Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Equity Funds
SPDR S&P Aerospace & Defense ETF
SPDR S&P Bank ETF
SPDR S&P Homebuilders ETF
SPDR S&P Oil & Gas Exploration & Production ETF
SPDR S&P Regional Banking ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

1

2

3

4

5
Schedules of Investments (Unaudited)  

6

8

12

15

19

24

33

38

50
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


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

     
  Description % of Net Assets  
  Mercury Systems, Inc. 4.6%  
  Axon Enterprise, Inc. 4.4  
  Spirit AeroSystems Holdings, Inc. Class A 4.3  
  TransDigm Group, Inc. 4.2  
  Northrop Grumman Corp. 4.2  
  Curtiss-Wright Corp. 4.1  
  Howmet Aerospace, Inc. 4.1  
  Lockheed Martin Corp. 4.1  
  Textron, Inc. 4.1  
  General Dynamics Corp. 4.1  
  TOTAL 42.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Aerospace & Defense 100.0%  
  Short-Term Investments 1.5  
  Liabilities in Excess of Other Assets (1.5)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


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

     
  Description % of Net Assets  
  Signature Bank 1.4%  
  Voya Financial, Inc. 1.4  
  Comerica, Inc. 1.4  
  Sterling Bancorp 1.4  
  Webster Financial Corp. 1.4  
  First Citizens BancShares, Inc. Class A 1.4  
  Popular, Inc. 1.4  
  Bank of New York Mellon Corp. 1.4  
  Synovus Financial Corp. 1.4  
  Equitable Holdings, Inc. 1.4  
  TOTAL 14.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Regional Banks 74.7%  
  Thrifts & Mortgage Finance 12.8  
  Diversified Banks 6.7  
  Asset Management & Custody Banks 2.8  
  Other Diversified Financial Services 2.8  
  Short-Term Investments 2.1  
  Liabilities in Excess of Other Assets (1.9)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


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

     
  Description % of Net Assets  
  Builders FirstSource, Inc. 4.2%  
  Johnson Controls International PLC 4.0  
  Masco Corp. 4.0  
  Mohawk Industries, Inc. 4.0  
  Whirlpool Corp. 3.9  
  PulteGroup, Inc. 3.9  
  Allegion PLC 3.9  
  Fortune Brands Home & Security, Inc. 3.9  
  Home Depot, Inc. 3.9  
  Trane Technologies PLC 3.9  
  TOTAL 39.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Building Products 44.0%  
  Homebuilding 29.6  
  Home Improvement Retail 11.3  
  Homefurnishing Retail 7.2  
  Home Furnishings 4.0  
  Household Appliances 3.9  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (0.3)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Valero Energy Corp. 2.6%  
  EQT Corp. 2.5  
  Devon Energy Corp. 2.4  
  PBF Energy, Inc. Class A 2.4  
  Marathon Oil Corp. 2.4  
  APA Corp. 2.4  
  Antero Resources Corp. 2.4  
  Marathon Petroleum Corp. 2.4  
  Phillips 66 2.4  
  Chevron Corp. 2.4  
  TOTAL 24.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Oil & Gas Exploration & Production 70.6%  
  Oil & Gas Refining & Marketing 22.2  
  Integrated Oil & Gas 7.0  
  Short-Term Investments 3.7  
  Liabilities in Excess of Other Assets (3.5)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


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

     
  Description % of Net Assets  
  Signature Bank 2.0%  
  Comerica, Inc. 2.0  
  First Citizens BancShares, Inc. Class A 1.9  
  East West Bancorp, Inc. 1.9  
  People's United Financial, Inc. 1.9  
  Huntington Bancshares, Inc. 1.9  
  M&T Bank Corp. 1.9  
  Western Alliance Bancorp 1.9  
  KeyCorp. 1.9  
  Synovus Financial Corp. 1.9  
  TOTAL 19.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Regional Banks 99.8%  
  Short-Term Investments 0.2  
  Liabilities in Excess of Other Assets (0.0)*  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5


Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
AEROSPACE & DEFENSE — 100.0%          
AAR Corp. (a)

    466,138   $ 18,193,366
Aerojet Rocketdyne Holdings, Inc. (b)

    955,295   44,669,594
AeroVironment, Inc. (a)

    318,515   19,757,485
Astra Space, Inc. (a)  (b)

    4,977,823   34,496,313
Axon Enterprise, Inc. (a)

    312,851   49,117,607
Boeing Co. (a)

    215,805   43,445,863
BWX Technologies, Inc.

    925,211   44,299,103
Curtiss-Wright Corp.

    330,664   45,853,177
Ducommun, Inc. (a)

    72,120   3,373,052
General Dynamics Corp.

    215,941   45,017,220
HEICO Corp.

    305,867   44,112,139
Hexcel Corp. (a)

    854,467   44,261,391
Howmet Aerospace, Inc.

    1,433,987   45,643,806
Huntington Ingalls Industries, Inc.

    237,957   44,436,090
Kaman Corp. (b)

    311,308   13,432,940
Kratos Defense & Security Solutions, Inc. (a)

    1,749,569   33,941,639
L3Harris Technologies, Inc.

    204,119   43,526,336
Lockheed Martin Corp.

    128,314   45,604,079
Maxar Technologies, Inc. (b)

    1,486,442   43,894,632
Mercury Systems, Inc. (a)

    933,604   51,404,236
Moog, Inc. Class A

    208,092   16,849,209
National Presto Industries, Inc.

    49,972   4,099,203
Northrop Grumman Corp.

    119,261   46,162,355
PAE, Inc. (a)

    809,591   8,039,239
Parsons Corp. (a)  (b)

    701,747   23,613,787
Raytheon Technologies Corp.

    513,613   44,201,535
Spirit AeroSystems Holdings, Inc. Class A

    1,090,777   47,001,581
Textron, Inc.

    586,830   45,303,276
TransDigm Group, Inc. (a)

    73,108   46,517,158
Triumph Group, Inc. (a)

    1,273,798   23,603,477
Vectrus, Inc. (a)

    80,778   3,697,209
Virgin Galactic Holdings, Inc. (a)

    2,909,457   38,928,535
TOTAL COMMON STOCKS

(Cost $1,167,326,069)

        1,106,496,632
SHORT-TERM INVESTMENTS — 1.5%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

    1,947,465   1,947,660
See accompanying notes to financial statements.
6


Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

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

    14,605,919   $ 14,605,919
TOTAL SHORT-TERM INVESTMENTS

(Cost $16,553,579)

        16,553,579
TOTAL INVESTMENTS — 101.5%

(Cost $1,183,879,648)

        1,123,050,211
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%

        (16,082,106)
NET ASSETS — 100.0%

        $ 1,106,968,105
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $1,106,496,632   $—   $—   $1,106,496,632
Short-Term Investments

  16,553,579       16,553,579
TOTAL INVESTMENTS

  $ 1,123,050,211   $—   $—   $ 1,123,050,211
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

2,353,875   $2,354,581   $ 5,121,091   $ 5,527,659   $(353)   $—   1,947,465   $ 1,947,660   $ 270
State Street Navigator Securities Lending Portfolio II

2,610,218   2,610,218   190,400,548   178,404,847       14,605,919   14,605,919   15,403
Total

    $4,964,799   $195,521,639   $183,932,506   $(353)   $—       $16,553,579   $15,673
See accompanying notes to financial statements.
7


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

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
ASSET MANAGEMENT & CUSTODY BANKS — 2.8%          
Bank of New York Mellon Corp.

    736,478   $ 42,774,642
Northern Trust Corp.

    352,990   42,221,134
          84,995,776
DIVERSIFIED BANKS — 6.7%          
Bank of America Corp.

    938,423   41,750,439
Citigroup, Inc.

    688,170   41,558,586
JPMorgan Chase & Co.

    261,461   41,402,350
US Bancorp

    723,193   40,621,751
Wells Fargo & Co.

    832,265   39,932,075
          205,265,201
OTHER DIVERSIFIED FINANCIAL SERVICES — 2.8%          
Equitable Holdings, Inc.

    1,291,458   42,346,908
Voya Financial, Inc. (a)

    660,717   43,812,144
          86,159,052
REGIONAL BANKS — 74.7%          
Ameris Bancorp

    492,280   24,456,470
Associated Banc-Corp.

    1,774,548   40,087,039
Atlantic Union Bankshares Corp.

    341,551   12,736,437
Bank of Hawaii Corp.

    209,209   17,523,346
Bank OZK

    733,693   34,138,735
BankUnited, Inc.

    912,506   38,608,129
Banner Corp.

    201,425   12,220,455
BOK Financial Corp. (a)

    173,998   18,355,049
Cadence Bank

    1,380,716   41,131,530
Cathay General Bancorp

    409,064   17,585,661
CIT Group, Inc.

    817,525   41,971,734
Citizens Financial Group, Inc.

    881,462   41,649,080
Columbia Banking System, Inc.

    888,842   29,082,910
Comerica, Inc.

    494,239   42,998,793
Commerce Bancshares, Inc.

    440,406   30,273,508
Community Bank System, Inc.

    247,938   18,466,422
Cullen/Frost Bankers, Inc.

    324,599   40,922,196
CVB Financial Corp.

    688,732   14,745,752
East West Bancorp, Inc.

    537,117   42,260,366
Eastern Bankshares, Inc.

    822,092   16,581,596
Fifth Third Bancorp

    954,713   41,577,751
First BanCorp

    2,294,935   31,624,204
First Citizens BancShares, Inc. Class A (a)

    51,657   42,867,045
See accompanying notes to financial statements.
8


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

Security Description     Shares   Value
First Financial Bancorp

    453,959   $ 11,067,520
First Financial Bankshares, Inc. (a)

    530,400   26,965,536
First Hawaiian, Inc.

    688,320   18,811,786
First Horizon Corp.

    2,558,448   41,779,456
First Merchants Corp.

    231,153   9,682,999
First Midwest Bancorp, Inc.

    660,744   13,532,037
First Republic Bank

    200,214   41,346,193
FNB Corp.

    3,214,012   38,985,966
Fulton Financial Corp.

    1,299,757   22,095,869
Glacier Bancorp, Inc.

    445,327   25,250,041
Hancock Whitney Corp.

    483,476   24,183,470
Hilltop Holdings, Inc.

    509,723   17,911,666
Home BancShares, Inc.

    796,886   19,404,174
Hope Bancorp, Inc.

    876,238   12,889,461
Huntington Bancshares, Inc.

    2,736,082   42,190,384
Independent Bank Corp.

    275,318   22,446,677
Independent Bank Group, Inc. (a)

    167,463   12,082,455
International Bancshares Corp.

    251,764   10,672,276
Investors Bancorp, Inc.

    1,791,733   27,144,755
KeyCorp.

    1,815,705   41,997,257
Live Oak Bancshares, Inc. (a)

    268,539   23,440,769
M&T Bank Corp.

    274,466   42,152,488
Old National Bancorp (a)

    1,682,306   30,483,385
Pacific Premier Bancorp, Inc.

    482,014   19,295,020
PacWest Bancorp

    930,112   42,013,159
People's United Financial, Inc.

    2,368,532   42,207,240
Pinnacle Financial Partners, Inc.

    436,871   41,721,181
PNC Financial Services Group, Inc.

    207,329   41,573,611
Popular, Inc.

    521,427   42,777,871
Prosperity Bancshares, Inc.

    417,067   30,153,944
Regions Financial Corp.

    1,879,454   40,972,097
Renasant Corp. (a)

    287,975   10,928,651
Sandy Spring Bancorp, Inc.

    229,728   11,045,322
Signature Bank

    136,976   44,307,627
Silvergate Capital Corp. Class A (b)

    273,327   40,507,061
Simmons First National Corp. Class A (a)

    619,096   18,312,860
SouthState Corp.

    480,512   38,493,816
Sterling Bancorp

    1,666,588   42,981,305
SVB Financial Group (b)

    59,392   40,282,030
Synovus Financial Corp.

    886,508   42,437,138
Texas Capital Bancshares, Inc. (b)

    602,220   36,283,755
Triumph Bancorp, Inc. (b)

    160,939   19,164,616
See accompanying notes to financial statements.
9


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

Security Description     Shares   Value
Truist Financial Corp.

    703,533   $ 41,191,857
Trustmark Corp.

    371,987   12,074,698
UMB Financial Corp.

    264,314   28,046,359
Umpqua Holdings Corp.

    2,077,813   39,977,122
United Bankshares, Inc.

    661,936   24,015,038
United Community Banks, Inc.

    636,399   22,872,180
Valley National Bancorp

    2,520,068   34,650,935
Webster Financial Corp.

    768,683   42,923,259
WesBanco, Inc.

    417,828   14,619,802
Western Alliance Bancorp

    390,102   41,994,480
Wintrust Financial Corp.

    407,155   36,977,817
Zions Bancorp NA

    660,928   41,744,213
          2,294,926,892
THRIFTS & MORTGAGE FINANCE — 12.8%          
Axos Financial, Inc. (b)

    288,378   16,123,214
Essent Group, Ltd.

    738,980   33,645,760
Flagstar Bancorp, Inc.

    549,449   26,340,585
MGIC Investment Corp.

    2,921,716   42,131,145
Mr Cooper Group, Inc. (b)

    1,001,171   41,658,725
New York Community Bancorp, Inc. (a)

    3,388,501   41,373,597
NMI Holdings, Inc. Class A (b)

    632,104   13,811,472
PennyMac Financial Services, Inc.

    605,972   42,284,726
Radian Group, Inc.

    1,825,809   38,579,344
Rocket Cos., Inc. Class A (a)

    2,585,426   36,195,964
Walker & Dunlop, Inc.

    147,205   22,210,291
Washington Federal, Inc.

    566,466   18,908,635
WSFS Financial Corp.

    394,360   19,765,323
          393,028,781
TOTAL COMMON STOCKS

(Cost $2,990,623,356)

        3,064,375,702
SHORT-TERM INVESTMENTS — 2.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

    2,051,806   2,052,011
See accompanying notes to financial statements.
10


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

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

    63,700,532   $ 63,700,532
TOTAL SHORT-TERM INVESTMENTS

(Cost $65,752,543)

        65,752,543
TOTAL INVESTMENTS — 101.9%

(Cost $3,056,375,899)

        3,130,128,245
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%

        (59,299,429)
NET ASSETS — 100.0%

        $ 3,070,828,816
(a) All or a portion of the shares of the security are on loan at December 31, 2021.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $3,064,375,702   $—   $—   $3,064,375,702
Short-Term Investments

  65,752,543       65,752,543
TOTAL INVESTMENTS

  $3,130,128,245   $—   $—   $3,130,128,245
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,773,419   $ 1,773,951   $ 62,140,635   $ 61,861,814   $(674)   $(87)   2,051,806   $ 2,052,011   $ 1,002
State Street Navigator Securities Lending Portfolio II

33,030,723   33,030,723   364,385,656   333,715,846       63,700,532   63,700,532   40,991
Total

    $34,804,674   $426,526,291   $395,577,660   $(674)   $(87)       $65,752,543   $41,993
See accompanying notes to financial statements.
11


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

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
BUILDING PRODUCTS — 44.0%          
A.O. Smith Corp.

    1,004,182   $ 86,209,025
Allegion PLC

    745,796   98,773,222
Builders FirstSource, Inc. (a)

    1,228,811   105,321,391
Carlisle Cos., Inc.

    242,874   60,261,897
Carrier Global Corp.

    1,761,439   95,540,451
Fortune Brands Home & Security, Inc.

    920,436   98,394,608
Johnson Controls International PLC

    1,232,267   100,195,630
Lennox International, Inc.

    290,602   94,259,665
Masco Corp.

    1,422,612   99,895,815
Owens Corning

    1,040,883   94,199,911
Trane Technologies PLC

    482,403   97,459,878
Trex Co., Inc. (a)

    561,850   75,866,606
          1,106,378,099
HOME FURNISHINGS — 4.0%          
Mohawk Industries, Inc. (a)

    547,966   99,828,446
HOME IMPROVEMENT RETAIL — 11.3%          
Floor & Decor Holdings, Inc. Class A (a)

    688,913   89,565,579
Home Depot, Inc.

    235,299   97,651,438
Lowe's Cos., Inc.

    374,056   96,685,995
          283,903,012
HOMEBUILDING — 29.6%          
Cavco Industries, Inc. (a)

    33,416   10,614,592
Century Communities, Inc.

    258,246   21,121,940
D.R. Horton, Inc.

    891,396   96,671,896
Green Brick Partners, Inc. (a)

    347,543   10,540,979
Installed Building Products, Inc. (b)

    158,073   22,085,960
Lennar Corp. Class A

    836,297   97,144,260
LGI Homes, Inc. (a)

    209,573   32,374,837
M/I Homes, Inc. (a)

    333,366   20,728,698
MDC Holdings, Inc.

    417,326   23,299,311
NVR, Inc. (a)

    16,462   97,271,818
PulteGroup, Inc.

    1,739,144   99,409,471
Skyline Champion Corp. (a)

    328,299   25,929,055
Taylor Morrison Home Corp. (a)

    842,665   29,459,568
Toll Brothers, Inc.

    942,381   68,218,961
TopBuild Corp. (a)

    207,629   57,286,917
Tri Pointe Homes, Inc. (a)

    1,157,296   32,276,985
          744,435,248
See accompanying notes to financial statements.
12


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

Security Description     Shares   Value
HOMEFURNISHING RETAIL — 7.2%          
RH (a)  (b)

    162,064   $ 86,856,580
Williams-Sonoma, Inc. (b)

    557,207   94,240,420
          181,097,000
HOUSEHOLD APPLIANCES — 3.9%          
Whirlpool Corp.

    424,957   99,720,410
TOTAL COMMON STOCKS

(Cost $2,377,236,182)

        2,515,362,215
SHORT-TERM INVESTMENTS — 0.3%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

    650,784   650,848
State Street Navigator Securities Lending Portfolio II (e)  (f)

    6,887,436   6,887,436
TOTAL SHORT-TERM INVESTMENTS

(Cost $7,538,089)

        7,538,284
TOTAL INVESTMENTS — 100.3%

(Cost $2,384,774,271)

        2,522,900,499
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%

        (6,391,307)
NET ASSETS — 100.0%

        $ 2,516,509,192
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $2,515,362,215   $—   $—   $2,515,362,215
Short-Term Investments

  7,538,284       7,538,284
TOTAL INVESTMENTS

  $2,522,900,499   $—   $—   $2,522,900,499
See accompanying notes to financial statements.
13


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

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

1,448,750   $ 1,449,184   $26,654,096   $ 27,452,192   $(173)   $(67)   650,784   $ 650,848   $ 210
State Street Navigator Securities Lending Portfolio II

34,448,563   34,448,563   66,531,440   94,092,567       6,887,436   6,887,436   3,974
Total

    $35,897,747   $93,185,536   $121,544,759   $(173)   $(67)       $7,538,284   $4,184
See accompanying notes to financial statements.
14


Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
INTEGRATED OIL & GAS — 7.0%          
Chevron Corp.

    675,773   $ 79,301,962
Exxon Mobil Corp.

    1,269,159   77,659,839
Occidental Petroleum Corp.

    2,598,896   75,341,995
          232,303,796
OIL & GAS EXPLORATION & PRODUCTION — 70.6%          
Antero Resources Corp. (a)

    4,593,233   80,381,577
APA Corp.

    2,998,466   80,628,751
Berry Corp.

    652,217   5,491,667
Brigham Minerals, Inc. Class A

    411,256   8,673,389
California Resources Corp.

    1,272,324   54,340,958
Callon Petroleum Co. (a)  (b)

    1,534,372   72,499,077
Centennial Resource Development, Inc. Class A (a)  (b)

    9,596,058   57,384,427
Civitas Resources, Inc.

    990,068   48,483,630
CNX Resources Corp. (a)  (b)

    4,783,248   65,769,660
Comstock Resources, Inc. (a)  (b)

    6,197,163   50,135,049
ConocoPhillips

    1,088,125   78,540,863
Continental Resources, Inc. (b)

    1,741,479   77,948,600
Coterra Energy, Inc.

    3,824,460   72,664,740
Crescent Energy, Inc. Class A (a)  (b)

    426,611   5,409,427
Denbury, Inc. (a)

    951,847   72,901,962
Devon Energy Corp.

    1,841,745   81,128,867
Diamondback Energy, Inc.

    719,266   77,572,838
EOG Resources, Inc.

    891,722   79,211,665
EQT Corp. (a)

    3,833,644   83,611,776
Gulfport Energy Corp. (a)

    124,607   8,975,442
Hess Corp.

    1,010,161   74,782,219
Kosmos Energy, Ltd. (a)  (b)

    12,059,080   41,724,417
Laredo Petroleum, Inc. (a) (b)  (c)

    1,147,543   69,001,761
Magnolia Oil & Gas Corp. Class A (b)

    3,189,369   60,183,393
Marathon Oil Corp.

    4,930,248   80,954,672
Matador Resources Co.

    2,017,384   74,481,817
Murphy Oil Corp. (b)

    2,812,793   73,442,025
Northern Oil and Gas, Inc. (b)

    1,548,672   31,871,670
Oasis Petroleum, Inc.

    422,802   53,268,824
Ovintiv, Inc.

    2,308,485   77,795,945
PDC Energy, Inc.

    1,239,280   60,452,078
Pioneer Natural Resources Co.

    434,061   78,947,015
Range Resources Corp. (a)

    4,145,619   73,916,387
Ranger Oil Corp. Class A (a)

    634,094   17,069,810
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
SM Energy Co.

    2,441,056   $ 71,962,331
Southwestern Energy Co. (a)  (b)

    14,539,941   67,756,125
Talos Energy, Inc. (a)  (b)

    1,886,163   18,484,397
Tellurian, Inc. (a)  (b)

    21,244,051   65,431,677
Texas Pacific Land Corp.

    40,010   49,967,289
Whiting Petroleum Corp. (a)

    839,662   54,309,338
          2,357,557,555
OIL & GAS REFINING & MARKETING — 22.2%          
Aemetis, Inc. (a)

    1,344,097   16,532,394
Alto Ingredients, Inc. (a)  (b)

    3,117,168   14,993,578
Clean Energy Fuels Corp. (a)  (b)

    7,480,546   45,855,747
CVR Energy, Inc. (b)

    1,274,568   21,425,488
Delek US Holdings, Inc. (a)

    1,815,805   27,218,917
Gevo, Inc. (a) (b)  (c)

    14,864,181   63,618,695
Green Plains, Inc. (a)  (b)

    1,432,891   49,807,291
HollyFrontier Corp.

    2,415,315   79,174,026
Marathon Petroleum Corp.

    1,255,662   80,349,811
Par Pacific Holdings, Inc. (a)

    535,491   8,830,247
PBF Energy, Inc. Class A (a) (b)  (c)

    6,252,528   81,095,288
Phillips 66

    1,102,657   79,898,526
Renewable Energy Group, Inc. (a)  (b)

    1,556,647   66,064,099
REX American Resources Corp. (a)  (b)

    23,663   2,271,648
Valero Energy Corp.

    1,128,704   84,776,957
World Fuel Services Corp.

    717,977   19,004,851
          740,917,563
TOTAL COMMON STOCKS

(Cost $3,680,224,271)

        3,330,778,914
SHORT-TERM INVESTMENTS — 3.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)

    5,517,058   5,517,609
State Street Navigator Securities Lending Portfolio II (f)  (g)

    116,017,328   116,017,328
TOTAL SHORT-TERM INVESTMENTS

(Cost $121,534,937)

        121,534,937
TOTAL INVESTMENTS — 103.5%

(Cost $3,801,759,208)

        3,452,313,851
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)%

        (115,286,801)
NET ASSETS — 100.0%

        $ 3,337,027,050
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
See accompanying notes to financial statements.
16


Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

(c) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
At December 31, 2021, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Energy Sector Index (long)   121   03/18/2022   $6,928,896   $6,986,540   $57,644
During the period ended December 31, 2021, average notional value related to futures contracts was $7,452,087.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $3,330,778,914   $—   $—   $3,330,778,914
Short-Term Investments

  121,534,937       121,534,937
TOTAL INVESTMENTS

  $3,452,313,851   $—   $—   $3,452,313,851
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)

  57,644       57,644
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 57,644   $—   $—   $ 57,644
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
17


Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
Alto Ingredients, Inc.

5,797,341   $ 35,421,753   $ 35,305,365   $ 66,771,086   $ (3,956,032)   $ —*     $ —*   $
Gevo, Inc.

12,649,281   91,960,273   129,774,727   121,129,071   (12,045,188)   (24,942,046)   14,864,181   63,618,695  
Laredo Petroleum, Inc.

622,994   57,807,613   132,908,829   96,030,333   5,406,579   (31,090,927)   1,147,543   69,001,761  
PBF Energy, Inc.

5,489,279   83,985,969   137,532,797   133,040,785   3,986,625   (11,369,318)   6,252,528   81,095,288  
State Street Institutional Liquid Reserves Fund, Premier Class

4,902,650   4,904,121   199,460,689   198,846,474   (727)     5,517,058   5,517,609   933
State Street Navigator Securities Lending Portfolio II

84,803,749   84,803,749   488,865,752   457,652,173       116,017,328   116,017,328   120,342
Tellurian, Inc.

    140,486,684   153,041,388   12,554,704   —*     —*  
Total

    $358,883,478   $1,264,334,843   $1,226,511,310   $ 5,945,961   $(67,402,291)       $335,250,681   $121,275
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2021.
* As of December 31, 2021, no longer an affiliate.
See accompanying notes to financial statements.
18


Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
REGIONAL BANKS — 99.8%          
1st Source Corp.

    85,117   $ 4,221,803
Allegiance Bancshares, Inc. (a)

    111,689   4,714,393
Ameris Bancorp

    776,570   38,579,998
Associated Banc-Corp.

    2,798,028   63,207,453
Atlantic Union Bankshares Corp.

    537,233   20,033,419
Banc of California, Inc.

    561,557   11,017,748
BancFirst Corp.

    184,185   12,996,094
Bancorp, Inc. (b)

    821,638   20,795,658
Bank of Hawaii Corp.

    329,086   27,564,243
Bank of Marin Bancorp

    102,725   3,824,452
Bank OZK

    1,156,984   53,834,466
BankUnited, Inc.

    1,438,731   60,872,709
Banner Corp.

    316,873   19,224,685
Berkshire Hills Bancorp, Inc.

    564,839   16,058,373
BOK Financial Corp.

    273,830   28,886,327
Brookline Bancorp, Inc.

    561,650   9,093,114
Byline Bancorp, Inc.

    234,530   6,414,396
Cadence Bank

    2,725,870   81,203,667
Camden National Corp.

    63,757   3,070,537
Cathay General Bancorp

    643,560   27,666,644
CBTX, Inc.

    87,136   2,526,944
Central Pacific Financial Corp.

    241,350   6,798,830
CIT Group, Inc.

    1,288,995   66,177,003
Citizens Financial Group, Inc.

    1,935,727   91,463,101
City Holding Co.

    105,707   8,645,776
Columbia Banking System, Inc.

    1,401,809   45,867,190
Comerica, Inc.

    1,085,432   94,432,584
Commerce Bancshares, Inc.

    694,651   47,750,310
Community Bank System, Inc.

    390,091   29,053,978
Community Trust Bancorp, Inc.

    80,4