Annual Report
June 30, 2022
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg 1-10 Year TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SPDR Bloomberg 1-3 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SPDR Bloomberg 3-12 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
SPDR Bloomberg Emerging Markets USD Bond ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SPDR Bloomberg Investment Grade Floating Rate ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SPDR Nuveen Bloomberg Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SPDR Bloomberg Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SPDR Bloomberg High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SPDR Bloomberg Short Term High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SPDR Bloomberg SASB Corporate Bond ESG Select ETF
SPDR MarketAxess Investment Grade 400 Corporate Bond 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

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

2

5

8

11

14

17

20

23

26

29

32

35
Schedules of Investments  

39

41

43

44

54

67

103

156

177

185

210

226

235

244

258

271

282

285
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
Notes to Performance Summary (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 Bloomberg 1-10 Year U.S. Government Inflation-Linked Bond Index is designed to measure the performance of the inflation protected public obligations of the U.S. Treasury commonly known as “TIPS” that have a remaining maturity greater than or equal to 1 year and less than 10 years. TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors.
The Bloomberg 1-3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. The index includes all publicly issued zero coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and at least 1 month, are rated investment-grade, and have $300 million or more of outstanding face value.
The Bloomberg 3-12 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 3 months and less than 12 months. The index includes all publicly issued U.S. Treasury Bills that have a remaining maturity of less than 12 months and at least 3 months, and are rated investment-grade. In addition, the securities must be denominated in U.S. dollars and must have a fixed rate.
The Bloomberg Emerging USD Bond Core Index is designed to measure the performance of fixed-rate U.S. dollar-denominated debt issued by sovereign and quasi-sovereign (government owned and government guaranteed) emerging market issuers.
The Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index consists of debt instruments that pay a variable coupon rate, a majority of which are based on the 3-month LIBOR, with a fixed spread. The index may include U.S. registered, dollar denominated bonds of non-U.S. corporations, governments and supranational entities. Excluded from the Index are fixed rate bullet bonds, fixed-rate puttable and fixed-rate callable bonds, fixed rate and fixed to floating capital securities, bonds with equity-linked features (e.g. warrants and convertibles), inflation linked bonds and securitized bonds.
The Bloomberg Municipal Yield Index is market value-weighted and designed to measure the performance of U.S. dollar-denominated high-yield municipal bonds issued by U.S. states, the District of Columbia, U.S. territories and local governments or agencies.
The Bloomberg Municipal Managed Money 1-25 Years Index is designed to track the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. The index is comprised of tax-exempt municipal securities issued by states, cities, counties, districts and their respective agencies. A general obligation bond is secured by the full faith and credit of its issuer.
The Bloomberg Managed Money Municipal Short Term Index tracks is a rules-based, market-value weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short term tax exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.
The Bloomberg U.S. Convertible Liquid Bond Index is designed to represent the market of U.S. convertible securities, such as convertible bonds. Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred stock ("Preferred Securities") or common stock. The index components are a subset of issues in the Barclays Convertible Composite Index.
The Bloomberg High Yield Very Liquid Index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment grade and are commonly referred to as "junk bonds."
The Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index is designed to measure the performance of short-term publicly issued U.S. dollar-denominated high yield corporate bonds. High yield securities are generally rated below investment-grade and are commonly referred to as “junk” bonds.
The Bloomberg SASB U.S. Corporate Bond ESG Ex-Controversies Select Index is designed to measure the performance of investment grade corporate bonds issued by companies that exhibit certain environmental, social and governance ("ESG") characteristics, while also minimizing active total risk versus the Bloomberg U.S. Corporate Bond Index.
See accompanying notes to financial statements.
1


Table of Contents
SPDR Bloomberg 1-10 Year TIPS ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
SPDR Bloomberg 1-10 Year TIPS ETF* (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the 1-10 year sector of the United States Government Inflation-Linked market. The Fund’s benchmark is the Bloomberg 1-10 Year U.S. Government Inflation-Linked Bond Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 2.21%, and the Index was 2.09%. 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.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and the Federal Reserve (“the Fed”), hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from around $21.00 to around $19.46 during the Reporting Period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. The yield on U.S. 10-year TIPS increased from -87 bps to 67 bps for the Reporting Period, which had a negative effect on performance.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg 1-10 Year TIPS ETF was known as the SPDR Bloomberg Barclays 1-10 Year TIPS ETF.
** Prior to 8/24/2021, the Bloomberg 1-10 Year U.S. Government Inflation-Linked Bond Index was known as the Bloomberg Barclays 1-10 Year U.S. Government Inflation-Linked Bond Index.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Bloomberg 1-10 Year TIPS ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 1-10 Year Government Inflation-Linked Bond Index   Net
Asset
Value
Market
Value
Bloomberg 1-10 Year Government Inflation-Linked Bond Index
ONE YEAR (2.21)% (2.20)% (2.09)%   (2.21)% (2.20)% (2.09)%
FIVE YEARS 16.58% 16.61% 17.42%   3.12% 3.12% 3.26%
SINCE INCEPTION(1) 17.54% 17.55% 19.11%   1.79% 1.79% 1.94%
(1) For the period May 29, 2013 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/29/13, 5/30/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
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 Bloomberg 1-10 Year TIPS ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Bloomberg 1-10 Year TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2024
4.2%  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2026
4.1  
  Treasury Inflation Protected Indexed Notes
0.13% 7/15/2024
3.9  
  Treasury Inflation Protected Indexed Notes
0.25% 1/15/2025
3.6  
  Treasury Inflation Protected Indexed Bonds
3.88% 4/15/2029
3.6  
  TOTAL 19.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.2%  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.7  
  TOTAL 100.0%  
(The Fund's asset allocation 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 Bloomberg 1-3 Month T-Bill ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
SPDR Bloomberg 1-3 Month T-Bill ETF* (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the 1-3 month sector of the United States Treasury Bill market. The Fund’s benchmark is the Bloomberg 1-3 Month U.S. Treasury Bill Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 0.03%, and the Index was 0.18%. 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.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserve’s (“the Fed”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV was range bound between $91.40 to $91.5 for the same period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Fed has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. The U.S. 3 month treasury yields remained flat around 3bps in 2021 and then increased dramatically in the first half of 2022 to 160 bps amid fears of rising inflation, which contributed to low returns across the entirety of the Treasury curve.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg 1-3 Month T-Bill ETF was known as the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF.
** Prior to 8/24/2021, the Bloomberg 1-3 Month U.S. Treasury Bill Index was known as the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index.
See accompanying notes to financial statements.
5


Table of Contents
SPDR Bloomberg 1-3 Month T-Bill ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 1-3 Month U.S. Treasury Bill Index   Net
Asset
Value
Market
Value
Bloomberg 1-3 Month U.S. Treasury Bill Index
ONE YEAR 0.03% 0.05% 0.18%   0.03% 0.05% 0.18%
FIVE YEARS 4.63% 4.66% 5.38%   0.91% 0.92% 1.05%
TEN YEARS 4.71% 4.75% 6.13%   0.46% 0.47% 0.60%
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 Bloomberg 1-3 Month T-Bill ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.14%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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 Bloomberg 1-3 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  U.S. Treasury Bills
0.77% 7/14/2022
12.5%  
  U.S. Treasury Bills
Zero Coupon, 8/11/2022
11.5  
  U.S. Treasury Bills
0.67% 7/7/2022
9.5  
  U.S. Treasury Bills
Zero Coupon, 7/21/2022
9.5  
  U.S. Treasury Bills
Zero Coupon, 7/28/2022
9.0  
  TOTAL 52.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.8%  
  Short-Term Investment 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 asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR Bloomberg 3-12 Month T-Bill ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg 3-12 Month T-Bill ETF* (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the 3-12 month sector of the United States Treasury Bill market. The Fund’s benchmark is the Bloomberg 3-12 Month U.S. Treasury Bill Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 0.24%, and the Index was 0.12%. 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.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserves’ (“the Fed”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from $100 to 99.76 for the Reporting Period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Fed has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. U.S. 3-month treasury yields remained flat around 3bps in 2021 and then increased dramatically in the first half of 2022 amid fears of rising inflation. Similarly, U.S. 12-month treasury yields increased from 7bps to 316 bps for the same period.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg 3-12 Month T-Bill ETF was known as the SPDR Bloomberg Barclays 3-12 Month T-Bill ETF.
** Prior to 8/24/2021, the Bloomberg 3-12 Month U.S. Treasury Bill Index was known as the Bloomberg Barclays 3-12 Month U.S. Treasury Bill Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg 3-12 Month T-Bill ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 3-12 Month U.S. Treasury Bill Index   Net
Asset
Value
Market
Value
Bloomberg 3-12 Month U.S. Treasury Bill Index
ONE YEAR (0.24)% (0.22)% (0.12)%   (0.24)% (0.22)% (0.12)%
SINCE INCEPTION(1) (0.27)% (0.24)% (0.04)%   (0.15)% (0.13)% (0.03)%
(1) For the period September 23, 2020 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/23/20, 9/24/20, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
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 Bloomberg 3-12 Month T-Bill ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.14%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Bloomberg 3-12 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  U.S. Treasury Bills
0.67% 9/1/2022
9.3%  
  U.S. Treasury Bills
0.73% 9/8/2022
8.2  
  U.S. Treasury Bills
1.14% 10/6/2022
7.9  
  U.S. Treasury Bills
1.37% 11/3/2022
7.3  
  U.S. Treasury Bills
1.58% 12/1/2022
7.3  
  TOTAL 40.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.6%  
  Short-Term Investment 0.4  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation 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 Bloomberg Emerging Markets USD Bond ETF
Management Discussion Of Fund Performance (Unaudited)
SPDR Bloomberg Emerging Markets USD Bond ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Emerging USD Bond Core Index. Designed to provide broad exposure to fixed-rate US dollar-denominated debt issued by sovereign and quasi-sovereign (government owned and government guaranteed) emerging market issuers. The Fund’s benchmark is the Bloomberg Emerging USD Bond Core Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 21.31%, and the Index was 22.53%. 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 the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Inflationary pressures and rate hikes led to yields widening and the ejection of Russia from the global financial markets were the primary driver of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $27. The fund had a steady NAV of around $29 in 2H21 and declined consistently to around $23 in the first half of 2022.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Emerging Market bonds were the worst hit as a risk-off sentiment saw investors shift allocations away from the asset class. Russia’s invasion of Ukraine cut Russia out of the Emerging Markets spiking volatility in the market. Post the invasion, Russia’s financial markets were practically cut out of the global financial system. Commodities and energy prices rose multifold adding further stress to the economy. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021 turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, plummeting index returns. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg Emerging Markets USD Bond ETF was known as the SPDR Bloomberg Barclays Emerging Markets USD Bond ETF.
** Prior to 8/24/2021, the Bloomberg Emerging USD Bond Core Index was known as the Bloomberg Barclays Emerging USD Bond Core Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Emerging Markets USD Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Emerging USD Bond Core Index   Net
Asset
Value
Market
Value
Bloomberg Emerging USD Bond Core Index
ONE YEAR (21.31)% (21.26)% (22.53)%   (21.31)% (21.26)% (22.53)%
SINCE INCEPTION(1) (19.01)% (18.62)% (20.31)%   (15.72)% (15.39)% (16.82)%
(1) For the period April 6, 2021 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/6/21, 4/7/21, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
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 Bloomberg Emerging Markets USD Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.23%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Bloomberg Emerging Markets USD Bond ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Dominican Republic International Bond
6.00% 7/19/2028
1.3%  
  Turkey Government International Bond
6.38% 10/14/2025
1.2  
  Panama Government International Bond
4.50% 4/1/2056
0.9  
  Export-Import Bank of India
3.38% 8/5/2026
0.9  
  Peruvian Government International Bond
5.63% 11/18/2050
0.8  
  TOTAL 5.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Foreign Government Obligations 72.1%  
  Corporate Bonds & Notes 25.7  
  Other Assets in Excess of Liabilities 2.2  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Total Investments  
  Government 73.6%  
  Energy 13.3  
  Financial 4.2  
  Basic Materials 3.1  
  Utilities 2.7  
  Industrial 1.6  
  Consumer, Non-cyclical 1.4  
  Communications 0.1  
  TOTAL 100.0%  
(The Fund's asset allocation and sector breakdown are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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SPDR Bloomberg Investment Grade Floating Rate ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg Investment Grade Floating Rate ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the market for U.S. dollar-denominated, investment grade floating rate notes with maturities greater than or equal to one month and less than five years. The Fund’s benchmark is the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 0.73%, and the Index was 0.44%. 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 and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and The Federal Reserve (“the Fed”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV around $100 during the Reporting Period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. Additionally the Fed is implementing quantative tightening that includes a plan to reduce the size of its balance sheet by $30 billion in Treasuries and up to 17.5 billion in maturing agency mortgage backed securities per month starting June 1, 2022. Beginning September 1, 2022 those caps will rise to $60 billion and $35 billion, respectively, for a maximum potential monthly balance sheet roll-off of $95 billion. Treasury yields have increased across all maturities of the curve.
In addition to China’s zero covid policy, the conflict in Russia-Ukraine has further impacted the global supply chain, impeding the flow of goods, fueling dramatic cost increases and product shortages, and creating catastrophic food shortages around the world. Geopolitical unrest, higher inflation, and rising rates have negative impacted fixed income returns during the Reporting Period.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg Investment Grade Floating Rate ETF was known as the SPDR Bloomberg Barclays Investment Grade Floating Rate ETF.
** Prior to 8/24/2021, the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index was known as the Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index.
See accompanying notes to financial statements.
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SPDR Bloomberg Investment Grade Floating Rate ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index
ONE YEAR (0.73)% (1.36)% (0.44)%   (0.73)% (1.36)% (0.44)%
FIVE YEARS 6.91% 6.19% 8.43%   1.35% 1.21% 1.63%
TEN YEARS 13.08% 13.05% 15.78%   1.24% 1.23% 1.48%
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 Bloomberg Investment Grade Floating Rate ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Bloomberg Investment Grade Floating Rate ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Inter-American Development Bank
1.34% 2/10/2026
1.0%  
  Goldman Sachs Group, Inc.
2.25% 2/23/2023
1.0  
  International Bank for Reconstruction & Development
0.90% 1/13/2023
0.9  
  Commonwealth Bank of Australia
1.16% 7/7/2025
0.9  
  Bank of America Corp.
1.76% 10/24/2024
0.8  
  TOTAL 4.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 82.4%  
  Foreign Government Obligations 17.1  
  Short-Term Investments 3.1  
  Liabilities in Excess of Other Assets (2.6)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Total Investments  
  Financial 62.9%  
  Government 13.5  
  Consumer, Cyclical 5.9  
  Utilities 4.9  
  Communications 3.0  
  Consumer, Non-cyclical 2.8  
  Industrial 2.4  
  Energy 1.2  
  Technology 0.3  
  Basic Materials 0.1  
  Short-Term Investments 3.0  
  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 Nuveen Bloomberg High Yield Municipal Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield municipal bond market and to provide income that is exempt from federal income taxes. The Fund’s benchmark is the Bloomberg Municipal Yield Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 12.76% and the Index was 10.29%. 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, the cumulative effect of security misweights and tax withholdings, contributed to the difference between the Fund’s performance and that of the Index.
Credit spread widening, municipal interest rate changes and the relative performance of certain sectors and individual securities were primary drivers of Fund performance during the Reporting Period. Yields increased 222 basis points during the Reporting Period, which had a negative impact on performance.
Curve positioning was a slight detractor from performance the Reporting Period, with duration slightly longer than the benchmark. Rating allocation was a slight detractor from performance, as was sector allocation. An underweight to leasing revenue bonds was offset by an underweight in Education revenue and Water/Sewer revenue bonds with maturities greater than 22 years. An underweight to Local General Obligation bonds also hurt performance. An overweight to bonds rated AA with maturities greater than 22 years hurt performance, as did an overweight to BBB rated bonds.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF was known as the SPDR® Nuveen Bloomberg Barclays High Yield Municipal Bond ETF. And prior to 10/01/2019, the SPDR® Nuveen Bloomberg Barclays High Yield Municipal Bond ETF was known as the SPDR® Nuveen S&P High Yield Municipal Bond ETF.
** Prior to 8/24/2021, the Bloomberg Municipal Yield Index was known as the Bloomberg Barclays Municipal Yield Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Municipal Yield Index(1)   Net
Asset
Value
Market
Value
Bloomberg Municipal Yield Index(1)
ONE YEAR (12.76)% (12.77)% (10.29)%   (12.76)% (12.77)% (10.29)%
FIVE YEARS 7.69% 8.54% 16.50%   1.49% 1.65% 3.10%
TEN YEARS 37.68% 37.77% 51.80%   3.25% 3.26% 4.26%
(1) The Bloomberg Barclays Municipal Yield Index reflects linked performance returns of both the Bloomberg Barclays Municipal Yield Index and S&P Municipal Yield Index. The index returns are reflective of the S&P Municipal Yield Index from June 30, 2011 until October 1, 2019 and of the Bloomberg Barclays Municipal Yield Index effective October 1, 2019.
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 Nuveen Bloomberg High Yield Municipal Bond 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, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Buckeye, OH, Tobacco Settlement Financing Authority Revenue
5.00% 6/1/2055
1.7%  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
5.00% 7/1/2058
1.6  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
4.75% 7/1/2053
1.4  
  Florida Development Finance Corp., Educational Facilities Revenue AMT
7.38% 1/1/2049
1.2  
  Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.00% 7/1/2033
0.9  
  TOTAL 6.8%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Municipal Bonds & Notes 96.4%  
  Short-Term Investment 2.6  
  Other Assets in Excess of Liabilities 1.0  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of June 30, 2022

     
    % of Total Investments  
  Puerto Rico 13.0%  
  Illinois 10.4  
  California 9.5  
  New York 8.3  
  Florida 7.2  
  Texas 5.8  
  New Jersey 4.9  
  Pennsylvania 4.4  
  Ohio 3.5  
  Wisconsin 3.4  
  TOTAL 70.4%  
(The Fund's asset allocation and top ten states are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Nuveen Bloomberg Municipal Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Nuveen Bloomberg Municipal Bond ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. municipal bond market and provides income that is exempt from federal income taxes. The Fund’s benchmark is the Bloomberg Municipal Managed Money 1-25 Years Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 10.42% and the Index was 9.52%. 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, security selection, cash drag, the cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Years to Maturity and selection were primary drivers of Fund performance during the Reporting Period. Due to the significant shift in interest rate prices over the Reporting Period, longer maturity and higher beta bonds underperformed. Inside 10 years, the municipal bond yield curve steepened by 25 basis points and outside of 10 years the yield curve flattened by 6 basis points as yields moved higher across the curve by 172 basis points on average. Investment grade credit spreads moved 28 basis points wider, as higher quality bonds outperformed.
Years to maturity hurt performance during the Reporting Period. An overweighting to bonds with maturities between 12 and 22 years hurt performance, as did an underweight to maturing in less than 8 years. Rating and sector allocations were in line with the Index during the Reporting Period.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Nuveen Bloomberg Municipal Bond ETF was known as the SPDR Nuveen Bloomberg Barclays Municipal Bond ETF.
** Prior to 8/24/2021, the Bloomberg Municipal Managed Money 1-25 Years Index was known as the Bloomberg Barclays Municipal Managed Money 1-25 Years Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Nuveen Bloomberg Municipal Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Municipal Managed Money 1-25 Years Index   Net
Asset
Value
Market
Value
Bloomberg Municipal Managed Money 1-25 Years Index
ONE YEAR (10.42)% (10.55)% (9.52)%   (10.42)% (10.55)% (9.52)%
FIVE YEARS(1) (2) 4.16% 4.25% 6.77%   0.82% 0.84% 1.32%
TEN YEARS(1) (2) 21.02% 21.04% 25.80%   1.93% 1.93% 2.32%
(1) Effective January 2, 2019, the Fund changed its benchmark index from the Bloomberg Barclays Municipal Managed Money Index to the Bloomberg Municipal Managed 1-25 Years Index. The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to January 2, 2019.
(2) The index returns are reflective of the Bloomberg Barclays Municipal Managed Money Index from fund June 30, 2011 until January 2, 2019 and of the Bloomberg Municipal Managed Money 1-25 Years Index effective January 2, 2019.
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 Nuveen Bloomberg Municipal Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.23%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Nuveen Bloomberg Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  New York, NY, General Obligation
5.00% 12/1/2034
0.2%  
  New York, NY, City Transitional Finance Authority Future Tax Secured Revenue
5.00% 11/1/2027
0.2  
  California, East Bay Municipal Utility District, Water System Revenue
5.00% 6/1/2030
0.2  
  Wake, NC, Limited Obligation Revenue
5.00% 9/1/2026
0.2  
  New York, NY, General Obligation
5.00% 8/1/2035
0.2  
  TOTAL 1.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Municipal Bonds & Notes 98.7%  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 1.2  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of June 30, 2022

     
    % of Total Investments  
  New York 20.7%  
  California 19.0  
  Texas 11.2  
  Washington 4.5  
  Maryland 4.0  
  Florida 3.8  
  Massachusetts 3.6  
  Connecticut 2.6  
  Virginia 2.4  
  Ohio 2.2  
  TOTAL 74.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Nuveen Bloomberg Short term Municipal Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short term tax exempt municipal bond market and provides income that is exempt from federal income taxes. The Fund’s benchmark is the Bloomberg Managed Money Municipal Short Term Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 3.91% and the Index was 3.68%. 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, security selection, cash drag, the cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
The past 12 months have been a period of transition marked by a shift higher in interest rate environment due to inflationary concerns. Inside 10 years, the municipal bond yield curve steepened by 25 basis points and yields moved 148 basis points higher in one year and 173 basis points higher in 10 years. The increasing interest rate environment led to shorter positioned bonds outperforming.
The Fund’s duration positioning was a positive contributor, whereas security selection detracted from performance during the Reporting Period. The Funds shorter duration positioning aided performance. An overweight position in special tax bonds detracted from performance, although was offset by an overweight to local general obligation bonds. In general, shorter maturity bonds outperformed, and longer maturities underperformed.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Nuveen Bloomberg Short Term Municipal Bond ETF was known as the SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF.
** Prior to 8/24/2021, the Bloomberg Managed Money Municipal Short Term Index was known as the Bloomberg Barclays Managed Money Municipal Short Term Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Managed Money Municipal Short Term Index   Net
Asset
Value
Market
Value
Bloomberg Managed Money Municipal Short Term Index
ONE YEAR (3.91)% (3.91)% (3.68)%   (3.91)% (3.91)% (3.68)%
FIVE YEARS(1) (2) 2.91% 3.05% 4.16%   0.58% 0.60% 0.82%
TEN YEARS(1) (2) 7.61% 7.60% 10.48%   0.74% 0.74% 1.00%
(1) Effective January 2, 2019, the Fund changed its benchmark index from the Bloomberg Barclays Municipal Managed Money Index to the Bloomberg Barclays Municipal Managed 1-25 Years Index. The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to January 2, 2019.
(2) The index returns are reflective of the Bloomberg Barclays Municipal Managed Money Index from fund June 30, 2011 until January 2, 2019 and of the Bloomberg Barclays Municipal Managed Money 1-25 Years Index effective January 2, 2019.
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 Nuveen Bloomberg Short Term Municipal Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
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Table of Contents
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Orange County Transportation Authority Revenue
5.00% 10/15/2024
1.7%  
  New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue
5.00% 6/15/2026
1.1  
  California, State General Obligation
5.00% 10/1/2026
0.9  
  California, State General Obligation
4.00% 10/1/2024
0.8  
  Chino Basin Regional Financing Authority, Revenue
4.00% 11/1/2025
0.8  
  TOTAL 5.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Municipal Bonds & Notes 98.0%  
  Short-Term Investment 0.8  
  Other Assets in Excess of Liabilities 1.2  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of June 30, 2022

     
    % of Total Investments  
  California 19.8%  
  New York 16.6  
  Texas 9.0  
  Maryland 5.4  
  Washington 4.2  
  Massachusetts 4.1  
  Connecticut 3.9  
  Virginia 3.6  
  Florida 2.9  
  Ohio 2.8  
  TOTAL 72.3%  
(The Fund’s top ten states are expressed as a percentage total investments and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Convertible Securities ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg Convertible Securities ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks United States convertible securities markets. The Fund’s benchmark is the Bloomberg U.S. Convertible Liquid Bond Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 24.12%, and the Index was 23.60%. 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.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and the Federal Reserve (“the Fed”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from around $86.74 to around $64.56 during the Reporting Period. Security selection detracted from performance largely in the consumer cyclical (-65bps), technology (-46), and consumer non-cyclical (-39bps) sectors.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Fed has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. Additionally the Fed is implementing quantitative tightening that includes a plan to reduce the size of its balance sheet by $30 billion in Treasuries and up to 17.5 billion in maturing agency mortgage backed securities per month that started June 1, 2022. Beginning September 1, 2022 those caps will rise to $60 billion and $35 billion, respectively, for a maximum potential monthly balance sheet roll-off of $95 billion.
Intercept Pharmaceuticals, CenterPoint Energy and Upstart Holdings were best performing stocks in the Fund during the Reporting Period, and Gannett Co, Mercado Libre Inc, and Bridge Bio Pharma were the worst performing stocks in the Fund during the Reporting Period.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg Convertible Securities ETF was known as the SPDR Bloomberg Barclays Convertible Securities ETF.
** Prior to 8/24/2021, the Bloomberg U.S. Convertible Liquid Bond Index was known as the Bloomberg Barclays U.S. Convertible Liquid Bond Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Convertible Securities ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Convertible Liquid Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Convertible Liquid Bond Index
ONE YEAR (24.12)% (24.07)% (23.60)%   (24.12)% (24.07)% (23.60)%
FIVE YEARS 55.07% 54.81% 60.47%   9.17% 9.13% 9.92%
TEN YEARS 166.99% 167.66% 184.08%   10.32% 10.35% 11.01%
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 Bloomberg Convertible Securities ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
27


Table of Contents
SPDR Bloomberg Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Broadcom, Inc.
8.00% 9/30/2022
2.5%  
  Wells Fargo & Co.
7.50% 12/31/2049
2.1  
  Bank of America Corp.
7.25% 12/31/2049
1.7  
  Palo Alto Networks, Inc.
0.38% 6/1/2025
1.5  
  Palo Alto Networks, Inc.
0.75% 7/1/2023
1.4  
  TOTAL 9.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 76.0%  
  Convertible Preferred Stocks 10.2  
  Preferred Stocks 9.9  
  Convertible Bonds 3.4  
  Common Stocks 0.1  
  Short-Term Investments 6.2  
  Liabilities in Excess of Other Assets (5.8)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Communications 26.2%  
  Technology 24.2  
  Consumer, Non-cyclical 16.2  
  Consumer, Cyclical 10.8  
  Financial 7.5  
  Utilities 7.3  
  Energy 3.9  
  Industrial 2.3  
  Basic Materials 1.2  
  Short-Term Investments 6.2  
  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.
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Table of Contents
SPDR Bloomberg High Yield Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg High Yield Bond ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield corporate bond market. The Fund’s benchmark is the Bloomberg High Yield Very Liquid Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 13.82%, and the Index was 13.57%. 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 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.
Inflationary pressures and rate hikes, widening yields, and a general risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV around $99.97. The Fund’s average NAV was steady around 110 in 2H22, before declining to around 90 at the end of the Reporting Period.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. High Yield bonds were hit particularly hard as investors moved away from risky assets. As economies staggered from the pandemic lows, pent-up demand and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg High Yield Bond ETF was known as the SPDR Bloomberg Barclays High Yield Bond ETF.
** Prior to 8/24/2021, the Bloomberg High Yield Very Liquid Index was known as the Bloomberg Barclays High Yield Very Liquid Index.
See accompanying notes to financial statements.
29


Table of Contents
SPDR Bloomberg High Yield Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg High Yield Very Liquid Index   Net
Asset
Value
Market
Value
Bloomberg High Yield Very Liquid Index
ONE YEAR (13.82)% (13.69)% (13.57)%   (13.82)% (13.69)% (13.57)%
FIVE YEARS 5.30% 5.32% 8.02%   1.04% 1.04% 1.55%
TEN YEARS 35.19% 34.48% 47.02%   3.06% 3.01% 3.93%
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 Bloomberg High Yield Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
30


Table of Contents
SPDR Bloomberg High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026
0.4%  
  Medline Borrower LP
3.88% 4/1/2029
0.4  
  Caesars Entertainment, Inc.
6.25% 7/1/2025
0.3  
  Centene Corp.
4.63% 12/15/2029
0.4  
  Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88% 8/15/2027
0.3  
  TOTAL 1.8%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.0%  
  Common Stocks 0.1  
  Foreign Government Obligations 0.1  
  Senior Floating Rate Loans 0.1  
  Short-Term Investments 7.1  
  Liabilities in Excess of Other Assets (5.4)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Consumer, Cyclical 21.5%  
  Communications 18.3  
  Consumer, Non-cyclical 17.8  
  Energy 12.0  
  Financial 10.3  
  Industrial 8.7  
  Technology 3.9  
  Basic Materials 3.6  
  Utilities 2.2  
  Short-Term Investments 7.1  
  Liabilities in Excess of Other Assets (5.4)  
  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.
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Table of Contents
SPDR Bloomberg Short Term High Yield Bond ETF
Management's Discussion Of Fund Performance (Unaudited)
The SPDR Bloomberg Short Term High Yield Bond ETF (the “Fund”)* seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield short term corporate bond market. The Fund’s benchmark is the Bloomberg US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index (the “Index”)**.
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 8.54%, and the Index was 8.34%. 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 mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV around $26 during the Reporting Period.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run ground to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
The Fund did not invest in derivatives during the Reporting Period.
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.
* Prior to 10/31/2021, the SPDR Bloomberg Short Term High Yield Bond ETF was known as the SPDR Bloomberg Barclays Short Term High Yield Bond ETF.
** Prior to 8/24/2021, the Bloomberg US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index was known as the Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index.
See accompanying notes to financial statements.
32


Table of Contents
SPDR Bloomberg Short Term High Yield Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index   Net
Asset
Value
Market
Value
Bloomberg US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index
ONE YEAR (8.54)% (8.57)% (8.34)%   (8.54)% (8.57)% (8.34)%
FIVE YEARS 11.96% 11.85% 12.23%   2.28% 2.27% 2.34%
TEN YEARS 38.94% 37.92% 47.12%   3.34% 3.27% 3.94%
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 Bloomberg Short Term High Yield Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
33


Table of Contents
SPDR Bloomberg Short Term High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026
0.9%  
  Sprint Corp.
7.88% 9/15/2023
0.7  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026
0.7  
  Caesars Entertainment, Inc.
6.25% 7/1/2025
0.6  
  CCO Holdings LLC/CCO Holdings Capital Corp.
5.13% 5/1/2027
0.6  
  TOTAL 3.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.7%  
  Foreign Government Obligations 0.1  
  Senior Floating Rate Loans 0.1  
  Common Stocks 0.0 *  
  Warrants 0.0 *  
  Short-Term Investments 8.4  
  Liabilities in Excess of Other Assets (7.3)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Consumer, Cyclical 25.8%  
  Communications 15.8  
  Energy 13.6  
  Financial 12.6  
  Consumer, Non-cyclical 12.5  
  Industrial 11.2  
  Technology 2.5  
  Basic Materials 2.3  
  Utilities 2.3  
  Diversified 0.3  
  Short-Term Investments 8.4  
  Liabilities in Excess of Other Assets (7.3)  
  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 Bloomberg SASB Corporate Bond ESG Select ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
SPDR Bloomberg SASB Corporate Bond ESG Select 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 investment-grade corporate bonds issued by companies that exhibit certain environmental, social and governance (“ESG”) characteristics. The Fund’s benchmark is the Bloomberg SASB US Corporate ESG Ex-Controversies Select Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 13.93%, and the Index was 14.01%. 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 the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Higher inflation and subsequent policy actions taken to curb it led to the end of the fixed income market bull run. Security selection driven by ESG factors was the primary driver of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $22.9.The fund was steady throughout 2H21 and declined steadily to $21 by Q2 2022.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run ground to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
The Fund did not invest in derivatives during the Reporting Period.
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.
35


Table of Contents
SPDR Bloomberg SASB Corporate Bond ESG Select ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg SASB US Corporate ESG Ex-Controversies Select Index   Net
Asset
Value
Market
Value
Bloomberg SASB US Corporate ESG Ex-Controversies Select Index
ONE YEAR (13.93)% (13.89)% (14.01)%   (13.93)% (13.89)% (14.01)%
SINCE INCEPTION(1) (13.26)% (13.14)% (13.20)%   (8.32)% (8.24)% (8.28)%
(1) For the period November 9, 2020 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/20, 11/10/20, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
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 Bloomberg SASB Corporate Bond ESG Select ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
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 https://www.ssga.com/spdrs 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.
36


Table of Contents
SPDR Bloomberg SASB Corporate Bond ESG Select ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Bank of America Corp.
1.66% 3/11/2027
1.2%  
  Cisco Systems, Inc.
5.90% 2/15/2039
1.1  
  Deutsche Telekom International Finance B.V.
8.75% 6/15/2030
1.0  
  Lloyds Banking Group PLC
2.44% 2/5/2026
1.0  
  Boston Properties L.P.
3.80% 2/1/2024
0.9  
  TOTAL 5.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.0%  
  Other Assets in Excess of Liabilities 2.0  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
37


Table of Contents
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF
Portfolio Statistics (Unaudited)
The Fund has less than six months of operations as of June 30, 2022, and therefore, no performance information is provided in this report.
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90% 2/1/2046
0.9%  
  CVS Health Corp.
5.05% 3/25/2048
0.7  
  T-Mobile USA, Inc.
3.88% 4/15/2030
0.6  
  GE Capital International Funding Co. Unlimited Co.
4.42% 11/15/2035
0.6  
  Magallanes, Inc.
5.14% 3/15/2052
0.6  
  TOTAL 3.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.6%  
  Other Assets in Excess of Liabilities 1.4  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
38


Table of Contents
SPDR BLOOMBERG 1-10 YEAR TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SCHEDULE OF INVESTMENTS
June 30, 2022

Security Description     Principal
Amount
  Value
U.S. TREASURY OBLIGATIONS — 99.2%          
Treasury Inflation Protected Indexed Bonds:          
1.75%, 1/15/2028

    $ 22,814,056   $ 24,218,383
2.00%, 1/15/2026

    34,596,118   36,672,887
2.38%, 1/15/2025

    48,183,466   51,087,287
2.38%, 1/15/2027

    23,719,880   25,778,972
2.50%, 1/15/2029

    24,861,878   27,664,420
3.38%, 4/15/2032

    12,478,937   15,601,782
3.63%, 4/15/2028

    38,003,996   44,406,268
3.88%, 4/15/2029

    43,269,079   52,240,115
Treasury Inflation Protected Indexed Notes:          
0.13%, 1/15/2023

    977   994
0.13%, 7/15/2024

    55,571,560   56,133,198
0.13%, 10/15/2024

    44,120,993   44,402,776
0.13%, 4/15/2025

    42,933,381   42,950,155
0.13%, 10/15/2025

    37,047,760   37,045,668
0.13%, 4/15/2026

    43,849,293   43,447,410
0.13%, 7/15/2026

    49,784,078   49,391,730
0.13%, 10/15/2026

    38,694,363   38,341,126
0.13%, 4/15/2027

    17,029,767   16,764,327
0.13%, 1/15/2030

    53,170,177   50,753,241
0.13%, 7/15/2030

    53,118,246   50,660,174
0.13%, 1/15/2031

    50,872,882   48,387,140
0.13%, 7/15/2031

    48,866,489   46,489,097
0.13%, 1/15/2032

    46,956,322   44,551,416
0.25%, 1/15/2025

    52,244,034   52,555,510
0.25%, 7/15/2029

    51,379,432   49,843,596
0.38%, 7/15/2023

    49,642,545   50,542,321
0.38%, 7/15/2025

    51,424,228   51,930,565
0.38%, 1/15/2027

    45,609,626   45,457,977
Security Description     Principal
Amount
  Value
0.38%, 7/15/2027

    $ 44,527,056   $ 44,388,951
0.50%, 4/15/2024

    32,234,366   32,695,832
0.50%, 1/15/2028

    50,713,140   50,383,768
0.63%, 4/15/2023

    49,809   50,679
0.63%, 1/15/2024

    60,213,139   61,230,072
0.63%, 1/15/2026

    58,785,899   59,486,269
0.75%, 7/15/2028

    47,512,655   47,898,629
0.88%, 1/15/2029

    48,056,963   48,504,740
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $1,544,953,728)

        1,441,957,475
    Shares  
SHORT-TERM INVESTMENT — 0.1%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.47% (a) (b)

(Cost $1,813,733)

1,813,733 1,813,733
TOTAL INVESTMENTS — 99.3%

(Cost $1,546,767,461)

1,443,771,208
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%

10,067,976
NET ASSETS — 100.0%

$ 1,453,839,184
(a) 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, 2022 are shown in the Affiliate Table below.
(b) The rate shown is the annualized seven-day yield at June 30, 2022.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2022.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
U.S. Treasury Obligations

  $   $1,441,957,475   $—   $1,441,957,475
Short-Term Investment

  1,813,733       1,813,733
TOTAL INVESTMENTS

  $1,813,733   $1,441,957,475   $—   $1,443,771,208
See accompanying notes to financial statements.
39


Table of Contents
SPDR BLOOMBERG 1-10 YEAR TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2022

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 6/30/22
  Value at
6/30/22
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

185,388   $ 185,388   $147,906,059   $146,277,714   $—   $—   1,813,733   $1,813,733   $ 4,611
State Street Navigator Securities Lending Portfolio II

36,242,881   36,242,881   543,352,469   579,595,350           34,291
Total

    $36,428,269   $691,258,528   $725,873,064   $—   $—       $1,813,733   $38,902
See accompanying notes to financial statements.
40


Table of Contents
SPDR BLOOMBERG 1-3 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS
June 30, 2022

Security Description     Principal
Amount
  Value
U.S. TREASURY OBLIGATIONS — 99.8% (a)          
U.S. Treasury Bills:          
Zero Coupon, 7/21/2022

    $ 2,005,856,000   $ 2,004,724,918
Zero Coupon, 7/28/2022

    1,893,681,000   1,892,150,659
Zero Coupon, 8/11/2022

    2,414,470,000   2,410,929,614
Zero Coupon, 8/25/2022

    1,782,841,000   1,778,932,371
0.55%, 7/12/2022

    1,207,268,000   1,206,913,872
0.66%, 7/19/2022

    1,207,266,000   1,206,648,785
0.67%, 7/7/2022

    2,005,706,000   2,005,455,287
0.71%, 7/5/2022

    1,207,278,000   1,207,161,413
0.77%, 7/14/2022

    2,637,148,000   2,636,133,568
0.77%, 8/18/2022

    1,782,841,000   1,779,677,456
0.92%, 7/26/2022

    1,114,506,000   1,113,714,623
1.00%, 8/4/2022

    1,782,758,000   1,780,766,998
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $21,026,465,866)

        21,023,209,564
    Shares  
SHORT-TERM INVESTMENT — 0.2%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.47% (b) (c)

(Cost $37,781,225)

37,781,225 37,781,225
TOTAL INVESTMENTS — 100.0%

(Cost $21,064,247,091)

21,060,990,789
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)

(2,124,907)
NET ASSETS — 100.0%

$21,058,865,882
    
(a) Rate shown is the discount rate at time of purchase, not a coupon rate.
(b) 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, 2022 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at June 30, 2022.
(d) Amount shown represents less than 0.05% of net assets.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2022.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
U.S. Treasury Obligations

  $   $21,023,209,564   $—   $21,023,209,564
Short-Term Investment

  37,781,225       37,781,225
TOTAL INVESTMENTS

  $37,781,225   $21,023,209,564   $—   $21,060,990,789
See accompanying notes to financial statements.
41


Table of Contents
SPDR BLOOMBERG 1-3 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2022

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 6/30/22
  Value at
6/30/22
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

29,161,572   $29,161,572   $1,104,399,946   $1,095,780,293   $—   $—   37,781,225   $37,781,225   $73,186
See accompanying notes to financial statements.
42


Table of Contents
SPDR BLOOMBERG 3-12 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS
June 30, 2022

Security Description     Principal
Amount
  Value
U.S. TREASURY OBLIGATIONS — 99.6% (a)          
U.S. Treasury Bills:          
Zero Coupon, 9/29/2022

    $ 2,790,000   $ 2,778,561
Zero Coupon, 10/27/2022

    2,617,000   2,600,507
Zero Coupon, 11/25/2022

    2,445,000   2,424,733
Zero Coupon, 3/23/2023

    1,975,000   1,941,017
0.67%, 9/1/2022

    5,583,000   5,568,361
0.73%, 9/8/2022

    4,942,000   4,927,401
0.82%, 9/15/2022

    2,966,000   2,956,107
0.86%, 9/22/2022

    2,794,000   2,783,527
1.03%, 12/29/2022

    1,975,000   1,950,970
1.13%, 2/23/2023

    1,975,000   1,943,941
1.14%, 10/6/2022 (b)

    4,770,000   4,747,637
1.22%, 10/13/2022

    2,792,000   2,776,955
1.25%, 10/20/2022

    2,790,000   2,773,171
1.37%, 11/3/2022

    4,420,000   4,389,589
1.37%, 1/26/2023

    1,975,000   1,947,080
1.39%, 11/10/2022

    2,445,000   2,426,911
1.57%, 11/17/2022

    2,445,000   2,425,635
1.58%, 12/1/2022

    4,420,000   4,378,603
2.10%, 5/18/2023

    1,975,000   1,929,313
2.12%, 4/20/2023

    1,975,000   1,934,231
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $59,750,408)

        59,604,250
    
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.4%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.47% (c) (d)

(Cost $244,794)

  244,794   $ 244,794
TOTAL INVESTMENTS — 100.0%

(Cost $59,995,202)

  59,849,044  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (e)

  (7,370)  
NET ASSETS — 100.0%

  $ 59,841,674  
(a) Rate shown is the discount rate at time of purchase, not a coupon rate.
(b) When-issued 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, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2022.
(e) Amount is less than 0.05% of net assets.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2022.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
U.S. Treasury Obligations

  $   $59,604,250   $—