. (a)  (b)

    5,106,336   49,480,396
Spectrum Pharmaceuticals, Inc. (a)  (b)

    6,290,510   23,589,413
Spero Therapeutics, Inc. (a)  (b)

    414,879   5,791,711
SpringWorks Therapeutics, Inc. (a)  (b)

    551,014   45,409,064
Stoke Therapeutics, Inc. (a)  (b)

    569,461   19,168,057
Sutro Biopharma, Inc. (a)  (b)

    1,530,889   28,459,227
Syndax Pharmaceuticals, Inc. (a)  (b)

    2,399,186   41,194,024
TCR2 Therapeutics, Inc. (a)

    1,678,739   27,548,107
TG Therapeutics, Inc. (a)  (b)

    1,199,156   46,515,261
Translate Bio, Inc. (a)  (b)

    2,117,493   58,315,757
Travere Therapeutics, Inc. (a)  (b)

    2,338,208   34,114,455
Turning Point Therapeutics, Inc. (a)

    604,464   47,160,281
Twist Bioscience Corp. (a)  (b)

    395,165   52,655,736
Ultragenyx Pharmaceutical, Inc. (a)  (b)

    445,331   42,462,311
uniQure NV (a)  (b)

    1,256,056   38,686,525
United Therapeutics Corp. (a)

    252,871   45,367,586
Vanda Pharmaceuticals, Inc. (a)  (b)

    1,214,582   26,125,659
Vaxart, Inc. (a)  (b)

    5,182,265   38,815,165
Vaxcyte, Inc. (a)  (b)

    918,628   20,678,316
VBI Vaccines, Inc. (a)  (b)

    8,964,520   30,031,142
Veracyte, Inc. (a)

    1,253,305   50,107,134
Verastem, Inc. (a)  (b)

    4,146,531   16,876,381
Vericel Corp. (a)  (b)

    786,573   41,295,083
Vertex Pharmaceuticals, Inc. (a)

    234,620   47,306,431
Viking Therapeutics, Inc. (a)  (b)

    3,219,830   19,286,782
Vir Biotechnology, Inc. (a)  (b)

    994,777   47,033,057
Xencor, Inc. (a)  (b)

    835,425   28,813,808
Y-mAbs Therapeutics, Inc. (a)

    793,665   26,825,877
Zentalis Pharmaceuticals, Inc. (a)  (b)

    806,483   42,904,896
ZIOPHARM Oncology, Inc. (a)  (b)

    6,533,534   17,248,530
TOTAL COMMON STOCKS

(Cost $8,367,264,980)

        7,249,087,618
SHORT-TERM INVESTMENTS — 11.5%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (d)  (e)

    6,614,369   6,616,353
See accompanying notes to financial statements.
20


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

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

    827,025,040   $ 827,025,040
TOTAL SHORT-TERM INVESTMENTS

(Cost $833,640,970)

        833,641,393
TOTAL INVESTMENTS — 111.4%

(Cost $9,200,905,950)

        8,082,729,011
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.4)%

        (827,996,474)
NET ASSETS — 100.0%

        $ 7,254,732,537
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2021.
(c) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2021.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $7,249,012,154   $75,464   $—   $7,249,087,618
Short-Term Investments

  833,641,393       833,641,393
TOTAL INVESTMENTS

  $8,082,653,547   $75,464   $—   $ 8,082,729,011
Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Dividend
Income
Adverum Biotechnologies, Inc.

1,922,320   $ 40,138,042   $ 142,510,439   $ 105,216,394   $ (8,003,708)   $ (42,215,084)   7,775,227   $ 27,213,295   $
Akebia Therapeutics, Inc.

2,380,450   32,326,511   163,407,959   147,379,513   (8,740,078)   (462,856)   10,330,349   39,152,023  
Aldeyra Therapeutics, Inc.

    50,952,602   23,287,226   398,798   —*     —*  
Altimmune, Inc.

    82,293,498   31,182,884   495,894   (20,559,761)   3,151,954   31,046,747  
See accompanying notes to financial statements.
21


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Dividend
Income
Arcturus Therapeutics Holdings, Inc.

  $   $ 213,292,555   $ 200,389,560   $ 59,111,194   $ (27,446,774)   1,317,004   $ 44,567,415   $
Athenex, Inc.

1,116,296   15,360,233   102,926,700   66,152,308   (16,986,156)   (2,465,138)   7,074,314   32,683,331  
BioCryst Pharmaceuticals, Inc.

12,358,764   58,889,511   177,902,611   297,950,456   99,514,284   —*     —*  
Bioxcel Therapeutics, Inc.

774,443   41,053,223   163,637,958   141,236,839   (3,980,393)   —*     —*  
Cardiff Oncology, Inc.

    78,525,634   52,666,715   (25,858,919)   —*     —*  
Catalyst Pharmaceuticals, Inc.

4,713,118   21,774,605   71,860,295   81,597,883   2,612,605   —*     —*  
CEL-SCI Corp.

1,887,669   28,164,022   89,243,001   83,149,783   9,632,195   —*     —*  
ChemoCentryx, Inc.

814,839   46,885,836   181,806,130   141,897,899   1,409,754   (38,411,124)   3,718,648   49,792,697  
Clovis Oncology, Inc.

7,843,117   52,941,040   170,717,727   182,297,910   (405,353)   4,494,410   7,836,192   45,449,914  
Corbus Pharmaceuticals Holdings, Inc.

1,770,830   14,857,264   47,522,540   44,655,157   (16,598,235)   —*     —*  
Curis, Inc.

    103,256,391   40,511,113   2,583,682   (19,696,814)   5,654,541   45,632,146  
CytomX Therapeutics, Inc.

1,230,382   10,249,082   50,241,271   33,544,343   307,753   (5,789,727)   3,390,843   21,464,036  
Dynavax Technologies Corp.

3,263,799   28,949,897   167,028,537   177,048,935   29,824,685   —*     —*  
Esperion Therapeutics, Inc.

1,219,434   62,569,159   143,767,616   127,623,125   (14,494,891)   (27,892,725)   1,717,543   36,326,034  
Flexion Therapeutics, Inc.

1,660,933   21,841,269   64,646,601   51,168,774   (7,139,316)   (3,232,625)   3,031,246   24,947,155  
G1 Therapeutics, Inc.

661,220   16,041,197