Annual Report
June 30, 2023
SPDR® Series Trust - Equity Funds
SPDR FactSet Innovative Technology ETF
SPDR Global Dow ETF
SPDR MSCI USA StrategicFactorsSM ETF
SPDR NYSE Technology ETF
SPDR S&P 500® Fossil Fuel Reserves Free ETF
SPDR S&P Capital Markets ETF
SPDR S&P Health Care Equipment ETF
SPDR S&P Health Care Services ETF
SPDR S&P Insurance ETF
SPDR S&P Internet ETF
SPDR S&P Metals & Mining ETF
SPDR S&P Oil & Gas Equipment & Services ETF
SPDR S&P Pharmaceuticals ETF
SPDR S&P Retail ETF
SPDR S&P Semiconductor ETF
SPDR S&P Software & Services ETF
SPDR S&P Telecom ETF
SPDR S&P Transportation ETF
SPDR MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SPDR ICE Preferred Securities 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)  

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Schedules of Investments  

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


Table of Contents
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Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The FactSet Innovative Technology Index is designed to represent the performance of U.S.-listed stock and American Depository Receipts of Technology companies and Technology-related companies (including Electronic Media companies) within the most innovative segments of the Technology sector and Electronic Media sub-sector of the Media sector, as defined by FactSet Research Systems, Inc.
The Global Dow Index is made up of 150 companies from around the world. The 150 companies are selected not just based on size and reputation, but also on their importance in the global economy. The index has been designed to cover both developed and emerging countries. The index is equal weighted and will be reset to equal weights annually each September.
The MSCI USA Factor Mix A-Series Capped Index is designed to measure the equity market performance of large - and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low  volatility. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index and the MSCI USA Minimum Volatility Index.
The NYSE Technology Index is composed of 35 leading U.S.-listed technology-related companies. The investible universe of the index comprises all stocks in the Information Technology sector and technology-related stocks in the Customer Discretionary sector, as defined by the Index Provider.
The S&P 500 Fossil Fuel Free Index is designed to measure the performance of companies in the S&P 500 Index that are “fossil fuel free”, which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the index, fossil fuel reserves are defined as thermal coal reserves, other non-metallurgical coal reserves, conventional or unconventional oil reserves, natural gas reserves, shale gas reserves, and oil and gas reserves that have not been disclosed transparently as specific types of oil or gas or are disclosed as one aggregate quantity of oil and gas reserves combined.
The S&P Capital Markets Select Industry Index represents the capital markets segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The capital markets segment of the S&P TMI comprises the following sub-industries: Asset Management & Custody Banks, Diversified Capital Markets, Financial Exchanges & Data and Investment Banking & Brokerage.
The S&P Health Care Equipment Select Industry represents the health care equipment segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The health care equipment segment of the S&P TMI comprises the following sub-industries: Health Care Equipment and Health Care Supplies.
The S&P Health Care Services Select Industry Index represents the health care services segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The health care services segment of the S&P TMI comprises the following sub-industries: Health Care Distributors, Health Care Facilities, Health Care Services and Managed Health Care.
The S&P Insurance Select Industry Index represents the insurance segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The insurance segment of the S&P TMI comprises the following sub-industries: Insurance Brokers, Life & Health Insurance, Multi-Line Insurance, Property & Casualty Insurance and Reinsurance.
The S&P Internet Select Industry Index represents the internet segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The internet segment of the S&P TMI comprises the Internet Services & Infrastructure and Interactive Media & Services sub-industry.
The S&P Metals & Mining Select Industry Index represents the metals and mining segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The metals & mining segment of the S&P TMI comprises the following sub-industries: Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver and Steel.
The S&P Oil & Gas Equipment & Services Select Industry Index represents the oil and gas equipment and services segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The oil and gas equipment and services segment of the S&P TMI comprises the Oil & Gas Drilling sub-industry and the Oil & Gas Equipment & Services sub-industry.
The S&P Pharmaceuticals Select Industry Index represents the pharmaceuticals segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The pharmaceuticals segment of the S&P TMI comprises the Pharmaceuticals sub-industry.
See accompanying notes to financial statements.
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Table of Contents
Notes to Performance Summaries (Unaudited)  (continued)
The S&P Retail Select Industry Index represents the retail segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The retail segment of the S&P TMI comprises the following sub-industries: Apparel Retail, Automotive Retail, Computer & Electronic Retail, Department Stores, Drug Retail, Food Retailers, Broadline Retail, Consumer Staples Merchandise Retail and Specialty Stores.
The S&P Semiconductor Select Industry Index represents the semiconductors segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The semiconductors segment of the S&P TMI comprises the Semiconductors sub-industry.
The S&P Software & Services Select Industry Index represents the software and services segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The software and services segment of the S&P TMI comprises the following sub-industries: Application Software, Interactive Home Entertainment, IT Consulting & Other Services and Systems Software.
The S&P Telecom Select Industry Index represents the telecommunications segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The telecommunications segment of the S& P TMI comprises the following sub-industries: Alternative Carriers, Communications Equipment, Integrated Telecommunication Services and Wireless Telecommunication Services.
The S&P Transportation Select Industry Index represents the transportation segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The transportation segment of the S& P TMI comprises the following sub-industries: Air Freight & Logistics, Passenger Airlines, Airport Services, Highways & Rail Tracks, Marine Transportation, Marine Ports & Services, Rail Transportation, Cargo Ground Transportation and Passenger Transportation .
The MSCI USA Gender Diversity Select Index is designed to represent the performance of those companies that exhibit a commitment towards promoting and maintaining a high level of gender diversity across the different levels within their organization, including their corporate board, executive and senior management, and workforce.
ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index is a modified market capitalization weighted index composed of preferred stock and securities that are functionally equivalent to preferred stock including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.
See accompanying notes to financial statements.
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Table of Contents
SPDR FactSet Innovative Technology ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR FactSet Innovative Technology ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the FactSet Innovative Technology Index. The Fund’s benchmark is the FactSet Innovative Technology Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 22.46%, and the Index was 22.68%. 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, cash drag, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
The recent rally in stock performance of companies driving progress in AI was primary driver of Fund performance during the Reporting Period.
U.S. equities fell sharply for a third straight quarter in the third quarter of 2022. The brief market rebound that began in June fizzled in the back half of August as central bank hawkishness driven by stubbornly high inflation frightened investors. Risk assets rallied in October and November, leading U.S. equities mostly higher in Q4, 2022, but this came to a premature end in December as investors worried about weakening economic growth amid continued hawkish messaging by central banks.
Technology stocks led the strong performance of the first quarter of 2023. Stock markets in the U.S. rallied in January amid optimism that global central banks, led by the the Federal Reserve (the “Fed”), might halt interest rate hike and perhaps may even cut rates by the end of the year. But stronger-than-expected economic data in February dashed those hopes. In March, markets were tested amid a brewing banking crisis in the U.S. and an impending collapse of Credit Suisse, which caused investors to flee to safer assets. But by the end of the month, those fears eased. U.S. stocks rose again in the last quarter of the Reporting Period, led by ‘the magnificent seven’. These stocks were responsible for the majority of the market rally due to optimism around AI, while the rest of the market remained relatively flat.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Opendoor Technologies, Inc., NVIDIA Corp., and Super Micro Computer, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were OneConnect Financial Technology Co Ltd., Upland Software, Inc., and Vuzix Corp..
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.
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Table of Contents
SPDR FactSet Innovative Technology ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
FactSet Innovative Technology Index   Net
Asset
Value
Market
Value
FactSet Innovative Technology Index
ONE YEAR 22.46% 22.44% 22.68%   22.46% 22.44% 22.68%
FIVE YEARS 41.01% 40.51% 43.71%   7.11% 7.04% 7.52%
SINCE INCEPTION(1) 178.41% 178.34% 186.01%   14.70% 14.70% 15.13%
(1) For the period January 13, 2016 to June 30, 2023. 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 (1/13/16, 1/14/16, 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 FactSet Innovative Technology ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR FactSet Innovative Technology ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Opendoor Technologies, Inc. 2.4%  
  Schrodinger, Inc. 2.4  
  Super Micro Computer, Inc. 2.3  
  NVIDIA Corp. 1.9  
  Meta Platforms, Inc. Class A 1.9  
  AppLovin Corp. Class A 1.9  
  MongoDB, Inc. 1.7  
  Samsara, Inc. Class A 1.7  
  Upstart Holdings, Inc. 1.6  
  Duolingo, Inc. 1.6  
  TOTAL 19.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Software 32.2%  
  Semiconductors & Semiconductor Equipment 15.0  
  IT Services 11.6  
  Entertainment 7.4  
  Health Care Technology 6.8  
  Interactive Media & Services 6.5  
  Media 4.2  
  Professional Services 3.5  
  Real Estate Management & Development 3.5  
  Technology Hardware, Storage & Peripherals 2.3  
  Electronic Equipment, Instruments & Components 2.0  
  Consumer Finance 1.6  
  Diversified Consumer Services 1.6  
  Financial Services 0.9  
  Communications Equipment 0.8  
  Short-Term Investments 10.1  
  Liabilities in Excess of Other Assets (10.0)  
  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.
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Table of Contents
SPDR Global Dow ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Global Dow ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of multinational blue-chip issuers. The Fund’s benchmark is the The Global Dow (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.64%, and the Index was 20.63%. 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. Cash drag and tax advantage contributed to the difference between the Fund’s performance and that of the Index.
At the start of the Reporting Period, global markets declined and growth stumbled as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected futures hikes. Global economic growth expectations ratcheted down amid monetary tightening and sustained high inflation. During the last quarter of the calendar year, the global economy decelerated further, with inflation showing signs of slowing down in the U.S. and peaking in the eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiments toward the end of the quarter.
Global equity markets proved to be resilient in the first quarter of 2023. Markets started the year with a strong January rally for equities driven by a decline in inflation and prospects of easier monetary policy. February saw a moderate pullback due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. April saw an increase in global shares, backed by some solid economic data. In May, global markets showed mixed reactions, as investors were worried about the potential for further rate hikes in the U.S. and Europe and slow growth in China. Global equity markets were generally higher in June as the turmoil of the U.S. debt ceiling negotiations faded. Instead, investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy.
The Fund used equity index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of these contracts helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were NVIDIA, UniCredit, and General Electric. The top negative contributors to the Fund’s performance during the Reporting Period were Credit Suisse, Vodafone and Baxter International.
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.
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SPDR Global Dow ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Global Dow Index   Net
Asset
Value
Market
Value
Global Dow Index
ONE YEAR 20.64% 20.56% 20.63%   20.64% 20.56% 20.63%
FIVE YEARS 56.40% 56.87% 56.49%   9.36% 9.42% 9.37%
TEN YEARS 146.41% 147.08% 146.86%   9.44% 9.47% 9.46%
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 Global Dow ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Global Dow ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  NVIDIA Corp. 1.7%  
  UniCredit SpA 1.3  
  General Electric Co. 1.1  
  Netflix, Inc. 1.1  
  Carnival Corp. 1.0  
  Meta Platforms, Inc. Class A 1.0  
  Mitsui & Co. Ltd. 1.0  
  Siemens AG 0.9  
  Banco Bilbao Vizcaya Argentaria SA 0.9  
  SAP SE 0.9  
  TOTAL 10.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI USA StrategicFactors ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR MSCI USA StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index designed to measure the equity market performance of large and mid-cap companies across the U.S. equity market that have exposure to value, quality and momentum factors. The Fund’s benchmark is the MSCI USA Factor Mix A-Series Capped Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 15.82%, and the Index was 16.02%. 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.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the ”Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The quality factor outperformed during the Reporting Period, but the Fund ultimately underperformed the MSCI USA Index’s 18.98% return due to its exposure to value and low volatility factors, both of which underperformed somewhat more significantly.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the last quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for Nvidia Corp., and AI lifted other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were NVIDIA Corp., Meta Platforms, Inc., Class A and Apple, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Pfizer, Inc., Verizon Communications, Inc., and First Horizon Corp..
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.
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SPDR MSCI USA StrategicFactorsSM ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI USA Factor Mix A-Series Capped Index   Net
Asset
Value
Market
Value
MSCI USA Factor Mix A-Series Capped Index
ONE YEAR 15.82% 15.70% 16.02%   15.82% 15.70% 16.02%
FIVE YEARS 72.70% 72.40% 74.35%   11.55% 11.51% 11.76%
SINCE INCEPTION(1) 138.47% 138.40% 141.80%   11.16% 11.16% 11.36%
(1) For the period April 15, 2015 to June 30, 2023. 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 (4/15/15, 4/16/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Line graph is based on cumulative total return.
The total expense ratio for SPDR MSCI USA StrategicFactorsSM 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI USA StrategicFactorsSM ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 3.2%  
  Microsoft Corp. 3.0  
  NVIDIA Corp. 2.3  
  Meta Platforms, Inc. Class A 2.1  
  UnitedHealth Group, Inc. 2.0  
  Johnson & Johnson 2.0  
  Eli Lilly & Co. 1.9  
  Visa, Inc. Class A 1.7  
  Merck & Co., Inc. 1.6  
  Mastercard, Inc. Class A 1.4  
  TOTAL 21.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Information Technology 24.1%  
  Health Care 17.9  
  Financials 14.6  
  Industrials 10.5  
  Communication Services 8.4  
  Consumer Staples 8.4  
  Consumer Discretionary 5.9  
  Utilities 3.5  
  Energy 3.3  
  Materials 2.3  
  Real Estate 0.9  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (0.1)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR NYSE Technology ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR NYSE Technology ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded technology companies. The Fund’s benchmark is the NYSE Technology Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 36.24%, and the Index was 36.78%. 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 cash drag contributed to the difference between the Fund’s performance and that of the Index.
The recent rally in stock performance of companies driving progress in AI was primary driver of Fund performance during the Reporting Period.
U.S. equities fell sharply for a third straight quarter in the third quarter of 2022. The brief market rebound that began in June fizzled in the back half of August as central bank hawkishness driven by stubbornly high inflation frightened investors. Risk assets rallied in October and November, leading U.S. equities mostly higher in the fourth quarter of 2022, but this came to a premature end in December as investors worried about weakening economic growth amid continued hawkish messaging by central banks.
Technology stocks led the strong performance of the first quarter of 2023. Stock markets in the U.S. rallied in January amid optimism that global central banks, led by the U.S. Federal Reserve (“Fed”), might halt interest rate hike and perhaps may even cut rates by the end of the year. But stronger-than-expected economic data in February dashed those hopes. In March, markets were tested amid a brewing banking crisis in the U.S. and an impending collapse of Credit Suisse, which caused investors to flee to safer assets. But by the end of the month, those fears eased. U.S. stocks rose again in the last quarter of the Reporting Period, led by ‘the magnificent seven’, all members of the NYSE Technology Index. These stocks were responsible for the majority of the market rally due to optimism around AI, while the rest of the market remained relatively flat.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were NVIDIA, Meta Platforms, and Shopify. The top negative contributors to the Fund’s performance during the Reporting Period were Alibaba Group, JD.com and Snap.
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.
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SPDR NYSE Technology ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
NYSE Technology Index   Net
Asset
Value
Market
Value
NYSE Technology Index
ONE YEAR 36.24% 36.13% 36.78%   36.24% 36.13% 36.78%
FIVE YEARS 98.14% 97.98% 103.78%   14.66% 14.64% 15.30%
TEN YEARS 423.70% 423.38% 448.72%   18.01% 18.00% 18.56%
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 NYSE Technology 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR NYSE Technology ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  NVIDIA Corp. 5.2%  
  Meta Platforms, Inc. Class A 5.2  
  Shopify, Inc. Class A 3.5  
  Advanced Micro Devices, Inc. 3.5  
  Uber Technologies, Inc. 3.4  
  Salesforce, Inc. 3.4  
  Palo Alto Networks, Inc. 3.4  
  Broadcom, Inc. 3.4  
  Oracle Corp. 3.2  
  Adobe, Inc. 3.1  
  TOTAL 37.3%  
(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 June 30, 2023

     
    % of Net Assets  
  Semiconductors & Semiconductor Equipment 34.7%  
  Software 21.3  
  IT Services 8.0  
  Interactive Media & Services 7.9  
  Broadline Retail 7.8  
  Hotels, Restaurants & Leisure 5.7  
  Ground Transportation 3.4  
  Automobiles 3.1  
  Entertainment 2.9  
  Technology Hardware, Storage & Peripherals 2.9  
  Communications Equipment 2.2  
  Short-Term Investments 1.2  
  Liabilities in Excess of Other Assets (1.1)  
  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.
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SPDR S&P 500 Fossil Fuel Reserves Free ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 500 Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index. The Fund’s benchmark is the S& P 500 Fossil Fuel Free Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.37%, and the Index was 19.59%. 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.
The energy sector outperformed in the first half of the Reporting Period due to increased volatility in the global energy markets, spurred on by the ongoing war in Ukraine and the uncertainty surrounding the continued flow of natural gas from Russia to western Europe, especially after the Nord Stream 2 pipeline appeared to be sabotaged. But as fears subsided and relative stability returned to energy markets in the second half of the Reporting Period, the energy sector underperformed. With these two offsetting periods, the effect of excluding fossil fuel companies on the return of the Fund compared to the S&P 500 Index’s return of 19.59% was negligible.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the last quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund used S&P 500 Index futures in order to equitize cash and receivables during the Reporting Period, which helped the Fund to track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple Inc, NVIDIA Corp and Microsoft Corp. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Pfizer Inc., Verizon Communications Inc and CVS Health Corp.
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.
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Table of Contents
SPDR S&P 500 Fossil Fuel Reserves Free ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 500 Fossil Fuel Free Index   Net
Asset
Value
Market
Value
S&P 500 Fossil Fuel Free Index
ONE YEAR 19.37% 19.24% 19.59%   19.37% 19.24% 19.59%
FIVE YEARS 78.37% 78.15% 80.37%   12.27% 12.24% 12.52%
SINCE INCEPTION(1) 145.30% 145.19% 149.42%   12.56% 12.55% 12.81%
(1) For the period November 30, 2015 to June 30, 2023. 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 (11/30/15, 12/1/15, 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 S& P 500 Fossil Fuel Reserves Free 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 500 Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 8.0%  
  Microsoft Corp. 7.0  
  Amazon.com, Inc. 3.2  
  NVIDIA Corp. 2.9  
  Alphabet, Inc. Class A 2.0  
  Tesla, Inc. 2.0  
  Meta Platforms, Inc. Class A 1.8  
  Alphabet, Inc. Class C 1.7  
  Berkshire Hathaway, Inc. Class B 1.7  
  UnitedHealth Group, Inc. 1.2  
  TOTAL 31.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Information Technology 28.9%  
  Health Care 13.8  
  Financials 12.8  
  Consumer Discretionary 11.0  
  Industrials 8.9  
  Communication Services 8.7  
  Consumer Staples 6.9  
  Utilities 2.6  
  Materials 2.6  
  Real Estate 2.5  
  Energy 1.1  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Capital Markets ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Capital Markets ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded companies that do business as broker-dealers, asset managers, trust and custody banks or exchanges. The Fund’s benchmark is the S&P Capital Markets Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 18.89%, and the Index was 19.28%. 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. Cash drag, cumulative effect of security misweights, compounding (the exponential growth of outperformance or underperformance) and securities lending income also contributed to the difference between the Fund’s performance and that of the Index.
Capital Markets stocks started off in slightly negative territory during the first quarter of the Reporting Period. Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. Capital Markets Index offset previous declines with strong positive returns during the final quarter of 2022. As inflation started to decline and prospects of easier monetary policy, the markets started with a strong rally in January allowing the Capital Markets Index to enjoy double digit positive returns of 13.45% during the same month. Some of the larger firms like Ares Management Corp. were able to raise billions to acquire subordinated loans or bonds of infrastructure assets, particularly in the digital, transportation and renewable energy sectors across North America and abroad. Unfortunately, the rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. and Capital Markets Index was able to finish the Reporting Period in positive territory.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Ares Management Corporation, Cowen Inc, Class A and Coinbase Local, Inc. Class A. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Virtu Financial Inc, Class A, Morningtar, Inc. and Northern Trust Corporation.
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.
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Table of Contents
SPDR S&P Capital Markets ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Capital Markets Select Industry Index   Net
Asset
Value
Market
Value
S&P Capital Markets Select Industry Index
ONE YEAR 18.89% 18.84% 19.28%   18.89% 18.84% 19.28%
FIVE YEARS 64.40% 64.48% 65.06%   10.45% 10.46% 10.54%
TEN YEARS 165.34% 165.37% 169.82%   10.25% 10.25% 10.44%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Capital Markets 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Capital Markets ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Coinbase Global, Inc. Class A 2.2%  
  B Riley Financial, Inc. 2.0  
  Artisan Partners Asset Management, Inc. Class A 1.8  
  Raymond James Financial, Inc. 1.8  
  Houlihan Lokey, Inc. 1.8  
  LPL Financial Holdings, Inc. 1.7  
  Carlyle Group, Inc. 1.7  
  Hamilton Lane, Inc. Class A 1.7  
  Ameriprise Financial, Inc. 1.7  
  Robinhood Markets, Inc. Class A 1.7  
  TOTAL 18.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Asset Management & Custody Banks 45.4%  
  Investment Banking & Brokerage 32.2  
  Financial Exchanges & Data 22.2  
  Short-Term Investments 3.4  
  Liabilities in Excess of Other Assets (3.2)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Health Care Equipment ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Health Care Equipment ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the health care equipment and supplies segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Health Care Equipment Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 15.76% and the Index was 16.06%. 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. Cash, security misweights, transaction costs, securities lending income and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
The Healthcare Equipment Industry started off the first quarter of the Reporting Period pretty flat due to concerns over rising inflation, continued global monetary tightening and impact of diminishing concerns over the COVID-19 crisis. Fortunately, the final quarter of 2022 showed signs that inflation could be cooling which slightly lifted market spirits and allowed for a positive index return of over 5%. Despite the easing of social restrictions due to COVID-19, many consumers remained cautious out in public, at work, on public transportation and medical facilities in particular. As a result, continued demand for certain at home health equipment and face masks helped keep Health Equipment Service returns in positive territory for the final quarter of 2022. Return values continued to remain steady throughout the first half of the 2023 calendar year. Although many consumers were scheduling their healthcare and surgeries that were postponed during the pandemic, rising supply costs and supply chain disruptions continued to stifle growth for many companies in the Index. In addition, the higher costs of product design and development and overall cost of healthcare itself continued, which prevented strong profits but the Index still managed to enjoy returns over 16%, slightly below the standard S&P 500 Index returns of 19.6% for the full Reporting Period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Penumbra, Inc., TransMedics Group Inc., and Alphatec Holdings, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Cutera Inc., Nevro Corp., and TransMedics Group Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Health Care Equipment ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Health Care Equipment Select Industry Index   Net
Asset
Value
Market
Value
S&P Health Care Equipment Select Industry Index
ONE YEAR 15.76% 15.82% 16.06%   15.76% 15.82% 16.06%
FIVE YEARS 25.86% 25.89% 27.55%   4.71% 4.71% 4.99%
TEN YEARS 242.96% 243.16% 252.32%   13.12% 13.12% 13.42%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Health Care Equipment 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Health Care Equipment ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Alphatec Holdings, Inc. 1.8%  
  Neogen Corp. 1.7  
  Align Technology, Inc. 1.7  
  UFP Technologies, Inc. 1.7  
  Nevro Corp. 1.7  
  Edwards Lifesciences Corp. 1.7  
  Enovis Corp. 1.7  
  IDEXX Laboratories, Inc. 1.6  
  Cooper Cos., Inc. 1.6  
  Intuitive Surgical, Inc. 1.6  
  TOTAL 16.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Health Care Equipment 79.5%  
  Health Care Supplies 20.4  
  Short-Term Investments 2.3  
  Liabilities in Excess of Other Assets (2.2)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Health Care Services ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Health Care Services ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the health care providers and services segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Health Care Services Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 14.11%, and the Index was 14.25%. 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 contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The recent trend of increased and more functional technology in this space has helped companies in this industry experience solid returns during the Reporting Period. For example Hims and Hers Health Inc, has provided a much needed improvement to telehealth for the general public and the service has become very popular over recent years.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Oak Street Health, Inc., Signify Health, Inc. Class A and 1Life Healthcare, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Clover Health Investments Corp. Class A, ModivCare Inc., and Alignment Healthcare, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Health Care Services ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Health Care Services Select Industry Index   Net
Asset
Value
Market
Value
S&P Health Care Services Select Industry Index
ONE YEAR 14.11% 14.07% 14.25%   14.11% 14.07% 14.25%
FIVE YEARS 39.83% 39.70% 41.64%   6.93% 6.92% 7.21%
TEN YEARS 146.81% 146.15% 154.20%   9.46% 9.43% 9.78%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
                                                                                  Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Health Care Services 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Health Care Services ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Patterson Cos., Inc. 2.3%  
  AdaptHealth Corp. 2.2  
  Acadia Healthcare Co., Inc. 2.2  
  Surgery Partners, Inc. 2.2  
  Universal Health Services, Inc. Class B 2.2  
  Select Medical Holdings Corp. 2.1  
  Tenet Healthcare Corp. 2.1  
  HCA Healthcare, Inc. 2.1  
  Laboratory Corp. of America Holdings 2.1  
  R1 RCM, Inc. 2.1  
  TOTAL 21.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Health Care Services 49.9%  
  Health Care Facilities 21.7  
  Health Care Distributors 14.5  
  Managed Health Care 13.9  
  Short-Term Investments 2.0  
  Liabilities in Excess of Other Assets (2.0)  
  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.
26


Table of Contents
SPDR S&P Insurance ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Insurance ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded companies in the insurance industry. The Fund’s benchmark is the S&P Insurance Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 10.01%, and the Index was 10.38%. 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 contributed to the difference between the Fund’s performance and that of the Index.
Insurance companies enjoyed success during the first half of the Reporting Period due to a favorable investment market. Insurance companies are able to capitalize in times like these by investing the premiums they receive from customers. As the global economy slowed down, so did the returns of these investments. Insurance companies who have made significant technology investments also contributed to the success of the Fund during the Reporting Period. These companies have been in favor with customers in recent years due to the fact that it is easier to use and access these insurance offerings.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Kinsale Capital Group, Inc., Arch Capital Group Ltd. and Primerica, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lincoln National Corp, Assurant, Inc. and Trupanion, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
27


Table of Contents
SPDR S&P Insurance ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Insurance Select Industry Index   Net
Asset
Value
Market
Value
S&P Insurance Select Industry Index
ONE YEAR 10.01% 9.95% 10.38%   10.01% 9.95% 10.38%
FIVE YEARS 50.95% 50.92% 53.75%   8.58% 8.58% 8.98%
TEN YEARS 171.90% 171.92% 182.08%   10.52% 10.52% 10.93%
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 S& P Insurance 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
28


Table of Contents
SPDR S&P Insurance ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  American Equity Investment Life Holding Co. 2.4%  
  Lincoln National Corp. 2.4  
  Aon PLC Class A 2.4  
  Brown & Brown, Inc. 2.3  
  Brighthouse Financial, Inc. 2.3  
  Ryan Specialty Holdings, Inc. 2.3  
  Principal Financial Group, Inc. 2.3  
  Arthur J Gallagher & Co. 2.3  
  Marsh & McLennan Cos., Inc. 2.3  
  Kinsale Capital Group, Inc. 2.2  
  TOTAL 23.2%  
(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 June 30, 2023

     
    % of Net Assets  
  Property & Casualty Insurance 45.9%  
  Life & Health Insurance 26.5  
  Insurance Brokers 13.8  
  Reinsurance 7.0  
  Multi-line Insurance 6.5  
  Short-Term Investments 0.3  
  Other Assets in Excess of Liabilities 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.
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Table of Contents
SPDR S&P Internet ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Internet ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the internet segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Internet Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 3.80%, and the Index was 3.60%. 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, compounding, lending and cash drag contributed to the difference between the Fund’s performance and that of the Index.
U.S. equities fell sharply for a third straight quarter in Q3 of 2022, the first quarter of the Reporting Period. The brief market rebound that began in June fizzled in the back half of August as central bank hawkishness driven by stubbornly high inflation frightened investors. The economy decelerated further in the fourth quarter of 2022, with inflation showing signs of slowing down in the U.S.. In January of 2023, the Index returned 23.28% as internet stocks rallied. The market began taking into account that many of these companies began focusing more on cost efficiency, slowing down growth in headcount, reducing its real estate footprint, and just operating much more efficiently. All that helps the bottom line. The last quarter of the Reporting Period continued with the upward trend, as it posted a 7.97% return for the three months.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were: MongoDB, Inc. Class A, Meta Platforms Inc. Class A and CarGurus, Inc. Class A. The top negative contributors to the Fund’s performance during the Reporting Period were: Xometry, Inc. Class A, ContextLogic, Inc. Class A and Qurate Retail, Inc. Class A.
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.
30


Table of Contents
SPDR S&P Internet ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Internet Select Industry Index   Net
Asset
Value
Market
Value
S&P Internet Select Industry Index
ONE YEAR 3.80% 3.77% 3.60%   3.80% 3.77% 3.60%
FIVE YEARS (8.29)% (8.43)% (7.95)%   (1.72)% (1.75)% (1.64)%
SINCE INCEPTION(1) 79.67% 79.55% 82.01%   8.72% 8.71% 8.92%
(1) For the period June 27, 2016 to June 30, 2023. 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 (6/27/16, 6/28/16, 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 S& P Internet 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Internet ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Snap, Inc. Class A 4.1%  
  Pinterest, Inc. Class A 4.0  
  MongoDB, Inc. 3.9  
  Meta Platforms, Inc. Class A 3.8  
  fuboTV, Inc. 3.8  
  Squarespace, Inc. Class A 3.8  
  Ziff Davis, Inc. 3.8  
  IAC, Inc. 3.7  
  GoDaddy, Inc. Class A 3.7  
  Snowflake, Inc. Class A 3.6  
  TOTAL 38.2%  
(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 June 30, 2023

     
    % of Net Assets  
  Interactive Media & Services 59.7%  
  Internet Services & Infrastructure 40.3  
  Short-Term Investments 6.7  
  Liabilities in Excess of Other Assets (6.7)  
  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.
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Table of Contents
SPDR S&P Metals & Mining ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Metals & Mining ETF (the “Fund ”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the metals and mining segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Metals & Mining Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.09%, and the Index was 19.46%. 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 contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp., and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Commercial Metals Company, Steel Dynamics, Inc., and ATI Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were MP Materials Corp. Class A, Newmont Corporation and Enviva Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
33


Table of Contents
SPDR S&P Metals & Mining ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Metals & Mining Select Industry Index   Net
Asset
Value
Market
Value
S&P Metals & Mining Select Industry Index
ONE YEAR 19.09% 19.13% 19.46%   19.09% 19.13% 19.46%
FIVE YEARS 54.48% 54.45% 57.08%   9.09% 9.08% 9.45%
TEN YEARS 79.75% 79.99% 80.86%   6.04% 6.05% 6.10%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Metals & Mining 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
34


Table of Contents
SPDR S&P Metals & Mining ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Commercial Metals Co. 4.7%  
  Nucor Corp. 4.7  
  ATI, Inc. 4.6  
  U.S. Steel Corp. 4.6  
  Reliance Steel & Aluminum Co. 4.6  
  Steel Dynamics, Inc. 4.5  
  Alpha Metallurgical Resources, Inc. 4.5  
  Peabody Energy Corp. 4.5  
  CONSOL Energy, Inc. 4.4  
  Freeport-McMoRan, Inc. 4.4  
  TOTAL 45.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Steel 45.3%  
  Coal & Consumable Fuels 15.1  
  Aluminum 11.0  
  Gold 10.4  
  Diversified Metals & Mining 9.6  
  Copper 4.4  
  Silver 4.0  
  Short-Term Investments 6.0  
  Liabilities in Excess of Other Assets (5.8)  
  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.
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Table of Contents
SPDR S&P Oil & Gas Equipment & Services ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Oil & Gas Equipment & Services ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the oil and gas equipment and services segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Oil & Gas Equipment & Services Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 31.51%, and the Index was 31.94%. 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 cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Fund generated positive returns in 2 of the 4 quarters under review, however the quarter ending September 30, 2022 was not one of them The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022. Although the Energy Sector delivered a negative return, it still proved to be one of the more resilient sectors during the quarter.
The tug-of-war between markets and the Fed continued in the quarter ending December 30th. The fund generated double-digit returns during this quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
The quarter ending March 31 2023, the Fund gave back some of its previously generated gains. As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related. Commodities registered negative performance during the quarter, with the energy sector leading the way.
The aforementioned enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period. During the final quarter under review, the Fund recovered most of the previous quarter’s losses.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Weatherford International Plc., TechnipFMC Plc.. and Tidewater Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Nabors Industries Ltd., Patterson-UTI Energy, Inc., and ProFrac Holding Corp. Class A.
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.
36


Table of Contents
SPDR S&P Oil & Gas Equipment & Services ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Oil & Gas Equipment & Services Select Industry Index   Net
Asset
Value
Market
Value
S&P Oil & Gas Equipment & Services Select Industry Index
ONE YEAR 31.51% 31.50% 31.94%   31.51% 31.50% 31.94%
FIVE YEARS (51.00)% (51.03)% (50.50)%   (13.30)% (13.31)% (13.12)%
TEN YEARS (77.35)% (77.35)% (76.99)%   (13.80)% (13.80)% (13.66)%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Oil & Gas Equipment & Services 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
37


Table of Contents
SPDR S&P Oil & Gas Equipment & Services ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Tidewater, Inc. 5.0%  
  Transocean Ltd. 4.8  
  ChampionX Corp. 4.8  
  TechnipFMC PLC 4.8  
  Patterson-UTI Energy, Inc. 4.5  
  Baker Hughes Co. 4.5  
  NexTier Oilfield Solutions, Inc. 4.5  
  Cactus, Inc. Class A 4.5  
  Valaris Ltd. 4.5  
  NOV, Inc. 4.5  
  TOTAL 46.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Oil & Gas Equipment & Services 70.8%  
  Oil & Gas Drilling 29.2  
  Short-Term Investments 6.7  
  Liabilities in Excess of Other Assets (6.7)  
  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.
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Table of Contents
SPDR S&P Pharmaceuticals ETF 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Pharmaceuticals ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the pharmaceuticals segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Pharmaceuticals Select Industry Index (the ”Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.01%, and the Index was 1.35%. 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 contributed to the difference between the Fund’s performance and that of the Index.
U.S. Equity investors enjoyed strong returns for the fiscal year thanks primarily to the first six months of 2023. The S&P 500 Index was up 16.89% for that period, a welcome reprieve from the large losses seen in 2022. The S&P 500 Index posted an impressive 18.05% total return overall for the fiscal year. Small Cap securities also progressed with the S&P 600 Index advancing 9.75% over the period. Unfortunately, Pharmaceuticals had another difficult fiscal year as the industry did not enjoy the bounce back that most other industries experienced after a tough previous fiscal year. The Index lost 1.35% for the fiscal year after being down almost 18% last fiscal year. The Index lagged the S&P 500 by well over 5% in each of the last three fiscal quarters. The stabilization of COVID-19 led to a decrease in vaccine demand and the panic that came along with it. Elsewhere within the industry, the increase in drugs available in the generic market thanks to patent expirations has led to higher relative price competition. Other reasons for the industry lag are more stringent U.S. regulations leading to less likelihood of quick and efficient approval of new drugs, legal liabilities being realized for opioid addiction, and the time needed for pharmaceutical companies to catch up with technological innovations.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Catalent, Inc., Organon & Co. and Elanco Animal Health, Inc. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Axsome Therapeutics, Inc., Reata Pharmaceuticals, Inc., and Revance Therapeutics, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR S&P Pharmaceuticals ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Pharmaceuticals Select Industry Index   Net
Asset
Value
Market
Value
S&P Pharmaceuticals Select Industry Index
ONE YEAR (1.01)% (1.02)% (1.35)%   (1.01)% (1.02)% (1.35)%
FIVE YEARS 0.12% 0.12% 0.12%   0.02% 0.02% 0.02%
TEN YEARS 42.66% 42.58% 43.84%   3.62% 3.61% 3.70%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Pharmaceuticals 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR S&P Pharmaceuticals ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Catalent, Inc. 4.9%  
  Elanco Animal Health, Inc. 4.9  
  Reata Pharmaceuticals, Inc. Class A 4.8  
  Viatris, Inc. 4.6  
  Zoetis, Inc. 4.6  
  Eli Lilly & Co. 4.6  
  Merck & Co., Inc. 4.6  
  Johnson & Johnson 4.5  
  Bristol-Myers Squibb Co. 4.3  
  Jazz Pharmaceuticals PLC 4.3  
  TOTAL 46.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Pharmaceuticals 99.9%  
  Short-Term Investments 3.8  
  Liabilities in Excess of Other Assets (3.7)  
  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.
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SPDR S&P Retail ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Retail ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the retail segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Retail Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 12.17%, and the Index was 11.85%. 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 cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Inflation, consumer spending and strong labor markets were primary drivers of Fund performance during the Reporting Period.
Over the last year, the S&P Retail Select Industry Index generated positive returns, however the fund experienced volatile returns during the year. Despite rebounding labor markets, inflation, interest rate hikes, and concerns over a recession weighted on the minds of many investors retail stocks rose for the fiscal year.
In the third quarter of 2022, the S&P Retail Select Industry Index returned 2.4% for the quarter. After rallying early in the quarter, risk assets declined in the back half of August as central bank hawkishness driven by stubbornly high inflation frightened investors. The central bank had been looking to bring down inflation, which was running near its highest levels since the early 1980s. The U.S. Federal Reserve (the “Fed”) repeatedly stated that it is committed to slowing the economy to bring inflation down to its 2% target. Hotter August core CPI data underpinned the Fed’s hawkishness and further support came from a tight labor market.
For the fourth quarter of 2022, riding on the gains of October and November, the S&P Retail Select Industry Index returned 8.0% for the quarter. In November, the Fed raised the short-term borrowing rate by 75 bps. However, after four consecutive rate hikes of 75 bps during the year, the central bank raised the borrowing rate by 50 bps to a range of 4.25% to 4.50%. The Fed’s rate hike policy reflected the cooling year-on-year US CPI during October and November, after the record high achieved in June 2022. During the quarter, there were also signs of downward pressure on housing rent as well as nominal wage growth.
In January, stock markets in the U.S. rallied amid optimism that global central banks, led by the Fed, might halt interest rate hike and perhaps may even cut rates by the end of the year. But stronger-than-expected economic data in February dashed those hopes. In March, markets were tested amid a brewing banking crisis in the U.S., which caused investors to flee to safer assets. But by the end of the month, those fears eased. The Fed raised its benchmark federal-funds rate twice during the quarter, each time by 0.25 percentage points. The rate finished the quarter at a range of 4.75%5.00%, its highest since 2007. The S&P Global U.S. Manufacturing PMI came in at 49.2 in March 2023, broadly in line with the earlier released ’flash’ estimate of 49.3 and above February’s 47.3. The S&P Retail Select Industry Index rose 5.2% for Q1 2023.
During the second quarter of 2023, the U.S. saw a decline in inflation from 4.9% to 4%, mainly attributed to favorable base effects from oil prices. Additionally, there were expectations in the market that U.S. inflation may be able to moderate without giving rise to unemployment. The Fed raised its benchmark federal-funds rate once during the quarter by 0.25 percentage points, finishing the quarter at 5.00%5.25% range. In June, the Fed decided against what would have been an 11th consecutive interest rate increase and went for a hawkish pause. For Q2 2023, the S&P Retail Select Industry Index rose 0.9%.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Carvana Co., Abercrombie & Fitch Co., and Urban Outfitters, Inc. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were ContextLogic, Inc., Xometry, Inc., and Big Lots, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR S&P Retail ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Retail Select Industry Index   Net
Asset
Value
Market
Value
S&P Retail Select Industry Index
ONE YEAR 12.17% 12.07% 11.85%   12.17% 12.07% 11.85%
FIVE YEARS 42.64% 42.69% 42.33%   7.36% 7.37% 7.31%
TEN YEARS 91.96% 91.89% 93.07%   6.74% 6.73% 6.80%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S&P Retail 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR S&P Retail ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Carvana Co. 1.8%  
  Lithia Motors, Inc. 1.6  
  Boot Barn Holdings, Inc. 1.5  
  AutoNation, Inc. 1.5  
  Casey's General Stores, Inc. 1.5  
  Penske Automotive Group, Inc. 1.5  
  Ulta Beauty, Inc. 1.5  
  Dollar General Corp. 1.5  
  Advance Auto Parts, Inc. 1.4  
  Abercrombie & Fitch Co. Class A 1.4  
  TOTAL 15.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Other Specialty Retail 23.0%  
  Automotive Retail 22.4  
  Apparel Retail 21.7  
  Broadline Retail 10.5  
  Consumer Staples Merchandise Retail 9.0  
  Food Retail 8.2  
  Computer & Electronics Retail 3.9  
  Drug Retail 1.2  
  Short-Term Investments 5.7  
  Liabilities in Excess of Other Assets (5.6)  
  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.
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SPDR S&P Semiconductor ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Semiconductor ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the semiconductor segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Semiconductor Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 46.40%, and the Index was 46.90%. 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. Cash, security misweights, transaction costs, securities lending and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
The Semiconductor Industry started off the first quarter of the Reporting Period pretty flat due to concerns over rising inflation, continued global monetary tightening and geopolitical tensions most notable being the ongoing war in Ukraine. Fortunately, the final quarter of 2022 showed signs that inflation could be cooling which slightly lifted market spirits and an Index return of over 10%. Despite the easing of social restrictions due to COVID-19, many employees continued to work remotely at higher levels than pre pandemic. As a result, increased demand for cloud-based solutions, video communications software and high-end smartphones continued.
With semiconductor manufacturing becoming even more vital to the modern economy, many companies, both foreign and domestic vowed to increase manufacturing substantially in the U.S. This commitment is key to a successful phase of global economic growth as semiconductors are an essential part of electronic devices, enabling advances in communications, computing, healthcare, transportation, military systems and clean energy. Positive results were quickly realized for the Index with returns over 30% during the second half of the Reporting Period. In the end, the Index managed to finish the full Reporting Period with returns more than double that of the standard S&P 500 Index.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Rambus, Inc., Firsto Solar, Inc., and NVIDIA Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Semtech Corp., Meta Materials, Inc., and Synaptics, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR S&P Semiconductor ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Semiconductor Select Industry Index   Net
Asset
Value
Market
Value
S&P Semiconductor Select Industry Index
ONE YEAR 46.40% 46.34% 46.90%   46.40% 46.34% 46.90%
FIVE YEARS 213.35% 213.39% 217.82%   25.66% 25.67% 26.02%
TEN YEARS 776.42% 776.58% 800.17%   24.24% 24.25% 24.58%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Semiconductor 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Semiconductor ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Lattice Semiconductor Corp. 3.2%  
  Semtech Corp. 3.2  
  Allegro MicroSystems, Inc. 3.1  
  Microchip Technology, Inc. 3.0  
  NXP Semiconductors NV 2.9  
  MACOM Technology Solutions Holdings, Inc. 2.9  
  NVIDIA Corp. 2.9  
  MaxLinear, Inc. 2.9  
  Broadcom, Inc. 2.9  
  Monolithic Power Systems, Inc. 2.8  
  TOTAL 29.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Semiconductors 100.0%  
  Short-Term Investments 3.3  
  Liabilities in Excess of Other Assets (3.3)  
  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.
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SPDR S&P Software & Services ETF 
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Software & Services ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the computer software segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Software & Services Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.27%, and the Index was 20.41%. 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 cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the Fed, as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful. The Fund’s Index returned +20.41% for the Reporting Period under review, which bested the U.S. Total Market Index, which returned +18.90%. The Fund and Index have a ~95% allocation to the Information Technology sector, which performed strongly, particularly in the 2nd half of the Reporting Period under review, as detailed below.
The Fund generated positive returns in 3 of the 4 quarters under review, however the quarter ending September 30, 2022 was the outlier. The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the U.S. Federal Reserve (the “Fed”) was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the quarter ending December 30th. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
The quarter ending March 31 2023, was the Funds strongest as it generated double digit returns. As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related. During the quarter, the Technology sector was the leader.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period. During the final quarter under review, the Technology sector was once again the leader.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Marathon Digital Holdings, Inc., Riot Platforms, Inc., and Marathon Digital Holdings Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were LivePerson, Inc., Unisys Corporation, and Expensify, Inc. Class A.
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.
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Table of Contents
SPDR S&P Software & Services ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Software & Services Select Industry Index   Net
Asset
Value
Market
Value
S&P Software & Services Select Industry Index
ONE YEAR 20.27% 20.22% 20.41%   20.27% 20.22% 20.41%
FIVE YEARS 66.57% 66.26% 68.74%   10.74% 10.70% 11.03%
TEN YEARS 286.83% 286.62% 296.77%   14.49% 14.48% 14.78%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Software & Services 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, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Software & Services ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Marathon Digital Holdings, Inc. 1.0%  
  nCino, Inc. 0.8  
  MicroStrategy, Inc. Class A 0.8  
  Unity Software, Inc. 0.8  
  Palo Alto Networks, Inc. 0.8  
  LiveRamp Holdings, Inc. 0.8  
  Riot Platforms, Inc. 0.8  
  Alteryx, Inc. Class A 0.7  
  AppLovin Corp. Class A 0.7  
  Ebix, Inc. 0.7  
  TOTAL 7.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Application Software 68.8%  
  Systems Software 18.9  
  IT Consulting & Other Services 7.3  
  Interactive Home Entertainment 4.4  
  Diversified Support Services 0.5  
  Short-Term Investments 5.3  
  Liabilities in Excess of Other Assets (5.2)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR S&P Telecom ETF  
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Telecom ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the telecommunications segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Telecom Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 0.52%, and the Index was 0.73%. 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, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
The Index posted a lackluster fiscal year return that pales in comparison to that of the broader S&P 500 Index. While Telecom has shown resilience given the recent economic and global headwinds, the Index underperformed the broader index every quarter of the fiscal year. The difficult economic environment combined with high inflationary customer pressures along with the need to increase operating costs makes for a challenging business environment.
Performance was muted during the first half of the fiscal year as the economy muddled through a relatively challenging macro environment. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.
Despite the second half of the fiscal year seeing a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Economic activity was generally better than anticipated during this period and inflation showed further waning signs. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Arista Networks, Inc., Extreme Networks, Inc., and Calix, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Ubiquiiti Inc., Telephone and Data Systems Inc., and Lumen Technologies, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes t