Semi-Annual Report
December 31, 2022
SPDR® Series Trust - Equity Funds
SPDR MSCI USA Climate Paris Aligned ETF
SPDR Russell 1000 Low Volatility Focus ETF
SPDR Russell 1000 Momentum Focus ETF
SPDR Russell 1000 Yield Focus ETF
SPDR S&P 400 Mid Cap Growth ETF
SPDR S&P 400 Mid Cap Value ETF
SPDR S&P 500 ESG ETF
SPDR S&P 600 Small Cap ETF
SPDR S&P 600 Small Cap Growth ETF
SPDR S&P 600 Small Cap Value ETF
SPDR S&P 1500 Momentum Tilt ETF
SPDR S&P 1500 Value Tilt ETF
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
SPDR S&P SmallCap 600 ESG ETF
SPDR SSGA US Large Cap Low Volatility Index ETF
SPDR SSGA US Small Cap Low Volatility Index 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)  
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The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

Table of Contents
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Table of Contents
SPDR MSCI USA Climate Paris Aligned ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 7.1%  
  Microsoft Corp. 5.9  
  Honeywell International, Inc. 2.5  
  Amazon.com, Inc. 2.3  
  UnitedHealth Group, Inc. 1.7  
  Tesla, Inc. 1.4  
  Visa, Inc. Class A 1.4  
  Alphabet, Inc. Class C 1.4  
  NVIDIA Corp. 1.3  
  Eli Lilly & Co. 1.3  
  TOTAL 26.3%  
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Information Technology 30.9%  
  Health Care 17.3  
  Industrials 12.4  
  Financials 11.0  
  Consumer Discretionary 10.3  
  Real Estate 6.9  
  Communication Services 5.6  
  Consumer Staples 2.5  
  Materials 1.6  
  Utilities 1.3  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.1  
  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 Russell 1000 Low Volatility Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Willis Towers Watson PLC 1.3%  
  Archer-Daniels-Midland Co. 1.1  
  McKesson Corp. 1.1  
  Quest Diagnostics, Inc. 1.0  
  HP, Inc. 0.9  
  Cognizant Technology Solutions Corp. Class A 0.8  
  Expeditors International of Washington, Inc. 0.8  
  Hewlett Packard Enterprise Co. 0.8  
  O'Reilly Automotive, Inc. 0.8  
  T Rowe Price Group, Inc. 0.7  
  TOTAL 9.3%  
(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, 2022

      
    % of Net Assets  
  Industrials 18.5%  
  Information Technology 14.2  
  Financials 14.2  
  Consumer Discretionary 11.8  
  Health Care 11.0  
  Consumer Staples 8.5  
  Utilities 7.0  
  Materials 6.8  
  Real Estate 4.4  
  Communication Services 2.5  
  Energy 0.8  
  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.
2

Table of Contents
SPDR Russell 1000 Momentum Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Marathon Petroleum Corp. 0.9%  
  Steel Dynamics, Inc. 0.8  
  Cardinal Health, Inc. 0.8  
  Phillips 66 0.8  
  Valero Energy Corp. 0.8  
  McKesson Corp. 0.8  
  Nucor Corp. 0.8  
  Ovintiv, Inc. 0.7  
  APA Corp. 0.7  
  Archer-Daniels-Midland Co. 0.7  
  TOTAL 7.8%  
(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, 2022

      
    % of Net Assets  
  Industrials 15.4%  
  Information Technology 14.5  
  Consumer Discretionary 12.2  
  Financials 11.2  
  Energy 10.8  
  Health Care 10.0  
  Materials 9.3  
  Consumer Staples 6.7  
  Utilities 4.5  
  Real Estate 2.7  
  Communication Services 2.5  
  Short-Term Investments 0.9  
  Liabilities in Excess of Other Assets (0.7)  
  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.
3

Table of Contents
SPDR Russell 1000 Yield Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Phillips 66 1.9%  
  Gilead Sciences, Inc. 1.8  
  HP, Inc. 1.6  
  Valero Energy Corp. 1.5  
  T Rowe Price Group, Inc. 1.3  
  Marathon Petroleum Corp. 1.3  
  ONEOK, Inc. 1.2  
  LyondellBasell Industries NV Class A 1.2  
  Dow, Inc. 1.2  
  Walgreens Boots Alliance, Inc. 1.2  
  TOTAL 14.2%  
(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, 2022

      
    % of Net Assets  
  Financials 17.2%  
  Consumer Discretionary 13.7  
  Industrials 10.2  
  Materials 9.5  
  Real Estate 8.6  
  Energy 8.2  
  Utilities 8.1  
  Consumer Staples 8.0  
  Information Technology 7.8  
  Health Care 5.7  
  Communication Services 2.7  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.4)  
  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 400 Mid Cap Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Fair Isaac Corp. 1.4%  
  United Therapeutics Corp. 1.2  
  Hubbell, Inc. 1.2  
  RPM International, Inc. 1.2  
  Carlisle Cos., Inc. 1.2  
  Reliance Steel & Aluminum Co. 1.2  
  Toro Co. 1.1  
  Neurocrine Biosciences, Inc. 1.1  
  Essential Utilities, Inc. 1.1  
  Axon Enterprise, Inc. 1.1  
  TOTAL 11.8%  
(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, 2022

      
    % of Net Assets  
  Industrials 21.7%  
  Health Care 12.9  
  Information Technology 12.3  
  Consumer Discretionary 11.7  
  Financials 11.0  
  Materials 8.1  
  Energy 7.1  
  Real Estate 4.8  
  Consumer Staples 4.3  
  Utilities 4.1  
  Communication Services 1.8  
  Short-Term Investments 2.9  
  Liabilities in Excess of Other Assets (2.7)  
  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.
5

Table of Contents
SPDR S&P 400 Mid Cap Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Reinsurance Group of America, Inc. 0.9%  
  Jabil, Inc. 0.9  
  Cleveland-Cliffs, Inc. 0.8  
  Webster Financial Corp. 0.8  
  Alcoa Corp. 0.8  
  Regal Rexnord Corp. 0.8  
  UGI Corp. 0.8  
  Unum Group 0.8  
  Ciena Corp. 0.8  
  Jones Lang LaSalle, Inc. 0.7  
  TOTAL 8.1%  
(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, 2022

      
    % of Net Assets  
  Financials 19.4%  
  Industrials 17.8  
  Consumer Discretionary 16.4  
  Information Technology 11.7  
  Real Estate 11.6  
  Health Care 7.3  
  Materials 4.9  
  Utilities 4.0  
  Consumer Staples 3.8  
  Communication Services 2.4  
  Energy 0.5  
  Short-Term Investments 6.0  
  Liabilities in Excess of Other Assets (5.8)  
  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

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SPDR S&P 500 ESG ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 8.4%  
  Microsoft Corp. 7.7  
  Amazon.com, Inc. 3.2  
  Alphabet, Inc. Class A 2.3  
  UnitedHealth Group, Inc. 2.1  
  Alphabet, Inc. Class C 2.0  
  Exxon Mobil Corp. 2.0  
  JPMorgan Chase & Co. 1.7  
  NVIDIA Corp. 1.6  
  Procter & Gamble Co. 1.6  
  TOTAL 32.6%  
(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, 2022

      
    % of Net Assets  
  Information Technology 28.3%  
  Health Care 17.0  
  Financials 11.6  
  Consumer Discretionary 8.4  
  Communication Services 7.5  
  Consumer Staples 7.4  
  Industrials 6.8  
  Energy 5.6  
  Materials 2.8  
  Real Estate 2.7  
  Utilities 1.8  
  Short-Term Investment 0.0 *  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 600 Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Agree Realty Corp. REIT 0.7%  
  Ensign Group, Inc. 0.6  
  Helmerich & Payne, Inc. 0.6  
  Exponent, Inc. 0.6  
  UFP Industries, Inc. 0.6  
  Applied Industrial Technologies, Inc. 0.6  
  Fabrinet 0.5  
  SPS Commerce, Inc. 0.5  
  AMN Healthcare Services, Inc. 0.5  
  South Jersey Industries, Inc. 0.5  
  TOTAL 5.7%  
(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, 2022

      
    % of Net Assets  
  Financials 18.3%  
  Industrials 17.1  
  Information Technology 12.9  
  Consumer Discretionary 12.6  
  Health Care 11.1  
  Real Estate 7.8  
  Materials 5.6  
  Consumer Staples 5.2  
  Energy 4.6  
  Utilities 2.6  
  Communication Services 1.9  
  Short-Term Investments 4.8  
  Liabilities in Excess of Other Assets (4.5)  
  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.
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Table of Contents
SPDR S&P 600 Small Cap Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Ensign Group, Inc. 1.2%  
  UFP Industries, Inc. 1.1  
  Applied Industrial Technologies, Inc. 1.1  
  Fabrinet 1.0  
  SPS Commerce, Inc. 1.0  
  AMN Healthcare Services, Inc. 1.0  
  South Jersey Industries, Inc. 1.0  
  Cytokinetics, Inc. 0.9  
  Agree Realty Corp. REIT 0.9  
  SM Energy Co. 0.9  
  TOTAL 10.1%  
(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, 2022

      
    % of Net Assets  
  Industrials 18.5%  
  Information Technology 16.9  
  Financials 16.7  
  Health Care 13.8  
  Consumer Discretionary 8.0  
  Materials 5.9  
  Consumer Staples 5.7  
  Energy 5.2  
  Real Estate 4.3  
  Utilities 3.3  
  Communication Services 1.5  
  Short-Term Investments 4.2  
  Liabilities in Excess of Other Assets (4.0)  
  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.
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Table of Contents
SPDR S&P 600 Small Cap Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Meritage Homes Corp. 0.8%  
  Essential Properties Realty Trust, Inc. REIT 0.8  
  Avista Corp. 0.8  
  Signet Jewelers, Ltd. 0.7  
  Insight Enterprises, Inc. 0.7  
  Pacific Premier Bancorp, Inc. 0.7  
  ABM Industries, Inc. 0.7  
  John Bean Technologies Corp. 0.7  
  WSFS Financial Corp. 0.7  
  LXP Industrial Trust REIT 0.7  
  TOTAL 7.3%  
(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, 2022

      
    % of Net Assets  
  Financials 19.9%  
  Consumer Discretionary 17.7  
  Industrials 15.6  
  Real Estate 11.7  
  Information Technology 8.6  
  Health Care 8.2  
  Materials 5.3  
  Consumer Staples 4.6  
  Energy 4.0  
  Communication Services 2.3  
  Utilities 1.8  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (4.8)  
  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 S&P 1500 Momentum Tilt ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 7.4%  
  Microsoft Corp. 2.8  
  Exxon Mobil Corp. 2.5  
  UnitedHealth Group, Inc. 2.4  
  Johnson & Johnson 2.1  
  Berkshire Hathaway, Inc. Class B 2.1  
  Chevron Corp. 1.8  
  Eli Lilly & Co. 1.5  
  AbbVie, Inc. 1.5  
  Pfizer, Inc. 1.3  
  TOTAL 25.4%  
(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 December 31, 2022

      
    % of Net Assets  
  Information Technology 20.4%  
  Health Care 20.2  
  Financials 10.5  
  Consumer Staples 9.5  
  Energy 9.4  
  Industrials 9.3  
  Consumer Discretionary 7.3  
  Utilities 4.7  
  Materials 3.0  
  Communication Services 2.9  
  Real Estate 2.6  
  Short-Term Investments 0.2  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
11

Table of Contents
SPDR S&P 1500 Value Tilt ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 2.8%  
  Walmart, Inc. 2.4  
  Exxon Mobil Corp. 2.3  
  JPMorgan Chase & Co. 1.7  
  Apple, Inc. 1.6  
  AT&T, Inc. 1.6  
  CVS Health Corp. 1.5  
  Microsoft Corp. 1.3  
  Bank of America Corp. 1.2  
  Chevron Corp. 1.1  
  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, 2022

      
    % of Net Assets  
  Financials 20.7%  
  Health Care 14.4  
  Information Technology 11.6  
  Consumer Discretionary 9.5  
  Consumer Staples 9.3  
  Industrials 9.0  
  Energy 8.3  
  Communication Services 7.5  
  Utilities 3.8  
  Materials 3.6  
  Real Estate 2.2  
  Short-Term Investments 0.4  
  Liabilities in Excess of Other Assets (0.3)  
  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.
12

Table of Contents
SPDR S&P Kensho Clean Power ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Generac Holdings, Inc. 3.0%  
  Shoals Technologies Group, Inc. Class A 2.8  
  AES Corp. 2.8  
  Avangrid, Inc. 2.7  
  ALLETE, Inc. 2.7  
  Enbridge, Inc. 2.7  
  New Jersey Resources Corp. 2.7  
  Cummins, Inc. 2.7  
  Consolidated Edison, Inc. 2.7  
  General Electric Co. 2.6  
  TOTAL 27.4%  
(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 December 31, 2022

      
    % of Net Assets  
  Utilities 38.3%  
  Industrials 36.1  
  Information Technology 18.2  
  Consumer Discretionary 4.4  
  Energy 2.7  
  Short-Term Investments 8.8  
  Liabilities in Excess of Other Assets (8.5)  
  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.
13

Table of Contents
SPDR S&P Kensho Final Frontiers ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Maxar Technologies, Inc. 6.7%  
  Boeing Co. 4.0  
  Iridium Communications, Inc. 3.8  
  Aerojet Rocketdyne Holdings, Inc. 3.8  
  Raytheon Technologies Corp. 3.8  
  Hexcel Corp. 3.7  
  Lockheed Martin Corp. 3.7  
  Northrop Grumman Corp. 3.7  
  Honeywell International, Inc. 3.7  
  Teledyne Technologies, Inc. 3.6  
  TOTAL 40.5%  
(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, 2022

      
    % of Net Assets  
  Industrials 75.1%  
  Information Technology 15.7  
  Communication Services 3.8  
  Energy 2.8  
  Materials 2.5  
  Short-Term Investments 5.4  
  Liabilities in Excess of Other Assets (5.3)  
  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.
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Table of Contents
SPDR S&P Kensho Future Security ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Maxar Technologies, Inc. 3.5%  
  Varonis Systems, Inc. 1.9  
  Kratos Defense & Security Solutions, Inc. 1.8  
  Rapid7, Inc. 1.8  
  Boeing Co. 1.8  
  Broadcom, Inc. 1.7  
  Datadog, Inc. Class A 1.7  
  ForgeRock, Inc. Class A 1.7  
  Telos Corp. 1.7  
  Viasat, Inc. 1.7  
  TOTAL 19.3%  
(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, 2022

      
    % of Net Assets  
  Information Technology 50.2%  
  Industrials 43.5  
  Communication Services 3.1  
  Health Care 3.1  
  Short-Term Investments 5.7  
  Liabilities in Excess of Other Assets (5.6)  
  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.
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Table of Contents
SPDR S&P Kensho Intelligent Structures ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Shoals Technologies Group, Inc. Class A 2.7%  
  Resideo Technologies, Inc. 2.7  
  Alarm.com Holdings, Inc. 2.6  
  Honeywell International, Inc. 2.5  
  Pentair PLC 2.5  
  Xylem, Inc. 2.5  
  Itron, Inc. 2.5  
  Silicon Laboratories, Inc. 2.5  
  Atlantica Sustainable Infrastructure PLC 2.5  
  Parsons Corp. 2.5  
  TOTAL 25.5%  
(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, 2022

      
    % of Net Assets  
  Industrials 53.1%  
  Information Technology 25.0  
  Consumer Discretionary 8.0  
  Energy 5.0  
  Communication Services 4.8  
  Utilities 3.9  
  Short-Term Investments 10.3  
  Liabilities in Excess of Other Assets (10.1)  
  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.
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Table of Contents
SPDR S&P Kensho New Economies Composite ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Bruker Corp. 1.7%  
  Teledyne Technologies, Inc. 1.7  
  Leidos Holdings, Inc. 1.0  
  Lockheed Martin Corp. 0.9  
  ABB, Ltd. ADR 0.8  
  Boeing Co. 0.8  
  PTC, Inc. 0.8  
  Nano Dimension, Ltd. ADR 0.7  
  Liquidia Corp. 0.7  
  Ambarella, Inc. 0.7  
  TOTAL 9.8%  
(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, 2022

      
    % of Net Assets  
  Industrials 29.8%  
  Information Technology 28.1  
  Health Care 19.2  
  Consumer Discretionary 6.1  
  Utilities 6.0  
  Communication Services 4.6  
  Materials 2.2  
  Financials 1.8  
  Energy 1.3  
  Consumer Staples 0.6  
  Short-Term Investments 10.1  
  Liabilities in Excess of Other Assets (9.8)  
  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.
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Table of Contents
SPDR S&P Kensho Smart Mobility ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Grab Holdings, Ltd. Class A 1.8%  
  Ambarella, Inc. 1.8  
  Aspen Aerogels, Inc. 1.8  
  Lyft, Inc. Class A 1.8  
  Vontier Corp. 1.7  
  Fisker, Inc. 1.7  
  Cummins, Inc. 1.7  
  BorgWarner, Inc. 1.7  
  Textron, Inc. 1.6  
  TuSimple Holdings, Inc. Class A 1.6  
  TOTAL 17.2%  
(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, 2022

      
    % of Net Assets  
  Consumer Discretionary 34.9%  
  Industrials 33.4  
  Information Technology 26.6  
  Materials 2.9  
  Communication Services 1.1  
  Financials 0.9  
  Short-Term Investments 10.5  
  Liabilities in Excess of Other Assets (10.3)  
  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.
18

Table of Contents
SPDR S&P SmallCap 600 ESG ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Agree Realty Corp. REIT 1.1%  
  Ensign Group, Inc. 0.9  
  Helmerich & Payne, Inc. 0.9  
  Applied Industrial Technologies, Inc. 0.8  
  UFP Industries, Inc. 0.8  
  Fabrinet 0.8  
  SPS Commerce, Inc. 0.8  
  AMN Healthcare Services, Inc. 0.8  
  South Jersey Industries, Inc. 0.8  
  Cytokinetics, Inc. 0.7  
  TOTAL 8.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Banks 12.2%  
  Equity Real Estate Investment Trusts (REITs) 8.1  
  Machinery 4.9  
  Specialty Retail 4.4  
  Electronic Equipment, Instruments & Components 4.4  
  Health Care Providers & Services 4.0  
  Chemicals 3.8  
  Semiconductors & Semiconductor Equipment 3.8  
  Insurance 2.9  
  Biotechnology 2.7  
  Food Products 2.7  
  Software 2.6  
  Energy Equipment & Services 2.5  
  Household Durables 2.5  
  Health Care Equipment & Supplies 2.3  
  Commercial Services & Supplies 2.1  
  Building Products 2.1  
  Communications Equipment 2.0  
  Oil, Gas & Consumable Fuels 1.9  
  Trading Companies & Distributors 1.8  
  Hotels, Restaurants & Leisure 1.7  
  Thrifts & Mortgage Finance 1.7  
  Metals & Mining 1.6  
  Construction & Engineering 1.5  
  Capital Markets 1.4  
  Auto Components 1.3  
  Pharmaceuticals 1.2  
  Water Utilities 1.2  
  Personal Products 1.2  
  Mortgage Real Estate Investment Trust (REITs) 1.1  
  Gas Utilities 1.0  
  IT Services 1.0  
  Textiles, Apparel & Luxury Goods 1.0  
  Air Freight & Logistics 0.9  
  Food & Staples Retailing 0.8  
  Professional Services 0.8  
  Consumer Finance 0.8  
  Electrical Equipment 0.7  
  Media 0.6  
  Diversified Consumer Services 0.6  
  Health Care Technology 0.6  
  Multi-Utilities 0.6  
  Road & Rail 0.4  
  Marine 0.4  
  Airlines 0.3  
  Beverages 0.3  
  Automobiles 0.3  
  Interactive Media & Services 0.3  
  Entertainment 0.2  
  Real Estate Management & Development 0.1  
  Internet & Direct Marketing Retail 0.1  
  Aerospace & Defense 0.1  
  Paper & Forest Products 0.1  
  Multiline Retail 0.1  
  Diversified Telecommunication Services 0.0*  
  Short-Term Investment 0.2  
See accompanying notes to financial statements.
19

Table of Contents
SPDR S&P SmallCap 600 ESG ETF
Portfolio Statistics (Unaudited)  (continued)

      
    % of Net Assets  
  Other Assets in Excess of Liabilities 0.1%  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
20

Table of Contents
SPDR SSGA US Large Cap Low Volatility Index ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Prologis, Inc. REIT 1.7%  
  PepsiCo, Inc. 1.5  
  Kimberly-Clark Corp. 1.5  
  Procter & Gamble Co. 1.4  
  Hershey Co. 1.4  
  McDonald's Corp. 1.4  
  Colgate-Palmolive Co. 1.3  
  Consolidated Edison, Inc. 1.2  
  Duke Energy Corp. 1.2  
  Xcel Energy, Inc. 1.2  
  TOTAL 13.8%  
(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 December 31, 2022

      
    % of Net Assets  
  Industrials 16.2%  
  Financials 15.0  
  Information Technology 13.0  
  Consumer Discretionary 11.7  
  Utilities 10.3  
  Consumer Staples 8.7  
  Health Care 7.1  
  Materials 6.7  
  Real Estate 6.0  
  Communication Services 3.0  
  Energy 2.0  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.2  
  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.
21

Table of Contents
SPDR SSGA US Small Cap Low Volatility Index ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Equity Commonwealth REIT 1.8%  
  White Mountains Insurance Group, Ltd. 0.8  
  City Holding Co. 0.6  
  Agree Realty Corp. REIT 0.6  
  American States Water Co. 0.6  
  Silgan Holdings, Inc. 0.6  
  NewMarket Corp. 0.6  
  MAXIMUS, Inc. 0.6  
  AMERISAFE, Inc. 0.5  
  NBT Bancorp, Inc. 0.5  
  TOTAL 7.2%  
(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, 2022

      
    % of Net Assets  
  Financials 32.3%  
  Industrials 16.5  
  Information Technology 9.8  
  Real Estate 8.7  
  Health Care 7.9  
  Consumer Discretionary 6.3  
  Materials 5.1  
  Consumer Staples 4.2  
  Utilities 4.1  
  Communication Services 2.7  
  Energy 2.1  
  Short-Term Investments 1.3  
  Liabilities in Excess of Other Assets (1.0)  
  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.
22

Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.6%  
HEICO Corp.
   194   $ 29,806
HEICO Corp. Class A
   228   27,326
Howmet Aerospace, Inc.
   2,600   102,466
L3Harris Technologies, Inc.
   649   135,128
Raytheon Technologies Corp.
   9,658   974,685
TransDigm Group, Inc.
   210   132,227
          1,401,638
AUTOMOBILES — 1.6%  
Lucid Group, Inc. (a)
   10,700   73,081
Rivian Automotive, Inc. Class A (a)
   2,200   40,546
Tesla, Inc. (a)
   10,038   1,236,481
          1,350,108
BANKS — 2.7%  
Bank of America Corp.
   15,830   524,290
First Republic Bank
   1,599   194,902
JPMorgan Chase & Co.
   7,466   1,001,190
KeyCorp.
   4,794   83,511
M&T Bank Corp.
   510   73,981
PNC Financial Services Group, Inc.
   740   116,876
SVB Financial Group (a)
   527   121,284
US Bancorp
   4,568   199,210
          2,315,244
BEVERAGES — 1.2%  
Brown-Forman Corp. Class B
   1,759   115,531
Coca-Cola Co.
   10,852   690,296
Keurig Dr. Pepper, Inc.
   3,227   115,075
Monster Beverage Corp. (a)
   1,135   115,236
          1,036,138
BIOTECHNOLOGY — 2.3%  
AbbVie, Inc.
   3,546   573,069
Alnylam Pharmaceuticals, Inc. (a)
   572   135,936
Amgen, Inc.
   951   249,771
Biogen, Inc. (a)
   456   126,276
BioMarin Pharmaceutical, Inc. (a)
   1,064   110,113
Exact Sciences Corp. (a)
   630   31,191
Incyte Corp. (a)
   791   63,533
Moderna, Inc. (a)
   778   139,744
Neurocrine Biosciences, Inc. (a)
   408   48,732
Regeneron Pharmaceuticals, Inc. (a)
   343   247,471
Seagen, Inc. (a)
   577   74,150
Vertex Pharmaceuticals, Inc. (a)
   777   224,382
          2,024,368
BUILDING PRODUCTS — 0.4%  
A.O. Smith Corp.
   876   50,142
Allegion PLC
   2,342   246,519
Fortune Brands Innovations, Inc.
   306   17,476
Lennox International, Inc.
   43   10,287
Masco Corp.
   678   31,642
          356,066
Security Description     Shares   Value
CAPITAL MARKETS — 3.9%  
Ameriprise Financial, Inc.
   102   $ 31,760
Bank of New York Mellon Corp.
   3,671   167,104
BlackRock, Inc.
   669   474,073
Blackstone, Inc.
   1,777   131,836
Cboe Global Markets, Inc.
   725   90,966
Charles Schwab Corp.
   6,996   582,487
CME Group, Inc.
   1,360   228,698
FactSet Research Systems, Inc.
   279   111,938
Intercontinental Exchange, Inc.
   2,377   243,856
KKR & Co., Inc.
   1,632   75,757
MarketAxess Holdings, Inc.
   350   97,611
Nasdaq, Inc.
   2,199   134,909
Northern Trust Corp.
   1,167   103,268
S&P Global, Inc.
   2,001   670,215
SEI Investments Co.
   1,780   103,774
T Rowe Price Group, Inc.
   1,188   129,563
Tradeweb Markets, Inc. Class A
   274   17,791
          3,395,606
CHEMICALS — 1.3%  
Albemarle Corp.
   272   58,986
International Flavors & Fragrances, Inc.
   102   10,694
PPG Industries, Inc.
   571   71,798
Sherwin-Williams Co.
   4,180   992,039
          1,133,517
COMMERCIAL SERVICES & SUPPLIES — 0.4%  
Cintas Corp.
   293   132,325
Copart, Inc. (a)
   1,952   118,857
Rollins, Inc.
   2,067   75,528
          326,710
COMMUNICATIONS EQUIPMENT — 1.2%  
Cisco Systems, Inc.
   7,527   358,586
Juniper Networks, Inc.
   10,907   348,588
Motorola Solutions, Inc.
   1,374   354,094
          1,061,268
CONSTRUCTION MATERIALS — 0.1%  
Martin Marietta Materials, Inc.
   164   55,427
Vulcan Materials Co.
   219   38,349
          93,776
CONSUMER FINANCE — 0.4%  
American Express Co.
   1,837   271,417
Discover Financial Services
   612   59,872
          331,289
DIVERSIFIED FINANCIAL SERVICES — 0.2%  
Apollo Global Management, Inc.
   1,790   114,184
Equitable Holdings, Inc.
   1,224   35,129
          149,313
ELECTRIC UTILITIES — 1.3%  
Edison International
   17,128   1,089,683
ELECTRICAL EQUIPMENT — 2.2%  
AMETEK, Inc.
   3,791   529,679
 
See accompanying notes to financial statements.
23

Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Eaton Corp. PLC
   1,942   $ 304,797
Plug Power, Inc. (a)
   6,244   77,238
Rockwell Automation, Inc.
   3,792   976,705
          1,888,419
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.6%  
Amphenol Corp. Class A
   1,882   143,296
Cognex Corp.
   714   33,637
Corning, Inc.
   28,995   926,100