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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Table of Contents
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 to financial statements.
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Table of Contents
SPDR S&P Telecom ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Telecom Select Industry Index   Net
Asset
Value
Market
Value
S&P Telecom Select Industry Index
ONE YEAR 0.52% 0.45% 0.73%   0.52% 0.45% 0.73%
FIVE YEARS 13.14% 13.05% 14.43%   2.50% 2.48% 2.73%
TEN YEARS 80.31% 80.19% 82.09%   6.07% 6.07% 6.18%
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 Telecom 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 Telecom ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Lumen Technologies, Inc. 4.2%  
  Viavi Solutions, Inc. 3.8  
  Extreme Networks, Inc. 3.8  
  Frontier Communications Parent, Inc. 3.7  
  Lumentum Holdings, Inc. 3.7  
  Telephone & Data Systems, Inc. 3.6  
  CommScope Holding Co., Inc. 3.6  
  T-Mobile U.S., Inc. 3.6  
  Motorola Solutions, Inc. 3.5  
  Verizon Communications, Inc. 3.5  
  TOTAL 37.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Communications Equipment 58.3%  
  Diversified Telecommunication Services 32.8  
  Wireless Telecommunication Services 8.8  
  Short-Term Investments 7.1  
  Liabilities in Excess of Other Assets (7.0)  
  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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SPDR S&P Transportation ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Transportation 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 transportation segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Transportation Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 24.53%, and the Index was 24.83%. 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 transportation space is generally considered an indicator of economic health and while U.S. equity investors have enjoyed strong returns over the past fiscal year, with the Index outpaced the S&P 500, S&P 400 and S&P 600 with an impressive 24.83% return. The Index was positively impacted by post pandemic improvements which boded well for this industry as there has been an uptick in retail and manufacturing goods along with improvements in global economic conditions and favorable pricing.
From a macroeconomic perspective, last year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The Federal Reserve (the “Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.
At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors, although we believe this risk will moderate over the coming 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 on an absolute basis during the Reporting Period were XPO. Inc., SkyWest, Inc., and Joby Aviation, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Spirit Airlines, Inc., Air Transport Services Group, Inc., and Tu Simple Holdings, 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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SPDR S&P Transportation ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Transportation Select Industry Index   Net
Asset
Value
Market
Value
S&P Transportation Select Industry Index
ONE YEAR 24.53% 24.52% 24.83%   24.53% 24.52% 24.83%
FIVE YEARS 39.63% 39.69% 41.85%   6.90% 6.91% 7.24%
TEN YEARS 175.36% 175.44% 184.39%   10.66% 10.66% 11.02%
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 Transportation 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 Transportation ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Joby Aviation, Inc. 2.8%  
  XPO, Inc. 2.6  
  Delta Air Lines, Inc. 2.6  
  Old Dominion Freight Line, Inc. 2.5  
  SkyWest, Inc. 2.5  
  JetBlue Airways Corp. 2.5  
  Avis Budget Group, Inc. 2.5  
  Southwest Airlines Co. 2.5  
  ArcBest Corp. 2.5  
  Saia, Inc. 2.4  
  TOTAL 25.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Passenger Airlines 29.8%  
  Cargo Ground Transportation 28.7  
  Air Freight & Logistics 17.1  
  Passenger Ground Transportation 8.9  
  Marine Transportation 8.8  
  Rail Transportation 6.6  
  Short-Term Investments 3.5  
  Liabilities in Excess of Other Assets (3.4)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender
Diversity Index ETF)
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR MSCI USA Gender Diversity 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 U.S. large- and mid-cap companies exhibiting certain gender diversity and diversity management characteristics. The Fund’s benchmark is the MSCI USA Gender Diversity Select Index (the “Index”).**
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 18.02% and the Index was 18.24%**. 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.
Performance was muted during the first half of the fiscal year as the economy muddled through a relatively challenging macro environment. The Index, which consists of U.S. large cap companies, advanced almost 5% over the same period. Inflation continued to be generally well above the desired level by many Central Banks which 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 U.S. markets. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.
The second half of the fiscal year showed more momentum as the Index advanced over 12%. Despite being beset by 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, inflation showed further signs of waning and the U.S. Federal Reserve (the “Fed”) paused rate hikes in June.
Communication Services, led by Meta Platforms, was the top performing sector over the Reporting Period. The stock moved higher as the use of technology and artificial intelligence (AI) helped boost the firm’s revenues. Intel Corp, classified in the information technology sector, was one of the worst performing stocks in the Index. The unfavorable market conditions resulted in weak demand for semiconductor companies and earnings fell below expectations which resulted in a dividend cut. Hit hard by increasing interest rates and cost of capital, real estate was one of the worst performing sectors.
The Fund used index equity futures in order to equitize dividend receivables and cash during the Reporting Period. The Fund’s use of futures helped the Fund 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 Meta Platforms Inc, Netflix, Inc. and Microsoft Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Intel Corp, Salesforce, Inc. and Atlassian 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.
* Effective December 8, 2022, the Fund's name changed from the SPDR SSGA Gender Diversity Index ETF to the SPDR MSCI USA Gender Diversity ETF.
** Effective December 8, 2022, the Fund's benchmark changed from the SSGA Gender Diversity Index to the MSCI USA Gender Diversity Select Index. The MSCI USA Gender Diversity Select Index reflects linked performance returns of both the MSCI USA Gender Diversity Select Index and the SSGA Gender Diversity Index. The Index returns are reflective of the SSGA Gender Diversity Index until 12/8/2022 and of the MSCI USA Gender Diversity Select Index effective 12/8/2022.
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender
Diversity Index ETF)
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
MSCI USA Gender Diversity Select Index(2)   Net
Asset
Value(1)
Market
Value(1)
MSCI USA Gender Diversity Select Index(2)
ONE YEAR 18.02% 17.84% 18.24%   18.02% 17.84% 18.24%
FIVE YEARS 38.85% 38.68% 39.78%   6.78% 6.76% 6.93%
SINCE INCEPTION(3) 89.35% 89.24% 91.60%   9.12% 9.11% 9.30%
(1) Effective December 8, 2022, the Fund’s benchmark index changed from the SSGA Gender Diversity Index to the MSCI USA Gender Diversity Select Index. The Fund’s performance in the table above and the graph below is based on the Fund’s prior investment strategy to track a different benchmark index for the period prior to December 8, 2022.
(2) The MSCI USA Gender Diversity Select Index reflects linked performance returns of both the MSCI USA Gender Diversity Select Index and the SSGA Gender Diversity Index. The index returns are reflective of the SSGA Gender Diversity Index from fund inception until 12/08/2022 and of the MSCI USA Gender Diversity Select Index effective 12/08/2022.
(3) For the period March 7, 2016 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/7/16, 3/8/16, 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 MSCI USA Gender Diversity 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 MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender
Diversity Index ETF)
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Amazon.com, Inc. 4.8%  
  Apple, Inc. 4.8  
  Microsoft Corp. 4.6  
  Accenture PLC Class A 4.5  
  Cisco Systems, Inc. 4.3  
  Meta Platforms, Inc. Class A 3.6  
  Intuit, Inc. 2.9  
  UnitedHealth Group, Inc. 2.2  
  ServiceNow, Inc. 2.1  
  Johnson & Johnson 2.1  
  TOTAL 35.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Information Technology 27.4%  
  Health Care 13.4  
  Financials 12.4  
  Consumer Discretionary 10.6  
  Industrials 9.0  
  Communication Services 9.0  
  Consumer Staples 6.3  
  Energy 4.2  
  Materials 2.5  
  Utilities 2.5  
  Real Estate 2.5  
  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 ICE Preferred Securities ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
SPDR ICE Preferred Securities ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of preferred securities that are non-convertible. The Fund’s benchmark is the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 0.50%, and the Index was 0.28%. 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. Fees, security misweights, compounding, lending and cash drag contributed to the difference between the Fund’s performance and that of the Index.
Preferred stocks are less volatile than common stocks and offer a higher yield with a preference over common stock shareholders in receiving dividends. A hybrid between traditional equities and bonds, preferred stocks provide unique benefits in any market climate. Over the 12-month Reporting Period, the Fund posted negative returns in seven of the months. The net effect was relative flat, though, as the 1 year return for the Fund was 0.50%. Banks (7.7%) contributed most to the negative performance, as it was the only negative performing industry. The best performing industry was Utilities (5.8%), followed by REITs (4.7%).
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: Citigroup Capital XII Tr Pfd Secs, Southern Co 4.95% Notes, Southern Co 4.2% Notes. The top negative contributors to the Fund’s performance during the Reporting Period were: First Republic Bank Depository Shs Series N, First Republic Bank Depository Shs Series L, and First Republic Bank Depository Shs Series M.
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 ICE Preferred Securities ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index(2)   Net
Asset
Value(1)
Market
Value(1)
ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index(2)
ONE YEAR (0.50)% (0.81)% (0.28)%   (0.50)% (0.81)% (0.28)%
FIVE YEARS 2.55% 2.07% 3.95%   0.50% 0.41% 0.78%
TEN YEARS 35.64% 35.57% 39.37%   3.10% 3.09% 3.38%
(1) Effective May 1, 2021, the Fund changed its investment strategy and its benchmark index to the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index. The Fund’s performance in the table above and the line graph below is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2021.
(2) The ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index inception date is May 1, 2021. Index returns in the table above and the line graph below represent the Fund’s prior benchmark index from June 30, 2011 until May 1, 2021 and the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index from May 1, 2021 through June 30, 2023.
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 ICE Preferred Securities 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 ICE Preferred Securities ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Citigroup Capital XIII
11.64% 10/30/2040
3.9%  
  AT&T, Inc.
5.35% 11/1/2066
1.9  
  Capital One Financial Corp.
5.00% 12/1/2024
1.8  
  Allstate Corp.
5.10% 10/15/2024
1.5  
  Duke Energy Corp.
5.75% 6/15/2024
1.5  
  Southern Co.
4.95% 1/30/2080
1.4  
  Capital One Financial Corp.
4.80% 6/1/2025
1.4  
  MetLife, Inc.
4.75% 3/15/2025
1.3  
  AT&T, Inc.
5.63% 8/1/2067
1.3  
  MetLife, Inc.
5.63% 7/31/2023
1.2  
  TOTAL 17.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Financials 74.3%  
  Utilities 15.9  
  Real Estate 5.6  
  Communication Services 3.2  
  Short-Term Investments 4.8  
  Liabilities in Excess of Other Assets (3.8)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR FACTSET INNOVATIVE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
COMMUNICATIONS EQUIPMENT — 0.8%  
Clearfield, Inc. (a)  (b)

  7,624   $ 360,996
Ubiquiti, Inc. (b)

  2,818   495,264
          856,260
CONSUMER FINANCE — 1.6%  
Upstart Holdings, Inc. (a)  (b)

  46,010   1,647,618
DIVERSIFIED CONSUMER SERVICES — 1.6%  
Duolingo, Inc. (a)

  11,391   1,628,230
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.0%  
Avnet, Inc.

  18,356   926,060
PAR Technology Corp. (a)  (b)

  34,400   1,132,792
          2,058,852
ENTERTAINMENT — 7.4%  
Electronic Arts, Inc.

  6,332   821,260
IMAX Corp. (a)

  47,541   807,722
iQIYI, Inc. ADR (a)

  214,299   1,144,357
Netflix, Inc. (a)

  2,494   1,098,582
ROBLOX Corp. Class A (a)

  24,836   1,000,891
Roku, Inc. (a)

  15,183   971,105
Spotify Technology SA (a)

  10,117   1,624,284
          7,468,201
FINANCIAL SERVICES — 0.9%  
Toast, Inc. Class A (a)  (b)

  40,753   919,795
HEALTH CARE TECHNOLOGY — 6.8%  
American Well Corp. Class A (a)

  240,548   505,151
Definitive Healthcare Corp. (a)  (b)

  62,869   691,559
Doximity, Inc. Class A (a)  (b)

  22,126   752,726
Health Catalyst, Inc. (a)

  72,333   904,162
Phreesia, Inc. (a)

  25,408   787,902
Schrodinger, Inc. (a)  (b)

  47,700   2,381,184
Veeva Systems, Inc. Class A (a)

  4,594   908,372
          6,931,056
INTERACTIVE MEDIA & SERVICES — 6.5%  
JOYY, Inc. ADR

  22,596   693,923
Kanzhun Ltd. ADR (a)

  39,164   589,418
Meta Platforms, Inc. Class A (a)

  6,828   1,959,499
Pinterest, Inc. Class A (a)

  33,940   927,920
Vimeo, Inc. (a)

  209,198   861,896
Yandex NV Class A (a)  (c)

  41,307  
ZipRecruiter, Inc. Class A (a)  (b)

  48,713   865,143
ZoomInfo Technologies, Inc. (a)

  26,998   685,479
          6,583,278
IT SERVICES — 11.6%  
Accenture PLC Class A

  2,760   851,681
Chindata Group Holdings Ltd. ADR (a)

  100,300   718,148
Endava PLC ADR (a)

  9,925   514,016
EPAM Systems, Inc. (a)

  2,304   517,824
Fastly, Inc. Class A (a)

  82,476   1,300,646
Globant SA (a)

  4,508   810,178
Security Description     Shares   Value
Kingsoft Cloud Holdings Ltd. ADR (a)  (b)

  243,343   $ 1,484,392
MongoDB, Inc. (a)

  4,128   1,696,567
Okta, Inc. (a)

  12,242   848,983
Perficient, Inc. (a)

  10,840   903,297
Thoughtworks Holding, Inc. (a)

  83,028   626,861
Twilio, Inc. Class A (a)

  17,221   1,095,600
Vnet Group, Inc. ADR (a)  (b)

  152,033   440,896
          11,809,089
MEDIA — 4.2%  
Magnite, Inc. (a)

  70,931   968,208
Perion Network Ltd. (a)  (b)

  30,372   931,509
PubMatic, Inc. Class A (a)

  58,636   1,071,866
Trade Desk, Inc. Class A (a)

  16,422   1,268,107
          4,239,690
PROFESSIONAL SERVICES — 3.5%  
Clarivate PLC (a)  (b)

  87,360   832,541
Concentrix Corp.

  6,432   519,384
Fiverr International Ltd. (a)  (b)

  25,401   660,680
SS&C Technologies Holdings, Inc.

  15,230   922,938
Upwork, Inc. (a)

  69,932   653,165
          3,588,708
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.5%  
Opendoor Technologies, Inc. (a)  (b)

  604,341   2,429,451
Zillow Group, Inc. Class C (a)

  22,387   1,125,170
          3,554,621
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 15.0%  
Advanced Micro Devices, Inc. (a)

  11,425   1,301,422
Aehr Test Systems (a)  (b)

  32,316   1,333,035
Cohu, Inc. (a)

  22,548   937,095
Himax Technologies, Inc. ADR (b)

  110,184   743,742
KLA Corp.

  2,048   993,321
Kulicke & Soffa Industries, Inc.

  16,716   993,766
MaxLinear, Inc. (a)

  22,424   707,702
Monolithic Power Systems, Inc.

  2,004   1,082,621
Nova Ltd. (a)  (b)

  9,248   1,084,790
NVIDIA Corp.

  4,666   1,973,811
Onto Innovation, Inc. (a)

  10,297   1,199,292
Power Integrations, Inc.

  10,384   983,053
SiTime Corp. (a)

  7,724   911,200
Teradyne, Inc.

  8,536   950,313
          15,195,163
SOFTWARE — 32.2%  
Adobe, Inc. (a)

  2,404   1,175,532
Amplitude, Inc. Class A (a)

  63,244   695,684
AppLovin Corp. Class A (a)

  75,874   1,952,238
Asana, Inc. Class A (a)

  54,335   1,197,543
Braze, Inc. Class A (a)

  29,557   1,294,301
Check Point Software Technologies Ltd. (a)

  6,058   761,006
 
See accompanying notes to financial statements.
63


Table of Contents
SPDR FACTSET INNOVATIVE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Crowdstrike Holdings, Inc. Class A (a)

  6,855   $ 1,006,794
CyberArk Software Ltd. (a)

  5,791   905,307
Datadog, Inc. Class A (a)

  10,546   1,037,515
Digital Turbine, Inc. (a)

  47,914   444,642
DocuSign, Inc. (a)

  15,933   814,017
DoubleVerify Holdings, Inc. (a)

  32,216   1,253,847
Dynatrace, Inc. (a)

  21,276   1,095,076
Fortinet, Inc. (a)

  15,024   1,135,664
Gitlab, Inc. Class A (a)  (b)

  16,972   867,439
HashiCorp, Inc. Class A (a)

  26,621   696,938
Jamf Holding Corp. (a)

  36,348   709,513
LiveRamp Holdings, Inc. (a)

  35,329   1,008,996
Monday.com Ltd. (a)

  7,147   1,223,709
nCino, Inc. (a)

  30,939   931,883
Olo, Inc. Class A (a)

  115,227   744,366
PagerDuty, Inc. (a)

  33,099   744,066
Q2 Holdings, Inc. (a)

  30,011   927,340
Qualys, Inc. (a)

  6,616   854,589
Rapid7, Inc. (a)

  23,967   1,085,226
Samsara, Inc. Class A (a)

  60,285   1,670,497
SentinelOne, Inc. Class A (a)

  51,189   772,954
Smartsheet, Inc. Class A (a)

  21,084   806,674
Tenable Holdings, Inc. (a)

  20,614   897,740
Tyler Technologies, Inc. (a)

  2,404   1,001,194
UiPath, Inc. Class A (a)  (b)

  60,704   1,005,865
Varonis Systems, Inc. (a)

  37,025   986,716
Zscaler, Inc. (a)

  6,723   983,575
          32,688,446
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.3%  
Super Micro Computer, Inc. (a)

  9,348   2,329,989
TOTAL COMMON STOCKS

(Cost $122,970,118)

        101,498,996
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 10.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  65,466   $ 65,479
State Street Navigator Securities Lending Portfolio II (f)  (g)

  10,188,413   10,188,413
TOTAL SHORT-TERM INVESTMENTS

(Cost $10,253,892)

  10,253,892  
TOTAL INVESTMENTS — 110.0%

(Cost $133,224,010)

  111,752,888  
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.0)%

  (10,137,994)  
NET ASSETS — 100.0%

  $ 101,614,894  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $101,498,996   $—   $ 0(a)   $101,498,996
Short-Term Investments

  10,253,892       10,253,892
TOTAL INVESTMENTS

  $ 111,752,888   $—   $ 0   $ 111,752,888
(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2023.
See accompanying notes to financial statements.
64


Table of Contents
SPDR FACTSET INNOVATIVE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

182,667   $ 182,649   $ 5,322,998   $ 5,440,205   $37   $—   65,466   $ 65,479   $ 3,487
State Street Navigator Securities Lending Portfolio II

10,604,316   10,604,316   77,813,226   78,229,129       10,188,413   10,188,413   286,878
Total

    $10,786,965   $83,136,224   $83,669,334   $37   $—       $10,253,892   $290,365
See accompanying notes to financial statements.
65


Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.3%        
AUSTRALIA — 1.8%  
BHP Group Ltd.

    33,723   $ 1,009,923
National Australia Bank Ltd.

    43,031   755,331
Rio Tinto PLC

    15,607   989,221
          2,754,475
BELGIUM — 0.7%  
Anheuser-Busch InBev SA

    17,684   999,969
BRAZIL — 0.6%  
Petroleo Brasileiro SA Preference Shares

    94,154   576,361
Petroleo Brasileiro SA Preference Shares ADR

    24,099   298,105
          874,466
CANADA — 0.9%  
Nutrien Ltd. (a)

    9,287   548,903
Royal Bank of Canada (a)

    8,977   858,319
          1,407,222
CHINA — 4.0%  
Alibaba Group Holding Ltd. ADR (b)

    9,504   792,158
China Construction Bank Corp. Class H (b)

    1,439,288   931,168
China Petroleum & Chemical Corp. Class H

    1,948,147   1,141,055
Industrial & Commercial Bank of China Ltd. Class H

    1,762,110   939,900
PetroChina Co. Ltd. Class H

    1,960,458   1,355,905
Tencent Holdings Ltd.

    22,206   939,631
          6,099,817
DENMARK — 0.6%  
Vestas Wind Systems AS (b)

    35,717   949,648
FINLAND — 0.6%  
Sampo Oyj Class A

    19,052   854,709
FRANCE — 6.7%  
Air Liquide SA

    7,118   1,275,135
BNP Paribas SA

    17,971   1,131,679
Carrefour SA

    52,966   1,002,875
Cie de Saint-Gobain

    21,083   1,281,877
Engie SA

    68,469   1,137,527
LVMH Moet Hennessy Louis Vuitton SE

    1,341   1,262,596
Societe Generale SA

    36,855   956,970
TotalEnergies SE

    17,551   1,006,235
Vinci SA

    9,280   1,077,042
          10,131,936
GERMANY — 5.6%  
Allianz SE

    5,185   1,206,038
BASF SE

    20,118   976,061
Deutsche Bank AG

    97,940   1,027,708
E.ON SE

    96,258   1,226,604
Mercedes-Benz Group AG

    15,520   1,247,404
Security Description     Shares   Value
SAP SE

    10,104   $ 1,379,477
Siemens AG

    8,333   1,386,788
          8,450,080
HONG KONG — 0.5%  
CLP Holdings Ltd.

    105,827   822,406
INDIA — 1.0%  
Infosys Ltd. ADR (a)

    45,933   738,143
Reliance Industries Ltd.

    23,839   741,080
Reliance Industries Ltd. GDR (c)

    1,423   88,653
          1,567,876
ITALY — 2.1%  
Assicurazioni Generali SpA

    58,513   1,188,658
UniCredit SpA

    83,888   1,946,212
          3,134,870
JAPAN — 11.0%  
Bridgestone Corp. (a)

    23,367   952,561
Canon, Inc. (a)

    37,781   990,694
Honda Motor Co. Ltd.

    33,505   1,006,297
Komatsu Ltd.

    43,147   1,158,567
Mitsubishi Corp.

    28,180   1,351,143
Mitsubishi UFJ Financial Group, Inc.

    171,848   1,266,255
Mitsui & Co. Ltd.

    38,473   1,440,325
Mizuho Financial Group, Inc.

    76,022   1,156,622
Nippon Steel Corp. (a)

    54,618   1,135,175
Panasonic Holdings Corp.

    111,464   1,352,282
Seven & i Holdings Co. Ltd.

    21,384   918,032
SoftBank Group Corp.

    22,456   1,052,302
Sony Group Corp.

    11,396   1,022,238
Takeda Pharmaceutical Co. Ltd.

    32,001   1,002,308
Toyota Motor Corp.

    59,300   947,134
          16,751,935
LUXEMBOURG — 0.7%  
ArcelorMittal SA

    38,139   1,037,329
MEXICO — 0.7%  
America Movil SAB de CV

    1,043,115   1,131,275
NETHERLANDS — 0.7%  
Shell PLC (d)

    5,720   170,350
Shell PLC (a)(d)

    27,094   815,696
          986,046
RUSSIA — 0.0%  
Gazprom PJSC ADR (b)(e)

    78,668  
SOUTH AFRICA — 1.8%  
Anglo American PLC

    25,919   735,821
MTN Group Ltd.

    113,449   829,642
Naspers Ltd. Class N

    6,090   1,095,741
          2,661,204
SOUTH KOREA — 0.8%  
Samsung Electronics Co. Ltd.

    7,155   392,055
 
See accompanying notes to financial statements.
66


Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Samsung Electronics Co. Ltd. GDR

    579   $ 802,494
          1,194,549
SPAIN — 2.3%  
Banco Bilbao Vizcaya Argentaria SA

    180,295   1,383,208
Banco Santander SA

    345,090   1,274,430
Telefonica SA

    221,289   897,140
          3,554,778
SWEDEN — 0.4%  
Telefonaktiebolaget LM Ericsson Class B

    117,341   634,543
SWITZERLAND — 2.2%  
ABB Ltd.

    31,937   1,255,847
Novartis AG

    10,645   1,070,866
UBS Group AG

    53,368   1,079,410
          3,406,123
TAIWAN — 0.7%  
Taiwan Semiconductor Manufacturing Co. Ltd. ADR

    10,217   1,031,100
UNITED KINGDOM — 4.5%  
AstraZeneca PLC

    7,222   1,035,328
BAE Systems PLC

    96,285   1,134,759
BP PLC

    168,259   980,485
HSBC Holdings PLC

    143,840   1,136,910
National Grid PLC

    72,066   953,318
Tesco PLC

    316,183   998,517
Vodafone Group PLC

    699,230   657,569
          6,896,886
UNITED STATES — 48.4%  
3M Co.

    7,173   717,946
Abbott Laboratories

    8,127   886,006
Accenture PLC Class A

    3,017   930,986
Adobe, Inc. (b)

    2,194   1,072,844
Alphabet, Inc. Class A (b)

    4,174   499,628
Alphabet, Inc. Class C (b)

    3,747   453,275
Amazon.com, Inc. (b)

    6,607   861,288
American Express Co.

    5,581   972,210
American International Group, Inc.

    15,933   916,785
Amgen, Inc.

    3,499   776,848
Apple, Inc.

    5,615   1,089,142
AT&T, Inc.

    51,886   827,582
Bank of America Corp.

    25,196   722,873
Bank of New York Mellon Corp.

    19,876   884,879
Baxter International, Inc.

    14,741   671,600
Berkshire Hathaway, Inc. Class B (b)

    3,071   1,047,211
Boeing Co. (b)

    5,549   1,171,727
Booking Holdings, Inc. (b)

    438   1,182,745
Carnival Corp. (b)

    84,480   1,590,758
Caterpillar, Inc.

    4,593   1,130,108
Chevron Corp.

    5,472   861,019
Security Description     Shares   Value
Cisco Systems, Inc.

    19,234   $ 995,167
Coca-Cola Co.

    14,050   846,091
Colgate-Palmolive Co.

    11,207   863,387
ConocoPhillips

    7,882   816,654
CVS Health Corp.

    8,623   596,108
Deere & Co.

    2,303   933,153
Duke Energy Corp.

    8,028   720,433
DuPont de Nemours, Inc.

    15,094   1,078,315
eBay, Inc.

    19,535   873,019
Exxon Mobil Corp.

    9,054   971,041
FedEx Corp.

    4,182   1,036,718
General Electric Co.

    15,315   1,682,353
Gilead Sciences, Inc.

    13,507   1,040,984
Goldman Sachs Group, Inc.

    2,575   830,540
GSK PLC

    56,246   993,109
Home Depot, Inc.

    2,912   904,584
Honeywell International, Inc.

    4,532   940,390
Howmet Aerospace, Inc.

    24,141   1,196,428
HP, Inc.

    31,036   953,116
Intel Corp.

    27,921   933,678
International Business Machines Corp.

    6,771   906,027
Johnson & Johnson

    5,354   886,194
JPMorgan Chase & Co.

    7,398   1,075,965
McDonald's Corp.

    3,371   1,005,940
Medtronic PLC

    9,817   864,878
Merck & Co., Inc.

    10,019   1,156,092
Meta Platforms, Inc. Class A (b)

    5,144   1,476,225
Microsoft Corp.

    3,302   1,124,463
Mondelez International, Inc. Class A

    14,312   1,043,917
Nestle SA

    7,573   910,808
Netflix, Inc. (b)

    3,697   1,628,492
NextEra Energy, Inc.

    9,795   726,789
NIKE, Inc. Class B

    7,887   870,488
NVIDIA Corp.

    6,087   2,574,923
PayPal Holdings, Inc. (b)

    9,050   603,906
Pfizer, Inc.

    18,328   672,271
Philip Morris International, Inc.

    9,023   880,825
Procter & Gamble Co.

    6,304   956,569
QUALCOMM, Inc.

    6,616   787,569
Raytheon Technologies Corp.

    10,018   981,363
Roche Holding AG

    2,603   795,753
Schlumberger NV

    22,224   1,091,643
Simon Property Group, Inc. REIT

    8,473   978,462
Southwest Airlines Co.

    22,973   831,852
Starbucks Corp.

    9,948   985,449
Tesla, Inc. (b)

    2,902   759,657
Travelers Cos., Inc.

    5,327   925,087
Union Pacific Corp.

    3,767   770,804
United Parcel Service, Inc. Class B

    4,372   783,681
UnitedHealth Group, Inc.

    1,666   800,746
Verizon Communications, Inc.

    20,751   771,730
Visa, Inc. Class A

    4,259   1,011,427
Walmart, Inc.

    6,388   1,004,066
 
See accompanying notes to financial statements.
67


Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Walt Disney Co. (b)

    7,593   $ 677,903
Wells Fargo & Co.

    19,371   826,754
Williams Cos., Inc.

    26,781   873,864
          73,495,310
TOTAL COMMON STOCKS

(Cost $125,870,198)

        150,828,552
       
SHORT-TERM INVESTMENTS — 1.1%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (f)(g)

230,562 230,562
State Street Navigator Securities Lending Portfolio II (h)(i)

1,344,508 1,344,508
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,575,070)

1,575,070
TOTAL INVESTMENTS — 100.4%

(Cost $127,445,268)

152,403,622
LIABILITIES IN EXCESS OF OTHER

ASSETS — (0.4)%

(548,664)
NET ASSETS — 100.0%

$ 151,854,958
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(b) Non-income producing security.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.1% of net assets as of June 30, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at June 30, 2023.
(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
68


Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
MSCI EAFE Index (long)   3   09/15/2023   $320,208   $323,325   $ 3,116
E-mini S&P 500 Index (long)   3   09/15/2023   652,051   673,238   21,187
                    $24,303
 
During the period ended June 30, 2023, average notional value related to futures contracts was $741,830.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $150,828,552   $—   $ 0(a)   $150,828,552
Short-Term Investments

  1,575,070       1,575,070
TOTAL INVESTMENTS

  $152,403,622   $—   $ 0   $152,403,622
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 24,303   $—   $—   $ 24,303
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 24,303   $—   $—   $ 24,303
(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2023.
Sector Breakdown as of June 30, 2023

   
    % of Net Assets
  Financials 19.0%
  Industrials 15.3
  Consumer Discretionary 12.3
  Information Technology 11.4
  Health Care 8.7
  Communication Services 7.8
  Energy 7.8
  Consumer Staples 6.9
  Materials 5.8
  Utilities 3.7
  Real Estate 0.6
  Short-Term Investments 1.1
  Liabilities in Excess of Other Assets (0.4)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
69


Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

66,021   $ 66,021   $ 6,551,085   $ 6,386,544   $—   $—   230,562   $ 230,562   $ 9,576
State Street Navigator Securities Lending Portfolio II

1,204,785   1,204,785   26,615,862   26,476,139       1,344,508   1,344,508   10,324
Total

    $1,270,806   $33,166,947   $32,862,683   $—   $—       $1,575,070   $19,900
See accompanying notes to financial statements.
70


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.4%  
Axon Enterprise, Inc. (a)

  41   $ 8,000
Boeing Co. (a)

  1,495   315,684
General Dynamics Corp.

  2,557   550,138
HEICO Corp.

  270   47,774
HEICO Corp. Class A

  486   68,332
Howmet Aerospace, Inc.

  3,090   153,140
Huntington Ingalls Industries, Inc.

  654   148,850
L3Harris Technologies, Inc.

  2,354   460,843
Lockheed Martin Corp.

  13,591   6,257,025
Northrop Grumman Corp.

  8,851   4,034,286
Raytheon Technologies Corp.

  17,377   1,702,251
Textron, Inc.

  3,486   235,758
TransDigm Group, Inc.

  108   96,570
          14,078,651
AIR FREIGHT & LOGISTICS — 1.3%  
CH Robinson Worldwide, Inc.

  25,397   2,396,207
Expeditors International of Washington, Inc.

  32,717   3,963,010
FedEx Corp.

  4,425   1,096,958
United Parcel Service, Inc. Class B

  31,302   5,610,883
          13,067,058
AUTOMOBILE COMPONENTS — 0.1%  
Aptiv PLC (a)

  2,520   257,267
BorgWarner, Inc.

  5,310   259,712
Lear Corp.

  1,484   213,028
          730,007
AUTOMOBILES — 0.7%  
Ford Motor Co.

  162,919   2,464,965
General Motors Co.

  78,891   3,042,037
Lucid Group, Inc. (a)  (b)

  390   2,687
Rivian Automotive, Inc. Class A (a)  (b)

  5,985   99,710
Tesla, Inc. (a)

  6,374   1,668,522
          7,277,921
BANKS — 4.0%  
Bank of America Corp.

  221,350   6,350,531
Bank of New York Mellon Corp.

  17,844   794,415
Citigroup, Inc.

  105,081   4,837,929
Citizens Financial Group, Inc.

  20,723   540,456
Fifth Third Bancorp

  20,454   536,099
First Citizens BancShares, Inc. Class A

  152   195,084
First Horizon Corp.

  114,658   1,292,196
Goldman Sachs Group, Inc.

  7,825   2,523,876
Huntington Bancshares, Inc.

  44,163   476,077
JPMorgan Chase & Co.

  60,215   8,757,670
KeyCorp

  38,271   353,624
M&T Bank Corp.

  4,838   598,751
Morgan Stanley

  21,021   1,795,193
Northern Trust Corp.

  3,464   256,821
PNC Financial Services Group, Inc.

  10,408   1,310,888
Security Description     Shares   Value
Regions Financial Corp.

  25,598   $ 456,156
State Street Corp. (c)

  7,894   577,683
Truist Financial Corp.

  53,447   1,622,116
U.S. Bancorp

  44,248   1,461,954
Webster Financial Corp.

  5,451   205,775
Wells Fargo & Co.

  105,345   4,496,125
          39,439,419
BEVERAGES — 2.6%  
Brown-Forman Corp. Class B

  9,280   619,718
Coca-Cola Co.

  126,366   7,609,761
Constellation Brands, Inc. Class A

  777   191,243
Keurig Dr Pepper, Inc.

  80,541   2,518,517
Molson Coors Beverage Co. Class B

  3,373   222,078
Monster Beverage Corp. (a)

  22,765   1,307,622
PepsiCo, Inc.

  69,863   12,940,025
          25,408,964
BIOTECHNOLOGY — 3.8%  
AbbVie, Inc.

  79,779   10,748,625
Alnylam Pharmaceuticals, Inc. (a)

  57   10,826
Amgen, Inc.

  11,686   2,594,526
Biogen, Inc. (a)

  1,385   394,517
BioMarin Pharmaceutical, Inc. (a)

  14,291   1,238,744
Exact Sciences Corp. (a)

  394   36,997
Gilead Sciences, Inc.

  65,424   5,042,228
Horizon Therapeutics PLC (a)

  17,461   1,795,864
Incyte Corp. (a)

  31,567   1,965,046
Moderna, Inc. (a)

  5,342   649,053
Neurocrine Biosciences, Inc. (a)

  9,738   918,293
Regeneron Pharmaceuticals, Inc. (a)

  6,774   4,867,390
Seagen, Inc. (a)

  9,766   1,879,564
United Therapeutics Corp. (a)

  1,887   416,555
Vertex Pharmaceuticals, Inc. (a)

  12,906   4,541,750
          37,099,978
BROADLINE RETAIL — 0.7%  
Amazon.com, Inc. (a)

  49,668   6,474,720
eBay, Inc.

  7,371   329,410
Etsy, Inc. (a)

  554   46,874
MercadoLibre, Inc. (a)

  53   62,784
          6,913,788
BUILDING PRODUCTS — 0.5%  
A.O. Smith Corp.

  784   57,060
Allegion PLC

  2,963   355,619
Builders FirstSource, Inc. (a)

  6,434   875,024
Carlisle Cos., Inc.

  333   85,424
Carrier Global Corp.

  31,709   1,576,254
Fortune Brands Innovations, Inc.

  1,641   118,070
Johnson Controls International PLC

  6,390   435,415
Lennox International, Inc.

  238   77,605
Masco Corp.

  2,122   121,760
Owens Corning

  1,452   189,486
 
See accompanying notes to financial statements.
71


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Trane Technologies PLC

  7,193   $ 1,375,733
          5,267,450
CAPITAL MARKETS — 2.0%  
Ameriprise Financial, Inc.

  4,672   1,551,851
Ares Management Corp. Class A

  486   46,826
BlackRock, Inc.

  5,048   3,488,875
Blackstone, Inc.

  4,392   408,324
Carlyle Group, Inc. (b)

  3,441   109,940
Cboe Global Markets, Inc.

  18,659   2,575,129
Charles Schwab Corp.

  13,307   754,241
CME Group, Inc.

  10,421   1,930,907
Coinbase Global, Inc. Class A (a)  (b)

  1,829   130,865
FactSet Research Systems, Inc.

  133   53,286
Franklin Resources, Inc.

  6,274   167,579
Intercontinental Exchange, Inc.

  18,513   2,093,450
Invesco Ltd.

  9,946   167,192
KKR & Co., Inc.

  5,031   281,736
LPL Financial Holdings, Inc.

  2,701   587,278
MarketAxess Holdings, Inc.

  2,095   547,675
Moody's Corp.

  4,647   1,615,855
MSCI, Inc.

  179   84,003
Nasdaq, Inc.

  2,670   133,099
Raymond James Financial, Inc.

  2,588   268,557
S&P Global, Inc.

  1,748   700,756
SEI Investments Co.

  4,232   252,312
T Rowe Price Group, Inc.

  8,627   966,396
Tradeweb Markets, Inc. Class A

  7,045   482,442
          19,398,574
CHEMICALS — 1.1%  
Air Products & Chemicals, Inc.

  4,940   1,479,678
Albemarle Corp.

  966   215,505
Celanese Corp.

  2,081   240,980
CF Industries Holdings, Inc.

  26,988   1,873,507
Corteva, Inc.

  32,319   1,851,879
Dow, Inc.

  16,361   871,387
DuPont de Nemours, Inc.

  7,474   533,942
Eastman Chemical Co.

  2,172   181,840
Ecolab, Inc.

  1,344   250,911
FMC Corp.

  1,114   116,235
International Flavors & Fragrances, Inc.

  2,750   218,872
Linde PLC

  3,375   1,286,145
LyondellBasell Industries NV Class A

  6,213   570,540
Mosaic Co.

  10,702   374,570
PPG Industries, Inc.

  2,219   329,078
RPM International, Inc.

  1,004   90,089
Sherwin-Williams Co.

  1,316   349,424
Westlake Corp.

  514   61,408
          10,895,990
COMMERCIAL SERVICES & SUPPLIES — 2.0%  
Cintas Corp.

  2,905   1,444,017
Copart, Inc. (a)

  13,123   1,196,949
Security Description     Shares   Value
Republic Services, Inc.

  33,688   $ 5,159,991
Rollins, Inc.

  35,347   1,513,912
Waste Connections, Inc.

  34,654   4,953,096
Waste Management, Inc.

  30,600   5,306,652
          19,574,617
COMMUNICATIONS EQUIPMENT — 2.1%  
Arista Networks, Inc. (a)

  8,213   1,330,999
Cisco Systems, Inc.

  244,063   12,627,820
F5, Inc. (a)

  447   65,378
Juniper Networks, Inc.

  57,607   1,804,827
Motorola Solutions, Inc.

  15,777   4,627,079
          20,456,103
CONSTRUCTION & ENGINEERING — 0.0% (d)  
AECOM

  1,666   141,093
Quanta Services, Inc.

  1,004   197,236
          338,329
CONSTRUCTION MATERIALS — 0.0% (d)  
Martin Marietta Materials, Inc.

  480   221,611
Vulcan Materials Co.

  875   197,260
          418,871
CONSUMER FINANCE — 0.4%  
Ally Financial, Inc.

  12,172   328,766
American Express Co.

  5,667   987,192
Capital One Financial Corp.

  13,701   1,498,478
Discover Financial Services

  5,098   595,701
Synchrony Financial

  14,687   498,183
          3,908,320
CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.2%  
Albertsons Cos., Inc. Class A

  13,738   299,763
Costco Wholesale Corp.

  15,407   8,294,821
Dollar General Corp.

  3,457   586,929
Dollar Tree, Inc. (a)

  2,091   300,059
Kroger Co.

  60,703   2,853,041
Sysco Corp.

  5,305   393,631
Target Corp.

  7,403   976,456
Walgreens Boots Alliance, Inc.

  33,975   967,948
Walmart, Inc.

  46,358   7,286,550
          21,959,198
CONTAINERS & PACKAGING — 0.4%  
Amcor PLC

  148,688   1,483,906
Avery Dennison Corp.

  2,740   470,732
Ball Corp.

  3,577   208,217
Crown Holdings, Inc.

  1,586   137,776
International Paper Co.

  16,943   538,957
Packaging Corp. of America

  6,677   882,433
Sealed Air Corp.

  1,479   59,160
Westrock Co.

  11,331   329,392
          4,110,573
DISTRIBUTORS — 0.1%  
Genuine Parts Co.

  1,115   188,691
LKQ Corp.

  3,815   222,300
 
See accompanying notes to financial statements.
72


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Pool Corp.

  1,529   $ 572,825
          983,816
DIVERSIFIED REITs — 0.0% (d)  
WP Carey, Inc. REIT

  1,417   95,733
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%  
AT&T, Inc.

  350,012   5,582,691
Liberty Global PLC Class A (a)

  5,150   86,829
Liberty Global PLC Class C (a)

  19,902   353,659
Verizon Communications, Inc.

  225,548   8,388,130
          14,411,309
ELECTRIC UTILITIES — 2.2%  
Alliant Energy Corp.

  8,002   419,945
American Electric Power Co., Inc.

  21,971   1,849,958
Constellation Energy Corp.

  3,696   338,369
Duke Energy Corp.

  59,084   5,302,198
Edison International

  6,303   437,743
Entergy Corp.

  2,986   290,747
Evergy, Inc.

  6,167   360,276
Eversource Energy

  13,534   959,831
Exelon Corp.

  14,845   604,785
FirstEnergy Corp.

  7,427   288,762
NextEra Energy, Inc.

  28,391   2,106,612
NRG Energy, Inc.

  8,949   334,603
PG&E Corp. (a)

  30,546   527,835
PPL Corp.

  9,714   257,033
Southern Co.

  60,674   4,262,349
Xcel Energy, Inc.

  51,226   3,184,720
          21,525,766
ELECTRICAL EQUIPMENT — 0.2%  
AMETEK, Inc.

  1,511   244,601
Eaton Corp. PLC

  2,649   532,714
Emerson Electric Co.

  5,182   468,401
Generac Holdings, Inc. (a)

  687   102,452
Hubbell, Inc.

  315   104,442
Rockwell Automation, Inc.

  563   185,480
Sensata Technologies Holding PLC

  1,713   77,068
          1,715,158
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.7%  
Amphenol Corp. Class A

  66,269   5,629,552
Arrow Electronics, Inc. (a)

  12,262   1,756,286
CDW Corp.

  4,851   890,158
Cognex Corp.

  5,846   327,493
Corning, Inc.

  35,143   1,231,411
Keysight Technologies, Inc. (a)

  24,391   4,084,273
TE Connectivity Ltd.

  4,712   660,434
Teledyne Technologies, Inc. (a)

  2,871   1,180,297
Trimble, Inc. (a)

  1,264   66,916
Zebra Technologies Corp. Class A (a)

  1,709   505,573
          16,332,393
ENERGY EQUIPMENT & SERVICES — 0.1%  
Baker Hughes Co.

  13,900   439,379
Security Description     Shares   Value
Halliburton Co.

  7,203   $ 237,627
Schlumberger NV

  9,677   475,334
          1,152,340
ENTERTAINMENT — 1.1%  
Activision Blizzard, Inc. (a)

  47,420   3,997,506
Electronic Arts, Inc.

  21,738   2,819,419
Liberty Media Corp.-Liberty Formula One Class C (a)

  1,234   92,896
Live Nation Entertainment, Inc. (a)

  410   37,355
Netflix, Inc. (a)

  2,973   1,309,577
ROBLOX Corp. Class A (a)

  261   10,518
Roku, Inc. (a)

  419   26,799
Take-Two Interactive Software, Inc. (a)

  1,059   155,842
Walt Disney Co. (a)

  17,036   1,520,974
Warner Bros Discovery, Inc. (a)

  101,490   1,272,685
          11,243,571
FINANCIAL SERVICES — 4.9%  
Apollo Global Management, Inc.

  4,201   322,679
Berkshire Hathaway, Inc. Class B (a)

  30,488   10,396,408
Block, Inc. (a)

  3,738   248,839
Equitable Holdings, Inc.

  6,204   168,501
Fidelity National Information Services, Inc.

  7,468   408,500
Fiserv, Inc. (a)

  17,841   2,250,642
FleetCor Technologies, Inc. (a)

  524   131,566
Global Payments, Inc.

  3,885   382,750
Jack Henry & Associates, Inc.

  14,674   2,455,400
Mastercard, Inc. Class A

  34,805   13,688,806
PayPal Holdings, Inc. (a)

  9,614   641,542
Toast, Inc. Class A (a)  (b)

  212   4,785
Visa, Inc. Class A

  69,782   16,571,829
          47,672,247
FOOD PRODUCTS — 2.2%  
Archer-Daniels-Midland Co.

  12,668   957,194
Bunge Ltd.

  5,717   539,399
Campbell Soup Co.

  19,208   877,998
Conagra Brands, Inc.

  7,403   249,629
Darling Ingredients, Inc. (a)

  1,362   86,882
General Mills, Inc.

  44,026   3,376,794
Hershey Co.

  21,358   5,333,093
Hormel Foods Corp.

  50,070   2,013,815
J M Smucker Co.

  7,582   1,119,634
Kellogg Co.

  47,173   3,179,460
Kraft Heinz Co.

  12,426   441,123
Lamb Weston Holdings, Inc.

  681   78,281
McCormick & Co., Inc.

  1,564   136,428
Mondelez International, Inc. Class A

  36,008   2,626,423
Tyson Foods, Inc. Class A

  11,898   607,274
          21,623,427
GAS UTILITIES — 0.0% (d)  
Atmos Energy Corp.

  1,310   152,405
 
See accompanying notes to financial statements.
73


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
UGI Corp.

  6,778   $ 182,803
          335,208
GROUND TRANSPORTATION — 0.9%  
CSX Corp.

  15,860   540,826
JB Hunt Transport Services, Inc.

  3,109   562,822
Knight-Swift Transportation Holdings, Inc.

  5,242   291,246
Norfolk Southern Corp.

  4,993   1,132,213
Old Dominion Freight Line, Inc.

  5,180   1,915,305
Uber Technologies, Inc. (a)

  3,544   152,994
U-Haul Holding Co.

  1,540   78,032
Union Pacific Corp.

  19,942   4,080,532
          8,753,970
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%  
Abbott Laboratories

  21,906   2,388,192
Align Technology, Inc. (a)

  428   151,358
Baxter International, Inc.

  9,338   425,439
Becton Dickinson & Co.

  11,796   3,114,262
Boston Scientific Corp. (a)

  6,150   332,653
Contra Abiomed, Inc. (a)

  36   37
Cooper Cos., Inc.

  486   186,347
DENTSPLY SIRONA, Inc.

  2,580   103,252
Dexcom, Inc. (a)

  480   61,685
Edwards Lifesciences Corp. (a)

  19,744   1,862,451
GE HealthCare Technologies, Inc.

  3,850   312,774
Hologic, Inc. (a)

  12,039   974,798
IDEXX Laboratories, Inc. (a)

  2,852   1,432,360
Insulet Corp. (a)

  33   9,515
Intuitive Surgical, Inc. (a)

  783   267,739
Masimo Corp. (a)

  209   34,391
Medtronic PLC

  18,548   1,634,079
Novocure Ltd. (a)

  26   1,079
ResMed, Inc.

  4,252   929,062
STERIS PLC

  600   134,988
Stryker Corp.

  1,491   454,889
Teleflex, Inc.

  436   105,525
Zimmer Biomet Holdings, Inc.

  1,755   255,528
          15,172,403
HEALTH CARE PROVIDERS & SERVICES — 4.4%  
AmerisourceBergen Corp.

  12,834   2,469,647
Cardinal Health, Inc.

  11,503   1,087,839
Centene Corp. (a)

  17,776   1,198,991
Cigna Group

  7,214   2,024,248
CVS Health Corp.

  46,726   3,230,168
DaVita, Inc. (a)

  1,264   126,994
Elevance Health, Inc.

  5,284   2,347,628
HCA Healthcare, Inc.

  2,071   628,507
Henry Schein, Inc. (a)

  5,145   417,260
Humana, Inc.

  3,717   1,661,982
Laboratory Corp. of America Holdings

  4,357   1,051,475
McKesson Corp.

  11,063   4,727,331
Molina Healthcare, Inc. (a)

  4,830   1,454,989
Quest Diagnostics, Inc.

  8,880   1,248,173
Security Description     Shares   Value
UnitedHealth Group, Inc.

  40,538   $ 19,484,184
Universal Health Services, Inc. Class B

  1,389   219,143
          43,378,559
HEALTH CARE REITs — 0.1%  
Healthcare Realty Trust, Inc. REIT

  4,531   85,455
Healthpeak Properties, Inc. REIT

  4,380   88,038
Ventas, Inc. REIT

  4,169   197,068
Welltower, Inc. REIT

  3,364   272,114
          642,675
HEALTH CARE TECHNOLOGY — 0.1%  
Veeva Systems, Inc. Class A (a)

  3,986   788,152
HOTEL & RESORT REITs — 0.0% (d)  
Host Hotels & Resorts, Inc. REIT

  4,112   69,205
HOTELS, RESTAURANTS & LEISURE — 1.2%  
Airbnb, Inc. Class A (a)

  230   29,477
Aramark

  3,430   147,661
Booking Holdings, Inc. (a)

  90   243,030
Caesars Entertainment, Inc. (a)

  1,571   80,074
Carnival Corp. (a)

  6,712   126,387
Chipotle Mexican Grill, Inc. (a)

  761   1,627,779
Darden Restaurants, Inc.

  785   131,158
Domino's Pizza, Inc.

  3,661   1,233,720
DoorDash, Inc. Class A (a)

  466   35,612
Expedia Group, Inc. (a)

  577   63,118
Hilton Worldwide Holdings, Inc.

  511   74,376
Hyatt Hotels Corp. Class A

  85   9,739
Las Vegas Sands Corp. (a)

  1,215   70,470
Marriott International, Inc. Class A

  670   123,072
McDonald's Corp.

  18,156   5,417,932
MGM Resorts International

  2,952   129,652
Royal Caribbean Cruises Ltd. (a)

  507   52,596
Starbucks Corp.

  4,427   438,539
Vail Resorts, Inc.

  226   56,898
Wynn Resorts Ltd.

  427   45,095
Yum! Brands, Inc.

  13,993   1,938,730
          12,075,115
HOUSEHOLD DURABLES — 0.6%  
DR Horton, Inc.

  13,951   1,697,697
Garmin Ltd.

  12,692   1,323,649
Lennar Corp. Class A

  5,219   653,993
Mohawk Industries, Inc. (a)

  1,755   181,046
NVR, Inc. (a)

  142   901,788
PulteGroup, Inc.

  10,888   845,780
Whirlpool Corp.

  1,978   294,306
          5,898,259
HOUSEHOLD PRODUCTS — 1.1%  
Church & Dwight Co., Inc.

  14,836   1,487,012
Clorox Co.

  800   127,232
Colgate-Palmolive Co.

  17,278   1,331,097
Kimberly-Clark Corp.

  9,110   1,257,727
Procter & Gamble Co.

  40,307   6,116,184
          10,319,252
 
See accompanying notes to financial statements.
74


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.0% (d)  
AES Corp.

  10,053   $ 208,399
Vistra Corp.

  7,422   194,827
          403,226
INDUSTRIAL CONGLOMERATES — 1.0%  
3M Co.

  30,541   3,056,849
General Electric Co.

  14,750   1,620,287
Honeywell International, Inc.

  24,694   5,124,005
          9,801,141
INDUSTRIAL REITs — 0.1%  
Prologis, Inc. REIT

  6,179   757,731
INSURANCE — 3.4%  
Aflac, Inc.

  23,917   1,669,407
Allstate Corp.

  6,290   685,862
American Financial Group, Inc.

  12,536   1,488,650
American International Group, Inc.

  24,569   1,413,700
Aon PLC Class A

  6,107   2,108,136
Arch Capital Group Ltd. (a)

  4,030   301,646
Arthur J Gallagher & Co.

  17,411   3,822,933
Assurant, Inc.

  10,145   1,275,429
Brown & Brown, Inc.

  1,529   105,256
Chubb Ltd.

  8,283   1,594,975
Cincinnati Financial Corp.

  2,567   249,820
Erie Indemnity Co. Class A

  4,832   1,014,768
Everest Re Group Ltd.

  659   225,286
Fidelity National Financial, Inc.

  6,168   222,048
Globe Life, Inc.

  1,443   158,182
Hartford Financial Services Group, Inc.

  9,757   702,699
Loews Corp.

  5,068   300,938
Markel Group, Inc. (a)

  189   261,421
Marsh & McLennan Cos., Inc.

  21,512   4,045,977
MetLife, Inc.

  18,308   1,034,951
Principal Financial Group, Inc.

  11,999   910,004
Progressive Corp.

  31,528   4,173,361
Prudential Financial, Inc.

  8,863   781,894
Travelers Cos., Inc.

  16,826   2,922,003
W R Berkley Corp.

  2,842   169,270
Willis Towers Watson PLC

  5,742   1,352,241
          32,990,857
INTERACTIVE MEDIA & SERVICES — 4.5%  
Alphabet, Inc. Class A (a)

  98,245   11,759,927
Alphabet, Inc. Class C (a)

  92,351   11,171,701
Match Group, Inc. (a)

  781   32,685
Meta Platforms, Inc. Class A (a)

  72,284   20,744,062
Pinterest, Inc. Class A (a)

  1,142   31,222
Snap, Inc. Class A (a)

  356   4,215
ZoomInfo Technologies, Inc. (a)

  516   13,101
          43,756,913
IT SERVICES — 2.7%  
Accenture PLC Class A

  36,071   11,130,789
Akamai Technologies, Inc. (a)

  18,455   1,658,551
Security Description     Shares   Value
Cloudflare, Inc. Class A (a)

  104   $ 6,798
Cognizant Technology Solutions Corp. Class A

  37,213   2,429,265
EPAM Systems, Inc. (a)

  1,680   377,580
Gartner, Inc. (a)

  1,876   657,181
GoDaddy, Inc. Class A (a)

  18,567   1,394,939
International Business Machines Corp.

  47,405   6,343,263
MongoDB, Inc. (a)

  5   2,055
Okta, Inc. (a)

  678   47,019
Snowflake, Inc. Class A (a)

  256   45,051
Twilio, Inc. Class A (a)

  1,840   117,061
VeriSign, Inc. (a)

  8,346   1,885,946
          26,095,498
LEISURE EQUIPMENT & PRODUCTS — 0.0% (d)  
Hasbro, Inc.

  1,276   82,647
LIFE SCIENCES TOOLS & SERVICES — 0.6%  
Agilent Technologies, Inc.

  9,368   1,126,502
Avantor, Inc. (a)

  4,958   101,837
Bio-Rad Laboratories, Inc. Class A (a)

  432   163,780
Bio-Techne Corp.

  381   31,101
Charles River Laboratories International, Inc. (a)

  302   63,495
Danaher Corp.

  4,476   1,074,240
Illumina, Inc. (a)

  394   73,871
IQVIA Holdings, Inc. (a)

  1,026   230,614
Mettler-Toledo International, Inc. (a)

  69   90,503
Repligen Corp. (a)

  135   19,097
Revvity, Inc.

  985   117,008
Thermo Fisher Scientific, Inc.

  2,929   1,528,206
Waters Corp. (a)

  1,988   529,882
West Pharmaceutical Services, Inc.

  2,212   846,024
          5,996,160
MACHINERY — 1.2%  
Caterpillar, Inc.

  4,248   1,045,220
Cummins, Inc.

  5,182   1,270,419
Deere & Co.

  2,472   1,001,630
Dover Corp.

  1,219   179,985
Fortive Corp.

  2,229   166,662
Graco, Inc.

  5,585   482,265
IDEX Corp.

  2,324   500,264
Illinois Tool Works, Inc.

  12,678   3,171,529
Ingersoll Rand, Inc.

  3,383   221,113
Nordson Corp.

  1,656   410,986
Otis Worldwide Corp.

  5,014   446,296
PACCAR, Inc.

  6,008   502,569
Parker-Hannifin Corp.

  876   341,675
Pentair PLC

  1,451   93,735
Snap-on, Inc.

  1,984   571,769
Stanley Black & Decker, Inc.

  3,245   304,089
Toro Co.

  3,555   361,366
Westinghouse Air Brake Technologies Corp.

  2,188   239,958
 
See accompanying notes to financial statements.
75


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Xylem, Inc.

  1,294   $ 145,730
          11,457,260
MEDIA — 0.8%  
Charter Communications, Inc. Class A (a)

  1,988   730,332
Comcast Corp. Class A

  100,459   4,174,071
Fox Corp. Class A

  5,533   188,122
Fox Corp. Class B

  8,516   271,575
Interpublic Group of Cos., Inc.

  5,523   213,077
Liberty Broadband Corp. Class C (a)

  10,898   873,039
Liberty Media Corp.-Liberty SiriusXM Class C (a)

  2,064   67,555
News Corp. Class A

  5,670   110,565
Omnicom Group, Inc.

  7,334   697,830
Paramount Global Class B

  25,846   411,210
Sirius XM Holdings, Inc. (b)

  7,354   33,314
Trade Desk, Inc. Class A (a)

  396   30,579
          7,801,269
METALS & MINING — 0.8%  
Alcoa Corp.

  3,049   103,453
Cleveland-Cliffs, Inc. (a)

  20,727   347,384
Freeport-McMoRan, Inc.

  14,342   573,680
Newmont Corp.

  80,480   3,433,277
Nucor Corp.

  11,995   1,966,940
Reliance Steel & Aluminum Co.

  985   267,516
Steel Dynamics, Inc.

  7,635   831,681
          7,523,931
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.0% (d)  
Annaly Capital Management, Inc. REIT

  10,254   205,183
MULTI-UTILITIES — 1.2%  
Ameren Corp.

  12,844   1,048,970
CenterPoint Energy, Inc.

  5,659   164,960
CMS Energy Corp.

  13,487   792,361
Consolidated Edison, Inc.

  40,353   3,647,911
Dominion Energy, Inc.

  27,243   1,410,915
DTE Energy Co.

  8,999   990,070
NiSource, Inc.

  5,529   151,218
Public Service Enterprise Group, Inc.

  6,035   377,851
Sempra Energy

  3,708   539,848
WEC Energy Group, Inc.

  32,684   2,884,036
          12,008,140
OFFICE REITs — 0.0% (d)  
Alexandria Real Estate Equities, Inc. REIT

  1,996   226,526
Boston Properties, Inc. REIT

  2,994   172,425
          398,951
OIL, GAS & CONSUMABLE FUELS — 3.2%  
APA Corp.

  2,520   86,108
Cheniere Energy, Inc.

  8,454   1,288,051
Security Description     Shares   Value
Chesapeake Energy Corp. (b)

  4,861   $ 406,768
Chevron Corp.

  33,084   5,205,767
ConocoPhillips

  45,511   4,715,395
Coterra Energy, Inc.

  13,516   341,955
Devon Energy Corp.

  8,436   407,796
Diamondback Energy, Inc.

  1,886   247,745
EOG Resources, Inc.

  6,705   767,320
EQT Corp.

  5,124   210,750
Exxon Mobil Corp.

  68,223   7,316,917
Hess Corp.

  1,144   155,527
HF Sinclair Corp.

  6,038   269,355
Kinder Morgan, Inc.

  30,509   525,365
Marathon Oil Corp.

  12,385   285,103
Marathon Petroleum Corp.

  26,501   3,090,017
Occidental Petroleum Corp.

  8,104   476,515
ONEOK, Inc.

  4,481   276,567
Ovintiv, Inc.

  4,211   160,313
Phillips 66

  13,288   1,267,409
Pioneer Natural Resources Co.

  3,175   657,797
Targa Resources Corp.

  1,136   86,450
Texas Pacific Land Corp.

  230   302,795
Valero Energy Corp.

  13,549   1,589,298
Williams Cos., Inc.

  24,986   815,293
          30,952,376
PASSENGER AIRLINES — 0.0% (d)  
Delta Air Lines, Inc. (a)

  1,668   79,297
Southwest Airlines Co.

  1,138   41,207
          120,504
PERSONAL CARE PRODUCTS — 0.1%  
Estee Lauder Cos., Inc. Class A

  6,840   1,343,239
PHARMACEUTICALS — 7.5%  
Bristol-Myers Squibb Co.

  72,321   4,624,928
Catalent, Inc. (a)

  2,286   99,121
Eli Lilly & Co.

  41,122   19,285,396
Jazz Pharmaceuticals PLC (a)

  532   65,952
Johnson & Johnson

  117,452   19,440,655
Merck & Co., Inc.

  133,288   15,380,102
Pfizer, Inc.

  308,420   11,312,846
Royalty Pharma PLC Class A

  2,475   76,081
Viatris, Inc.

  57,808   576,924
Zoetis, Inc.

  14,150   2,436,771
          73,298,776
PROFESSIONAL SERVICES — 1.3%  
Automatic Data Processing, Inc.

  27,526   6,049,939
Booz Allen Hamilton Holding Corp.

  11,653   1,300,475
Broadridge Financial Solutions, Inc.

  4,451   737,219
Clarivate PLC (a)  (b)

  2,152   20,509
CoStar Group, Inc. (a)

  1,574   140,086
Equifax, Inc.

  572   134,592
Jacobs Solutions, Inc.

  1,532   182,139
Leidos Holdings, Inc.

  1,573   139,179
Paychex, Inc.

  12,123   1,356,200
Paylocity Holding Corp. (a)

  1,104   203,721
Robert Half International, Inc.

  4,448   334,579
 
See accompanying notes to financial statements.
76


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SS&C Technologies Holdings, Inc.

  2,299   $ 139,319
TransUnion

  1,099   86,085
Verisk Analytics, Inc.

  10,214   2,308,670
          13,132,712
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (d)  
CBRE Group, Inc. Class A (a)

  4,331   349,555
Zillow Group, Inc. Class C (a)

  1,275   64,082
          413,637
RESIDENTIAL REITs — 0.1%  
American Homes 4 Rent Class A REIT

  1,754   62,179
AvalonBay Communities, Inc. REIT

  970   183,592
Camden Property Trust REIT

  499   54,326
Equity LifeStyle Properties, Inc. REIT

  619   41,405
Equity Residential REIT

  2,992   197,382
Essex Property Trust, Inc. REIT

  451   105,669
Invitation Homes, Inc. REIT

  3,331   114,587
Mid-America Apartment Communities, Inc. REIT

  661   100,380
Sun Communities, Inc. REIT

  951   124,068
UDR, Inc. REIT

  1,390   59,714
          1,043,302
RETAIL REITs — 0.1%  
Kimco Realty Corp. REIT

  6,982   137,685
Realty Income Corp. REIT

  6,192   370,220
Regency Centers Corp. REIT

  1,381   85,304
Simon Property Group, Inc. REIT

  2,286   263,987
          857,196
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.4%  
Advanced Micro Devices, Inc. (a)

  7,545   859,451
Analog Devices, Inc.

  7,048   1,373,021
Applied Materials, Inc.

  32,940   4,761,148
Broadcom, Inc.

  15,546   13,485,067
Enphase Energy, Inc. (a)

  122   20,433
Entegris, Inc.

  621   68,819
First Solar, Inc. (a)

  508   96,566
Intel Corp.

  103,234   3,452,145
KLA Corp.

  699   339,029
Lam Research Corp.

  5,537   3,559,516
Lattice Semiconductor Corp. (a)

  99   9,511
Marvell Technology, Inc.

  4,030   240,913
Microchip Technology, Inc.

  2,469   221,198
Micron Technology, Inc.

  18,103   1,142,480
Monolithic Power Systems, Inc.

  1,375   742,816
NVIDIA Corp.

  52,864   22,362,529
NXP Semiconductors NV

  1,733   354,710
ON Semiconductor Corp. (a)

  2,620   247,800
Qorvo, Inc. (a)

  1,095   111,723
QUALCOMM, Inc.

  48,495   5,772,845
Skyworks Solutions, Inc.

  5,823   644,548
SolarEdge Technologies, Inc. (a)

  151   40,626
Teradyne, Inc.

  5,645   628,458
Security Description     Shares   Value
Texas Instruments, Inc.

  64,772   $ 11,660,255
Wolfspeed, Inc. (a)  (b)

  242   13,453
          72,209,060
SOFTWARE — 6.8%  
Adobe, Inc. (a)

  15,019   7,344,141
ANSYS, Inc. (a)

  301   99,411
Aspen Technology, Inc. (a)

  1,533   256,946
Atlassian Corp. Class A (a)

  27   4,531
Autodesk, Inc. (a)

  6,112   1,250,576
Bentley Systems, Inc. Class B

  488   26,464
Bills Holdings, Inc. (a)  (b)

  246   28,745
Black Knight, Inc. (a)

  28,103   1,678,592
Cadence Design Systems, Inc. (a)

  8,462   1,984,508
Ceridian HCM Holding, Inc. (a)

  300   20,091
Crowdstrike Holdings, Inc. Class A (a)

  35   5,141
Datadog, Inc. Class A (a)

  44   4,329
DocuSign, Inc. (a)

  40   2,044
Dropbox, Inc. Class A (a)

  1,024   27,310
Dynatrace, Inc. (a)

  113   5,816
Fair Isaac Corp. (a)

  78   63,118
Fortinet, Inc. (a)

  939   70,979
Gen Digital, Inc.

  118,393   2,196,190
HubSpot, Inc. (a)

  23   12,238
Intuit, Inc.

  826   378,465
Microsoft Corp.

  87,273   29,719,947
Oracle Corp.

  53,274   6,344,401
Palantir Technologies, Inc. Class A (a)

  2,344   35,934
Palo Alto Networks, Inc. (a)

  165   42,159
Paycom Software, Inc.

  1,529   491,176
PTC, Inc. (a)

  10,145   1,443,634
Roper Technologies, Inc.

  10,803   5,194,082
Salesforce, Inc. (a)

  3,970   838,702
ServiceNow, Inc. (a)

  219   123,071
Splunk, Inc. (a)

  183   19,415
Synopsys, Inc. (a)

  4,290   1,867,909
Tyler Technologies, Inc. (a)

  145   60,388
UiPath, Inc. Class A (a)

  419   6,943
Unity Software, Inc. (a)

  354   15,371
VMware, Inc. Class A (a)

  32,723   4,701,968
Workday, Inc. Class A (a)

  344   77,706
Zoom Video Communications, Inc. Class A (a)

  1,082   73,446
Zscaler, Inc. (a)

  29   4,243
          66,520,130
SPECIALIZED REITs — 0.4%  
American Tower Corp. REIT

  1,995   386,910
Crown Castle, Inc. REIT

  2,326   265,024
Digital Realty Trust, Inc. REIT

  3,302   375,999
Equinix, Inc. REIT

  303   237,534
Extra Space Storage, Inc. REIT

  711   105,832
Gaming & Leisure Properties, Inc. REIT

  1,726   83,642
Iron Mountain, Inc. REIT

  2,403   136,539
 
See accompanying notes to financial statements.
77


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Public Storage REIT

  6,793   $ 1,982,741
SBA Communications Corp. REIT

  184   42,644
VICI Properties, Inc. REIT

  10,326   324,546
Weyerhaeuser Co. REIT

  10,584   354,670
          4,296,081
SPECIALTY RETAIL — 1.7%  
Advance Auto Parts, Inc.

  784   55,115
AutoZone, Inc. (a)

  1,289   3,213,941
Bath & Body Works, Inc.

  3,147   118,013
Best Buy Co., Inc.

  12,573   1,030,357
Burlington Stores, Inc. (a)

  490   77,121
CarMax, Inc. (a)

  4,045   338,567
Chewy, Inc. Class A (a)

  43   1,697
Dick's Sporting Goods, Inc.

  2,678   354,005
Home Depot, Inc.

  15,255   4,738,813
Lowe's Cos., Inc.

  8,296   1,872,407
O'Reilly Automotive, Inc. (a)

  2,386   2,279,346
Ross Stores, Inc.

  2,653   297,481
TJX Cos., Inc.

  6,479   549,355
Tractor Supply Co.

  3,854   852,119
Ulta Beauty, Inc. (a)

  2,227   1,048,015
          16,826,352
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.6%  
Apple, Inc.

  161,410   31,308,698
Dell Technologies, Inc. Class C

  24,162   1,307,406
Hewlett Packard Enterprise Co.

  36,441   612,209
HP, Inc.

  20,445   627,866
NetApp, Inc.

  11,648   889,907
Seagate Technology Holdings PLC

  3,359   207,821
Western Digital Corp. (a)

  8,332   316,033
          35,269,940
TEXTILES, APPAREL & LUXURY GOODS — 0.7%  
Deckers Outdoor Corp. (a)

  856   451,677
Lululemon Athletica, Inc. (a)

  4,145   1,568,882
NIKE, Inc. Class B

  41,364   4,565,345
VF Corp.

  7,829   149,456
          6,735,360
TOBACCO — 0.2%  
Altria Group, Inc.

  11,597   525,344
Philip Morris International, Inc.

  10,355   1,010,855
          1,536,199
TRADING COMPANIES & DISTRIBUTORS — 0.5%  
Fastenal Co.

  20,251   1,194,606
Security Description     Shares   Value
Ferguson PLC

  7,060   $ 1,110,609
United Rentals, Inc.

  776   345,607
W.W. Grainger, Inc.

  1,837   1,448,640
Watsco, Inc. (b)

  1,196   456,238
          4,555,700
WATER UTILITIES — 0.0% (d)  
American Water Works Co., Inc.

  2,623   374,433
Essential Utilities, Inc.

  1,881   75,071
          449,504
WIRELESS TELECOMMUNICATION SERVICES — 0.6%  
T-Mobile U.S., Inc. (a)

  38,700   5,375,430
TOTAL COMMON STOCKS

(Cost $857,940,192)

        978,746,774
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  2,004,731   2,005,132
State Street Navigator Securities Lending Portfolio II (c)  (g)

  1,105,870   1,105,870
TOTAL SHORT-TERM INVESTMENTS

(Cost $3,110,992)

  3,111,002  
TOTAL INVESTMENTS — 100.1%

(Cost $861,051,184)

  981,857,776  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%

  (527,204)  
NET ASSETS — 100.0%

  $ 981,330,572  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) Amount is less than 0.05% of net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
78


Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $978,746,737   $37   $—   $978,746,774
Short-Term Investments

  3,111,002       3,111,002
TOTAL INVESTMENTS

  $981,857,739   $37   $—   $981,857,776
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

7,481   $ 461,204   $ 158,805   $ 143,070   $5,450   $95,294   7,894   $ 577,683   $19,485
State Street Institutional Liquid Reserves Fund, Premier Class

606,676   606,615   30,881,678   29,482,818   (363)   20   2,004,731   2,005,132   54,505
State Street Navigator Securities Lending Portfolio II

297,165   297,165   13,868,774   13,060,069       1,105,870   1,105,870   13,987
Total

    $1,364,984   $44,909,257   $42,685,957   $5,087   $95,314       $3,688,685   $87,977
See accompanying notes to financial statements.
79


Table of Contents
SPDR NYSE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AUTOMOBILES — 3.1%  
Tesla, Inc. (a)

  61,657   $ 16,139,953
BROADLINE RETAIL — 7.8%  
Alibaba Group Holding Ltd. ADR (a)  (b)

  120,776   10,066,679
Amazon.com, Inc. (a)

  123,838   16,143,522
JD.com, Inc. ADR (b)

  189,167   6,456,270
PDD Holdings, Inc. ADR (a)

  122,998   8,504,082
          41,170,553
COMMUNICATIONS EQUIPMENT — 2.2%  
Cisco Systems, Inc.

  227,655   11,778,870
ENTERTAINMENT — 2.9%  
Netflix, Inc. (a)

  34,557   15,222,013
GROUND TRANSPORTATION — 3.4%  
Uber Technologies, Inc. (a)

  416,496   17,980,132
HOTELS, RESTAURANTS & LEISURE — 5.7%  
Airbnb, Inc. Class A (a)

  116,804   14,969,601
Booking Holdings, Inc. (a)

  5,473   14,778,906
          29,748,507
INTERACTIVE MEDIA & SERVICES — 7.9%  
Alphabet, Inc. Class A (a)

  118,850   14,226,345
Meta Platforms, Inc. Class A (a)

  95,401   27,378,179
          41,604,524
IT SERVICES — 8.0%  
International Business Machines Corp.

  75,036   10,040,567
Shopify, Inc. Class A (a)

  287,449   18,569,205
Snowflake, Inc. Class A (a)

  76,566   13,474,085
          42,083,857
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 34.7%  
Advanced Micro Devices, Inc. (a)

  161,357   18,380,176
Analog Devices, Inc.

  65,599   12,779,341
Applied Materials, Inc.

  103,105   14,902,797
ASML Holding NV

  18,461   13,379,610
Broadcom, Inc.

  20,348   17,650,466
Intel Corp.

  390,744   13,066,479
Lam Research Corp.

  24,578   15,800,213
Micron Technology, Inc.

  201,539   12,719,126
NVIDIA Corp.

  64,910   27,458,228
QUALCOMM, Inc.

  92,959   11,065,839
Taiwan Semiconductor Manufacturing Co. Ltd. ADR

  137,098   13,835,930
Security Description     Shares   Value
Texas Instruments, Inc.

  63,344   $ 11,403,187
          182,441,392
SOFTWARE — 21.3%  
Adobe, Inc. (a)

  33,448   16,355,738
Intuit, Inc.

  27,656   12,671,703
Microsoft Corp.

  45,004   15,325,662
Oracle Corp.

  138,526   16,497,061
Palo Alto Networks, Inc. (a)  (b)

  69,599   17,783,240
Salesforce, Inc. (a)

  84,403   17,830,978
ServiceNow, Inc. (a)

  28,084   15,782,365
          112,246,747
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%  
Apple, Inc.

  77,842   15,099,013
TOTAL COMMON STOCKS

(Cost $431,561,915)

        525,515,561
SHORT-TERM INVESTMENTS — 1.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  316,002   316,066
State Street Navigator Securities Lending Portfolio II (e)  (f)

  5,868,997   5,868,997
TOTAL SHORT-TERM INVESTMENTS

(Cost $6,185,062)

  6,185,063  
TOTAL INVESTMENTS — 101.1%

(Cost $437,746,977)

  531,700,624  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%

  (5,902,512)  
NET ASSETS — 100.0%

  $ 525,798,112  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
See accompanying notes to financial statements.
80


Table of Contents
SPDR NYSE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $525,515,561   $—   $—   $525,515,561
Short-Term Investments

  6,185,063       6,185,063
TOTAL INVESTMENTS

  $531,700,624   $—   $—   $531,700,624
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

  $—   $ 6,386,093   $ 6,070,023   $ (5)   $ 1   316,002   $ 316,066   $20,663
State Street Navigator Securities Lending Portfolio II

    111,559,283   105,690,286       5,868,997   5,868,997   6,733
Total

    $—   $117,945,376   $ 111,760,309   $ (5)   $ 1       $6,185,063   $27,396
See accompanying notes to financial statements.
81


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.7%  
Axon Enterprise, Inc. (a)

  2,696   $ 526,044
Boeing Co. (a)

  21,681   4,578,160
General Dynamics Corp.

  8,583   1,846,632
Howmet Aerospace, Inc.

  14,707   728,879
Huntington Ingalls Industries, Inc.

  1,528   347,773
L3Harris Technologies, Inc.

  7,257   1,420,703
Lockheed Martin Corp.

  8,712   4,010,831
Northrop Grumman Corp.

  5,566   2,536,983
Raytheon Technologies Corp.

  56,246   5,509,858
Textron, Inc.

  7,973   539,214
TransDigm Group, Inc.

  1,991   1,780,292
          23,825,369
AIR FREIGHT & LOGISTICS — 0.6%  
CH Robinson Worldwide, Inc.

  4,479   422,594
Expeditors International of Washington, Inc.

  6,066   734,774
FedEx Corp.

  9,144   2,266,798
United Parcel Service, Inc. Class B

  27,928   5,006,094
          8,430,260
AUTOMOBILE COMPONENTS — 0.1%  
Aptiv PLC (a)

  10,496   1,071,537
BorgWarner, Inc.

  9,029   441,608
          1,513,145
AUTOMOBILES — 2.3%  
Ford Motor Co.

  151,015   2,284,857
General Motors Co.

  54,234   2,091,263
Tesla, Inc. (a)

  103,464   27,083,771
          31,459,891
BANKS — 3.9%  
Bank of America Corp.

  267,367   7,670,759
Bank of New York Mellon Corp.

  28,163   1,253,817
Citigroup, Inc.

  74,000   3,406,960
Citizens Financial Group, Inc.

  18,690   487,435
Comerica, Inc.

  5,037   213,367
Fifth Third Bancorp

  25,955   680,281
Goldman Sachs Group, Inc.

  12,793   4,126,254
Huntington Bancshares, Inc.

  55,661   600,026
JPMorgan Chase & Co.

  112,811   16,407,232
KeyCorp

  35,881   331,541
M&T Bank Corp.

  6,591   815,702
Morgan Stanley

  50,459   4,309,199
Northern Trust Corp.

  8,002   593,268
PNC Financial Services Group, Inc.

  15,392   1,938,622
Regions Financial Corp.

  36,316   647,151
State Street Corp. (b)

  12,860   941,095
Truist Financial Corp.

  50,772   1,540,930
U.S. Bancorp

  53,451   1,766,021
Wells Fargo & Co.

  144,397   6,162,864
Security Description     Shares   Value
Zions Bancorp NA

  5,672   $ 152,350
          54,044,874
BEVERAGES — 1.7%  
Brown-Forman Corp. Class B

  6,808   454,638
Coca-Cola Co.

  149,818   9,022,040
Constellation Brands, Inc. Class A

  6,196   1,525,022
Keurig Dr Pepper, Inc.

  32,267   1,008,989
Molson Coors Beverage Co. Class B

  7,222   475,496
Monster Beverage Corp. (a)

  29,331   1,684,773
PepsiCo, Inc.

  53,012   9,818,883
          23,989,841
BIOTECHNOLOGY — 2.0%  
AbbVie, Inc.

  68,064   9,170,263
Amgen, Inc.

  20,427   4,535,202
Biogen, Inc. (a)

  5,529   1,574,936
Gilead Sciences, Inc.

  47,885   3,690,497
Incyte Corp. (a)

  7,179   446,893
Moderna, Inc. (a)

  12,604   1,531,386
Regeneron Pharmaceuticals, Inc. (a)

  4,120   2,960,385
Vertex Pharmaceuticals, Inc. (a)

  9,921   3,491,299
          27,400,861
BROADLINE RETAIL — 3.3%  
Amazon.com, Inc. (a)

  343,526   44,782,049
eBay, Inc.

  21,239   949,171
Etsy, Inc. (a)

  4,832   408,836
          46,140,056
BUILDING PRODUCTS — 0.5%  
A.O. Smith Corp.

  5,124   372,925
Allegion PLC

  3,505   420,670
Carrier Global Corp.

  31,910   1,586,246
Johnson Controls International PLC

  26,269   1,789,970
Masco Corp.

  8,599   493,411
Trane Technologies PLC

  8,921   1,706,230
          6,369,452
CAPITAL MARKETS — 1.9%  
Ameriprise Financial, Inc.

  4,066   1,350,563
BlackRock, Inc.

  5,733   3,962,306
Cboe Global Markets, Inc.

  4,018   554,524
Charles Schwab Corp.

  57,200   3,242,096
CME Group, Inc.

  13,898   2,575,160
FactSet Research Systems, Inc.

  1,460   584,949
Franklin Resources, Inc.

  10,830   289,269
Intercontinental Exchange, Inc.

  21,321   2,410,979
Invesco Ltd.

  17,325   291,233
MarketAxess Holdings, Inc.

  1,453   379,843
Moody's Corp.

  6,082   2,114,833
MSCI, Inc.

  3,098   1,453,860
Nasdaq, Inc.

  12,866   641,370
Raymond James Financial, Inc.

  7,339   761,568
S&P Global, Inc.

  12,747   5,110,145
 
See accompanying notes to financial statements.
82


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
T Rowe Price Group, Inc.

  8,585   $ 961,692
          26,684,390
CHEMICALS — 1.8%  
Air Products & Chemicals, Inc.

  8,583   2,570,866
Albemarle Corp.

  4,465   996,097
Celanese Corp.

  3,806   440,735
CF Industries Holdings, Inc.

  7,624   529,258
Corteva, Inc.

  27,230   1,560,279
Dow, Inc.

  26,855   1,430,297
DuPont de Nemours, Inc.

  17,569   1,255,129
Eastman Chemical Co.

  4,863   407,130
Ecolab, Inc.

  9,466   1,767,207
FMC Corp.

  4,935   514,918
International Flavors & Fragrances, Inc.

  9,709   772,739
Linde PLC

  18,970   7,229,088
LyondellBasell Industries NV Class A

  9,825   902,230
Mosaic Co.

  13,130   459,550
PPG Industries, Inc.

  9,002   1,334,997
Sherwin-Williams Co.

  9,000   2,389,680
          24,560,200
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Cintas Corp.

  3,277   1,628,931
Copart, Inc. (a)

  16,337   1,490,098
Republic Services, Inc.

  7,914   1,212,187
Rollins, Inc.

  8,830   378,189
Waste Management, Inc.

  14,283   2,476,958
          7,186,363
COMMUNICATIONS EQUIPMENT — 0.9%  
Arista Networks, Inc. (a)

  9,558   1,548,970
Cisco Systems, Inc.

  157,377   8,142,686
F5, Inc. (a)

  2,273   332,449
Juniper Networks, Inc.

  12,486   391,186
Motorola Solutions, Inc.

  6,397   1,876,112
          12,291,403
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.

  5,448   1,070,260
CONSTRUCTION MATERIALS — 0.2%  
Martin Marietta Materials, Inc.

  2,393   1,104,824
Vulcan Materials Co.

  5,034   1,134,865
          2,239,689
CONSUMER FINANCE — 0.5%  
American Express Co.

  22,878   3,985,347
Capital One Financial Corp.

  14,525   1,588,599
Discover Financial Services

  9,788   1,143,728
Synchrony Financial

  17,215   583,933
          7,301,607
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%  
Costco Wholesale Corp.

  17,079   9,194,992
Dollar General Corp.

  8,601   1,460,278
Dollar Tree, Inc. (a)

  8,087   1,160,484
Security Description     Shares   Value
Kroger Co.

  24,841   $ 1,167,527
Sysco Corp.

  19,293   1,431,541
Target Corp.

  17,556   2,315,636
Walgreens Boots Alliance, Inc.

  27,094   771,908
Walmart, Inc.

  54,103   8,503,910
          26,006,276
CONTAINERS & PACKAGING — 0.2%  
Amcor PLC

  58,340   582,233
Avery Dennison Corp.

  3,139   539,280
Ball Corp.

  12,474   726,112
International Paper Co.

  13,718   436,370
Packaging Corp. of America

  3,633   480,137
Sealed Air Corp.

  5,686   227,440
Westrock Co.

  10,019   291,252
          3,282,824
DISTRIBUTORS — 0.2%  
Genuine Parts Co.

  5,415   916,380
LKQ Corp.

  9,674   563,704
Pool Corp.

  1,545   578,819
          2,058,903
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%  
AT&T, Inc.

  274,790   4,382,900
Verizon Communications, Inc.

  161,787   6,016,859
          10,399,759
ELECTRIC UTILITIES — 1.7%  
Alliant Energy Corp.

  9,365   491,475
American Electric Power Co., Inc.

  19,551   1,646,194
Constellation Energy Corp.

  12,472   1,141,812
Duke Energy Corp.

  29,382   2,636,741
Edison International

  14,539   1,009,733
Entergy Corp.

  7,767   756,273
Evergy, Inc.

  8,653   505,508
Eversource Energy

  13,218   937,421
Exelon Corp.

  37,762   1,538,424
FirstEnergy Corp.

  20,610   801,317
NextEra Energy, Inc.

  77,870   5,777,954
NRG Energy, Inc.

  9,206   344,212
PG&E Corp. (a)

  61,365   1,060,387
Pinnacle West Capital Corp.

  4,367   355,736
PPL Corp.

  28,097   743,447
Southern Co.

  41,530   2,917,482
Xcel Energy, Inc.

  20,751   1,290,090
          23,954,206
ELECTRICAL EQUIPMENT — 0.6%  
AMETEK, Inc.

  8,766   1,419,040
Eaton Corp. PLC

  15,170   3,050,687
Emerson Electric Co.

  21,930   1,982,253
Generac Holdings, Inc. (a)

  2,378   354,631
Rockwell Automation, Inc.

  4,398   1,448,921
          8,255,532
 
See accompanying notes to financial statements.
83


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%  
Amphenol Corp. Class A

  22,637   $ 1,923,013
CDW Corp.

  5,208   955,668
Corning, Inc.

  28,975   1,015,284
Keysight Technologies, Inc. (a)

  6,897   1,154,903
TE Connectivity Ltd.

  12,124   1,699,300
Teledyne Technologies, Inc. (a)

  1,832   753,154
Trimble, Inc. (a)

  9,393   497,265
Zebra Technologies Corp. Class A (a)

  2,005   593,139
          8,591,726
ENERGY EQUIPMENT & SERVICES — 0.4%  
Baker Hughes Co.

  38,505   1,217,143
Halliburton Co.

  34,964   1,153,462
Schlumberger NV

  54,134   2,659,062
          5,029,667
ENTERTAINMENT — 1.4%  
Activision Blizzard, Inc. (a)

  27,409   2,310,579
Electronic Arts, Inc.

  10,019   1,299,464
Live Nation Entertainment, Inc. (a)

  5,412   493,087
Netflix, Inc. (a)

  17,104   7,534,141
Take-Two Interactive Software, Inc. (a)

  5,974   879,134
Walt Disney Co. (a)

  70,352   6,281,026
Warner Bros Discovery, Inc. (a)

  84,131   1,055,003
          19,852,434
FINANCIAL SERVICES — 4.4%  
Berkshire Hathaway, Inc. Class B (a)

  68,639   23,405,899
Fidelity National Information Services, Inc.

  22,635   1,238,135
Fiserv, Inc. (a)

  23,774   2,999,090
FleetCor Technologies, Inc. (a)

  2,851   715,829
Global Payments, Inc.

  10,320   1,016,726
Jack Henry & Associates, Inc.

  2,810   470,197
Mastercard, Inc. Class A

  32,192   12,661,114
PayPal Holdings, Inc. (a)

  43,504   2,903,022
Visa, Inc. Class A

  62,521   14,847,487
          60,257,499
FOOD PRODUCTS — 1.1%  
Archer-Daniels-Midland Co.

  20,932   1,581,622
Bunge Ltd.

  5,816   548,740
Campbell Soup Co.

  7,668   350,504
Conagra Brands, Inc.

  18,119   610,973
General Mills, Inc.

  22,641   1,736,565
Hershey Co.

  5,664   1,414,301
Hormel Foods Corp.

  11,037   443,908
J M Smucker Co.

  4,092   604,266
Kellogg Co.

  9,639   649,668
Kraft Heinz Co.

  30,308   1,075,934
Lamb Weston Holdings, Inc.

  5,449   626,362
McCormick & Co., Inc.

  9,548   832,872
Security Description     Shares   Value
Mondelez International, Inc. Class A

  52,326   $ 3,816,658
Tyson Foods, Inc. Class A

  11,217   572,516
          14,864,889
GAS UTILITIES — 0.1%  
Atmos Energy Corp.

  5,373   625,095
GROUND TRANSPORTATION — 0.8%  
CSX Corp.

  78,228   2,667,575
JB Hunt Transport Services, Inc.

  3,202   579,658
Norfolk Southern Corp.

  8,832   2,002,744
Old Dominion Freight Line, Inc.

  3,449   1,275,268
Union Pacific Corp.

  23,475   4,803,454
          11,328,699
HEALTH CARE EQUIPMENT & SUPPLIES — 3.0%  
Abbott Laboratories

  67,099   7,315,133
Align Technology, Inc. (a)

  2,797   989,131
Baxter International, Inc.

  19,238   876,483
Becton Dickinson & Co.

  10,861   2,867,413
Boston Scientific Corp. (a)

  54,651   2,956,073
Contra Abiomed, Inc. (a)

  3   3
Cooper Cos., Inc.

  1,933   741,170
DENTSPLY SIRONA, Inc.

  8,406   336,408
Dexcom, Inc. (a)

  14,727   1,892,567
Edwards Lifesciences Corp. (a)

  23,582   2,224,490
GE HealthCare Technologies, Inc.

  15,057   1,223,231
Hologic, Inc. (a)

  9,759   790,186
IDEXX Laboratories, Inc. (a)

  3,159   1,586,545
Insulet Corp. (a)

  2,678   772,174
Intuitive Surgical, Inc. (a)

  13,473   4,606,958
Medtronic PLC

  51,030   4,495,743
ResMed, Inc.

  5,644   1,233,214
STERIS PLC

  3,836   863,023
Stryker Corp.

  12,903   3,936,576
Teleflex, Inc.

  1,813   438,800
Zimmer Biomet Holdings, Inc.

  8,015   1,166,984
          41,312,305
HEALTH CARE PROVIDERS & SERVICES — 3.0%  
AmerisourceBergen Corp.

  6,183   1,189,795
Cardinal Health, Inc.

  9,998   945,511
Centene Corp. (a)

  21,606   1,457,325
Cigna Group

  11,459   3,215,395
CVS Health Corp.

  49,254   3,404,929
DaVita, Inc. (a)

  2,324   233,492
Elevance Health, Inc.

  9,158   4,068,808
HCA Healthcare, Inc.

  7,930   2,406,596
Henry Schein, Inc. (a)

  5,311   430,722
Humana, Inc.

  4,872   2,178,417
Laboratory Corp. of America Holdings

  3,371   813,524
McKesson Corp.

  5,258   2,246,796
Molina Healthcare, Inc. (a)

  2,224   669,958
Quest Diagnostics, Inc.

  4,357   612,420
UnitedHealth Group, Inc.

  35,941   17,274,682
 
See accompanying notes to financial statements.
84


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Universal Health Services, Inc. Class B

  2,446   $ 385,905
          41,534,275
HEALTH CARE REITs — 0.2%  
Healthpeak Properties, Inc. REIT

  20,337   408,773
Ventas, Inc. REIT

  15,251   720,915
Welltower, Inc. REIT

  19,129   1,547,345
          2,677,033
HOTEL & RESORT REITs — 0.0% (c)  
Host Hotels & Resorts, Inc. REIT

  26,670   448,856
HOTELS, RESTAURANTS & LEISURE — 2.1%  
Booking Holdings, Inc. (a)

  1,416   3,823,667
Caesars Entertainment, Inc. (a)

  8,094   412,551
Carnival Corp. (a)

  38,340   721,942
Chipotle Mexican Grill, Inc. (a)

  1,062   2,271,618
Darden Restaurants, Inc.

  4,665   779,428
Domino's Pizza, Inc.

  1,369   461,339
Expedia Group, Inc. (a)

  5,778   632,056
Hilton Worldwide Holdings, Inc.

  10,458   1,522,162
Las Vegas Sands Corp. (a)

  12,494   724,652
Marriott International, Inc. Class A

  10,268   1,886,129
McDonald's Corp.

  28,197   8,414,267
MGM Resorts International

  12,390   544,169
Norwegian Cruise Line Holdings Ltd. (a)

  16,369   356,353
Royal Caribbean Cruises Ltd. (a)

  8,404   871,831
Starbucks Corp.

  44,021   4,360,720
Wynn Resorts Ltd.

  3,956   417,793
Yum! Brands, Inc.

  10,869   1,505,900
          29,706,577
HOUSEHOLD DURABLES — 0.4%  
DR Horton, Inc.

  11,953   1,454,560
Garmin Ltd.

  5,730   597,582
Lennar Corp. Class A

  9,852   1,234,554
Mohawk Industries, Inc. (a)

  2,160   222,826
Newell Brands, Inc.

  14,260   124,062
NVR, Inc. (a)

  113   717,620
PulteGroup, Inc.

  8,688   674,884
Whirlpool Corp.

  2,226   331,206
          5,357,294
HOUSEHOLD PRODUCTS — 1.4%  
Church & Dwight Co., Inc.

  9,365   938,654
Clorox Co.

  4,724   751,305
Colgate-Palmolive Co.

  32,158   2,477,452
Kimberly-Clark Corp.

  12,859   1,775,314
Procter & Gamble Co.

  90,764   13,772,529
          19,715,254
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (c)  
AES Corp.

  25,237   523,163
INDUSTRIAL CONGLOMERATES — 0.9%  
3M Co.

  21,192   2,121,107
Security Description     Shares   Value
General Electric Co.

  42,005   $ 4,614,249
Honeywell International, Inc.

  25,819   5,357,443
          12,092,799
INDUSTRIAL REITs — 0.3%  
Prologis, Inc. REIT

  35,308   4,329,820
INSURANCE — 2.1%  
Aflac, Inc.

  21,905   1,528,969
Allstate Corp.

  10,118   1,103,267
American International Group, Inc.

  28,357   1,631,662
Aon PLC Class A

  7,898   2,726,390
Arch Capital Group Ltd. (a)

  14,115   1,056,508
Arthur J Gallagher & Co.

  8,050   1,767,538
Assurant, Inc.

  2,005   252,069
Brown & Brown, Inc.

  8,830   607,857
Chubb Ltd.

  15,921   3,065,748
Cincinnati Financial Corp.

  6,064   590,148
Everest Re Group Ltd.

  1,639   560,309
Globe Life, Inc.

  3,639   398,907
Hartford Financial Services Group, Inc.

  12,252   882,389
Lincoln National Corp.

  6,277   161,695
Loews Corp.

  7,633   453,248
Marsh & McLennan Cos., Inc.

  19,064   3,585,557
MetLife, Inc.

  25,097   1,418,733
Principal Financial Group, Inc.

  8,678   658,139
Progressive Corp.

  22,321   2,954,631
Prudential Financial, Inc.

  14,214   1,253,959
Travelers Cos., Inc.

  8,942   1,552,868
W R Berkley Corp.

  7,905   470,822
Willis Towers Watson PLC

  4,226   995,223
          29,676,636
INTERACTIVE MEDIA & SERVICES — 5.5%  
Alphabet, Inc. Class A (a)

  228,684   27,373,475
Alphabet, Inc. Class C (a)

  196,667   23,790,807
Match Group, Inc. (a)

  10,642   445,368
Meta Platforms, Inc. Class A (a)

  85,147   24,435,486
          76,045,136
IT SERVICES — 1.2%  
Accenture PLC Class A

  24,255   7,484,608
Akamai Technologies, Inc. (a)

  6,216   558,632
Cognizant Technology Solutions Corp. Class A

  19,794   1,292,152
DXC Technology Co. (a)

  9,674   258,489
EPAM Systems, Inc. (a)

  2,187   491,528
Gartner, Inc. (a)

  3,061   1,072,299
International Business Machines Corp.

  34,622   4,632,770
VeriSign, Inc. (a)

  3,513   793,833
          16,584,311
LEISURE EQUIPMENT & PRODUCTS — 0.0% (c)  
Hasbro, Inc.

  4,884   316,337
 
See accompanying notes to financial statements.
85


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
LIFE SCIENCES TOOLS & SERVICES — 1.6%  
Agilent Technologies, Inc.

  11,428   $ 1,374,217
Bio-Rad Laboratories, Inc. Class A (a)

  818   310,120
Bio-Techne Corp.

  5,832   476,066
Charles River Laboratories International, Inc. (a)

  1,946   409,146
Danaher Corp.

  25,557   6,133,680
Illumina, Inc. (a)

  5,997   1,124,378
IQVIA Holdings, Inc. (a)

  7,075   1,590,248
Mettler-Toledo International, Inc. (a)

  842   1,104,401
Revvity, Inc.

  4,774   567,103
Thermo Fisher Scientific, Inc.

  14,861   7,753,727
Waters Corp. (a)

  2,261   602,647
West Pharmaceutical Services, Inc.

  2,831   1,082,773
          22,528,506
MACHINERY — 1.8%  
Caterpillar, Inc.

  20,068   4,937,732
Cummins, Inc.

  5,420   1,328,767
Deere & Co.

  10,380   4,205,872
Dover Corp.

  5,380   794,357
Fortive Corp.

  13,702   1,024,499
IDEX Corp.

  2,885   621,025
Illinois Tool Works, Inc.

  10,737   2,685,968
Ingersoll Rand, Inc.

  15,465   1,010,792
Nordson Corp.

  2,044   507,280
Otis Worldwide Corp.

  16,052   1,428,789
PACCAR, Inc.

  19,837   1,659,365
Parker-Hannifin Corp.

  4,902   1,911,976
Pentair PLC

  6,304   407,238
Snap-on, Inc.

  2,017   581,279
Stanley Black & Decker, Inc.

  5,683   532,554
Westinghouse Air Brake Technologies Corp.

  6,952   762,426
Xylem, Inc.

  9,174   1,033,176
          25,433,095
MEDIA — 0.8%  
Charter Communications, Inc. Class A (a)

  4,104   1,507,686
Comcast Corp. Class A

  161,336   6,703,511
Fox Corp. Class A

  10,350   351,900
Fox Corp. Class B

  5,649   180,147
Interpublic Group of Cos., Inc.

  14,885   574,263
News Corp. Class A

  14,895   290,453
News Corp. Class B

  4,699   92,664
Omnicom Group, Inc.

  8,055   766,433
Paramount Global Class B

  19,227   305,902
          10,772,959
METALS & MINING — 0.4%  
Freeport-McMoRan, Inc.

  54,533   2,181,320
Newmont Corp.

  30,368   1,295,499
Nucor Corp.

  9,780   1,603,724
Security Description     Shares   Value
Steel Dynamics, Inc.

  6,400   $ 697,152
          5,777,695
MULTI-UTILITIES — 0.7%  
Ameren Corp.

  9,864   805,593
CenterPoint Energy, Inc.

  24,213   705,809
CMS Energy Corp.

  11,037   648,424
Consolidated Edison, Inc.

  13,557   1,225,553
Dominion Energy, Inc.

  31,898   1,651,997
DTE Energy Co.

  7,394   813,488
NiSource, Inc.

  15,501   423,952
Public Service Enterprise Group, Inc.

  19,128   1,197,604
Sempra Energy

  11,984   1,744,751
WEC Energy Group, Inc.

  12,005   1,059,321
          10,276,492
OFFICE REITs — 0.1%  
Alexandria Real Estate Equities, Inc. REIT

  6,160   699,098
Boston Properties, Inc. REIT

  5,322   306,494
          1,005,592
OIL, GAS & CONSUMABLE FUELS — 0.7%  
Kinder Morgan, Inc.

  75,506   1,300,213
Marathon Petroleum Corp.

  16,337   1,904,894
ONEOK, Inc.

  17,095   1,055,104
Phillips 66

  18,038   1,720,465
Targa Resources Corp.

  8,632   656,895
Valero Energy Corp.

  13,917   1,632,464
Williams Cos., Inc.

  46,459   1,515,957
          9,785,992
PASSENGER AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)

  4,775   253,935
American Airlines Group, Inc. (a)

  24,241   434,884
Delta Air Lines, Inc. (a)

  24,567   1,167,915
Southwest Airlines Co.

  22,473   813,747
United Airlines Holdings, Inc. (a)

  12,497   685,710
          3,356,191
PERSONAL CARE PRODUCTS — 0.1%  
Estee Lauder Cos., Inc. Class A

  8,822   1,732,464
PHARMACEUTICALS — 4.3%  
Bristol-Myers Squibb Co.

  80,835   5,169,398
Catalent, Inc. (a)

  6,900   299,184
Eli Lilly & Co.

  30,348   14,232,605
Johnson & Johnson

  99,995   16,551,173
Merck & Co., Inc.

  97,576   11,259,295
Organon & Co.

  9,709   202,044
Pfizer, Inc.

  216,117   7,927,172
Viatris, Inc.

  45,691   455,996
Zoetis, Inc.

  17,806   3,066,371
          59,163,238
PROFESSIONAL SERVICES — 0.8%  
Automatic Data Processing, Inc.

  15,829   3,479,056
 
See accompanying notes to financial statements.
86


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Broadridge Financial Solutions, Inc.

  4,463   $ 739,207
CoStar Group, Inc. (a)

  15,523   1,381,547
Equifax, Inc.

  4,628   1,088,968
Jacobs Solutions, Inc.

  4,957   589,338
Leidos Holdings, Inc.

  5,429   480,358
Paychex, Inc.

  12,236   1,368,841
Robert Half International, Inc.

  4,159   312,840
Verisk Analytics, Inc.

  5,556   1,255,823
          10,695,978
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)

  12,173   982,483
RESIDENTIAL REITs — 0.4%  
AvalonBay Communities, Inc. REIT

  5,350   1,012,595
Camden Property Trust REIT

  4,038   439,617
Equity Residential REIT

  12,942   853,784
Essex Property Trust, Inc. REIT

  2,477   580,361
Invitation Homes, Inc. REIT

  22,091   759,930
Mid-America Apartment Communities, Inc. REIT

  4,462   677,599
UDR, Inc. REIT

  11,527   495,200
          4,819,086
RETAIL REITs — 0.3%  
Federal Realty Investment Trust REIT

  2,798   270,763
Kimco Realty Corp. REIT

  23,585   465,096
Realty Income Corp. REIT

  25,896   1,548,322
Regency Centers Corp. REIT

  6,008   371,114
Simon Property Group, Inc. REIT

  12,498   1,443,269
          4,098,564
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.6%  
Advanced Micro Devices, Inc. (a)

  62,129   7,077,114
Analog Devices, Inc.

  19,674   3,832,692
Applied Materials, Inc.

  32,404   4,683,674
Broadcom, Inc.

  16,089   13,956,081
Enphase Energy, Inc. (a)

  5,159   864,029
First Solar, Inc. (a)

  3,803   722,912
Intel Corp.

  159,478   5,332,944
KLA Corp.

  5,274   2,557,996
Lam Research Corp.

  5,255   3,378,229
Microchip Technology, Inc.

  21,132   1,893,216
Micron Technology, Inc.

  42,154   2,660,339
Monolithic Power Systems, Inc.

  1,738   938,920
NVIDIA Corp.

  95,196   40,269,812
NXP Semiconductors NV

  9,987   2,044,139
ON Semiconductor Corp. (a)

  16,452   1,556,030
Qorvo, Inc. (a)

  4,126   420,976
QUALCOMM, Inc.

  42,973   5,115,506
Skyworks Solutions, Inc.

  6,268   693,805
SolarEdge Technologies, Inc. (a)

  2,150   578,458
Teradyne, Inc.

  5,934   660,632
Security Description     Shares   Value
Texas Instruments, Inc.

  34,839   $ 6,271,717
          105,509,221
SOFTWARE — 10.5%  
Adobe, Inc. (a)

  17,556   8,584,708
ANSYS, Inc. (a)

  3,293   1,087,579
Autodesk, Inc. (a)

  8,290   1,696,217
Cadence Design Systems, Inc. (a)

  10,472   2,455,893
Ceridian HCM Holding, Inc. (a)

  5,832   390,569
Fair Isaac Corp. (a)

  973   787,361
Fortinet, Inc. (a)

  24,723   1,868,812
Gen Digital, Inc.

  21,897   406,189
Intuit, Inc.

  10,814   4,954,867
Microsoft Corp.

  286,151   97,445,862
Oracle Corp.

  58,840   7,007,256
Paycom Software, Inc.

  1,903   611,320
PTC, Inc. (a)

  4,038   574,607
Roper Technologies, Inc.

  4,076   1,959,741
Salesforce, Inc. (a)

  37,698   7,964,080
ServiceNow, Inc. (a)

  7,831   4,400,787
Synopsys, Inc. (a)

  5,808   2,528,861
Tyler Technologies, Inc. (a)

  1,584   659,688
          145,384,397
SPECIALIZED REITs — 1.1%  
American Tower Corp. REIT

  17,885   3,468,617
Crown Castle, Inc. REIT

  16,493   1,879,212
Digital Realty Trust, Inc. REIT

  10,947   1,246,535
Equinix, Inc. REIT

  3,607   2,827,672
Extra Space Storage, Inc. REIT

  5,115   761,368
Iron Mountain, Inc. REIT

  11,021   626,213
Public Storage REIT

  6,000   1,751,280
SBA Communications Corp. REIT

  4,201   973,624
VICI Properties, Inc. REIT

  38,966   1,224,701
Weyerhaeuser Co. REIT

  28,271   947,361
          15,706,583
SPECIALTY RETAIL — 2.2%  
Advance Auto Parts, Inc.

  2,351   165,275
AutoZone, Inc. (a)

  730   1,820,153
Bath & Body Works, Inc.

  8,679   325,462
Best Buy Co., Inc.

  7,645   626,508
CarMax, Inc. (a)

  6,195   518,521
Home Depot, Inc.

  38,993   12,112,786
Lowe's Cos., Inc.

  23,208   5,238,046
O'Reilly Automotive, Inc. (a)

  2,384   2,277,435
Ross Stores, Inc.

  13,253   1,486,059
TJX Cos., Inc.

  44,607   3,782,228
Tractor Supply Co.

  4,230   935,253
Ulta Beauty, Inc. (a)

  1,942   913,895
          30,201,621
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 8.2%  
Apple, Inc.

  569,003   110,369,512
Hewlett Packard Enterprise Co.

  49,356   829,181
HP, Inc.

  34,613   1,062,965
 
See accompanying notes to financial statements.
87


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
NetApp, Inc.

  8,474   $ 647,414
Seagate Technology Holdings PLC

  7,589   469,531
Western Digital Corp. (a)

  12,107   459,218
          113,837,821
TEXTILES, APPAREL & LUXURY GOODS — 0.4%  
NIKE, Inc. Class B

  47,730   5,267,960
Ralph Lauren Corp.

  1,729   213,186
Tapestry, Inc.

  9,200   393,760
VF Corp.

  12,269   234,215
          6,109,121
TOBACCO — 0.6%  
Altria Group, Inc.

  68,713   3,112,699
Philip Morris International, Inc.

  59,434   5,801,947
          8,914,646
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Fastenal Co.

  21,737   1,282,266
United Rentals, Inc.

  2,701   1,202,944
W.W. Grainger, Inc.

  1,754   1,383,187
          3,868,397
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.

  7,368   1,051,782
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
T-Mobile U.S., Inc. (a)

  22,149   3,076,496
TOTAL COMMON STOCKS

(Cost $1,219,565,543)

        1,383,423,386
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d) (e)

(Cost $1,697,334)

  1,697,127   $ 1,697,466
TOTAL INVESTMENTS — 99.9%

(Cost $1,221,262,877)

  1,385,120,852  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  814,686  
NET ASSETS — 100.0%

  $ 1,385,935,538  
(a) Non-income producing security.
(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(c) Amount is less than 0.05% of net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
88


Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   10   09/15/2023   $2,169,762   $2,244,125   $74,363
 
During the period ended June 30, 2023, average notional value related to futures contracts was $2,014,490.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,383,423,383   $ 3   $—   $1,383,423,386
Short-Term Investment

  1,697,466       1,697,466
TOTAL INVESTMENTS

  $1,385,120,849   $ 3   $—   $1,385,120,852
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 74,363   $—   $—   $ 74,363
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 74,363   $—   $—   $ 74,363
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

13,655   $ 841,831   $ 250,391   $ 300,887   $ 719   $149,041   12,860   $ 941,095   $ 34,594
State Street Institutional Liquid Reserves Fund, Premier Class

2,455,547   2,455,302   29,658,502   30,417,167   685   144   1,697,127   1,697,466   76,875
State Street Navigator Securities Lending Portfolio II

2,313   2,313   6,230,996   6,233,309           2,666
Total

    $3,299,446   $36,139,889   $36,951,363   $1,404   $149,185       $2,638,561   $114,135
See accompanying notes to financial statements.
89


Table of Contents
SPDR S&P CAPITAL MARKETS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
ASSET MANAGEMENT & CUSTODY BANKS — 45.4%          
Affiliated Managers Group, Inc.

    15,167   $ 2,273,382
Ameriprise Financial, Inc.

    7,161   2,378,598
Ares Management Corp. Class A

    24,328   2,344,003
Artisan Partners Asset Management, Inc. Class A (a)

    62,170   2,443,903
AssetMark Financial Holdings, Inc. (b)

    31,198   925,333
Avantax, Inc. (b)

    93,183   2,085,435
Bank of New York Mellon Corp.

    50,415   2,244,476
BlackRock, Inc.

    3,265   2,256,572
Blackstone, Inc.

    25,471   2,368,039
Blue Owl Capital, Inc.

    199,970   2,329,650
Brightsphere Investment Group, Inc.

    28,920   605,874
Carlyle Group, Inc.

    74,643   2,384,844
Cohen & Steers, Inc.

    37,380   2,167,666
Diamond Hill Investment Group, Inc.

    2,784   476,899
Federated Hermes, Inc.

    59,378   2,128,701
Focus Financial Partners, Inc. Class A (b)

    42,868   2,250,999
Franklin Resources, Inc.

    85,009   2,270,590
Hamilton Lane, Inc. Class A

    29,754   2,379,725
Invesco Ltd.

    138,891   2,334,758
Janus Henderson Group PLC

    79,580   2,168,555
KKR & Co., Inc.

    40,646   2,276,176
Northern Trust Corp.

    29,921   2,218,343
P10, Inc. Class A

    42,569   481,030
SEI Investments Co.

    38,071   2,269,793
State Street Corp. (c)

    30,384   2,223,501
StepStone Group, Inc. Class A

    65,891   1,634,756
T Rowe Price Group, Inc.

    19,577   2,193,015
TPG, Inc.

    77,696   2,273,385
Victory Capital Holdings, Inc. Class A

    69,140   2,180,675
Virtus Investment Partners, Inc.

    10,645   2,102,068
WisdomTree, Inc. (a)

    278,828   1,912,760
          62,583,504
FINANCIAL EXCHANGES & DATA — 22.2%          
Cboe Global Markets, Inc.

    16,154   2,229,414
CME Group, Inc.

    12,092   2,240,527
Coinbase Global, Inc. Class A (b)

    42,114   3,013,257
Donnelley Financial Solutions, Inc. (b)

    40,295   1,834,631
FactSet Research Systems, Inc.

    5,662   2,268,480
Intercontinental Exchange, Inc.

    20,380   2,304,570
MarketAxess Holdings, Inc.

    8,088   2,114,365
Moody's Corp.

    6,640   2,308,861
Morningstar, Inc.

    10,966   2,150,104
MSCI, Inc.

    4,703   2,207,071
Nasdaq, Inc.

    38,739   1,931,139
Open Lending Corp. Class A (b)

    145,361   1,527,744
Security Description     Shares   Value
S&P Global, Inc.

    5,859   $ 2,348,814
Tradeweb Markets, Inc. Class A

    31,639   2,166,639
          30,645,616
INVESTMENT BANKING & BROKERAGE — 32.2%          
B Riley Financial, Inc.

    60,144   2,765,421
BGC Partners, Inc. Class A

    471,042   2,086,716
Charles Schwab Corp.

    40,737   2,308,973
Evercore, Inc. Class A

    18,571   2,295,190
Goldman Sachs Group, Inc.

    6,714   2,165,534
Houlihan Lokey, Inc.

    24,452   2,403,876
Interactive Brokers Group, Inc. Class A

    28,074   2,332,107
Jefferies Financial Group, Inc.

    70,634   2,342,930
Lazard Ltd. Class A

    73,963   2,366,816
LPL Financial Holdings, Inc.

    10,985   2,388,469
Moelis & Co. Class A (a)

    52,015   2,358,360
Morgan Stanley

    26,017   2,221,852
Perella Weinberg Partners

    79,391   661,327
Piper Sandler Cos.,

    16,386   2,118,054
PJT Partners, Inc. Class A

    31,325   2,181,473
Raymond James Financial, Inc.

    23,476   2,436,104
Robinhood Markets, Inc. Class A (b)

    238,234   2,377,575
Stifel Financial Corp.

    38,094   2,273,069
StoneX Group, Inc. (b)

    25,536   2,121,531
Virtu Financial, Inc. Class A

    121,952   2,084,160
          44,289,537
TOTAL COMMON STOCKS

(Cost $145,394,017)

        137,518,657
SHORT-TERM INVESTMENTS — 3.4%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

    237,542   237,590
State Street Navigator Securities Lending Portfolio II (c)  (f)

    4,491,999   4,491,999
TOTAL SHORT-TERM INVESTMENTS

(Cost $4,729,586)

        4,729,589
TOTAL INVESTMENTS — 103.2%

(Cost $150,123,603)

      142,248,246
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.2)%

        (4,439,299)
NET ASSETS — 100.0%

        $ 137,808,947
   
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(b) Non-income producing security.
(c) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
 
See accompanying notes to financial statements.
90


Table of Contents
SPDR S&P CAPITAL MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $137,518,657   $—   $—   $137,518,657
Short-Term Investments

  4,729,589       4,729,589
TOTAL INVESTMENTS

  $142,248,246   $—   $—   $142,248,246
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

23,444   $1,445,323   $ 1,422,640   $ 926,598   $ (116,116)   $398,252   30,384   $2,223,501   $ 66,083
State Street Institutional Liquid Reserves Fund, Premier Class

164,042   164,025   6,672,174   6,598,460   (157)   8   237,542   237,590   9,214
State Street Navigator Securities Lending Portfolio II

2,984,921   2,984,921   51,113,916   49,606,838       4,491,999   4,491,999   41,776
Total

    $4,594,269   $59,208,730   $57,131,896   $(116,273)   $398,260       $6,953,090   $117,073
See accompanying notes to financial statements.
91


Table of Contents
SPDR S&P HEALTH CARE EQUIPMENT ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
HEALTH CARE EQUIPMENT — 79.5%          
Abbott Laboratories

    86,262   $ 9,404,283
Alphatec Holdings, Inc. (a)

    580,162   10,431,313
AngioDynamics, Inc. (a)

    252,106   2,629,466
Artivion, Inc. (a)

    130,086   2,236,178
AtriCure, Inc. (a)

    186,044   9,183,132
Axogen, Inc. (a)

    161,396   1,473,545
Axonics, Inc. (a)

    174,396   8,801,766
Baxter International, Inc.

    209,014   9,522,678
Becton Dickinson & Co.

    34,881   9,208,933
Boston Scientific Corp. (a)

    171,062   9,252,744
Butterfly Network, Inc. (a)  (b)

    2,030,986   4,671,268
CONMED Corp.

    66,235   9,000,674
Cutera, Inc. (a)  (b)

    490,879   7,426,999
Dexcom, Inc. (a)

    70,551   9,066,509
Edwards Lifesciences Corp. (a)

    104,306   9,839,185
Enovis Corp. (a)

    153,147   9,819,786
Envista Holdings Corp. (a)

    275,934   9,337,607
GE HealthCare Technologies, Inc.

    113,773   9,242,919
Glaukos Corp. (a)

    130,250   9,275,102
Globus Medical, Inc. Class A (a)

    157,400   9,371,596
Hologic, Inc. (a)

    112,807   9,133,983
IDEXX Laboratories, Inc. (a)

    19,458   9,772,391
Inari Medical, Inc. (a)  (b)

    145,983   8,487,452
Inspire Medical Systems, Inc. (a)

    28,577   9,277,237
Insulet Corp. (a)

    30,991   8,935,945
Integer Holdings Corp. (a)

    104,828   9,288,809
Integra LifeSciences Holdings Corp. (a)

    215,951   8,882,065
Intuitive Surgical, Inc. (a)

    28,043   9,589,023
iRhythm Technologies, Inc. (a)

    85,645   8,934,486
LeMaitre Vascular, Inc.

    81,984   5,515,884
LivaNova PLC (a)

    184,951   9,512,030
Masimo Corp. (a)

    56,110   9,232,900
Medtronic PLC

    104,768   9,230,061
Nevro Corp. (a)

    387,806   9,858,029
Novocure Ltd. (a)  (b)

    205,143   8,513,435
NuVasive, Inc. (a)

    222,306   9,245,707
Omnicell, Inc. (a)

    121,429   8,945,674
Orthofix Medical, Inc. (a)

    272,160   4,915,210
Outset Medical, Inc. (a)  (b)

    383,060   8,377,522
Paragon 28, Inc. (a)

    310,859   5,514,639
Penumbra, Inc. (a)

    27,154   9,342,605
PROCEPT BioRobotics Corp. (a)  (b)

    257,848   9,114,927
Pulmonx Corp. (a)

    314,058   4,117,300
QuidelOrtho Corp. (a)

    103,521   8,577,750
ResMed, Inc.

    41,087   8,977,509
Senseonics Holdings, Inc. (a)  (b)

    3,836,348   2,927,517
Shockwave Medical, Inc. (a)

    30,195   8,617,955
Security Description     Shares   Value
SI-BONE, Inc. (a)

    244,325   $ 6,591,889
Silk Road Medical, Inc. (a)  (b)

    274,561   8,920,487
STERIS PLC

    42,382   9,535,102
Stryker Corp.

    31,260   9,537,113
Tactile Systems Technology, Inc. (a)

    164,926   4,111,605
Tandem Diabetes Care, Inc. (a)

    354,573   8,701,221
Teleflex, Inc.

    37,008   8,957,046
TransMedics Group, Inc. (a)

    110,550   9,283,989
Treace Medical Concepts, Inc. (a)

    338,953   8,670,418
Varex Imaging Corp. (a)

    227,750   5,368,068
Zimmer Biomet Holdings, Inc.

    64,499   9,391,054
          471,101,720
HEALTH CARE SUPPLIES — 20.4%          
Align Technology, Inc. (a)

    28,818   10,191,198
Atrion Corp.

    3,918   2,216,413
Avanos Medical, Inc. (a)

    281,975   7,207,281
Cerus Corp. (a)

    1,390,211   3,419,919
Cooper Cos., Inc.

    25,340   9,716,116
DENTSPLY SIRONA, Inc.

    228,323   9,137,486
Embecta Corp.

    344,004   7,430,486
Haemonetics Corp. (a)

    99,523   8,473,388
ICU Medical, Inc. (a)

    46,464   8,279,420
Lantheus Holdings, Inc. (a)

    102,042   8,563,365
Merit Medical Systems, Inc. (a)

    104,816   8,766,810
Neogen Corp. (a)  (b)

    472,382   10,274,309
OraSure Technologies, Inc. (a)

    680,918   3,411,399
OrthoPediatrics Corp. (a)

    105,211   4,613,502
STAAR Surgical Co. (a)

    171,296   9,005,031
UFP Technologies, Inc. (a)

    52,434   10,164,331
          120,870,454
TOTAL COMMON STOCKS

(Cost $593,560,927)

        591,972,174
SHORT-TERM INVESTMENTS — 2.3%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    131,452   131,478
State Street Navigator Securities Lending Portfolio II (e)  (f)

    13,379,982   13,379,982
TOTAL SHORT-TERM INVESTMENTS

(Cost $13,511,460)

        13,511,460
TOTAL INVESTMENTS — 102.2%

(Cost $607,072,387)

      605,483,634
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.2)%

        (13,312,196)
NET ASSETS — 100.0%

        $ 592,171,438
    
 
See accompanying notes to financial statements.
92


Table of Contents
SPDR S&P HEALTH CARE EQUIPMENT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $591,972,174   $—   $—   $591,972,174
Short-Term Investments

  13,511,460       13,511,460
TOTAL INVESTMENTS

  $605,483,634   $—   $—   $605,483,634
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

8,355,432   $ 8,354,597   $ 45,931,947   $ 54,156,519   $639   $814   131,452   $ 131,478   $ 20,910
State Street Navigator Securities Lending Portfolio II

13,512,232   13,512,232   219,019,655   219,151,905       13,379,982   13,379,982   250,581
Total

    $21,866,829   $264,951,602   $273,308,424   $639   $814       $ 13,511,460   $271,491
See accompanying notes to financial statements.
93


Table of Contents
SPDR S&P HEALTH CARE SERVICES ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
HEALTH CARE SERVICES — 49.9%          
23andMe Holding Co. Class A (a)

    382,379   $ 669,163
Accolade, Inc. (a)

    109,766   1,478,548
Addus HomeCare Corp. (a)

    22,442   2,080,373
Agiliti, Inc. (a)  (b)

    40,851   674,042
agilon health, Inc. (a)  (b)

    99,926   1,732,717
Amedisys, Inc. (a)

    22,609   2,067,367
AMN Healthcare Services, Inc. (a)

    19,580   2,136,570
Apollo Medical Holdings, Inc. (a)

    38,514   1,217,042
Castle Biosciences, Inc. (a)  (b)

    40,780   559,502
Chemed Corp.

    3,893   2,108,721
Cigna Group

    7,806   2,190,364
CorVel Corp. (a)

    8,561   1,656,554
Cross Country Healthcare, Inc. (a)

    76,052   2,135,540
CVS Health Corp.

    28,923   1,999,447
DaVita, Inc. (a)

    21,291   2,139,107
DocGo, Inc. (a)  (b)

    100,422   940,954
Enhabit, Inc. (a)

    109,420   1,258,330
Fulgent Genetics, Inc. (a)  (b)

    34,549   1,279,349
Guardant Health, Inc. (a)

    63,161   2,261,164
Hims & Hers Health, Inc. (a)

    230,608   2,167,715
Laboratory Corp. of America Holdings

    9,539   2,302,047
LifeStance Health Group, Inc. (a)

    104,568   954,706
ModivCare, Inc. (a)

    33,633   1,520,548
National Research Corp.

    6,820   296,738
NeoGenomics, Inc. (a)

    126,091   2,026,282
OPKO Health, Inc. (a)  (b)

    472,578   1,025,494
Option Care Health, Inc. (a)

    67,737   2,200,775
Pediatrix Medical Group, Inc. (a)

    117,534   1,670,158
Premier, Inc. Class A

    79,611   2,202,040
Privia Health Group, Inc. (a)

    73,625   1,922,349
Quest Diagnostics, Inc.

    15,425   2,168,138
R1 RCM, Inc. (a)  (b)

    123,687   2,282,025
RadNet, Inc. (a)

    43,959   1,433,943
          54,757,812
HEALTH CARE DISTRIBUTORS — 14.5%          
AdaptHealth Corp. (a)

    201,501   2,452,267
AmerisourceBergen Corp.

    11,645   2,240,847
Cardinal Health, Inc.

    23,920   2,262,115
Henry Schein, Inc. (a)

    27,725   2,248,498
McKesson Corp.

    5,269   2,251,496
Owens & Minor, Inc. (a)

    100,507   1,913,653
Patterson Cos., Inc.

    75,335   2,505,642
          15,874,518
HEALTH CARE FACILITIES — 21.7%          
Acadia Healthcare Co., Inc. (a)

    30,387   2,420,021
Security Description     Shares   Value
Brookdale Senior Living, Inc. (a)  (b)

    317,467   $ 1,339,711
Community Health Systems, Inc. (a)

    379,461   1,669,628
Encompass Health Corp.

    32,871   2,225,695
Ensign Group, Inc.

    22,351   2,133,626
HCA Healthcare, Inc.

    7,637   2,317,677
National HealthCare Corp.

    9,728   601,385
Select Medical Holdings Corp.

    72,926   2,323,422
Surgery Partners, Inc. (a)  (b)

    53,422   2,403,456
Tenet Healthcare Corp. (a)

    28,505   2,319,737
U.S. Physical Therapy, Inc.

    13,027   1,581,348
Universal Health Services, Inc. Class B

    15,218   2,400,944
          23,736,650
MANAGED HEALTH CARE — 13.9%          
Alignment Healthcare, Inc. (a)

    201,404   1,158,073
Centene Corp. (a)

    30,079   2,028,829
Elevance Health, Inc.

    4,414   1,961,096
HealthEquity, Inc. (a)

    32,014   2,021,364
Humana, Inc.

    4,043   1,807,747
Molina Healthcare, Inc. (a)

    7,300   2,199,052
Progyny, Inc. (a)

    51,475   2,025,026
UnitedHealth Group, Inc.

    4,205   2,021,091
          15,222,278
TOTAL COMMON STOCKS

(Cost $111,663,523)

        109,591,258
SHORT-TERM INVESTMENTS — 2.0%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    31,973   31,979
State Street Navigator Securities Lending Portfolio II (e)  (f)

    2,220,400   2,220,400
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,252,379)

        2,252,379
TOTAL INVESTMENTS — 102.0%

(Cost $113,915,902)

      111,843,637
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%

        (2,214,035)
NET ASSETS — 100.0%

        $ 109,629,602
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
 
See accompanying notes to financial statements.
94


Table of Contents
SPDR S&P HEALTH CARE SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $109,591,258   $—   $—   $109,591,258
Short-Term Investments

  2,252,379       2,252,379
TOTAL INVESTMENTS

  $ 111,843,637   $—   $—   $ 111,843,637
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,413,986   $1,413,845   $ 7,505,944   $ 8,887,857   $47   $—   31,973   $ 31,979   $ 9,218
State Street Navigator Securities Lending Portfolio II

7,377,998   7,377,998   68,489,091   73,646,689       2,220,400   2,220,400   47,809
Total

    $8,791,843   $75,995,035   $82,534,546   $47   $—       $2,252,379   $57,027
See accompanying notes to financial statements.
95


Table of Contents
SPDR S&P INSURANCE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%          
INSURANCE BROKERS — 13.8%          
Aon PLC Class A

    33,078   $ 11,418,526
Arthur J Gallagher & Co.

    50,263   11,036,247
Brown & Brown, Inc.

    162,401   11,179,685
Marsh & McLennan Cos., Inc.

    58,334   10,971,459
Ryan Specialty Holdings, Inc. (a)  (b)

    246,306   11,056,676
Willis Towers Watson PLC

    46,073   10,850,191
          66,512,784
LIFE & HEALTH INSURANCE — 26.5%          
Aflac, Inc.

    150,765   10,523,396
American Equity Investment Life Holding Co.

    222,943   11,617,560
Brighthouse Financial, Inc. (a)

    234,096   11,084,445
CNO Financial Group, Inc.

    368,052   8,711,791
Genworth Financial, Inc. Class A (a)

    1,824,332   9,121,660
Globe Life, Inc.

    96,351   10,561,997
Lincoln National Corp.

    450,142   11,595,658
MetLife, Inc.

    193,036   10,912,325
Primerica, Inc.

    54,008   10,680,622
Principal Financial Group, Inc.

    145,660   11,046,854
Prudential Financial, Inc.

    122,986   10,849,825
Unum Group

    228,540   10,901,358
          127,607,491
MULTI-LINE INSURANCE — 6.5%          
American International Group, Inc.

    182,812   10,519,002
Assurant, Inc.

    82,847   10,415,525
Hartford Financial Services Group, Inc.

    145,808   10,501,092
          31,435,619
PROPERTY & CASUALTY INSURANCE — 45.9%          
Allstate Corp.

    92,874   10,126,981
American Financial Group, Inc.

    89,560   10,635,250
Arch Capital Group Ltd. (a)

    145,563   10,895,391
Assured Guaranty Ltd.

    104,730   5,843,934
Axis Capital Holdings Ltd.

    192,997   10,389,029
Chubb Ltd.

    54,403   10,475,842
Cincinnati Financial Corp.

    102,025   9,929,073
Erie Indemnity Co. Class A

    40,840   8,576,808
Fidelity National Financial, Inc.

    293,747   10,574,892
First American Financial Corp.

    184,925   10,544,423
Hanover Insurance Group, Inc.

    85,577   9,672,768
Kemper Corp.

    188,212   9,083,111
Kinsale Capital Group, Inc.

    29,194   10,924,395
Loews Corp.

    175,225   10,404,861
Security Description     Shares   Value
Markel Group, Inc. (a)

    7,746   $ 10,714,112
Old Republic International Corp.

    410,692   10,337,118
Palomar Holdings, Inc. (a)

    50,961   2,957,776
Progressive Corp.

    79,422   10,513,090
RLI Corp.

    79,584   10,860,828
Selective Insurance Group, Inc.

    104,128   9,991,082
Travelers Cos., Inc.

    59,209   10,282,235
W R Berkley Corp.

    181,854   10,831,224
White Mountains Insurance Group Ltd.

    5,061   7,029,274
          221,593,497
REINSURANCE — 7.0%          
Enstar Group Ltd. (a)

    13,578   3,316,291
Everest Re Group Ltd.

    30,178   10,316,651
Reinsurance Group of America, Inc.

    72,073   9,995,805
RenaissanceRe Holdings Ltd.

    54,018   10,075,437
          33,704,184
TOTAL COMMON STOCKS

(Cost $522,386,766)

        480,853,575
SHORT-TERM INVESTMENTS — 0.3%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    1,104,759   1,104,980
State Street Navigator Securities Lending Portfolio II (e)  (f)

    27,150   27,150
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,132,125)

        1,132,130
TOTAL INVESTMENTS — 100.0%

(Cost $523,518,891)

      481,985,705
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%(g)

        226,105
NET ASSETS — 100.0%

        $ 482,211,810
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
(g) Amount shown represents less than 0.05% of net assets.
 
See accompanying notes to financial statements.
96


Table of Contents
SPDR S&P INSURANCE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $480,853,575   $—   $—   $480,853,575
Short-Term Investments

  1,132,130       1,132,130
TOTAL INVESTMENTS

  $481,985,705   $—   $—   $481,985,705
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

965,614   $ 965,518   $ 19,162,314   $ 19,022,863   $(11)   $22   1,104,759   $1,104,980   $20,876
State Street Navigator Securities Lending Portfolio II

10,706,454   10,706,454   88,870,153   99,549,457       27,150   27,150   38,197
Total

    $ 11,671,972   $108,032,467   $118,572,320   $(11)   $22       $1,132,130   $59,073
See accompanying notes to financial statements.
97


Table of Contents
SPDR S&P INTERNET ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
INTERACTIVE MEDIA & SERVICES — 59.7%          
Alphabet, Inc. Class C (a)

    6,702   $ 810,741
Bumble, Inc. Class A (a)

    48,613   815,726
Cargurus, Inc. (a)

    33,121   749,528
Cars.com, Inc. (a)

    18,023   357,216
Eventbrite, Inc. Class A (a)

    49,606   473,737
fuboTV, Inc. (a)  (b)

    421,380   876,470
IAC, Inc. (a)

    13,911   873,611
Match Group, Inc. (a)

    19,801   828,672
Meta Platforms, Inc. Class A (a)

    3,108   891,934
Pinterest, Inc. Class A (a)

    34,500   943,230
QuinStreet, Inc. (a)

    20,131   177,757
Rumble, Inc. (a)  (b)

    44,758   399,241
Shutterstock, Inc.

    16,752   815,320
Snap, Inc. Class A (a)

    81,616   966,333
TripAdvisor, Inc. (a)

    49,879   822,505
Vimeo, Inc. (a)

    55,070   226,888
Yelp, Inc. (a)

    19,511   710,396
Ziff Davis, Inc. (a)

    12,496   875,470
ZipRecruiter, Inc. Class A (a)  (b)

    29,650   526,584
ZoomInfo Technologies, Inc. (a)

    31,492   799,582
          13,940,941
INTERNET SERVICES & INFRASTRUCTURE — 40.3%          
Akamai Technologies, Inc. (a)

    8,905   800,292
BigCommerce Holdings, Inc. Class 1 (a)

    29,430   292,829
Cloudflare, Inc. Class A (a)

    12,904   843,534
DigitalOcean Holdings, Inc. (a)  (b)

    18,780   753,829
Fastly, Inc. Class A (a)

    49,579   781,861
GoDaddy, Inc. Class A (a)

    11,436   859,187
MongoDB, Inc. (a)

    2,199   903,767
Okta, Inc. (a)

    11,534   799,883
Snowflake, Inc. Class A (a)

    4,826   849,280
Security Description     Shares   Value
Squarespace, Inc. Class A (a)

    27,784   $ 876,307
Twilio, Inc. Class A (a)

    12,889   819,998
VeriSign, Inc. (a)

    3,727   842,190
          9,422,957
TOTAL COMMON STOCKS

(Cost $27,022,827)

        23,363,898
SHORT-TERM INVESTMENTS — 6.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    5,089   5,090
State Street Navigator Securities Lending Portfolio II (e)  (f)

    1,556,526   1,556,526
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,561,616)

        1,561,616
TOTAL INVESTMENTS — 106.7%

(Cost $28,584,443)

      24,925,514
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7)%

        (1,561,229)
NET ASSETS — 100.0%

        $ 23,364,285
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $23,363,898   $—   $—   $23,363,898
Short-Term Investments

  1,561,616       1,561,616
TOTAL INVESTMENTS

  $24,925,514   $—   $—   $24,925,514
See accompanying notes to financial statements.
98


Table of Contents
SPDR S&P INTERNET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

10,399   $ 10,398   $ 275,898   $ 281,217   $ 9   $ 2   5,089   $ 5,090   $ 584
State Street Navigator Securities Lending Portfolio II

2,539,837   2,539,837   19,011,446   19,994,757       1,556,526   1,556,526   13,495
Total

    $2,550,235   $19,287,344   $20,275,974   $ 9   $ 2       $1,561,616   $14,079
See accompanying notes to financial statements.
99


Table of Contents
SPDR S&P METALS & MINING ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
ALUMINUM — 11.0%          
Alcoa Corp.

    2,116,249   $ 71,804,329
Arconic Corp. (a)

    2,569,969   76,019,683
Century Aluminum Co. (a)

    3,149,170   27,460,762
Kaiser Aluminum Corp.

    326,773   23,410,018
          198,694,792
COAL & CONSUMABLE FUELS — 15.1%          
Arch Resources, Inc.

    668,501   75,380,173
CONSOL Energy, Inc.

    1,183,764   80,271,037
Peabody Energy Corp. (b)

    3,725,906   80,703,124
Uranium Energy Corp. (a)  (b)

    10,752,881   36,559,795
          272,914,129
COPPER — 4.4%          
Freeport-McMoRan, Inc.

    1,967,717   78,708,680
DIVERSIFIED METALS & MINING — 9.6%          
Compass Minerals International, Inc.

    751,110   25,537,740
Materion Corp.

    217,750   24,867,050
MP Materials Corp. (a)  (b)

    3,410,638   78,035,397
Piedmont Lithium, Inc. (a)  (b)

    772,639   44,588,997
          173,029,184
GOLD — 10.4%          
Coeur Mining, Inc. (a)  (b)

    14,143,094   40,166,387
Newmont Corp.

    1,798,263   76,713,900
Royal Gold, Inc.

    625,635   71,810,385
          188,690,672
SILVER — 4.0%          
Hecla Mining Co. (b)

    13,961,745   71,902,987
STEEL — 45.3%          
Alpha Metallurgical Resources, Inc.

    496,492   81,603,425
ATI, Inc. (a)

    1,893,215   83,736,899
Carpenter Technology Corp.

    848,577   47,630,627
Cleveland-Cliffs, Inc. (a)

    4,659,722   78,096,941
Commercial Metals Co.

    1,600,879   84,302,288
Haynes International, Inc.

    112,060   5,694,889
Nucor Corp.

    512,253   83,999,247
Olympic Steel, Inc.

    283,432   13,888,168
Reliance Steel & Aluminum Co.

    302,394   82,127,187
Security Description     Shares   Value
Ryerson Holding Corp.

    627,148   $ 27,205,680
Schnitzer Steel Industries, Inc. Class A

    436,536   13,091,715
Steel Dynamics, Inc.

    751,350   81,844,556
SunCoke Energy, Inc.

    1,512,903   11,906,547
TimkenSteel Corp. (a)  (b)

    659,655   14,228,758
U.S. Steel Corp.

    3,335,838   83,429,308
Worthington Industries, Inc.

    343,473   23,861,069
          816,647,304
TOTAL COMMON STOCKS

(Cost $2,054,983,874)

        1,800,587,748
SHORT-TERM INVESTMENTS — 6.0%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    2,380,701   2,381,177
State Street Navigator Securities Lending Portfolio II (e)  (f)

    105,386,834   105,386,834
TOTAL SHORT-TERM INVESTMENTS

(Cost $107,768,010)

        107,768,011
TOTAL INVESTMENTS — 105.8%

(Cost $2,162,751,884)

      1,908,355,759
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.8)%

        (104,748,746)
NET ASSETS — 100.0%

        $ 1,803,607,013
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
100


Table of Contents
SPDR S&P METALS & MINING ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,800,587,748   $—   $—   $1,800,587,748
Short-Term Investments

  107,768,011       107,768,011
TOTAL INVESTMENTS

  $1,908,355,759   $—   $—   $1,908,355,759
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
Century Aluminum Co.

8,762,356   $ 64,578,564   $ 84,488,789   $ 124,937,133   $ (50,133,392)   $ —*     $ —*   $
Coeur Mining, Inc.

15,162,062   46,092,668   108,919,737   109,375,008   (30,482,171)   —*     —*  
Piedmont Lithium, Inc.

1,262,804   45,978,694   126,564,499   151,023,202   (4,665,785)   —*     —*  
State Street Institutional Liquid Reserves Fund, Premier Class

2,278,873   2,278,645   69,427,225   69,325,438   719   26   2,380,701   2,381,177   80,971
State Street Navigator Securities Lending Portfolio II

86,773,566   86,773,566   947,411,137   928,797,869       105,386,834   105,386,834   373,166
Uranium Energy Corp.

24,543,374   75,593,592   158,632,167   203,220,912   (15,179,702)   —*     —*  
Total

    $321,295,729   $1,495,443,554   $1,586,679,562   $(100,460,331)   $26       $ 107,768,011   $454,137
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2023.
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
101


Table of Contents
SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
OIL & GAS DRILLING — 29.2%          
Diamond Offshore Drilling, Inc. (a)

    505,286   $ 7,195,272
Helmerich & Payne, Inc.

    343,733   12,185,335
Nabors Industries Ltd. (a)

    116,884   10,873,718
Noble Corp. PLC (a)

    299,048   12,353,673
Patterson-UTI Energy, Inc.

    1,057,640   12,659,951
Transocean Ltd. (a)  (b)

    1,916,973   13,437,981
Valaris Ltd. (a)

    198,143   12,469,139
          81,175,069
OIL & GAS EQUIPMENT & SERVICES — 70.8%          
Archrock, Inc.

    407,924   4,181,221
Baker Hughes Co.

    398,597   12,599,651
Bristow Group, Inc. (a)

    55,512   1,594,860
Cactus, Inc. Class A

    296,744   12,558,206
ChampionX Corp.

    430,130   13,351,235
Core Laboratories, Inc. (b)

    159,168   3,700,656
DMC Global, Inc. (a)

    64,620   1,147,651
Dril-Quip, Inc. (a)

    125,859   2,928,739
Expro Group Holdings NV (a)

    296,310   5,250,613
Halliburton Co.

    369,880   12,202,341
Helix Energy Solutions Group, Inc. (a)

    852,321   6,290,129
Liberty Energy, Inc.

    875,689   11,707,962
NexTier Oilfield Solutions, Inc. (a)

    1,407,283   12,581,110
NOV, Inc.

    772,733   12,394,637
Oceaneering International, Inc. (a)

    386,504   7,227,625
Oil States International, Inc. (a)

    353,072   2,637,448
ProFrac Holding Corp. Class A (a)  (b)

    386,483   4,313,150
ProPetro Holding Corp. (a)

    737,489   6,076,909
RPC, Inc.

    675,173   4,827,487
Schlumberger NV

    251,671   12,362,080
Select Water Solutions, Inc. Class A

    397,150   3,216,915
Security Description     Shares   Value
TechnipFMC PLC (a)

    801,736   $ 13,324,852
Tidewater, Inc. (a)

    250,774   13,902,911
U.S. Silica Holdings, Inc. (a)

    388,180   4,708,624
Weatherford International PLC (a)

    183,212   12,168,941
          197,255,953
TOTAL COMMON STOCKS

(Cost $299,773,038)

        278,431,022
SHORT-TERM INVESTMENTS — 6.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    144,345   144,374
State Street Navigator Securities Lending Portfolio II (e)  (f)

    18,618,135   18,618,135
TOTAL SHORT-TERM INVESTMENTS

(Cost $18,762,503)

        18,762,509
TOTAL INVESTMENTS — 106.7%

(Cost $318,535,541)

      297,193,531
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7)%

        (18,622,806)
NET ASSETS — 100.0%

        $ 278,570,725
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $278,431,022   $—   $—   $278,431,022
Short-Term Investments

  18,762,509       18,762,509
TOTAL INVESTMENTS

  $297,193,531   $—   $—   $297,193,531
See accompanying notes to financial statements.
102


Table of Contents
SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

271,343   $ 271,316   $ 3,326,659   $ 3,453,635   $31   $ 3   144,345   $ 144,374   $ 9,486
State Street Navigator Securities Lending Portfolio II

3,044,601   3,044,601   166,048,216   150,474,682       18,618,135   18,618,135   55,207
Total

    $3,315,917   $169,374,875   $153,928,317   $31   $ 3       $18,762,509   $64,693
See accompanying notes to financial statements.
103


Table of Contents
SPDR S&P PHARMACEUTICALS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
PHARMACEUTICALS — 99.9%          
Aclaris Therapeutics, Inc. (a)

    116,841   $ 1,211,641
Amphastar Pharmaceuticals, Inc. (a)

    64,121   3,685,034
Amylyx Pharmaceuticals, Inc. (a)

    205,828   4,439,710
ANI Pharmaceuticals, Inc. (a)

    11,992   645,529
Arvinas, Inc. (a)

    98,052   2,433,651
Axsome Therapeutics, Inc. (a)  (b)

    131,679   9,462,453
Bristol-Myers Squibb Co.

    149,847   9,582,716
Cassava Sciences, Inc. (a)  (b)

    138,387   3,393,249
Catalent, Inc. (a)

    250,194   10,848,412
Collegium Pharmaceutical, Inc. (a)

    70,135   1,507,201
Corcept Therapeutics, Inc. (a)

    146,514   3,259,936
Cymabay Therapeutics, Inc. (a)

    286,201   3,133,901
DICE Therapeutics, Inc. (a)

    91,069   4,231,066
Elanco Animal Health, Inc. (a)

    1,071,747   10,781,775
Eli Lilly & Co.

    21,769   10,209,226
Harmony Biosciences Holdings, Inc. (a)

    136,198   4,792,808
Harrow Health, Inc. (a)

    84,140   1,602,026
Innoviva, Inc. (a)

    120,035   1,528,045
Intra-Cellular Therapies, Inc. (a)

    146,825   9,296,959
Jazz Pharmaceuticals PLC (a)

    76,396   9,470,812
Johnson & Johnson

    60,684   10,044,416
Ligand Pharmaceuticals, Inc. (a)

    21,320   1,537,172
Merck & Co., Inc.

    87,706   10,120,395
Ocular Therapeutix, Inc. (a)  (b)

    147,524   761,224
Organon & Co.

    442,977   9,218,351
Pacira BioSciences, Inc. (a)

    114,741   4,597,672
Perrigo Co. PLC

    248,022   8,420,347
Pfizer, Inc.

    249,166   9,139,409
Pliant Therapeutics, Inc. (a)  (b)

    134,488   2,436,922
Prestige Consumer Healthcare, Inc. (a)

    49,484   2,940,834
Reata Pharmaceuticals, Inc. Class A (a)

    103,519   10,554,797
Revance Therapeutics, Inc. (a)  (b)

    272,481   6,896,494
Security Description     Shares   Value
Royalty Pharma PLC Class A

    295,047   $ 9,069,745
Supernus Pharmaceuticals, Inc. (a)

    81,910   2,462,215
Theravance Biopharma, Inc. (a)  (b)

    105,312   1,089,979
Ventyx Biosciences, Inc. (a)

    183,627   6,022,965
Viatris, Inc.

    1,035,182   10,331,116
Zoetis, Inc.

    59,537   10,252,867
TOTAL COMMON STOCKS

(Cost $240,578,824)

        221,413,070
SHORT-TERM INVESTMENTS — 3.8%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    123,248   123,272
State Street Navigator Securities Lending Portfolio II (e)  (f)

    8,279,078   8,279,078
TOTAL SHORT-TERM INVESTMENTS

(Cost $8,402,338)

        8,402,350
TOTAL INVESTMENTS — 103.7%

(Cost $248,981,162)

      229,815,420
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)%

        (8,249,571)
NET ASSETS — 100.0%

        $ 221,565,849
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $221,413,070   $—   $—   $221,413,070
Short-Term Investments

  8,402,350       8,402,350
TOTAL INVESTMENTS

  $229,815,420   $—   $—   $229,815,420
See accompanying notes to financial statements.
104


Table of Contents
SPDR S&P PHARMACEUTICALS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

180,164   $ 180,147   $ 14,416,082   $ 14,473,111   $142   $12   123,248   $ 123,272   $ 19,059
State Street Navigator Securities Lending Portfolio II

5,141,614   5,141,614   163,603,943   160,466,479       8,279,078   8,279,078   1,182,221
Total

    $5,321,761   $178,020,025   $174,939,590   $142   $12       $8,402,350   $1,201,280
See accompanying notes to financial statements.
105


Table of Contents
SPDR S&P RETAIL ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
APPAREL RETAIL — 21.7%          
Abercrombie & Fitch Co. Class A (a)

    183,673   $ 6,920,799
American Eagle Outfitters, Inc.

    529,397   6,246,885
Boot Barn Holdings, Inc. (a)

    86,334   7,311,626
Buckle, Inc.

    174,992   6,054,723
Burlington Stores, Inc. (a)

    43,244   6,806,173
Caleres, Inc. (b)

    212,569   5,086,776
Chico's FAS, Inc. (a)

    753,754   4,032,584
Designer Brands, Inc. Class A

    648,797   6,552,850
Foot Locker, Inc. (b)

    243,402   6,598,628
Gap, Inc.

    654,457   5,844,301
Guess?, Inc. (b)

    302,786   5,889,188
Revolve Group, Inc. (a)  (b)

    398,043   6,527,905
Ross Stores, Inc.

    60,868   6,825,129
Shoe Carnival, Inc. (b)

    172,110   4,041,143
TJX Cos., Inc.

    79,248   6,719,438
Urban Outfitters, Inc. (a)

    191,745   6,352,512
Victoria's Secret & Co. (a)  (b)

    347,850   6,063,025
          103,873,685
AUTOMOTIVE RETAIL — 22.4%          
Advance Auto Parts, Inc.

    98,903   6,952,881
America's Car-Mart, Inc. (a)  (b)

    29,641   2,957,579
Arko Corp. (b)

    90,815   721,979
Asbury Automotive Group, Inc. (a)

    27,817   6,687,763
AutoNation, Inc. (a)

    44,312   7,294,198
AutoZone, Inc. (a)

    2,668   6,652,284
Camping World Holdings, Inc. Class A

    217,483   6,546,238
CarMax, Inc. (a)

    79,815   6,680,516
Carvana Co. (a)

    329,817   8,548,857
Group 1 Automotive, Inc.

    26,183   6,757,832
Lithia Motors, Inc.

    24,698   7,510,909
Monro, Inc.

    123,739   5,027,516
Murphy USA, Inc.

    22,071   6,866,509
OneWater Marine, Inc. Class A (a)  (b)

    34,133   1,236,980
O'Reilly Automotive, Inc. (a)

    6,921   6,611,631
Penske Automotive Group, Inc. (b)

    41,962   6,992,128
Sonic Automotive, Inc. Class A

    137,436   6,551,574
Valvoline, Inc.

    169,319   6,351,156
          106,948,530
BROADLINE RETAIL — 10.5%          
Amazon.com, Inc. (a)

    50,947   6,641,451
Dillard's, Inc. Class A (b)

    18,304   5,972,229
eBay, Inc.

    137,286   6,135,311
Etsy, Inc. (a)

    68,924   5,831,660
Kohl's Corp. (b)

    285,089   6,571,302
Macy's, Inc.

    401,613   6,445,889
Nordstrom, Inc.

    318,611   6,521,967
Security Description     Shares   Value
Ollie's Bargain Outlet Holdings, Inc. (a)

    101,523   $ 5,881,227
          50,001,036
COMPUTER & ELECTRONICS RETAIL — 3.9%          
Best Buy Co., Inc.

    83,589   6,850,119
GameStop Corp. Class A (a)

    277,296   6,724,428
Upbound Group, Inc.

    161,923   5,040,663
          18,615,210
CONSUMER STAPLES MERCHANDISE RETAIL — 9.0%          
BJ's Wholesale Club Holdings, Inc. (a)

    100,955   6,361,175
Costco Wholesale Corp.

    12,151   6,541,855
Dollar General Corp.

    41,078   6,974,223
Dollar Tree, Inc. (a)

    47,747   6,851,694
PriceSmart, Inc.

    45,833   3,394,392
Target Corp.

    49,543   6,534,722
Walmart, Inc.

    41,071   6,455,540
          43,113,601
DRUG RETAIL — 1.2%          
Walgreens Boots Alliance, Inc.

    200,157   5,702,473
FOOD RETAIL — 8.2%          
Albertsons Cos., Inc. Class A

    302,267   6,595,466
Casey's General Stores, Inc.

    28,808   7,025,695
Fresh Market, Inc. (a) (b)  (c)

    321,064  
Grocery Outlet Holding Corp. (a)

    225,114   6,890,739
Ingles Markets, Inc. Class A

    34,854   2,880,683
Kroger Co.

    136,204   6,401,588
Sprouts Farmers Market, Inc. (a)  (b)

    185,464   6,812,093
Weis Markets, Inc.

    42,696   2,741,510
          39,347,774
OTHER SPECIALTY RETAIL — 23.0%          
Academy Sports & Outdoors, Inc.

    124,751   6,742,792
Bath & Body Works, Inc.

    148,920   5,584,500
Chewy, Inc. Class A (a)

    170,909   6,745,778
Dick's Sporting Goods, Inc.

    46,324   6,123,570
Five Below, Inc. (a)

    33,973   6,677,053
Franchise Group, Inc. (b)

    180,320   5,164,365
Hibbett, Inc. (b)

    173,019   6,278,860
Leslie's, Inc. (a)  (b)

    608,246   5,711,430
MarineMax, Inc. (a)

    152,816   5,220,195
National Vision Holdings, Inc. (a)

    241,160   5,857,776
ODP Corp. (a)

    135,693   6,353,146
Petco Health & Wellness Co., Inc. (a)

    720,409   6,411,640
PetMed Express, Inc. (b)

    178,836   2,466,148
Sally Beauty Holdings, Inc. (a)

    522,799   6,456,568
 
See accompanying notes to financial statements.
106


Table of Contents
SPDR S&P RETAIL ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Signet Jewelers Ltd. (b)

    105,012   $ 6,853,083
Tractor Supply Co.

    28,940   6,398,634
Ulta Beauty, Inc. (a)

    14,841   6,984,100
Warby Parker, Inc. Class A (a)

    425,047   4,968,799
Winmark Corp.

    8,830   2,935,710
          109,934,147
TOTAL COMMON STOCKS

(Cost $534,520,983)

        477,536,456
SHORT-TERM INVESTMENTS — 5.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

    371,588   371,662
State Street Navigator Securities Lending Portfolio II (f)  (g)

    26,800,198   26,800,198
TOTAL SHORT-TERM INVESTMENTS

(Cost $27,171,851)

        27,171,860
TOTAL INVESTMENTS — 105.6%

(Cost $561,692,834)

      504,708,316
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.6)%

        (26,539,002)
NET ASSETS — 100.0%

        $ 478,169,314
    
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $477,536,456   $—   $ 0(a)   $477,536,456
Short-Term Investments

  27,171,860       27,171,860
TOTAL INVESTMENTS

  $504,708,316   $—   $ 0   $504,708,316
(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

  $   $ 20,554,687   $ 20,182,983   $(51)   $ 9   371,588   $ 371,662   $ 14,534
State Street Navigator Securities Lending Portfolio II

28,813,697   28,813,697   332,411,123   334,424,622       26,800,198   26,800,198   1,735,594
Total

    $28,813,697   $352,965,810   $354,607,605   $(51)   $ 9       $27,171,860   $1,750,128
See accompanying notes to financial statements.
107


Table of Contents
SPDR S&P SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
SEMICONDUCTORS — 100.0%          
Advanced Micro Devices, Inc. (a)

    338,286   $ 38,534,158
Allegro MicroSystems, Inc. (a)

    1,087,743   49,100,719
Alpha & Omega Semiconductor Ltd. (a)

    508,802   16,688,706
Ambarella, Inc. (a)

    508,530   42,548,705
Analog Devices, Inc.

    231,605   45,118,970
Broadcom, Inc.

    52,504   45,543,545
CEVA, Inc. (a)

    342,184   8,742,801
Cirrus Logic, Inc. (a)

    550,029   44,557,849
Credo Technology Group Holding Ltd. (a)  (b)

    2,440,728   42,322,223
Diodes, Inc. (a)

    461,744   42,706,703
First Solar, Inc. (a)

    220,097   41,838,239
Impinj, Inc. (a)  (b)

    384,415   34,462,805
indie Semiconductor, Inc. Class A (a)

    4,184,038   39,329,957
Intel Corp.

    1,348,398   45,090,429
Lattice Semiconductor Corp. (a)

    524,628   50,401,012
MACOM Technology Solutions Holdings, Inc. (a)

    705,607   46,238,427
Marvell Technology, Inc.

    704,196   42,096,837
MaxLinear, Inc. (a)

    1,450,696   45,783,966
Microchip Technology, Inc.

    527,773   47,283,183
Micron Technology, Inc.

    645,862   40,760,351
Monolithic Power Systems, Inc.

    84,204   45,489,527
Navitas Semiconductor Corp. (a)  (b)

    3,370,820   35,528,443
NVIDIA Corp.

    108,999   46,108,757
NXP Semiconductors NV

    228,425   46,754,029
ON Semiconductor Corp. (a)

    474,711   44,898,166
Power Integrations, Inc.

    456,902   43,254,912
Qorvo, Inc. (a)

    429,634   43,835,557
QUALCOMM, Inc.

    354,788   42,233,963
Rambus, Inc. (a)

    663,716   42,590,656
Semtech Corp. (a)

    1,974,710   50,276,117
Silicon Laboratories, Inc. (a)

    279,693   44,118,774
SiTime Corp. (a)  (b)

    381,466   45,001,544
Security Description     Shares   Value
Skyworks Solutions, Inc.

    404,429   $ 44,766,246
SMART Global Holdings, Inc. (a)

    937,365   27,192,959
Synaptics, Inc. (a)

    518,640   44,281,483
Texas Instruments, Inc.

    247,722   44,594,914
Universal Display Corp.

    295,372   42,571,966
Wolfspeed, Inc. (a)  (b)

    795,385   44,215,452
TOTAL COMMON STOCKS

(Cost $1,551,526,796)

        1,586,863,050
SHORT-TERM INVESTMENTS — 3.3%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    898,271   898,451
State Street Navigator Securities Lending Portfolio II (e)  (f)

    51,684,456   51,684,456
TOTAL SHORT-TERM INVESTMENTS

(Cost $52,582,876)

        52,582,907
TOTAL INVESTMENTS — 103.3%

(Cost $1,604,109,672)

      1,639,445,957
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%

        (51,821,901)
NET ASSETS — 100.0%

        $ 1,587,624,056
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
108


Table of Contents
SPDR S&P SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,586,863,050   $—   $—   $1,586,863,050
Short-Term Investments

  52,582,907       52,582,907
TOTAL INVESTMENTS

  $1,639,445,957   $—   $—   $1,639,445,957
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,018,578   $ 1,018,476   $ 11,174,828   $ 11,295,126   $246   $27   898,271   $ 898,451   $ 53,634
State Street Navigator Securities Lending Portfolio II

47,719,371   47,719,371   453,068,149   449,103,064       51,684,456   51,684,456   800,861
Total

    $48,737,847   $464,242,977   $460,398,190   $246   $27       $52,582,907   $854,495
See accompanying notes to financial statements.
109


Table of Contents
SPDR S&P SOFTWARE & SERVICES ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
APPLICATION SOFTWARE — 68.8%          
8x8, Inc. (a)  (b)

    520,844   $ 2,203,170
ACI Worldwide, Inc. (a)

    86,033   1,993,385
Adobe, Inc. (a)

    4,462   2,181,873
Agilysys, Inc. (a)

    27,800   1,908,192
Alarm.com Holdings, Inc. (a)

    40,200   2,077,536
Alkami Technology, Inc. (a)

    117,290   1,922,383
Altair Engineering, Inc. Class A (a)

    26,946   2,043,585
Alteryx, Inc. Class A (a)

    50,691   2,301,371
American Software, Inc. Class A

    86,856   912,857
Amplitude, Inc. Class A (a)

    195,945   2,155,395
ANSYS, Inc. (a)

    6,224   2,055,600
Appfolio, Inc. Class A (a)

    12,477   2,147,791
AppLovin Corp. Class A (a)  (b)

    89,412   2,300,571
Asana, Inc. Class A (a)

    91,100   2,007,844
Aspen Technology, Inc. (a)

    12,378   2,074,677
Atlassian Corp. Class A (a)

    11,780   1,976,802
Autodesk, Inc. (a)

    10,061   2,058,581
AvePoint, Inc. (a)  (b)

    175,224   1,009,290
Bentley Systems, Inc. Class B (b)

    40,009   2,169,688
Bills Holdings, Inc. (a)  (b)

    17,577   2,053,872
Black Knight, Inc. (a)

    35,789   2,137,677
Blackbaud, Inc. (a)

    27,789   1,978,021
Blackline, Inc. (a)

    38,763   2,086,225
Box, Inc. Class A (a)

    69,961   2,055,454
Braze, Inc. Class A (a)

    51,385   2,250,149
C3.ai, Inc. Class A (a)  (b)

    54,773   1,995,380
Cadence Design Systems, Inc. (a)

    8,835   2,071,984
CCC Intelligent Solutions Holdings, Inc. (a)

    184,189   2,064,759
Cerence, Inc. (a)

    67,875   1,983,986
Cleanspark, Inc. (a)  (b)

    533,178   2,287,334
Clear Secure, Inc. Class A (b)

    86,327   2,000,197
Clearwater Analytics Holdings, Inc. Class A (a)

    122,942   1,951,089
Confluent, Inc. Class A (a)  (b)

    55,692   1,966,484
Consensus Cloud Solutions, Inc. (a)

    56,977   1,766,287
Couchbase, Inc. (a)  (b)

    91,386   1,445,726
Datadog, Inc. Class A (a)

    21,186   2,084,279
Digital Turbine, Inc. (a)

    223,876   2,077,569
DocuSign, Inc. (a)

    35,534   1,815,432
Domo, Inc. Class B (a)

    140,504   2,059,789
DoubleVerify Holdings, Inc. (a)

    56,047   2,181,349
Dropbox, Inc. Class A (a)

    84,420   2,251,481
Dynatrace, Inc. (a)

    39,758   2,046,344
E2open Parent Holdings, Inc. (a)  (b)

    396,494   2,220,366
Ebix, Inc.

    91,183   2,297,812
Elastic NV (a)

    28,666   1,838,064
EngageSmart, Inc. (a)

    111,385   2,126,340
Security Description     Shares   Value
Envestnet, Inc. (a)

    37,369   $ 2,217,850
Everbridge, Inc. (a)

    77,155   2,075,469
Expensify, Inc. Class A (a)

    197,199   1,573,648
Fair Isaac Corp. (a)

    2,615   2,116,084
Five9, Inc. (a)

    27,416   2,260,449
ForgeRock, Inc. Class A (a)  (b)

    104,221   2,140,699
Freshworks, Inc. Class A (a)

    129,296   2,273,024
Guidewire Software, Inc. (a)

    28,281   2,151,618
HashiCorp, Inc. Class A (a)

    76,111   1,992,586
HubSpot, Inc. (a)

    3,919   2,085,261
Informatica, Inc. Class A (a)

    115,052   2,128,462
Instructure Holdings, Inc. (a)

    59,036   1,485,346
Intapp, Inc. (a)

    46,036   1,929,369
InterDigital, Inc.

    22,943   2,215,147
Intuit, Inc.

    4,694   2,150,744
Jamf Holding Corp. (a)  (b)

    108,463   2,117,198
LiveRamp Holdings, Inc. (a)

    81,731   2,334,237
Manhattan Associates, Inc. (a)

    10,903   2,179,292
Marathon Digital Holdings, Inc. (a)  (b)

    216,001   2,993,774
Matterport, Inc. (a)

    703,499   2,216,022
MicroStrategy, Inc. Class A (a)

    7,176   2,457,206
Mitek Systems, Inc. (a)  (b)

    136,925   1,484,267
Model N, Inc. (a)

    62,670   2,216,011
nCino, Inc. (a)

    84,420   2,542,730
NCR Corp. (a)

    80,593   2,030,944
New Relic, Inc. (a)

    29,377   1,922,431
Nutanix, Inc. Class A (a)

    68,035   1,908,382
Olo, Inc. Class A (a)

    281,009   1,815,318
ON24, Inc.

    168,984   1,372,150
PagerDuty, Inc. (a)

    91,678   2,060,921
Palantir Technologies, Inc. Class A (a)

    134,893   2,067,910
Pegasystems, Inc.

    43,386   2,138,930
PowerSchool Holdings, Inc. Class A (a)  (b)

    109,106   2,088,289
Procore Technologies, Inc. (a)

    31,195   2,029,859
PROS Holdings, Inc. (a)

    66,999   2,063,569
PTC, Inc. (a)

    14,622   2,080,711
Q2 Holdings, Inc. (a)

    72,594   2,243,155
RingCentral, Inc. Class A (a)

    61,489   2,012,535
Riot Platforms, Inc. (a)

    196,135   2,318,316
Roper Technologies, Inc.

    4,485   2,156,388
Salesforce, Inc. (a)

    9,410   1,987,957
Samsara, Inc. Class A (a)

    69,913   1,937,289
Smartsheet, Inc. Class A (a)

    52,178   1,996,330
Splunk, Inc. (a)

    20,488   2,173,572
Sprinklr, Inc. Class A (a)

    146,711   2,029,013
Sprout Social, Inc. Class A (a)  (b)

    42,600   1,966,416
SPS Commerce, Inc. (a)

    11,773   2,261,122
Synopsys, Inc. (a)

    4,617   2,010,288
Tyler Technologies, Inc. (a)

    5,214   2,171,475
Unity Software, Inc. (a)

    55,815   2,423,487
Verint Systems, Inc. (a)

    54,803   1,921,393
Vertex, Inc. Class A (a)

    88,864   1,732,848
 
See accompanying notes to financial statements.
110


Table of Contents
SPDR S&P SOFTWARE & SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Workday, Inc. Class A (a)

    9,913   $ 2,239,248
Workiva, Inc. (a)

    20,273   2,060,953
Yext, Inc. (a)

    156,333   1,768,126
Zeta Global Holdings Corp. Class A (a)

    227,139   1,939,767
Zoom Video Communications, Inc. Class A (a)

    30,176   2,048,347
          210,907,972
DIVERSIFIED SUPPORT SERVICES — 0.5%          
Aurora Innovation, Inc. (a)

    512,123   1,505,642
INTERACTIVE HOME ENTERTAINMENT — 4.4%          
Activision Blizzard, Inc. (a)

    25,207   2,124,950
Electronic Arts, Inc.

    16,088   2,086,614
Playstudios, Inc. (a)

    172,637   847,648
Playtika Holding Corp. (a)

    181,386   2,104,077
ROBLOX Corp. Class A (a)

    52,367   2,110,390
Sciplay Corp. Class A (a)

    103,424   2,035,384
Take-Two Interactive Software, Inc. (a)

    15,117   2,224,618
          13,533,681
IT CONSULTING & OTHER SERVICES — 7.3%          
Accenture PLC Class A

    6,564   2,025,519
Cognizant Technology Solutions Corp. Class A

    32,652   2,131,523
DXC Technology Co. (a)

    77,567   2,072,590
EPAM Systems, Inc. (a)

    9,588   2,154,903
Gartner, Inc. (a)

    5,881   2,060,173
Grid Dynamics Holdings, Inc. (a)

    207,590   1,920,207
Hackett Group, Inc. (b)

    75,047   1,677,300
International Business Machines Corp.

    14,974   2,003,671
Kyndryl Holdings, Inc. (a)

    162,999   2,164,627
Perficient, Inc. (a)

    27,141   2,261,660
Thoughtworks Holding, Inc. (a)  (b)

    266,239   2,010,104
          22,482,277
SYSTEMS SOFTWARE — 18.9%          
A10 Networks, Inc.

    142,782   2,083,189
Adeia, Inc.

    195,002   2,146,972
Appian Corp. Class A (a)

    42,113   2,004,579
CommVault Systems, Inc. (a)

    28,544   2,072,865
Crowdstrike Holdings, Inc. Class A (a)

    13,550   1,990,088
Dolby Laboratories, Inc. Class A

    24,384   2,040,453
Fortinet, Inc. (a)

    29,792   2,251,977
Gen Digital, Inc.

    113,698   2,109,098
Gitlab, Inc. Class A (a)  (b)

    42,944   2,194,868
Microsoft Corp.

    6,200   2,111,348
Security Description     Shares   Value
N-able, Inc. (a)

    139,826   $ 2,014,893
OneSpan, Inc. (a)

    128,968   1,913,885
Oracle Corp.

    18,444   2,196,496
Palo Alto Networks, Inc. (a)  (b)

    9,205   2,351,970
Progress Software Corp.

    33,841   1,966,162
Qualys, Inc. (a)

    15,814   2,042,694
Rapid7, Inc. (a)

    44,549   2,017,179
SentinelOne, Inc. Class A (a)

    139,250   2,102,675
ServiceNow, Inc. (a)

    3,795   2,132,676
SolarWinds Corp. (a)

    184,399   1,891,934
Tenable Holdings, Inc. (a)

    50,855   2,214,735
Teradata Corp. (a)

    41,255   2,203,430
UiPath, Inc. Class A (a)  (b)

    118,001   1,955,277
Varonis Systems, Inc. (a)

    79,455   2,117,476
VMware, Inc. Class A (a)

    14,966   2,150,465
Xperi, Inc. (a)

    125,839   1,654,788
Zscaler, Inc. (a)

    13,431   1,964,955
Zuora, Inc. Class A (a)

    175,418   1,924,335
          57,821,462
TOTAL COMMON STOCKS

(Cost $329,805,958)

        306,251,034
SHORT-TERM INVESTMENTS — 5.3%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    170,853   170,887
State Street Navigator Securities Lending Portfolio II (e)  (f)

    15,891,536   15,891,536
TOTAL SHORT-TERM INVESTMENTS

(Cost $16,062,406)

        16,062,423
TOTAL INVESTMENTS — 105.2%

(Cost $345,868,364)

      322,313,457
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.2)%

        (15,880,804)
NET ASSETS — 100.0%

        $ 306,432,653
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
111


Table of Contents
SPDR S&P SOFTWARE & SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $306,251,034   $—   $—   $306,251,034
Short-Term Investments

  16,062,423       16,062,423
TOTAL INVESTMENTS

  $322,313,457   $—   $—   $322,313,457
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

200,793   $ 200,773   $ 21,150,116   $ 21,180,305   $277   $26   170,853   $ 170,887   $ 10,955
State Street Navigator Securities Lending Portfolio II

19,776,617   19,776,617   152,358,564   156,243,645       15,891,536   15,891,536   466,691
Total

    $19,977,390   $173,508,680   $177,423,950   $277   $26       $16,062,423   $477,646
See accompanying notes to financial statements.
112


Table of Contents
SPDR S&P TELECOM ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
ALTERNATIVE CARRIERS — 18.1%          
Anterix, Inc. (a)

    15,586   $ 493,920
Cogent Communications Holdings, Inc.

    31,381   2,111,627
EchoStar Corp. Class A (a)

    23,181   401,959
Globalstar, Inc. (a)  (b)

    394,120   425,650
Iridium Communications, Inc.

    32,971   2,048,159
Liberty Global PLC Class C (a)

    117,372   2,085,700
Liberty Latin America Ltd. Class C (a)  (b)

    126,855   1,093,490
Lumen Technologies, Inc. (b)

    1,156,637   2,614,000
          11,274,505
COMMUNICATIONS EQUIPMENT — 58.3%          
ADTRAN Holdings, Inc. (b)

    92,900   978,237
Arista Networks, Inc. (a)

    12,851   2,082,633
Calix, Inc. (a)

    40,425   2,017,612
Ciena Corp. (a)

    50,305   2,137,459
Cisco Systems, Inc.

    41,963   2,171,166
Clearfield, Inc. (a)  (b)

    33,422   1,582,532
CommScope Holding Co., Inc. (a)

    396,602   2,232,869
Comtech Telecommunications Corp.

    15,062   137,667
Digi International, Inc. (a)

    24,345   958,949
Extreme Networks, Inc. (a)

    89,694   2,336,529
F5, Inc. (a)

    14,232   2,081,572
Harmonic, Inc. (a)

    115,776   1,872,098
Infinera Corp. (a)  (b)

    395,977   1,912,569
Juniper Networks, Inc.

    68,976   2,161,018
Lumentum Holdings, Inc. (a)  (b)

    40,811   2,315,208
Motorola Solutions, Inc.

    7,505   2,201,066
NETGEAR, Inc. (a)

    18,955   268,403
NetScout Systems, Inc. (a)

    40,126   1,241,900
Ubiquiti, Inc. (b)

    8,406   1,477,354
Viasat, Inc. (a)

    42,069   1,735,767
Viavi Solutions, Inc. (a)

    206,402   2,338,535
          36,241,143
INTEGRATED TELECOMMUNICATION SERVICES — 14.7%          
AT&T, Inc.

    130,513   2,081,682
ATN International, Inc.

    4,455   163,053
Frontier Communications Parent, Inc. (a)

    124,381   2,318,462
IDT Corp. Class B (a)

    10,460   270,391
Radius Global Infrastructure, Inc. Class A (a)

    140,201   2,088,995
Security Description     Shares   Value
Verizon Communications, Inc.

    58,693   $ 2,182,793
          9,105,376
WIRELESS TELECOMMUNICATION SERVICES — 8.8%          
GCI Liberty, Inc. (a)  (c)

    17,070  
Gogo, Inc. (a)

    43,978   748,066
Shenandoah Telecommunications Co.

    11,676   226,864
Telephone & Data Systems, Inc.

    274,218   2,256,814
T-Mobile U.S., Inc. (a)

    15,880   2,205,732
          5,437,476
TOTAL COMMON STOCKS

(Cost $72,067,177)

        62,058,500
SHORT-TERM INVESTMENTS — 7.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

    58,639   58,650
State Street Navigator Securities Lending Portfolio II (f)  (g)

    4,351,082   4,351,082
TOTAL SHORT-TERM INVESTMENTS

(Cost $4,409,730)

        4,409,732
TOTAL INVESTMENTS — 107.0%

(Cost $76,476,907)

      66,468,232
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.0)%

        (4,359,134)
NET ASSETS — 100.0%

        $ 62,109,098
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
113


Table of Contents
SPDR S&P TELECOM ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $62,058,500   $—   $ 0(a)   $62,058,500
Short-Term Investments

  4,409,732       4,409,732
TOTAL INVESTMENTS

  $66,468,232   $—   $ 0   $66,468,232
(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

70,314   $ 70,307   $ 1,427,429   $ 1,439,149   $58   $ 5   58,639   $ 58,650   $ 3,814
State Street Navigator Securities Lending Portfolio II

2,190,959   2,190,959   35,069,662   32,909,539       4,351,082   4,351,082   23,531
Total

    $2,261,266   $36,497,091   $34,348,688   $58   $ 5       $4,409,732   $27,345
See accompanying notes to financial statements.
114


Table of Contents
SPDR S&P TRANSPORTATION ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
AIR FREIGHT & LOGISTICS — 17.1%          
Air Transport Services Group, Inc. (a)

    200,132   $ 3,776,491
CH Robinson Worldwide, Inc.

    57,875   5,460,506
Expeditors International of Washington, Inc.

    45,021   5,453,394
FedEx Corp.

    23,160   5,741,364
Forward Air Corp.

    50,890   5,399,938
GXO Logistics, Inc. (a)

    86,045   5,405,347
Hub Group, Inc. Class A (a)

    67,425   5,415,576
United Parcel Service, Inc. Class B

    30,404   5,449,917
          42,102,533
CARGO GROUND TRANSPORTATION — 28.7%          
ArcBest Corp.

    60,966   6,023,441
Heartland Express, Inc.

    78,023   1,280,357
JB Hunt Transport Services, Inc.

    30,501   5,521,596
Knight-Swift Transportation Holdings, Inc.

    93,203   5,178,359
Landstar System, Inc.

    27,656   5,324,886
Marten Transport Ltd.

    100,500   2,160,750
Old Dominion Freight Line, Inc.

    16,913   6,253,582
RXO, Inc. (a)

    237,155   5,376,304
Ryder System, Inc.

    63,876   5,416,046
Saia, Inc. (a)

    17,590   6,022,992
Schneider National, Inc. Class B

    195,658   5,619,298
U-Haul Holding Co. (b)

    89,561   4,954,514
Werner Enterprises, Inc.

    118,721   5,245,094
XPO, Inc. (a)

    107,039   6,315,301
          70,692,520
MARINE TRANSPORTATION — 8.8%          
Eagle Bulk Shipping, Inc. (b)

    119,507   5,741,116
Genco Shipping & Trading Ltd. (b)

    371,486   5,211,949
Kirby Corp. (a)

    69,269   5,330,250
Matson, Inc.

    68,913   5,356,607
          21,639,922
PASSENGER AIRLINES — 29.8%          
Alaska Air Group, Inc. (a)

    106,775   5,678,295
Allegiant Travel Co. (a)

    47,512   5,999,815
American Airlines Group, Inc. (a)

    333,334   5,980,012
Delta Air Lines, Inc. (a)

    132,098   6,279,939
Frontier Group Holdings, Inc. (a)  (b)

    487,721   4,716,262
Hawaiian Holdings, Inc. (a)  (b)

    477,024   5,137,548
JetBlue Airways Corp. (a)

    694,726   6,155,272
Joby Aviation, Inc. (a)  (b)

    677,247   6,948,554
SkyWest, Inc. (a)

    152,900   6,226,088
Security Description     Shares   Value
Southwest Airlines Co.

    169,482   $ 6,136,943
Spirit Airlines, Inc.

    337,404   5,789,853
Sun Country Airlines Holdings, Inc. (a)

    117,962   2,651,786
United Airlines Holdings, Inc. (a)

    102,933   5,647,934
          73,348,301
PASSENGER GROUND TRANSPORTATION — 8.9%          
Avis Budget Group, Inc. (a)

    26,902   6,151,680
Hertz Global Holdings, Inc. (a)  (b)

    300,812   5,531,933
Lyft, Inc. Class A (a)

    496,607   4,762,461
Uber Technologies, Inc. (a)

    126,593   5,465,020
          21,911,094
RAIL TRANSPORTATION — 6.6%          
CSX Corp.

    160,776   5,482,462
Norfolk Southern Corp.

    24,004   5,443,147
Union Pacific Corp.

    25,959   5,311,730
          16,237,339
TOTAL COMMON STOCKS

(Cost $281,936,191)

        245,931,709
SHORT-TERM INVESTMENTS — 3.5%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    96,315   96,334
State Street Navigator Securities Lending Portfolio II (e)  (f)

    8,548,494   8,548,494
TOTAL SHORT-TERM INVESTMENTS

(Cost $8,644,827)

        8,644,828
TOTAL INVESTMENTS — 103.4%

(Cost $290,581,018)

      254,576,537
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.4)%

        (8,485,912)
NET ASSETS — 100.0%

        $ 246,090,625
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
115


Table of Contents
SPDR S&P TRANSPORTATION ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $245,931,709   $—   $—   $245,931,709
Short-Term Investments

  8,644,828       8,644,828
TOTAL INVESTMENTS

  $254,576,537   $—   $—   $254,576,537
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

664,939   $ 664,873   $ 12,624,788   $ 13,192,980   $(348)   $ 1   96,315   $ 96,334   $ 15,387
State Street Navigator Securities Lending Portfolio II

25,267,386   25,267,386   210,798,565   227,517,457       8,548,494   8,548,494   264,506
Total

    $25,932,259   $223,423,353   $240,710,437   $(348)   $ 1       $8,644,828   $279,893
See accompanying notes to financial statements.
116


Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.5%  
Lockheed Martin Corp.

  2,127   $ 979,228
Northrop Grumman Corp.

  1,828   833,203
Raytheon Technologies Corp.

  11,626   1,138,883
Textron, Inc.

  1,718   116,188
          3,067,502
AIR FREIGHT & LOGISTICS — 0.8%  
CH Robinson Worldwide, Inc.

  1,020   96,237
United Parcel Service, Inc. Class B

  8,330   1,493,153
          1,589,390
AUTOMOBILE COMPONENTS — 0.2%  
Aptiv PLC (a)

  4,046   413,056
BorgWarner, Inc.

  2,065   100,999
          514,055
AUTOMOBILES — 0.4%  
Ford Motor Co.

  51,734   782,735
BANKS — 5.2%  
Bank of America Corp.

  77,188   2,214,524
Citigroup, Inc.

  20,917   963,019
Citizens Financial Group, Inc.

  5,203   135,694
Fifth Third Bancorp

  7,531   197,387
First Horizon Corp.

  6,410   72,241
JPMorgan Chase & Co.

  27,370   3,980,693
M&T Bank Corp.

  1,938   239,847
Northern Trust Corp.

  2,000   148,280
PNC Financial Services Group, Inc.

  4,354   548,386
Regions Financial Corp.

  9,872   175,919
U.S. Bancorp

  15,798   521,966
Webster Financial Corp.

  1,828   69,007
Wells Fargo & Co.

  40,100   1,711,468
          10,978,431
BEVERAGES — 2.2%  
Brown-Forman Corp. Class B

  2,782   185,782
Coca-Cola Co.

  42,154   2,538,514
Keurig Dr Pepper, Inc.

  6,105   190,903
PepsiCo, Inc.

  8,768   1,624,009
          4,539,208
BIOTECHNOLOGY — 2.4%  
AbbVie, Inc.

  17,872   2,407,894
Amgen, Inc.

  4,887   1,085,012
BioMarin Pharmaceutical, Inc. (a)

  1,700   147,356
Incyte Corp. (a)

  1,800   112,050
Neurocrine Biosciences, Inc. (a)

  900   84,870
Seagen, Inc. (a)

  1,478   284,456
Vertex Pharmaceuticals, Inc. (a)

  2,603   916,022
          5,037,660
BROADLINE RETAIL — 5.1%  
Amazon.com, Inc. (a)

  77,164   10,059,099
eBay, Inc.

  7,956   355,554
Security Description     Shares   Value
Etsy, Inc. (a)

  2,095   $ 177,258
          10,591,911
BUILDING PRODUCTS — 0.3%  
Fortune Brands Innovations, Inc.

  1,790   128,791
Owens Corning

  908   118,494
Trane Technologies PLC

  2,185   417,903
          665,188
CAPITAL MARKETS — 1.4%  
CME Group, Inc.

  3,542   656,297
FactSet Research Systems, Inc.

  369   147,840
LPL Financial Holdings, Inc.

  800   173,944
Moody's Corp.

  2,000   695,440
S&P Global, Inc.

  3,216   1,289,262
          2,962,783
CHEMICALS — 2.1%  
Air Products & Chemicals, Inc.

  2,761   827,002
Albemarle Corp.

  915   204,127
Celanese Corp.

  1,312   151,930
CF Industries Holdings, Inc.

  1,599   111,003
Corteva, Inc.

  6,231   357,036
Dow, Inc.

  7,320   389,863
DuPont de Nemours, Inc.

  4,481   320,123
Ecolab, Inc.

  3,116   581,726
FMC Corp.

  1,815   189,377
International Flavors & Fragrances, Inc.

  2,223   176,929
PPG Industries, Inc.

  2,428   360,072
Sherwin-Williams Co.

  2,458   652,648
          4,321,836
COMMERCIAL SERVICES & SUPPLIES — 0.7%  
Republic Services, Inc.

  2,953   452,311
Waste Connections, Inc.

  2,530   361,613
Waste Management, Inc.

  3,390   587,894
          1,401,818
COMMUNICATIONS EQUIPMENT — 4.3%  
Cisco Systems, Inc.

  174,454   9,026,250
CONSUMER FINANCE — 0.9%  
Ally Financial, Inc.

  3,322   89,727
American Express Co.

  7,032   1,224,974
Capital One Financial Corp.

  3,768   412,106
Synchrony Financial

  3,957   134,222
          1,861,029
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.9%  
Dollar General Corp.

  2,084   353,822
Dollar Tree, Inc. (a)

  2,135   306,373
Kroger Co.

  6,955   326,885
Target Corp.

  5,235   690,496
Walgreens Boots Alliance, Inc.

  8,086   230,370
          1,907,946
CONTAINERS & PACKAGING — 0.1%  
Avery Dennison Corp.

  853   146,546
 
See accompanying notes to financial statements.
117


Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Sealed Air Corp.

  1,229   $ 49,160
Westrock Co.

  2,691   78,227
          273,933
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2%  
AT&T, Inc.

  44,842   715,230
Liberty Global PLC Class A (a)

  1,300   21,918
Liberty Global PLC Class C (a)

  1,959   34,811
Verizon Communications, Inc.

  46,730   1,737,889
          2,509,848
ELECTRIC UTILITIES — 1.2%  
Alliant Energy Corp.

  2,650   139,072
American Electric Power Co., Inc.

  6,174   519,851
Duke Energy Corp.

  7,782   698,357
Entergy Corp.

  2,152   209,540
Evergy, Inc.

  3,000   175,260
Eversource Energy

  3,566   252,901
NRG Energy, Inc.

  2,660   99,457
PG&E Corp. (a)

  14,432   249,385
PPL Corp.

  8,462   223,904
          2,567,727
ELECTRICAL EQUIPMENT — 0.7%  
Eaton Corp. PLC

  5,245   1,054,770
Rockwell Automation, Inc.

  1,314   432,897
Sensata Technologies Holding PLC

  1,509   67,890
          1,555,557
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%  
Keysight Technologies, Inc. (a)

  7,469   1,250,684
ENERGY EQUIPMENT & SERVICES — 0.4%  
Baker Hughes Co.

  9,549   301,844
Schlumberger NV

  12,254   601,916
          903,760
ENTERTAINMENT — 2.4%  
Electronic Arts, Inc.

  2,392   310,243
Netflix, Inc. (a)

  5,787   2,549,116
Walt Disney Co. (a)

  20,383   1,819,794
Warner Bros Discovery, Inc. (a)

  23,419   293,674
          4,972,827
FINANCIAL SERVICES — 2.1%  
Block, Inc. (a)

  5,655   376,453
Visa, Inc. Class A

  17,225   4,090,593
          4,467,046
FOOD PRODUCTS — 0.8%  
Archer-Daniels-Midland Co.

  5,989   452,529
Campbell Soup Co.

  1,776   81,181
Hershey Co.

  1,385   345,834
Hormel Foods Corp.

  3,006   120,901
J M Smucker Co.

  1,032   152,395
Kraft Heinz Co.

  5,049   179,240
McCormick & Co., Inc.

  2,207   192,517
Security Description     Shares   Value
Tyson Foods, Inc. Class A

  2,422   $ 123,619
          1,648,216
GAS UTILITIES — 0.0% (b)  
UGI Corp.

  2,100   56,637
GROUND TRANSPORTATION — 0.8%  
Norfolk Southern Corp.

  2,901   657,831
Uber Technologies, Inc. (a)

  21,543   930,011
          1,587,842
HEALTH CARE EQUIPMENT & SUPPLIES — 4.0%  
Abbott Laboratories

  19,101   2,082,391
Baxter International, Inc.

  5,952   271,173
Boston Scientific Corp. (a)

  15,318   828,551
Cooper Cos., Inc.

  514   197,083
Edwards Lifesciences Corp. (a)

  6,355   599,467
Hologic, Inc. (a)

  2,537   205,421
Insulet Corp. (a)

  640   184,538
Intuitive Surgical, Inc. (a)

  3,999   1,367,418
Medtronic PLC

  12,000   1,057,200
ResMed, Inc.

  1,400   305,900
Stryker Corp.

  3,705   1,130,358
Teleflex, Inc.

  511   123,677
          8,353,177
HEALTH CARE PROVIDERS & SERVICES — 4.2%  
AmerisourceBergen Corp.

  1,809   348,106
Cardinal Health, Inc.

  2,794   264,229
Centene Corp. (a)

  5,830   393,233
Cigna Group

  3,085   865,651
DaVita, Inc. (a)

  500   50,235
Elevance Health, Inc.

  2,546   1,131,162
Laboratory Corp. of America Holdings

  924   222,989
McKesson Corp.

  1,601   684,123
Quest Diagnostics, Inc.

  1,173   164,877
UnitedHealth Group, Inc.

  9,564   4,596,841
          8,721,446
HEALTH CARE REITs — 0.2%  
Healthpeak Properties, Inc. REIT

  6,957   139,836
Ventas, Inc. REIT

  4,365   206,333
          346,169
HEALTH CARE TECHNOLOGY — 0.2%  
Veeva Systems, Inc. Class A (a)

  1,599   316,170
HOTEL & RESORT REITs — 0.1%  
Host Hotels & Resorts, Inc. REIT

  8,145   137,080
HOTELS, RESTAURANTS & LEISURE — 2.0%  
Airbnb, Inc. Class A (a)

  5,076   650,540
Chipotle Mexican Grill, Inc. (a)

  373   797,847
Expedia Group, Inc. (a)

  1,510   165,179
Hilton Worldwide Holdings, Inc.

  4,088   595,009
Las Vegas Sands Corp. (a)

  3,285   190,530
MGM Resorts International

  3,558   156,267
Starbucks Corp.

  15,719   1,557,124
          4,112,496
 
See accompanying notes to financial statements.
118


Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HOUSEHOLD DURABLES — 0.1%  
Whirlpool Corp.

  751   $ 111,741
HOUSEHOLD PRODUCTS — 2.2%  
Clorox Co.

  1,405   223,451
Colgate-Palmolive Co.

  8,839   680,957
Procter & Gamble Co.

  24,814   3,765,276
          4,669,684
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%  
AES Corp.

  6,762   140,176
Vistra Corp.

  4,075   106,969
          247,145
INDUSTRIAL CONGLOMERATES — 1.3%  
3M Co.

  5,818   582,324
General Electric Co.

  9,915   1,089,163
Honeywell International, Inc.

  5,505   1,142,287
          2,813,774
INDUSTRIAL REITs — 0.5%  
Prologis, Inc. REIT

  8,019   983,370
INSURANCE — 2.6%  
Allstate Corp.

  2,800   305,312
American International Group, Inc.

  8,225   473,267
Aon PLC Class A

  2,207   761,856
Assurant, Inc.

  572   71,912
Globe Life, Inc.

  950   104,139
Hartford Financial Services Group, Inc.

  3,939   283,687
Marsh & McLennan Cos., Inc.

  5,300   996,824
MetLife, Inc.

  6,804   384,630
Principal Financial Group, Inc.

  2,772   210,228
Progressive Corp.

  6,659   881,452
Prudential Financial, Inc.

  4,141   365,319
Travelers Cos., Inc.

  2,531   439,533
Willis Towers Watson PLC

  1,055   248,453
          5,526,612
INTERACTIVE MEDIA & SERVICES — 3.8%  
Match Group, Inc. (a)

  3,345   139,988
Meta Platforms, Inc. Class A (a)

  26,223   7,525,476
Pinterest, Inc. Class A (a)

  6,884   188,209
Snap, Inc. Class A (a)

  10,696   126,641
          7,980,314
IT SERVICES — 5.3%  
Accenture PLC Class A

  30,663   9,461,988
Gartner, Inc. (a)

  3,080   1,078,955
Twilio, Inc. Class A (a)

  7,095   451,384
          10,992,327
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Hasbro, Inc.

  1,951   126,366
LIFE SCIENCES TOOLS & SERVICES — 0.6%  
Agilent Technologies, Inc.

  3,108   373,737
Avantor, Inc. (a)

  6,500   133,510
Security Description     Shares   Value
Charles River Laboratories International, Inc. (a)

  512   $ 107,648
Illumina, Inc. (a)

  1,667   312,546
IQVIA Holdings, Inc. (a)

  1,700   382,109
          1,309,550
MACHINERY — 1.7%  
Caterpillar, Inc.

  7,194   1,770,084
Cummins, Inc.

  1,877   460,165
Fortive Corp.

  3,611   269,994
Illinois Tool Works, Inc.

  3,314   829,030
Pentair PLC

  1,456   94,058
Westinghouse Air Brake Technologies Corp.

  1,500   164,505
          3,587,836
MEDIA — 1.2%  
Charter Communications, Inc. Class A (a)

  960   352,675
Comcast Corp. Class A

  39,629   1,646,585
Interpublic Group of Cos., Inc.

  3,888   149,999
News Corp. Class A

  4,169   81,296
Omnicom Group, Inc.

  1,300   123,695
Paramount Global Class B

  6,363   101,235
          2,455,485
METALS & MINING — 0.3%  
Alcoa Corp.

  1,546   52,456
Newmont Corp.

  11,275   480,991
Reliance Steel & Aluminum Co.

  530   143,943
          677,390
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%  
Annaly Capital Management, Inc. REIT

  5,303   106,113
MULTI-UTILITIES — 1.0%  
Ameren Corp.

  2,330   190,291
CenterPoint Energy, Inc.

  8,500   247,775
CMS Energy Corp.

  2,994   175,898
Consolidated Edison, Inc.

  3,676   332,310
Dominion Energy, Inc.

  7,531   390,031
DTE Energy Co.

  2,901   319,168
NiSource, Inc.

  4,000   109,400
Public Service Enterprise Group, Inc.

  4,895   306,476
          2,071,349
OFFICE REITs — 0.1%  
Alexandria Real Estate Equities, Inc. REIT

  1,926   218,582
Boston Properties, Inc. REIT

  1,271   73,197
          291,779
OIL, GAS & CONSUMABLE FUELS — 3.7%  
APA Corp.

  4,293   146,692
Cheniere Energy, Inc.

  3,026   461,041
Chevron Corp.

  19,216   3,023,638
 
See accompanying notes to financial statements.
119


Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
ConocoPhillips

  12,261   $ 1,270,362
Diamondback Energy, Inc.

  1,461   191,917
EQT Corp.

  3,616   148,726
Hess Corp.

  2,653   360,675
Marathon Oil Corp.

  5,143   118,392
Marathon Petroleum Corp.

  6,391   745,191
Ovintiv, Inc.

  2,418   92,053
Phillips 66

  3,490   332,876
Pioneer Natural Resources Co.

  2,541   526,444
Williams Cos., Inc.

  12,698   414,336
          7,832,343
PASSENGER AIRLINES — 0.1%  
Delta Air Lines, Inc. (a)

  1,605   76,301
Southwest Airlines Co.

  1,275   46,168
          122,469
PERSONAL CARE PRODUCTS — 0.2%  
Estee Lauder Cos., Inc. Class A

  2,577   506,071
PHARMACEUTICALS — 2.1%  
Johnson & Johnson

  26,403   4,370,225
PROFESSIONAL SERVICES — 0.8%  
Automatic Data Processing, Inc.

  3,700   813,223
Clarivate PLC (a)

  3,300   31,449
Jacobs Solutions, Inc.

  1,422   169,062
Leidos Holdings, Inc.

  1,249   110,512
Robert Half International, Inc.

  1,475   110,949
Verisk Analytics, Inc.

  1,733   391,710
          1,626,905
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%  
CBRE Group, Inc. Class A (a)

  3,014   243,260
Zillow Group, Inc. Class C (a)

  1,532   76,998
          320,258
RESIDENTIAL REITs — 0.4%  
American Homes 4 Rent Class A REIT

  2,855   101,210
AvalonBay Communities, Inc. REIT

  1,707   323,084
Camden Property Trust REIT

  1,146   124,765
Invitation Homes, Inc. REIT

  6,142   211,285
Sun Communities, Inc. REIT

  1,273   166,075
          926,419
RETAIL REITs — 0.3%  
Realty Income Corp. REIT

  8,018   479,396
Regency Centers Corp. REIT

  1,925   118,908
          598,304
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.0%  
Analog Devices, Inc.

  21,300   4,149,453
SOFTWARE — 10.0%  
Ceridian HCM Holding, Inc. (a)

  1,893   126,774
Intuit, Inc.

  13,349   6,116,379
Microsoft Corp.

  28,177   9,595,396
ServiceNow, Inc. (a)

  7,827   4,398,539
Security Description     Shares   Value
Tyler Technologies, Inc. (a)

  1,711   $ 712,580
          20,949,668
SPECIALIZED REITs — 0.7%  
Digital Realty Trust, Inc. REIT

  2,952   336,144
Extra Space Storage, Inc. REIT

  1,200   178,620
Gaming & Leisure Properties, Inc. REIT

  2,329   112,864
Iron Mountain, Inc. REIT

  2,971   168,812
Public Storage REIT

  1,703   497,072
Weyerhaeuser Co. REIT

  8,108   271,699
          1,565,211
SPECIALTY RETAIL — 2.4%  
Advance Auto Parts, Inc.

  574   40,352
AutoZone, Inc. (a)

  263   655,754
Bath & Body Works, Inc.

  3,234   121,275
Best Buy Co., Inc.

  2,676   219,298
Burlington Stores, Inc. (a)

  917   144,327
Lowe's Cos., Inc.

  6,628   1,495,939
TJX Cos., Inc.

  18,323   1,553,607
Tractor Supply Co.

  1,706   377,197
Ulta Beauty, Inc. (a)

  768   361,417
          4,969,166
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.3%  
Apple, Inc.

  51,205   9,932,234
HP, Inc.

  39,359   1,208,715
          11,140,949
TEXTILES, APPAREL & LUXURY GOODS — 0.4%  
Deckers Outdoor Corp. (a)

  420   221,617
Lululemon Athletica, Inc. (a)

  1,737   657,455
          879,072
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Ferguson PLC

  1,830   287,877
W.W. Grainger, Inc.

  522   411,644
          699,521
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.

  1,988   283,787
WIRELESS TELECOMMUNICATION SERVICES — 0.4%  
T-Mobile U.S., Inc. (a)

  6,062   842,012
TOTAL COMMON STOCKS

(Cost $187,295,534)

        208,761,025
 
See accompanying notes to financial statements.
120


Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c) (d)

(Cost $228,712)

  228,692   $ 228,738
TOTAL INVESTMENTS — 99.9%

(Cost $187,524,246)

  208,989,763  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  113,137  
NET ASSETS — 100.0%

  $ 209,102,900  
    
(a) Non-income producing security.
(b) Amount is less than 0.05% of net assets.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
121


Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   1   09/15/2023   $217,464   $224,410   $6,946
 
During the period ended June 30, 2023, average notional value related to futures contracts was $690,750.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $208,761,025   $—   $—   $208,761,025
Short-Term Investment

  228,738       228,738
TOTAL INVESTMENTS

  $208,989,763   $—   $—   $208,989,763
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 6,946   $—   $—   $ 6,946
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 6,946   $—   $—   $ 6,946
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

  $   $ 344,440   $ 376,974   $32,534   $     $   $
State Street Institutional Liquid Reserves Fund, Premier Class

565,952   565,896   7,449,278   7,786,851   388   27   228,692   228,738   23,402
State Street Navigator Securities Lending Portfolio II

2,005,281   2,005,281   21,351,123   23,356,404           12,851
Total

    $2,571,177   $29,144,841   $31,520,229   $32,922   $27       $228,738   $36,253
See accompanying notes to financial statements.
122


Table of Contents
SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
PREFERRED STOCKS — 99.0%          
BANKS — 38.9%          
Associated Banc-Corp.

5 Year CMT + 2.81% 6.63%, 3/1/2033

    $ 162,282   $ 3,323,535
Bank of America Corp.:          
3 Month USD LIBOR + 0.50%, 5.88%, 7/31/2023 (a)

    76,749   1,539,585
3 Month USD LIBOR + 0.65%, 6.15%, 7/31/2023 (a)

    54,943   1,056,004
3 Month USD LIBOR + 0.35%, 5.90%, 8/15/2023 (a)  (b)

    57,618   1,186,931
6.00%, 7/31/2023 (b)

    248,840   6,216,023
5.88%, 7/31/2023 (b)

    157,098   3,875,608
3 Month USD LIBOR + 1.33%, 6.45%, 12/15/2066 (a)  (b)

    193,797   4,910,816
5.38%, 6/25/2024 (b)

    254,714   5,858,422
5.00%, 9/17/2024 (b)

    240,140   5,232,651
4.38%, 11/3/2025 (b)

    198,377   3,781,066
4.13%, 2/2/2026 (b)

    166,452   3,049,401
4.25%, 11/17/2026 (b)

    239,361   4,476,051
4.75%, 2/17/2027 (b)

    124,718   2,565,449
Citigroup Capital XIII

3 Month USD LIBOR + 6.37% 11.64%, 10/30/2040 (a)

    1,194,989   34,009,387
Citizens Financial Group, Inc.:          
Series E, 5.00%, 1/6/2025

    238,606   4,399,895
Series D, COR, 6.35%, 4/6/2024 (a)

    158,925   3,648,918
Fifth Third Bancorp:          
3 Month USD LIBOR + 3.71%, 6.63%, 12/31/2023 (a)  (b)

    238,840   5,978,165
4.95%, 9/30/2024

    135,242   2,960,447
Huntington Bancshares, Inc.:          
4.50%, 4/15/2026

    265,191   4,693,881
Class E, 6.88%, 4/15/2028 (a) (b)  (c)

    172,307   4,183,614
JPMorgan Chase & Co.:          
5.75%, 12/1/2023 (b)

    338,599   8,512,379
6.00%, 3/1/2024 (b)

    369,279   9,394,458
4.75%, 12/1/2024 (b)

    179,653   3,849,964
4.55%, 6/1/2026 (b)

    299,411   6,006,185
4.63%, 6/1/2026 (b)

    369,279   7,562,834
4.20%, 9/1/2026 (b)

    399,234   7,701,224
KeyCorp:          
3 Month USD LIBOR + 3.89%, 6.13%, 12/15/2026 (a)

    265,323   5,309,113
5.65%, 12/15/2023 (b)

    225,319   4,163,895
5.63%, 9/15/2024 (b)

    238,605   4,340,225
Security Description     Shares   Value
5 Year CMT + 3.13%, 6.20%, 12/15/2027 (a)  (b)

    $ 318,505   $ 6,077,075
Morgan Stanley:          
3 Month USD LIBOR + 0.70%, 5.96%, 7/31/2023 (a)

    265,171   5,701,176
3 Month USD LIBOR + 3.94%, 6.88%, 1/15/2024 (a)

    204,855   5,186,929
3 Month USD LIBOR + 3.71%, 6.38%, 10/15/2024 (a)

    241,106   5,916,741
3 Month USD LIBOR + 4.32%, 7.13%, 10/15/2023 (a)  (b)

    207,880   5,226,103
3 Month USD LIBOR + 3.49%, 5.85%, 4/15/2027 (a)  (b)

    241,070   5,667,556
4.88%, 1/15/2025 (b)

    122,576   2,723,639
4.25%, 1/15/2027 (b)

    313,412   5,829,463
6.50%, 10/15/2027

    241,138   6,259,942
Northern Trust Corp.

4.70%, 1/1/2025

    212,084   4,415,589
Regions Financial Corp.:          
3 Month USD LIBOR + 3.54%, 6.38%, 9/15/2024 (a)

    265,405   6,059,196
3 Month USD LIBOR + 3.15%, 5.70%, 5/15/2029 (a)

    265,326   5,425,917
4.45%, 6/15/2026 (b)

    211,894   3,547,106
State Street Corp.:          
3 Month USD LIBOR + 3.11%, 5.90%, 3/15/2024 (a) (b) (d)  (e)

    398,559   10,139,341
3 Month USD LIBOR + 3.71%, 5.35%, 3/15/2026 (a) (b)  (d)

    265,418   6,093,997
Truist Financial Corp.:          
5.25%, 6/1/2025 (b)

    305,312   6,912,264
4.75%, 9/1/2025 (b)

    491,533   9,869,983
U.S. Bancorp:          
3 Month USD LIBOR + 0.60%, 5.86%, 7/31/2023 (a)

    531,370   9,469,013
5.50%, 10/15/2023 (b)

    305,339   6,946,462
3.75%, 1/15/2026 (b)

    265,088   4,278,520
4.00%, 4/15/2026 (b)

    398,218   6,702,009
4.50%, 4/15/2027 (b)

    238,644   4,558,100
Wells Fargo & Co.:          
3 Month USD LIBOR + 3.69%, 6.63%, 3/15/2024 (a)  (e)

    203,322   5,125,748
3 Month USD LIBOR + 3.09%, 5.85%, 9/15/2023 (a)  (e)

    412,338   10,312,573
5.63%, 9/15/2023 (b)

    167,232   3,866,404
4.75%, 3/15/2025

    480,958   9,157,440
 
See accompanying notes to financial statements.
123


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SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
4.70%, 12/15/2025

    $ 283,218   $ 5,222,540
4.38%, 3/15/2026

    254,166   4,437,738
Class A, 4.25%, 9/15/2026

    302,594   5,162,254
          340,076,944
DIVERSIFIED FINANCIAL SERVICES — 9.5%          
Affiliated Managers Group, Inc.:          
5.88%, 3/30/2059

    158,904   3,511,778
4.75%, 9/30/2060

    148,742   2,641,658
Apollo Asset Management, Inc.:          
6.38%, 7/31/2023

    148,742   3,483,538
6.38%, 7/31/2023

    158,922   3,613,886
Brookfield Finance, Inc.

4.63%, 10/16/2080 (b)

    216,362   3,548,337
Capital One Financial Corp.:          
5.00%, 12/1/2024

    797,583   15,497,038
4.80%, 6/1/2025 (b)

    664,450   12,186,013
4.38%, 9/1/2026

    358,253   5,868,184
4.25%, 9/1/2026

    225,167   3,620,685
Carlyle Finance LLC

4.63%, 5/15/2061

    265,205   4,808,167
Charles Schwab Corp.:          
5.95%, 9/1/2023

    398,542   9,963,550
4.45%, 6/1/2026 (b)

    318,511   6,274,667
KKR Group Finance Co. IX LLC

4.63%, 4/1/2061

    265,195   4,754,946
Voya Financial, Inc.

5 Year CMT + 3.21% 5.35%, 9/15/2029 (a)

    158,927   3,539,304
          83,311,751
ELECTRIC — 14.8%          
BIP Bermuda Holdings I Ltd.

5.13%, 1/21/2027

    162,282   2,823,707
Brookfield BRP Holdings Canada, Inc.:          
4.63%, 4/30/2026

    189,316   2,949,543
4.88%, 12/9/2026

    140,644   2,354,381
Brookfield Infrastructure Finance ULC

5.00%, 5/24/2081

    135,242   2,507,387
CMS Energy Corp.:          
5.88%, 10/15/2078

    148,331   3,555,494
5.88%, 3/1/2079

    334,645   8,148,606
DTE Energy Co.:          
5.25%, 12/1/2077

    212,186   5,050,027
4.38%, 12/1/2081

    151,456   3,206,323
Duke Energy Corp.:          
5.63%, 9/15/2078

    265,454   6,702,713
5.75%, 6/15/2024

    531,616   13,184,077
Entergy Arkansas LLC

4.88%, 9/1/2066 (b)

    217,466   4,871,238
Entergy Louisiana LLC

4.88%, 9/1/2066

    146,051   3,255,477
Entergy Mississippi LLC

4.90%, 10/1/2066

    140,644   3,132,142
Security Description     Shares   Value
Georgia Power Co.

5.00%, 10/1/2077

    $ 146,051   $ 3,629,367
National Rural Utilities Cooperative Finance Corp.

5.50%, 5/15/2064 (b)

    135,242   3,278,266
NextEra Energy Capital Holdings, Inc.

5.65%, 3/1/2079

    365,274   9,303,529
SCE Trust III

Series H, 3 Month USD LIBOR + 2.99% 5.75%, 3/15/2024 (a)

    148,742   3,429,990
SCE Trust IV

Series J, 3 Month USD LIBOR + 3.13% 5.38%, 9/15/2025 (a)

    175,793   3,473,670
SCE Trust V

Series K, 3 Month USD LIBOR + 3.79% 5.45%, 3/15/2026 (a)

    158,912   3,540,559
SCE Trust VI

5.00%, 7/31/2023

    251,966   4,973,809
Sempra Energy

5.75%, 7/1/2079

    402,508   9,700,443
Southern Co.:          
5.25%, 12/1/2077

    238,829   5,934,901
4.95%, 1/30/2080

    531,549   12,209,681
4.20%, 10/15/2060

    398,394   8,362,290
          129,577,620
GAS — 1.2%          
NiSource, Inc.

5 Year CMT + 3.63% 6.50%, 3/15/2024 (a)  (b)

    265,468   6,687,139
Spire, Inc.

5.90%, 8/15/2024 (b)

    135,242   3,408,098
          10,095,237
INSURANCE — 25.5%          
AEGON Funding Co. LLC

5.10%, 12/15/2049

    491,581   10,426,433
Allstate Corp.:          
3 Month USD LIBOR + 3.17%, 8.43%, 1/15/2053 (a)

    265,481   6,655,609
5.10%, 10/15/2024

    611,387   13,450,514
4.75%, 1/15/2025

    162,282   3,456,607
Series J, 7.38%,

    321,419   8,591,530
Arch Capital Group Ltd.:          
5.45%, 7/31/2023 (b)

    174,900   3,952,740
4.55%, 6/11/2026 (b)

    265,241   5,055,493
Assurant, Inc.

5.25%, 1/15/2061

    135,242   2,550,664
Athene Holding Ltd.:          
3 month USD LIBOR + 4.25%, 6.35%, 6/30/2029 (a)

    458,296   9,624,216
5.63%, 9/30/2024 (b)

    182,773   3,534,830
 
See accompanying notes to financial statements.
124


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SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
5 Year CMT + 5.97%, 6.38%, 6/30/2025 (a)  (b)

    $ 318,636   $ 7,446,523
4.88%, 12/30/2025 (b)

    305,015   4,971,745
5 Year CMT + 3.96%, 7.75%, 12/30/2027 (a)

    265,430   6,343,777
Axis Capital Holdings Ltd.

5.50%, 7/31/2023

    291,942   5,990,650
Brighthouse Financial, Inc.:          
6.25%, 9/15/2058

    198,847   4,406,450
6.60%, 3/25/2024

    225,441   4,885,306
6.75%, 6/25/2025

    213,519   4,966,452
5.38%, 12/25/2025 (b)

    305,046   5,088,167
4.63%, 12/25/2026

    189,316   2,707,219
Enstar Group Ltd.

Series D, COR 7.00%, (a)

    214,279   4,887,704
Equitable Holdings, Inc.:          
5.25%, 12/15/2024

    425,003   8,495,810
4.30%, 3/15/2026

    162,282   2,615,986
Globe Life, Inc.

4.25%, 6/15/2061

    175,793   3,456,090
Hartford Financial Services Group, Inc.

6.00%, 11/15/2023

    182,960   4,641,695
Lincoln National Corp.

9.00%, 12/1/2027 (b)

    265,507   7,136,828
MetLife, Inc.:          
3 Month USD LIBOR + 1.00%, 6.55%, 7/31/2023 (a)

    318,628   7,191,434
5.63%, 7/31/2023

    427,810   10,575,463
4.75%, 3/15/2025 (b)

    531,502   11,267,842
Prudential Financial, Inc.:          
5.63%, 8/15/2058 (b)

    300,059   7,471,469
4.13%, 9/1/2060 (b)

    265,288   5,287,190
5.95%, 9/1/2062 (b)

    159,001   3,994,105
Reinsurance Group of America, Inc.:          
3 Month USD LIBOR + 4.04%, 5.75%, 6/15/2056 (a)

    212,232   5,290,944
5 year CMT + 3.46%, 7.13%, 10/15/2052 (a)

    371,950   9,469,847
RenaissanceRe Holdings Ltd.:          
5.75%, 7/31/2023 (b)

    135,242   3,076,756
4.20%, 7/15/2026

    265,179   4,746,704
W R Berkley Corp.:          
5.10%, 12/30/2059

    162,282   3,633,494
4.25%, 9/30/2060 (b)

    135,242   2,676,439
4.13%, 3/30/2061

    162,282   3,119,060
          223,139,785
REAL ESTATE INVESTMENT TRUSTS — 5.6%          
Digital Realty Trust, Inc.

5.20%, 10/10/2024

    182,839   3,942,009
Kimco Realty Corp.

Class M, , 5.25%, 7/31/2023 (b)

    138,538   3,390,025
Security Description     Shares   Value
Public Storage:          
5.15%, 7/31/2023

    $ 148,340   $ 3,677,349
5.05%, 7/31/2023

    158,983   3,939,599
5.60%, 3/11/2024 (b)

    151,026   3,890,430
4.88%, 9/12/2024 (b)

    167,592   3,926,680
4.70%, 11/15/2024

    139,963   3,150,567
4.63%, 6/17/2025 (b)

    299,961   6,608,141
3.88%, 10/6/2025

    152,805   2,854,397
4.00%, 6/16/2026 (b)

    320,463   6,226,596
4.00%, 11/19/2026 (b)

    230,618   4,370,211
4.10%, 1/13/2027

    135,242   2,629,104
          48,605,108
SOVEREIGN — 0.3%          
Tennessee Valley Authority

30 Year CMT + 0.94% 2.13%, 6/1/2028 (a)

    138,719   3,029,623
TELECOMMUNICATIONS — 3.2%          
AT&T, Inc.:          
5.35%, 11/1/2066

    703,255   16,878,120
5.63%, 8/1/2067

    438,457   11,018,424
          27,896,544
TOTAL PREFERRED STOCKS

(Cost $1,031,244,796)

        865,732,612
SHORT-TERM INVESTMENTS — 4.8%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (f)  (g)

    7,503,450   7,504,951
State Street Navigator Securities Lending Portfolio II (d)  (h)

    34,870,137   34,870,137
TOTAL SHORT-TERM INVESTMENTS

(Cost $42,375,066)

        42,375,088
TOTAL INVESTMENTS — 103.8%

(Cost $1,073,619,862)

        908,107,700
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%

        (33,498,947)
NET ASSETS — 100.0%

        $ 874,608,753
(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Non-income producing security.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
 
See accompanying notes to financial statements.
125


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SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(e) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of June 30, 2023. Maturity date shown is the final maturity.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at June 30, 2023.
(h) Investment of cash collateral for securities loaned.
CMT Constant Maturity Treasury
LIBOR London Interbank Offered Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Preferred Stocks

  $865,732,612   $—   $—   $865,732,612
Short-Term Investments

  42,375,088       42,375,088
TOTAL INVESTMENTS

  $908,107,700   $—   $—   $908,107,700
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
Apollo Asset Management, Inc.

343,313   $ 8,432,063   $ 1,999,958   $ 2,752,791   $ (171,127)   $ —*     $ —*   $ 550,074
Athene Holding, Ltd.

1,419,594   32,483,230   16,440,237   12,331,943   (1,394,068)   —*     —*   2,423,520
Bank of America Corp.

2,182,321   46,338,380   9,869,726   17,406,143   (1,565,779)   —*     —*   2,641,761
Brighthouse Financial, Inc.

1,042,817   22,004,930   5,335,573   7,256,119   (891,119)   —*     —*   1,536,242
Capital One Financial Corp.

2,297,375   44,183,755   10,742,471   15,125,043   (1,780,251)   —*     —*   2,733,169
First Republic Bank

2,048,094   37,694,257   7,107,379   17,582,464   (41,596,640)   —*     —*   1,720,388
Morgan Stanley

2,252,737   50,940,909   11,351,912   26,050,578   (2,746,872)   —*     —*   2,662,819
Public Storage

2,134,550   44,988,797   10,478,773   15,419,272   (829,956)   —*     —*   2,437,195
State Street Corp.

745,589   18,551,746   4,461,956   6,407,340   (286,571)   (86,453)   663,977   16,233,338   1,064,270
State Street Institutional Liquid Reserves Fund, Premier Class

7,520,438   7,519,686   133,515,239   133,534,036   3,853   209   7,503,450   7,504,951   244,554
State Street Navigator Securities Lending Portfolio II

91,699,346   91,699,346   260,021,196   316,850,405       34,870,137   34,870,137   1,375,301
U.S. Bancorp

1,953,967   38,833,368   9,153,606   13,068,272   (1,241,297)   —*     —*   2,209,594
Wells Fargo & Co.

2,511,120   52,223,132   14,281,104   22,607,711   (2,171,475)   —*     —*   3,082,348
Total

    $495,893,599   $494,759,130   $ 606,392,117   $(54,671,302)   $(86,244)       $58,608,426   $24,681,235
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2023.
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
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127


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023

  SPDR FactSet Innovative Technology ETF   SPDR Global Dow ETF   SPDR MSCI USA StrategicFactorsSM ETF
ASSETS          
Investments in unaffiliated issuers, at value*

$ 101,498,996   $150,828,552   $978,169,091
Investments in affiliated issuers, at value

10,253,892   1,575,070   3,688,685
Total Investments

111,752,888   152,403,622   981,857,776
Foreign currency, at value

  382,913  
Net cash at broker

  30,999  
Cash

5     51
Receivable from broker — accumulated variation margin on futures contracts

  24,319  
Receivable for fund shares sold

   
Dividends receivable — unaffiliated issuers

70,504   348,297   681,628
Dividends receivable — affiliated issuers

197   2,463   14,951
Securities lending income receivable — unaffiliated issuers

2,765   699   4
Securities lending income receivable — affiliated issuers  

13,095   740   618
Receivable for foreign taxes recoverable

  91,069   581
TOTAL ASSETS

111,839,454   153,285,121   982,555,609
LIABILITIES          
Payable upon return of securities loaned

10,188,413   1,344,508   1,105,870
Payable for fund shares repurchased

612    
Deferred foreign taxes payable

  25,081  
Advisory fee payable

35,490   60,535   118,805
Trustees’ fees and expenses payable

45   39   362
TOTAL LIABILITIES

10,224,560   1,430,163   1,225,037
NET ASSETS

$ 101,614,894   $151,854,958   $981,330,572
NET ASSETS CONSIST OF:          
Paid-in Capital

$ 240,871,189   $141,898,712   $919,580,908
Total distributable earnings (loss)**

(139,256,295)   9,956,246   61,749,664
NET ASSETS

$ 101,614,894   $151,854,958   $981,330,572
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 131.97   $ 112.45   $ 122.97
Shares outstanding (unlimited amount authorized, $0.01 par value)

770,000   1,350,464   7,980,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$ 122,970,118   $125,870,198   $857,364,003
Investments in affiliated issuers

10,253,892   1,575,070   3,687,181
Total cost of investments

$ 133,224,010   $127,445,268   $861,051,184
Foreign currency, at cost

$   $ 384,350   $
* Includes investments in securities on loan, at value

$ 14,804,766   $ 3,314,736   $ 1,175,920
**  Includes deferred foreign taxes

$   $ 25,081   $
See accompanying notes to financial statements.
128


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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
                     
$525,515,561   $1,382,482,291   $135,295,156   $ 591,972,174   $109,591,258   $ 480,853,575
6,185,063   2,638,561   6,953,090   13,511,460   2,252,379   1,132,130
531,700,624   1,385,120,852   142,248,246   605,483,634   111,843,637   481,985,705
         
  75,063        
  11   51   1,342     184
  74,388        
          2,483
89,811   860,199   69,120   211,331   31,331   387,963
2,340   18,704   20,035   3,593   146   2,312
541   64   98   1,101   1,380   498
796   14   846   12,023   4,720   486
21,081   1,943        
531,815,193   1,386,151,238   142,338,396   605,713,024   111,881,214   482,379,631
                     
5,868,997     4,491,999   13,379,982   2,220,400   27,150
1,941       1,655    
         
145,987   215,203   37,407   159,788   31,156   140,453
156   497   43   161   56   218
6,017,081   215,700   4,529,449   13,541,586   2,251,612   167,821
$ 525,798,112   $1,385,935,538   $137,808,947   $ 592,171,438   $109,629,602   $ 482,211,810
                     
$547,962,680   $1,241,195,529   $213,287,100   $ 834,410,162   $195,085,583   $ 673,736,491
(22,164,568)   144,740,009   (75,478,153)   (242,238,724)   (85,455,981)   (191,524,681)
$ 525,798,112   $1,385,935,538   $137,808,947   $ 592,171,438   $109,629,602   $ 482,211,810
                     
$ 139.47   $ 36.18   $ 84.81   $ 98.29   $ 93.70   $ 40.87
3,770,012   38,310,000   1,625,000   6,025,000   1,170,000   11,800,000
                     
$431,561,915   $1,218,539,880   $142,898,386   $ 593,560,927   $ 111,663,523   $ 522,386,766
6,185,062   2,722,997   7,225,217   13,511,460   2,252,379   1,132,125
$437,746,977   $1,221,262,877   $150,123,603   $ 607,072,387   $ 113,915,902   $ 523,518,891
$   $   $   $   $   $
$ 30,629,134   $   $ 5,020,280   $ 25,179,756   $ 9,081,234   $ 4,715,021
$   $   $   $   $   $
129


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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
June 30, 2023

  SPDR S&P Internet ETF   SPDR S&P Metals & Mining ETF   SPDR S&P Oil & Gas Equipment & Services ETF
ASSETS          
Investments in unaffiliated issuers, at value*

$ 23,363,898   $ 1,800,587,748   $ 278,431,022
Investments in affiliated issuers, at value

1,561,616   107,768,011   18,762,509
Total Investments

24,925,514   1,908,355,759   297,193,531
Cash

  163   5,212
Receivable for investments sold

   
Receivable for fund shares sold

  1,776  
Dividends receivable — unaffiliated issuers

  1,105,776   67,536
Dividends receivable — affiliated issuers

19   11,229   1,832
Securities lending income receivable — unaffiliated issuers

125   9,457   13
Securities lending income receivable — affiliated issuers  

1,596   29,661   4,672
TOTAL ASSETS

24,927,254   1,909,513,821   297,272,796
LIABILITIES          
Due to custodian

   
Payable upon return of securities loaned

1,556,526   105,386,834   18,618,135
Payable for investments purchased

    5,210
Payable for fund shares repurchased

   
Advisory fee payable

6,433   519,181   78,609
Trustees’ fees and expenses payable

10   793   117
TOTAL LIABILITIES

1,562,969   105,906,808   18,702,071
NET ASSETS

$ 23,364,285   $ 1,803,607,013   $ 278,570,725
NET ASSETS CONSIST OF:          
Paid-in Capital

$ 66,104,355   $ 3,908,102,571   $ 931,931,532
Total distributable earnings (loss)

(42,740,070)   (2,104,495,558)   (653,360,807)
NET ASSETS

$ 23,364,285   $ 1,803,607,013   $ 278,570,725
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 77.88   $ 50.81   $ 78.14
Shares outstanding (unlimited amount authorized, $0.01 par value)

300,000   35,500,230   3,565,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$ 27,022,827   $ 2,054,983,874   $ 299,773,038
Investments in affiliated issuers

1,561,616   107,768,010   18,762,503
Total cost of investments

$ 28,584,443   $ 2,162,751,884   $ 318,535,541
* Includes investments in securities on loan, at value

$ 2,025,671   $ 144,082,981   $ 18,694,864
See accompanying notes to financial statements.
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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
                     
$ 221,413,070   $ 477,536,456   $1,586,863,050   $ 306,251,034   $ 62,058,500   $ 245,931,709
8,402,350   27,171,860   52,582,907   16,062,423   4,409,732   8,644,828
229,815,420   504,708,316   1,639,445,957   322,313,457   66,468,232   254,576,537
11   30,091   10,853      
      1,522,005    
  507     19,063    
65,424   323,756   279,444   9,429   7,892   122,684
1,305   2,344   4,612   2,728   356   1,029
3,009   422   4,952   3,586   395   863
24,800   37,487   11,331   58,137   615   3,041
229,909,969   505,102,923   1,639,757,149   323,928,405   66,477,490   254,704,154
                     
      1,494,048    
8,279,078   26,800,198   51,684,456   15,891,536   4,351,082   8,548,494
      27,914    
    283       147
64,953   133,241   447,945   82,169   17,281   64,693
89   170   409   85   29   195
8,344,120   26,933,609   52,133,093   17,495,752   4,368,392   8,613,529
$ 221,565,849   $ 478,169,314   $1,587,624,056   $ 306,432,653   $ 62,109,098   $ 246,090,625
                     
$ 668,731,775   $1,174,859,336   $1,755,924,145   $ 447,105,423   $119,836,634   $ 456,772,734
(447,165,926)   (696,690,022)   (168,300,089)   (140,672,770)   (57,727,536)   (210,682,109)
$ 221,565,849   $ 478,169,314   $1,587,624,056   $ 306,432,653   $ 62,109,098   $ 246,090,625
                     
$ 41.03   $ 63.75   $ 221.27   $ 133.23   $ 77.64   $ 83.70
5,400,270   7,500,226   7,175,000   2,300,000   800,000   2,940,000
                     
$ 240,578,824   $ 534,520,983   $1,551,526,796   $ 329,805,958   $ 72,067,177   $ 281,936,191
8,402,338   27,171,851   52,582,876   16,062,406   4,409,730   8,644,827
$ 248,981,162   $ 561,692,834   $1,604,109,672   $ 345,868,364   $ 76,476,907   $ 290,581,018
$ 18,201,070   $ 45,285,370   $ 84,390,585   $ 32,612,496   $ 8,798,699   $ 14,157,885
131


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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
June 30, 2023

  SPDR MSCI USA Gender Diversity ETF   SPDR ICE Preferred Securities ETF
ASSETS      
Investments in unaffiliated issuers, at value*

$208,761,025   $ 849,499,274
Investments in affiliated issuers, at value

228,738   58,608,426
Total Investments

208,989,763   908,107,700
Net cash at broker

8,009  
Cash

7   6,742
Receivable from broker — accumulated variation margin on futures contracts

6,948  
Receivable for investments sold

  12,196,738
Dividends receivable — unaffiliated issuers

130,072   2,907,244
Dividends receivable — affiliated issuers

1,741   20,485
Securities lending income receivable — unaffiliated issuers

  5,181
Securities lending income receivable — affiliated issuers  

3   70,187
TOTAL ASSETS

209,136,543   923,314,277
LIABILITIES      
Payable upon return of securities loaned

  34,870,137
Payable for investments purchased

  13,482,984
Payable for fund shares repurchased

  18,835
Advisory fee payable

33,554   333,135
Trustees’ fees and expenses payable

89   433
TOTAL LIABILITIES

33,643   48,705,524
NET ASSETS

$209,102,900   $ 874,608,753
NET ASSETS CONSIST OF:      
Paid-in Capital

$272,718,129   $ 1,211,099,071
Total distributable earnings (loss)

(63,615,229)   (336,490,318)
NET ASSETS

$209,102,900   $ 874,608,753
NET ASSET VALUE PER SHARE      
Net asset value per share

$ 88.04   $ 33.51
Shares outstanding (unlimited amount authorized, $0.01 par value)

2,375,000   26,100,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers

$187,295,534   $1,012,883,625
Investments in affiliated issuers

228,712   60,736,237
Total cost of investments

$187,524,246   $1,073,619,862
* Includes investments in securities on loan, at value

$   $ 40,876,940
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 2023

  SPDR FactSet Innovative Technology ETF   SPDR Global Dow ETF   SPDR MSCI USA StrategicFactorsSM ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers

$ 227,734   $ 4,278,434   $ 16,800,170
Dividend income — affiliated issuers

3,487   9,576   73,990
Unaffiliated securities lending income

19,794   3,299   183
Affiliated securities lending income

286,878   10,324   13,987
Foreign taxes withheld

  (280,358)   (5,832)
TOTAL INVESTMENT INCOME (LOSS)

537,893   4,021,275   16,882,498
EXPENSES          
Advisory fee

470,481   548,136   1,360,273
Trustees’ fees and expenses  

1,238   1,210   10,528
Miscellaneous expenses

5,146   14,173   36,913
TOTAL EXPENSES

476,865   563,519   1,407,714
NET INVESTMENT INCOME (LOSS)

$ 61,028   $ 3,457,756   $ 15,474,784
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers*

(82,472,679)   (3,234,311)   (22,349,830)
Investments — affiliated issuers

37     (4,253)
In-kind redemptions — unaffiliated issuers

249,107   3,822,959   27,762,949
In-kind redemptions — affiliated issuers

    9,340
Foreign currency transactions

  (10,136)   2
Futures contracts

  73,307  
Net realized gain (loss)

(82,223,535)   651,819   5,418,208
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers**

103,065,260   17,183,510   112,759,021
Investments — affiliated issuers

    95,314
Foreign currency translations

  8,915  
Futures contracts

  22,632  
Net change in unrealized appreciation/depreciation

103,065,260   17,215,057   112,854,335
NET REALIZED AND UNREALIZED GAIN (LOSS)

20,841,725   17,866,876   118,272,543
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$ 20,902,753   $21,324,632   $133,747,327
* Includes foreign capital gain taxes

$   $ (1)   $
** Includes foreign deferred taxes

$   $ (25,081)   $
See accompanying notes to financial statements.
134


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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
                     
$ 4,097,272   $ 19,950,589   $ 2,410,448   $ 1,246,132   $ 582,553   $ 11,162,936
20,663   111,469   75,297   20,910   9,218   20,876
1,035   5,093   811   39,760   11,901   2,074
6,733   2,666   41,776   250,581   47,809   38,197
(71,536)   (5,590)        
4,054,167   20,064,227   2,528,332   1,557,383   651,481   11,224,083
                     
1,439,283   2,501,951   375,509   1,584,018   412,328   1,770,258
4,763   14,802   1,262   4,953   1,396   5,979
21,455   52,433   4,300   17,907   5,233   21,760
1,465,501   2,569,186   381,071   1,606,878   418,957   1,797,997
$ 2,588,666   $ 17,495,041   $ 2,147,261   $ (49,495)   $ 232,524   $ 9,426,086
                     
                     
(48,950,504)   (8,448,821)   (16,640,572)   (76,647,110)   (28,675,545)   (37,299,283)
(5)   (26,253)   (146,209)   639   47   (11)
10,918,283   97,003,030   1,153,502   23,610,218   8,441,923   35,854,870
  27,657   29,936      
         
  230,938        
(38,032,226)   88,786,551   (15,603,343)   (53,036,253)   (20,233,575)   (1,444,424)
                     
172,586,042   117,386,486   30,268,305   111,306,985   29,915,417   18,911,911
1   149,185   398,260   814     22
         
  52,525        
172,586,043   117,588,196   30,666,565   111,307,799   29,915,417   18,911,933
134,553,817   206,374,747   15,063,222   58,271,546   9,681,842   17,467,509
$137,142,483   $223,869,788   $ 17,210,483   $ 58,222,051   $ 9,914,366   $ 26,893,595
$   $   $   $   $   $
$   $   $   $   $   $
135


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Year Ended June 30, 2023

  SPDR S&P Internet ETF   SPDR S&P Metals & Mining ETF   SPDR S&P Oil & Gas Equipment & Services ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers

$ 31,122   $ 41,059,473   $ 2,387,128
Dividend income — affiliated issuers

584   80,971   9,486
Unaffiliated securities lending income

4,517   86,018   4,852
Affiliated securities lending income

13,495   373,166   55,207
Foreign taxes withheld

    (1,762)
TOTAL INVESTMENT INCOME (LOSS)

49,718   41,599,628   2,454,911
EXPENSES          
Advisory fee

81,971   7,119,348   1,129,627
Trustees’ fees and expenses  

288   26,567   3,849
Miscellaneous expenses

1,176   80,985   10,521
TOTAL EXPENSES

83,435   7,226,900   1,143,997
NET INVESTMENT INCOME (LOSS)

$ (33,717)   $ 34,372,728   $ 1,310,914
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

(19,356,848)   (219,606,396)   (29,447,142)
Investments — affiliated issuers

9   (100,460,331)   31
In-kind redemptions — unaffiliated issuers

552,831   187,521,942   50,650,295
Net realized gain (loss)

(18,804,008)   (132,544,785)   21,203,184
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

19,530,663   193,336,523   21,746,322
Investments — affiliated issuers

2   171,809,386   3
Net change in unrealized appreciation/depreciation

19,530,665   365,145,909   21,746,325
NET REALIZED AND UNREALIZED GAIN (LOSS)

726,657   232,601,124   42,949,509
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$ 692,940   $ 266,973,852   $ 44,260,423
See accompanying notes to financial statements.
136


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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
                 
$ 2,302,783   $ 7,228,714   $ 8,310,553   $ 781,571   $ 679,697
19,059   14,534   53,634   10,955   3,814
30,747   33,002   58,202   43,570   4,377
1,182,221   1,735,594   800,861   466,691   23,531
    (109,182)    
3,534,810   9,011,844   9,114,068   1,302,787   711,419
                 
759,795   1,363,923   4,237,026   782,898   225,887
2,508   4,306   13,254   2,489   788
9,689   15,914   45,832   9,507   2,630
771,992   1,384,143   4,296,112   794,894   229,305
$ 2,762,818   $ 7,627,701   $ 4,817,956   $ 507,893   $ 482,114
                 
                 
(44,963,132)   (97,742,194)   (65,052,594)   (70,713,349)   (9,593,211)
142   (51)   246   277   58
30,096,595   70,205,563   151,230,314   4,278,518   2,715,424
(14,866,395)   (27,536,682)   86,177,966   (66,434,554)   (6,877,729)
                 
7,097,385   62,695,909   331,180,513   109,151,223   5,239,827
12   9   27   26   5
7,097,397   62,695,918   331,180,540   109,151,249   5,239,832
(7,768,998)   35,159,236   417,358,506   42,716,695   (1,637,897)
$ (5,006,180)   $ 42,786,937   $422,176,462   $ 43,224,588   $(1,155,783)
137


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Year Ended June 30, 2023

  SPDR S&P Transportation ETF   SPDR MSCI USA Gender Diversity ETF   SPDR ICE Preferred Securities ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers

$ 4,623,687   $ 3,624,025   $ 37,324,126
Dividend income — affiliated issuers

15,387   23,402   23,305,934
Unaffiliated securities lending income

36,442   6,414   157,904
Affiliated securities lending income

264,506   12,851   1,375,301
Foreign taxes withheld

  (1,612)   (1,691)
TOTAL INVESTMENT INCOME (LOSS)

4,940,022   3,665,080   62,161,574
EXPENSES          
Advisory fee

1,239,207   412,399   4,558,573
Trustees’ fees and expenses  

5,413   2,514   12,388
Miscellaneous expenses

20,748   9,098   45,821
TOTAL EXPENSES

1,265,368   424,011   4,616,782
NET INVESTMENT INCOME (LOSS)

$ 3,674,654   $ 3,241,069   $ 57,544,792
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

(43,838,912)   (61,904,302)   (31,734,267)
Investments — affiliated issuers

(348)   1,055   (51,792,737)
In-kind redemptions — unaffiliated issuers

(31,454,855)   23,146,648   (2,796,248)
In-kind redemptions — affiliated issuers

  31,867   (2,878,565)
Futures contracts

  19,913  
Net realized gain (loss)

(75,294,115)   (38,704,819)   (89,201,817)
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

141,836,577   68,406,504   (65,553,156)
Investments — affiliated issuers

1   27   88,354,834
Futures contracts

  5,393  
Net change in unrealized appreciation/depreciation

141,836,578   68,411,924   22,801,678
NET REALIZED AND UNREALIZED GAIN (LOSS)

66,542,463   29,707,105   (66,400,139)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$ 70,217,117   $ 32,948,174   $ (8,855,347)
See accompanying notes to financial statements.
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139


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR FactSet Innovative Technology ETF   SPDR Global Dow ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 61,028   $ (717,006)   $ 3,457,756   $ 3,043,145
Net realized gain (loss)

(82,223,535)   1,892,611   651,819   (1,029,668)
Net change in unrealized appreciation/depreciation

103,065,260   (157,173,253)   17,215,057   (13,623,930)
Net increase (decrease) in net assets resulting from operations

20,902,753   (155,997,648)   21,324,632   (11,610,453)
Net equalization credits and charges

682,684   671,204   62,893   (18,618)
Distributions to shareholders

(54,537)   (73,168)   (3,436,808)   (3,329,522)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

19,438,919   118,752,843   45,093,568   14,181,701
Cost of shares redeemed

(64,908,979)   (200,669,584)   (7,139,682)  
Net income equalization

(682,684)   (671,204)   (62,893)   18,618
Other Capital

    3,252   18,542
Net increase (decrease) in net assets from beneficial interest transactions

(46,152,744)   (82,587,945)   37,894,245   14,218,861
Contribution from affiliate (Note 4)

85,506      
Net increase (decrease) in net assets during the period

(24,536,338)   (237,987,557)   55,844,962   (739,732)
Net assets at beginning of period

126,151,232   364,138,789   96,009,996   96,749,728
NET ASSETS AT END OF PERIOD

$101,614,894   $ 126,151,232   $151,854,958   $ 96,009,996
SHARES OF BENEFICIAL INTEREST:              
Shares sold

170,000   690,000   425,000   125,000
Shares redeemed

(570,000)   (1,130,000)   (75,000)  
Net increase (decrease) from share transactions

(400,000)   (440,000)   350,000   125,000
See accompanying notes to financial statements.
140


Table of Contents

SPDR MSCI USA StrategicFactorsSM ETF   SPDR NYSE Technology ETF   SPDR S&P 500 Fossil Fuel Reserves Free ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended(a)
6/30/23
  Year Ended(a)
6/30/22
                     
$ 15,474,784   $ 13,714,226   $ 2,588,666   $ 2,869,889   $ 17,495,041   $ 14,763,744
5,418,208   71,376,276   (38,032,226)   57,736,046   88,786,551   60,773,667
112,854,335   (156,920,464)   172,586,043   (290,607,757)   117,588,196   (242,702,773)
133,747,327   (71,829,962)   137,142,483   (230,001,822)   223,869,788   (167,165,362)
134,996   (25,831)   10,534   (73,933)   (124,028)   298,458
(15,765,919)   (13,358,259)   (2,626,826)   (2,817,346)   (17,469,327)   (14,907,245)
                     
158,280,638   182,794,431   52,809,203   107,441,286   287,203,279   326,826,004
(109,319,107)   (238,191,762)   (45,565,665)   (202,260,122)   (269,587,035)   (137,357,120)
(134,996)   25,831   (10,534)   73,933   124,028   (298,458)
         
48,826,535   (55,371,500)   7,233,004   (94,744,903)   17,740,272   189,170,426
    197,806      
166,942,939   (140,585,552)   141,957,001   (327,638,004)   224,016,705   7,396,277
814,387,633   954,973,185   383,841,111   711,479,115   1,161,918,833   1,154,522,556
$ 981,330,572   $ 814,387,633   $ 525,798,112   $ 383,841,111   $1,385,935,538   $1,161,918,833
                     
1,400,000   1,470,000   470,000   650,000   8,730,000   9,030,000
(960,000)   (1,930,000)   (425,000)   (1,400,000)   (8,220,000)   (3,900,000)
440,000   (460,000)   45,000   (750,000)   510,000   5,130,000
   
(a) On January 12, 2023, the SPDR S&P 500 Fossil Fuel Reserves Free ETF underwent a 3-for-1 stock split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 11.
141


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR S&P Capital Markets ETF   SPDR S&P Health Care Equipment ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 2,147,261   $ 3,612,742   $ (49,495)   $ (234,928)
Net realized gain (loss)

(15,603,343)   (5,359,636)   (53,036,253)   (6,385,020)
Net change in unrealized appreciation/depreciation

30,666,565   (52,570,378)   111,307,799   (230,958,322)
Net increase (decrease) in net assets resulting from operations

17,210,483   (54,317,272)   58,222,051   (237,578,270)
Net equalization credits and charges

13,391   617,521   (367,141)   396,833
Distributions to shareholders

(2,443,956)   (4,369,153)   (89,586)   (80,831)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

49,832,609   291,033,191   287,844,824   95,325,217
Cost of shares redeemed

(16,149,956)   (260,515,203)   (138,086,609)   (283,191,139)
Net income equalization

(13,391)   (617,521)   367,141   (396,833)
Net increase (decrease) in net assets from beneficial interest transactions

33,669,262   29,900,467   150,125,356   (188,262,755)
Net increase (decrease) in net assets during the period

48,449,180   (28,168,437)   207,890,680   (425,525,023)
Net assets at beginning of period

89,359,767   117,528,204   384,280,758   809,805,781
NET ASSETS AT END OF PERIOD

$137,808,947   $ 89,359,767   $ 592,171,438   $ 384,280,758
SHARES OF BENEFICIAL INTEREST:              
Shares sold

600,000   2,875,000   3,000,000   825,000
Shares redeemed

(200,000)   (2,900,000)   (1,500,000)   (2,575,000)
Net increase (decrease) from share transactions

400,000   (25,000)   1,500,000   (1,750,000)
See accompanying notes to financial statements.
142


Table of Contents

SPDR S&P Health Care Services ETF   SPDR S&P Insurance ETF   SPDR S&P Internet ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 232,524   $ 229,356   $ 9,426,086   $ 8,931,328   $ (33,717)   $ 21,079
(20,233,575)   17,234,628   (1,444,424)   29,238,793   (18,804,008)   (5,205,061)
29,915,417   (61,553,044)   18,911,933   (44,334,991)   19,530,665   (28,820,186)
9,914,366   (44,089,060)   26,893,595   (6,164,870)   692,940   (34,004,168)
(5,198)   41,520   (1,236,477)   (535,793)   5,989   14,648
(237,507)   (277,297)   (8,273,364)   (8,376,046)     (25,401)
                     
68,591,870   54,935,824   2,011,175,851   1,883,160,077   2,754,785   12,367,579
(58,334,040)   (134,741,835)   (2,090,655,826)   (2,015,800,697)   (6,344,364)   (23,457,495)
5,198   (41,520)   1,236,477   535,793   (5,989)   (14,648)
10,263,028   (79,847,531)   (78,243,498)   (132,104,827)   (3,595,568)   (11,104,564)
19,934,689   (124,172,368)   (60,859,744)   (147,181,536)   (2,896,639)   (45,119,485)
89,694,913   213,867,281   543,071,554   690,253,090   26,260,924   71,380,409
$109,629,602   $ 89,694,913   $ 482,211,810   $ 543,071,554   $ 23,364,285   $ 26,260,924
                     
740,000   500,000   50,300,000   47,850,000   40,000   110,000
(660,000)   (1,280,000)   (52,850,000)   (51,400,000)   (90,000)   (150,000)
80,000   (780,000)   (2,550,000)   (3,550,000)   (50,000)   (40,000)
143


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR S&P Metals & Mining ETF   SPDR S&P Oil & Gas Equipment & Services ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 34,372,728   $ 20,743,573   $ 1,310,914   $ 472,888
Net realized gain (loss)

(132,544,785)   531,236,072   21,203,184   5,415,047
Net change in unrealized appreciation/depreciation

365,145,909   (645,206,718)   21,746,325   (32,542,353)
Net increase (decrease) in net assets resulting from operations

266,973,852   (93,227,073)   44,260,423   (26,654,418)
Net equalization credits and charges

(731,266)   (708,496)   (154,686)   46,979
Distributions to shareholders

(35,007,034)   (19,843,034)   (1,511,172)   (876,061)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

4,077,716,633   5,393,991,279   463,370,734   274,563,502
Cost of shares redeemed

(4,504,534,170)   (5,339,158,537)   (458,392,269)   (199,881,258)
Net income equalization

731,266   708,496   154,686   (46,979)
Net increase (decrease) in net assets from beneficial interest transactions

(426,086,271)   55,541,238   5,133,151   74,635,265
Net increase (decrease) in net assets during the period

(194,850,719)   (58,237,365)   47,727,716   47,151,765
Net assets at beginning of period

1,998,457,732   2,056,695,097   230,843,009   183,691,244
NET ASSETS AT END OF PERIOD

$ 1,803,607,013   $ 1,998,457,732   $ 278,570,725   $ 230,843,009
SHARES OF BENEFICIAL INTEREST:              
Shares sold

81,350,000   108,850,000   6,150,000   4,050,000
Shares redeemed

(91,850,000)   (110,650,000)   (6,450,000)   (3,150,000)
Net increase (decrease) from share transactions

(10,500,000)   (1,800,000)   (300,000)   900,000
See accompanying notes to financial statements.
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Table of Contents

SPDR S&P Pharmaceuticals ETF   SPDR S&P Retail ETF   SPDR S&P Semiconductor ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 2,762,818   $ 2,653,542   $ 7,627,701   $ 8,547,566   $ 4,817,956   $ 3,247,741
(14,866,395)   (12,759,052)   (27,536,682)   (250,227,605)   86,177,966   94,023,237
7,097,397   (32,095,780)   62,695,918   (107,859,707)   331,180,540   (421,774,635)
(5,006,180)   (42,201,290)   42,786,937   (349,539,746)   422,176,462   (324,503,657)
(142,052)   (43,252)   (2,121,138)   (4,786,352)   130,977   30,930
(2,854,739)   (2,929,721)   (7,303,919)   (7,176,709)   (5,146,972)   (2,987,778)
                     
210,368,702   236,052,640   7,321,895,508   13,182,150,145   853,209,738   936,570,123
(186,870,501)   (256,710,059)   (7,257,393,421)   (13,501,824,840)   (616,115,879)   (670,670,787)
142,052   43,252   2,121,138   4,786,352   (130,977)   (30,930)
23,640,253   (20,614,167)   66,623,225   (314,888,343)   236,962,882   265,868,406
15,637,282   (65,788,430)   99,985,105   (676,391,150)   654,123,349   (61,592,099)
205,928,567   271,716,997   378,184,209   1,054,575,359   933,500,707   995,092,806
$ 221,565,849   $ 205,928,567   $ 478,169,314   $ 378,184,209   $1,587,624,056   $ 933,500,707
                     
4,950,000   4,900,000   115,550,000   161,650,000   4,300,000   4,300,000
(4,450,000)   (5,250,000)   (114,550,000)   (166,000,000)   (3,275,000)   (3,325,000)
500,000   (350,000)   1,000,000   (4,350,000)   1,025,000   975,000
145


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR S&P Software & Services ETF   SPDR S&P Telecom ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 507,893   $ 742,773   $ 482,114   $ 987,038
Net realized gain (loss)

(66,434,554)   14,056,671   (6,877,729)   (1,849,330)
Net change in unrealized appreciation/depreciation

109,151,249   (152,751,393)   5,239,832   (18,610,403)
Net increase (decrease) in net assets resulting from operations

43,224,588   (137,951,949)   (1,155,783)   (19,472,695)
Net equalization credits and charges

6,689   (99,044)   (16,815)   (17,318)
Distributions to shareholders

(525,743)   (639,461)   (431,082)   (1,057,495)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

97,711,281   309,989,403   34,014,221   45,273,259
Cost of shares redeemed

(43,814,300)   (488,037,518)   (24,774,551)   (54,662,087)
Net income equalization

(6,689)   99,044   16,815   17,318
Other Capital

  2,131    
Net increase (decrease) in net assets from beneficial interest transactions

53,890,292   (177,946,940)   9,256,485   (9,371,510)
Contribution from affiliate (Note 4)

  109,302    
Net increase (decrease) in net assets during the period

96,595,826   (316,528,092)   7,652,805   (29,919,018)
Net assets at beginning of period

209,836,827   526,364,919   54,456,293   84,375,311
NET ASSETS AT END OF PERIOD

$306,432,653   $ 209,836,827   $ 62,109,098   $ 54,456,293
SHARES OF BENEFICIAL INTEREST:              
Shares sold

790,000   1,830,000   400,000   475,000
Shares redeemed

(380,000)   (3,010,000)   (300,000)   (600,000)
Net increase (decrease) from share transactions

410,000   (1,180,000)   100,000   (125,000)
See accompanying notes to financial statements.
146


Table of Contents

SPDR S&P Transportation ETF   SPDR MSCI USA Gender Diversity ETF   SPDR ICE Preferred Securities ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 3,674,654   $ 3,498,846   $ 3,241,069   $ 2,906,551   $ 57,544,792   $ 63,807,029
(75,294,115)   14,511,013   (38,704,819)   29,330,725   (89,201,817)   (28,429,361)
141,836,578   (198,465,908)   68,411,924   (101,347,720)   22,801,678   (232,325,813)
70,217,117   (180,456,049)   32,948,174   (69,110,444)   (8,855,347)   (196,948,145)
248,118   (179,629)   (52,066)   (7,231)   1,395,822   1,344,104
(2,832,051)   (5,317,173)   (3,314,352)   (2,785,960)   (62,968,434)   (70,524,000)
                     
71,287,606   895,342,793   138,927,528   158,913,926   161,593,803   162,084,165
(396,375,435)   (778,163,797)   (162,323,316)   (127,838,013)   (264,993,016)   (331,775,206)
(248,118)   179,629   52,066   7,231   (1,395,822)   (1,344,104)
         
(325,335,947)   117,358,625   (23,343,722)   31,083,144   (104,795,035)   (171,035,145)
         
(257,702,763)   (68,594,226)   6,238,034   (40,820,491)   (175,222,994)   (437,163,186)
503,793,388   572,387,614   202,864,866   243,685,357   1,049,831,747   1,486,994,933
$ 246,090,625   $ 503,793,388   $ 209,102,900   $ 202,864,866   $ 874,608,753   $1,049,831,747
                     
960,000   10,010,000   1,700,000   1,550,000   4,600,000   3,950,000
(5,450,000)   (9,320,000)   (2,000,000)   (1,275,000)   (7,800,000)   (8,300,000)
(4,490,000)   690,000   (300,000)   275,000   (3,200,000)   (4,350,000)
147


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR FactSet Innovative Technology ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 107.82   $ 226.17   $ 145.30   $ 105.68   $ 95.29
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.06   (0.52)   (0.59)   (0.23)   0.08
Net realized and unrealized gain (loss) (b)

23.34   (118.26)   81.84   40.41   11.66
Total from investment operations

23.40   (118.78)   81.25   40.18   11.74
Net equalization credits and charges (a)

0.72   0.49   (0.25)   (0.40)   (0.11)
Contribution from affiliate (Note 4)

0.09        
Distributions to shareholders from:                  
Net investment income

(0.06)   (0.06)   (0.13)   (0.16)   (0.10)
Net realized gains

        (1.14)
Total distributions

(0.06)   (0.06)   (0.13)   (0.16)   (1.24)
Net asset value, end of period

$ 131.97   $ 107.82   $ 226.17   $ 145.30   $105.68
Total return (c)

22.46%(d)   (52.30)%   55.75%   37.68%   12.58%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$101,615   $126,151   $364,139   $148,207   $73,978
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)

0.06%   (0.28)%   (0.29)%   (0.20)%   0.08%
Portfolio turnover rate (e)

68%   53%   38%   35%   43%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) If an Affiliate had not made a contribution during the year ended June 30, 2023, the total return would have been 22.38%.
(e) Portfolio turnover rate excludes in-kind security transactions.
See accompanying notes to financial statements.
148


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Global Dow ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 95.97   $ 110.51   $ 78.00   $ 85.13   $ 82.43
Income (loss) from investment operations:                  
Net investment income (loss) (a)

3.24   3.32   2.22   2.07   2.15
Net realized and unrealized gain (loss) (b)

16.17   (14.31)   32.59   (7.10)   2.67
Total from investment operations

19.41   (10.99)   34.81   (5.03)   4.82
Net equalization credits and charges (a)

0.06   (0.02)   (0.03)   (0.01)   (0.02)
Contribution from affiliate

        0.02
Other capital (a)

0.00(c)   0.02   0.00(c)    
Distributions to shareholders from:                  
Net investment income

(2.99)   (3.55)   (2.27)   (2.09)   (2.12)
Net asset value, end of period

$ 112.45   $ 95.97   $ 110.51   $ 78.00   $ 85.13
Total return (d)

20.64%   (10.22)%   44.96%   (5.97)%   5.94%(e)
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$151,855   $96,010   $96,750   $78,033   $91,550
Ratios to average net assets:                  
Total expenses

0.51%   0.50%   0.50%   0.50%   0.50%
Net investment income (loss)

3.15%   3.01%   2.33%   2.53%   2.60%
Portfolio turnover rate (f)

7%   12%   11%   8%   11%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have been 5.91%.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
149


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR MSCI USA StrategicFactorsSM ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 108.01   $ 119.37   $ 88.43   $ 86.19   $ 77.65
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.93   1.73   1.76   1.79   1.67
Net realized and unrealized gain (loss) (b)

14.97   (11.41)   30.99   1.88   7.99
Total from investment operations

16.90   (9.68)   32.75   3.67   9.66
Net equalization credits and charges (a)

0.02   (0.00)(c)   (0.03)   0.34   0.52
Contribution from affiliate

      0.00(c)  
Distributions to shareholders from:                  
Net investment income

(1.96)   (1.68)   (1.78)   (1.77)   (1.64)
Net asset value, end of period

$ 122.97   $ 108.01   $ 119.37   $ 88.43   $ 86.19
Total return (d)

15.82%   (8.28)%   37.20%   4.53%(e)   13.35%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$981,331   $814,388   $954,973   $771,956   $348,228
Ratios to average net assets:                  
Total expenses

0.16%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

1.71%   1.42%   1.69%   2.02%   2.04%
Portfolio turnover rate (f)

20%   16%   18%   21%   18%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2020, the total return would have remained 4.53%.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
150


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR NYSE Technology ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 103.04   $ 158.99   $ 99.49   $ 72.66   $ 93.29
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.70   0.67   0.47   0.49   0.56
Net realized and unrealized gain (loss) (b)

36.39   (55.91)   59.47   26.90   (3.48)
Total from investment operations

37.09   (55.24)   59.94   27.39   (2.92)
Net equalization credits and charges (a)

0.00(c)   (0.02)   (0.01)   (0.02)   (0.07)
Contribution from affiliate (Note 4)

0.05        
Other capital

        0.00(c)
Distributions to shareholders from:                  
Net investment income

(0.71)   (0.69)   (0.43)   (0.54)   (0.58)
Net realized gains

        (17.06)
Total distributions

(0.71)   (0.69)   (0.43)   (0.54)   (17.64)
Net asset value, end of period

$ 139.47   $ 103.04   $ 158.99   $ 99.49   $ 72.66
Total return (d)

36.24%(e)   (34.86)%   60.30%   37.85%   1.04%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$525,798   $383,841   $711,479   $402,953   $428,680
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.63%   0.45%   0.35%   0.62%   0.68%
Portfolio turnover rate (f)

15%   17%   30%   20%   10%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2023 the total return would have remained 36.19%.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
151


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 500 Fossil Fuel Reserves Free ETF
  Year
Ended
6/30/23(a)
  Year
Ended
6/30/22(a)
  Year
Ended
6/30/21(a)
  Year
Ended
6/30/20(a)
  Year
Ended
6/30/19(a)
Net asset value, beginning of period

$ 30.74   $ 35.34   $ 25.46   $ 23.83   $ 21.85
Income (loss) from investment operations:                  
Net investment income (loss) (b)

0.45   0.42   0.40   0.43   0.39
Net realized and unrealized gain (loss) (c)

5.91   (4.62)   9.86   1.61   1.99
Total from investment operations

6.36   (4.20)   10.26   2.04   2.38
Net equalization credits and charges (b)

(0.00)(d)   0.01   0.02   0.02   0.01
Distributions to shareholders from:                  
Net investment income

(0.92)   (0.41)   (0.40)   (0.43)   (0.41)
Net asset value, end of period

$ 36.18   $ 30.74   $ 35.34   $ 25.46   $ 23.83
Total return (e)

19.37%   (12.01)%   40.59%   8.770%   11.04%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,385,936   $1,161,919   $1,154,523   $567,579   $365,271
Ratios to average net assets:                  
Total expenses

0.21%   0.20%   0.23%   0.25%   0.25%
Net expenses

0.21%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)

1.40%   1.16%   1.28%   1.73%   1.74%
Portfolio turnover rate (f)

2%   2%   4%   4%   6%
(a) Effective on January 12, 2023, the SPDR S&P 500 Fossil Fuel Reserves Free ETF underwent a 3-for-1 share split. The per share activity presented here has been retroactively adjusted to reflect this split. (Note 11)
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
152


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Capital Markets ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 72.95   $ 94.02   $ 56.15   $ 55.47   $ 57.92
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.63   1.78   1.62   1.11   0.97
Net realized and unrealized gain (loss) (b)

11.99   (21.28)   38.10   1.09   (1.91)
Total from investment operations

13.62   (19.50)   39.72   2.20   (0.94)
Net equalization credits and charges (a)

0.01   0.30   (0.17)   (0.10)   (0.22)
Distributions to shareholders from:                  
Net investment income

(1.77)   (1.86)   (1.68)   (1.42)   (1.29)
Net asset value, end of period

$ 84.81   $ 72.95   $ 94.02   $ 56.15   $ 55.47
Total return (c)

18.89%   (20.82)%   71.24%   3.93%   (1.86)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$137,809   $89,360   $117,528   $22,459   $38,829
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

2.00%   1.86%   2.06%   1.99%   1.75%
Portfolio turnover rate (d)

44%   26%   37%   20%   24%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
153


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Health Care Equipment ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 84.92   $ 129.05   $ 89.25   $ 81.87   $ 78.23
Income (loss) from investment operations:                  
Net investment income (loss) (a)

(0.01)   (0.04)   (0.13)   (0.05)   0.11
Net realized and unrealized gain (loss) (b)

13.48   (44.14)   39.93   7.42   3.64
Total from investment operations

13.47   (44.18)   39.80   7.37   3.75
Net equalization credits and charges (a)

(0.08)   0.07   (0.00)(c)   0.01   0.00(c)
Distributions to shareholders from:                  
Net investment income

(0.02)   (0.02)     (0.00)(c)   (0.11)
Net asset value, end of period

$ 98.29   $ 84.92   $ 129.05   $ 89.25   $ 81.87
Total return (d)

15.76%   (34.18)%   44.60%   9.02%   4.79%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$592,171   $384,281   $809,806   $513,171   $609,918
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

(0.01)%   (0.04)%   (0.12)%   (0.06)%   0.13%
Portfolio turnover rate (e)

49%   42%   39%   25%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
154


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Health Care Services ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 82.29   $ 114.37   $ 68.05   $ 66.59   $ 69.29
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.18   0.16   0.22   0.22   0.23
Net realized and unrealized gain (loss) (b)

11.41   (32.08)   46.50   2.83   (2.71)
Total from investment operations

11.59   (31.92)   46.72   3.05   (2.48)
Net equalization credits and charges (a)

(0.00)(c)   0.03   (0.19)   0.15   0.00(c)
Distributions to shareholders from:                  
Net investment income

(0.18)   (0.19)   (0.21)   (1.74)   (0.22)
Net asset value, end of period

$ 93.70   $ 82.29   $ 114.37   $ 68.05   $ 66.59
Total return (d)

14.11%   (27.91)%   68.43%   4.68%   (3.59)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$109,630   $89,695   $213,867   $83,699   $90,561
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.20%   0.16%   0.24%   0.33%   0.33%
Portfolio turnover rate (e)

51%   44%   38%   25%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
155


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Insurance ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 37.84   $ 38.56   $ 27.34   $ 34.01   $ 29.81
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.74   0.73   0.67   0.61   0.55
Net realized and unrealized gain (loss) (b)

3.12   (0.67)   11.16   (6.65)   4.19
Total from investment operations

3.86   0.06   11.83   (6.04)   4.74
Net equalization credits and charges (a)

(0.10)   (0.04)   0.10   (0.02)   0.02
Distributions to shareholders from:                  
Net investment income

(0.73)   (0.74)   (0.71)   (0.61)   (0.56)
Net asset value, end of period

$ 40.87   $ 37.84   $ 38.56   $ 27.34   $ 34.01
Total return (c)

10.01%   (0.01)%   44.04%   (17.99)%   16.16%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$482,212   $543,072   $690,253   $564,510   $1,066,343
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

1.86%   1.84%   2.04%   1.87%   1.77%
Portfolio turnover rate (d)

23%   26%   24%   19%   21%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
156


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Internet ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 75.03   $ 183.03   $101.51   $ 89.16   $ 87.63
Income (loss) from investment operations:                  
Net investment income (loss) (a)

(0.10)   0.07   0.43   0.41   0.36
Net realized and unrealized gain (loss) (b)

2.93   (108.03)   81.71   12.39   2.84
Total from investment operations

2.83   (107.96)   82.14   12.80   3.20
Net equalization credits and charges (a)

0.02   0.05   (0.03)   (0.01)   (0.03)
Distributions to shareholders from:                  
Net investment income

  (0.09)   (0.59)   (0.44)   (0.37)
Net realized gains

        (1.27)
Total distributions

  (0.09)   (0.59)   (0.44)   (1.64)
Net asset value, end of period

$ 77.88   $ 75.03   $183.03   $101.51   $ 89.16
Total return (c)

3.80%   (58.98)%   81.12%   14.46%   3.90%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$23,364   $ 26,261   $71,380   $24,363   $34,772
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

(0.14)%   0.05%   0.28%   0.49%   0.41%
Portfolio turnover rate (d)

72%   54%   52%   57%   85%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
157


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Metals & Mining ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 43.44   $ 43.03   $ 21.21   $ 28.38   $ 35.52
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.85   0.44   0.34   0.39   0.59
Net realized and unrealized gain (loss) (b)

7.42   0.41   21.77   (7.21)   (7.11)
Total from investment operations

8.27   0.85   22.11   (6.82)   (6.52)
Net equalization credits and charges (a)

(0.02)   (0.02)   0.03   0.04   0.04
Distributions to shareholders from:                  
Net investment income

(0.88)   (0.42)   (0.32)   (0.39)   (0.66)
Net asset value, end of period

$ 50.81   $ 43.44   $ 43.03   $ 21.21   $ 28.38
Total return (c)

19.09%   1.87%   104.87%   (23.98)%   (18.25)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,803,607   $1,998,458   $2,056,695   $395,524   $534,979
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

1.69%   0.90%   0.96%   1.58%   1.90%
Portfolio turnover rate (d)

33%   38%   44%   41%   28%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
158


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Oil & Gas Equipment & Services ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19(a)
Net asset value, beginning of period

$ 59.74   $ 61.95   $ 33.13   $ 96.20   $ 169.70
Income (loss) from investment operations:                  
Net investment income (loss) (b)

0.30   0.14   0.27   1.15   0.90
Net realized and unrealized gain (loss) (c)

18.50   (2.11)   29.51   (63.13)   (73.50)
Total from investment operations

18.80   (1.97)   29.78   (61.98)   (72.60)
Net equalization credits and charges (b)

(0.04)   0.01   (0.04)   0.07   (0.00)(d)
Other capital

    0.00(d)    
Distributions to shareholders from:                  
Net investment income

(0.36)   (0.25)   (0.92)   (1.16)   (0.90)
Net asset value, end of period

$ 78.14   $ 59.74   $ 61.95   $ 33.13   $ 96.20
Total return (e)

31.51%   (3.18)%   90.54%   (64.70)%   (42.79)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$278,571   $230,843   $183,691   $96,561   $186,698
Ratios to average net assets:                  
Total expenses

0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.41%   0.22%   0.59%   1.99%   0.73%
Portfolio turnover rate (f)

32%   38%   64%   51%   34%
(a) On March 30, 2020, SPDR S&P Oil & Gas Equipment & Services ETF underwent  1-for-10 reverse stock split. The per share data presented here have been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
159


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Pharmaceuticals ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 42.02   $ 51.75   $ 43.09   $ 39.76   $ 42.99
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.53   0.56   0.25   0.27   0.24
Net realized and unrealized gain (loss) (b)

(0.93)   (9.65)   8.67   3.37   (3.17)
Total from investment operations

(0.40)   (9.09)   8.92   3.64   (2.93)
Net equalization credits and charges (a)

(0.03)   (0.01)   0.00(c)   (0.02)   0.00(c)
Distributions to shareholders from:                  
Net investment income

(0.56)   (0.63)   (0.26)   (0.29)   (0.30)
Net asset value, end of period

$ 41.03   $ 42.02   $ 51.75   $ 43.09   $ 39.76
Total return (d)

(1.01)%   (17.67)%   20.76%   9.18%   (6.83)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$221,566   $205,929   $271,717   $243,443   $212,716
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

1.27%   1.21%   0.52%   0.67%   0.57%
Portfolio turnover rate (e)

53%   60%   53%   31%   42%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Retail ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 58.18   $ 97.19   $ 42.87   $ 42.42   $ 48.57
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.24   0.99   0.68   0.68   0.69
Net realized and unrealized gain (loss) (b)

6.07   (37.92)   54.27   0.42   (6.18)
Total from investment operations

7.31   (36.93)   54.95   1.10   (5.49)
Net equalization credits and charges (a)

(0.34)   (0.55)   0.02   0.01   (0.00)(c)
Contribution from affiliate

    0.01    
Distributions to shareholders from:                  
Net investment income

(1.40)   (1.53)   (0.66)   (0.66)   (0.66)
Net asset value, end of period

$ 63.75   $ 58.18   $ 97.19   $ 42.87   $ 42.42
Total return (d)

12.17%   (39.02)%   128.92%(e)   2.74%   (11.33)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$478,169   $378,184   $1,054,575   $265,787   $263,038
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

1.96%   1.13%   0.97%   1.68%   1.47%
Portfolio turnover rate (f)

40%   39%   62%   43%   45%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2021, the total return would have been 128.90%.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Semiconductor ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 151.79   $ 192.29   $ 112.00   $ 84.40   $ 72.31
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.73   0.53   0.28   0.54   0.66
Net realized and unrealized gain (loss) (b)

69.51   (40.57)   80.28   27.60   12.18
Total from investment operations

70.24   (40.04)   80.56   28.14   12.84
Net equalization credits and charges (a)

0.02   0.01   0.00(c)   (0.00)(c)   (0.03)
Distributions to shareholders from:                  
Net investment income

(0.78)   (0.47)   (0.27)   (0.54)   (0.72)
Net asset value, end of period

$ 221.27   $ 151.79   $ 192.29   $ 112.00   $ 84.40
Total return (d)

46.40%   (20.86)%   71.99%   33.43%   17.86%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,587,624   $933,501   $995,093   $498,412   $291,186
Ratios to average net assets:                  
Total expenses

0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.40%   0.26%   0.17%   0.55%   0.88%
Portfolio turnover rate (e)

31%   36%   32%   21%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
162


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Software & Services ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 111.02   $ 171.45   $ 111.44   $ 96.24   $ 80.89
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.27   0.28   (0.00)(b)   0.37   0.19
Net realized and unrealized gain (loss) (c)

22.20   (60.49)   60.08   15.25   15.40
Total from investment operations

22.47   (60.21)   60.08   15.62   15.59
Net equalization credits and charges (a)

0.00(b)   (0.04)   (0.01)   (0.01)   (0.02)
Contribution from affiliate

  0.04      
Other capital

  0.00(b)      
Distributions to shareholders from:                  
Net investment income

(0.26)   (0.22)   (0.06)   (0.41)   (0.22)
Net asset value, end of period

$ 133.23   $ 111.02   $ 171.45   $ 111.44   $ 96.24
Total return (d)

20.27%   (35.16)%(e)   53.91%   16.34%   19.30%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$306,433   $209,837   $526,365   $241,825   $249,261
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.23%   0.17%   0.00%(f)   0.38%   0.21%
Portfolio turnover rate (g)

63%   46%   40%   31%   47%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amount is less than $0.005 per share.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2022, the total return would have been (35.18)%.
(f) Amount is less than 0.005%.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Telecom ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 77.79   $102.27   $ 69.77   $ 67.70   $ 72.20
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.61   1.20   0.82   0.53   0.80
Net realized and unrealized gain (loss) (b)

(0.19)   (24.35)   32.25   2.15   (4.43)
Total from investment operations

0.42   (23.15)   33.07   2.68   (3.63)
Net equalization credits and charges (a)

(0.02)   (0.02)   0.24   (0.02)   (0.09)
Distributions to shareholders from:                  
Net investment income

(0.55)   (1.31)   (0.81)   (0.59)   (0.78)
Net asset value, end of period

$ 77.64   $ 77.79   $102.27   $ 69.77   $ 67.70
Total return (c)

0.52%   (22.87)%   48.00%   3.98%   (5.17)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$62,109   $54,456   $84,375   $48,842   $57,545
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.75%   1.28%   0.94%   0.78%   1.12%
Portfolio turnover rate (d)

40%   41%   61%   44%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Transportation ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 67.81   $ 84.92   $ 52.86   $ 61.22   $ 63.09
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.75   0.42   1.02   0.57   0.67
Net realized and unrealized gain (loss) (b)

15.69   (16.89)   31.84   (8.36)   (1.82)
Total from investment operations

16.44   (16.47)   32.86   (7.79)   (1.15)
Net equalization credits and charges (a)

0.05   (0.02)   0.20   0.01   (0.01)
Distributions to shareholders from:                  
Net investment income

(0.60)   (0.62)   (1.00)   (0.58)   (0.71)
Net asset value, end of period

$ 83.70   $ 67.81   $ 84.92   $ 52.86   $ 61.22
Total return (c)

24.53%   (19.57)%   62.69%   (12.74)%   (1.80)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$246,091   $503,793   $572,388   $179,722   $148,155
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

1.04%   0.49%   1.35%   0.99%   1.09%
Portfolio turnover rate (d)

29%   37%   26%   29%   18%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR MSCI USA Gender Diversity ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 75.84   $ 101.54   $ 71.03   $ 73.74   $ 72.20
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.27   1.06   0.97   1.29   1.48
Net realized and unrealized gain (loss) (b)

12.27   (25.75)   30.50   (2.51)   4.78
Total from investment operations

13.54   (24.69)   31.47   (1.22)   6.26
Net equalization credits and charges (a)

(0.02)   (0.00)(c)   0.06   (0.09)   0.03
Distributions to shareholders from:                  
Net investment income

(1.32)   (1.01)   (1.02)   (1.40)   (1.74)
Net realized gains

        (3.01)
Total distributions

(1.32)   (1.01)   (1.02)   (1.40)   (4.75)
Net asset value, end of period

$ 88.04   $ 75.84   $ 101.54   $ 71.03   $ 73.74
Total return (d)

18.02%   (24.47)%   44.60%   (1.71)%   9.60%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$209,103   $202,865   $243,685   $120,743   $283,882
Ratios to average net assets:                  
Total expenses

0.21%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)

1.57%   1.11%   1.10%   1.77%   2.06%
Portfolio turnover rate (e)

135%   43%   22%   69%   53%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR ICE Preferred Securities ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 35.83   $ 44.19   $ 41.54   $ 43.11   $ 43.29
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.97   1.97   2.12   2.31   2.41
Net realized and unrealized gain (loss) (b)

(2.19)   (8.21)   2.80   (1.53)   (0.02)
Total from investment operations

(0.22)   (6.24)   4.92   0.78   2.39
Net equalization credits and charges (a)

0.05   0.04   (0.03)   (0.03)   (0.01)
Contribution from affiliate

        0.00(c)
Distributions to shareholders from:                  
Net investment income

(2.15)   (2.16)   (2.24)   (2.32)   (2.56)
Net asset value, end of period

$ 33.51   $ 35.83   $ 44.19   $ 41.54   $ 43.11
Total return (d)

(0.50)%   (14.52)%   12.01%   1.67%   5.86%(e)
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$874,609   $1,049,832   $1,486,995   $1,121,515   $829,813
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)

5.68%   4.82%   4.89%   5.39%   5.72%
Portfolio turnover rate (f)

19%   28%   45%   36%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have remained 5.86%.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2023

1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of June 30, 2023, the Trust consists of eighty-three (83) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “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
Each Fund is classified as a diversified investment company under the 1940 Act, with the exception of SPDR S&P Metals and Mining ETF and SPDR MSCI USA Gender Diversity ETF, each of which is a non-diversified investment company.
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•  Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they
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Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of June 30, 2023, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
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Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid quarterly, except SPDR MSCI USA StrategicFactors℠ ETF which paid semi annual and SPDR ICE Preferred Securities ETF which paid monthly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
Certain Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are
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June 30, 2023

recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed. 
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the year ended June 30, 2023, the SPDR Global Dow ETF, SPDR S&P 500 Fossil Fuel Reserves Free ETF and SPDR MSCI USA Gender Diversity ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
The following tables summarize the value of the Fund's derivative instruments as of June 30, 2023, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Global Dow ETF                      
Futures Contracts

$—   $—   $—   $24,319   $—   $24,319
SPDR S&P 500 Fossil Fuel Reserves Free ETF                      
Futures Contracts

      74,388     74,388
SPDR MSCI USA Gender Diversity ETF                      
Futures Contracts

      6,948     6,948
  Net Realized Gain (Loss)
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Global Dow ETF                      
Futures Contracts

$—   $—   $—   $ 73,307   $—   $ 73,307
SPDR S&P 500 Fossil Fuel Reserves Free ETF                      
Futures Contracts

      230,938     230,938
SPDR MSCI USA Gender Diversity ETF                      
Futures Contracts

      19,913     19,913
  Net Change in Unrealized Appreciation/Depreciation
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Global Dow ETF                      
Futures Contracts

$—   $—   $—   $22,632   $—   $22,632
SPDR S&P 500 Fossil Fuel Reserves Free ETF                      
Futures Contracts

      52,525     52,525
SPDR MSCI USA Gender Diversity ETF                      
Futures Contracts

      5,393     5,393
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s
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June 30, 2023

average daily net assets as shown in the following table:
  Annual Rate
SPDR FactSet Innovative Technology ETF

0.45%
SPDR Global Dow ETF

0.50
SPDR MSCI USA StrategicFactorsSM ETF

0.15
SPDR NYSE Technology ETF

0.35
SPDR S&P 500 Fossil Fuel Reserves Free ETF

0.20
SPDR S&P Capital Markets ETF

0.35
SPDR S&P Health Care Equipment ETF

0.35
SPDR S&P Health Care Services ETF

0.35
SPDR S&P Insurance ETF

0.35
SPDR S&P Internet ETF

0.35
SPDR S&P Metals & Mining ETF

0.35
SPDR S&P Oil & Gas Equipment & Services ETF

0.35
SPDR S&P Pharmaceuticals ETF

0.35
SPDR S&P Retail ETF

0.35
SPDR S&P Semiconductor ETF

0.35
SPDR S&P Software & Services ETF

0.35
SPDR S&P Telecom ETF

0.35
SPDR S&P Transportation ETF

0.35
SPDR MSCI USA Gender Diversity ETF

0.20
SPDR ICE Preferred Securities ETF

0.45
From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2023. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue each waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and each waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2023. The waiver and/or reimbursement may not be terminated prior to October 31, 2023 except with the approval of the Board. 
The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
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June 30, 2023

Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended June 30, 2023, are disclosed in the Funds' Schedules of Investments.
During the fiscal year ended June 30, 2023, the Adviser made a contribution of $85,506 to the SPDR FactSet Innovative Technology ETF related to a trade processing matter.
During the fiscal year ended June 30, 2023, State Street made a contribution of $197,806 to the SPDR NYSE Technology ETF related to a trade processing matter.
During the fiscal year ended June 30, 2022, the Adviser made a contribution of $109,302 to the SPDR S&P Software & Services ETF related to a trading matter.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5.    Trustees’ Fees
The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2023, were as follows:
  Purchases   Sales
SPDR FactSet Innovative Technology ETF

$ 72,411,425   $ 72,234,050
SPDR Global Dow ETF

10,049,751   7,780,767
SPDR MSCI USA StrategicFactorsSM ETF

193,251,678   180,760,279
SPDR NYSE Technology ETF

61,660,823   61,597,974
SPDR S&P 500 Fossil Fuel Reserves Free ETF

31,288,108   22,135,484
SPDR S&P Capital Markets ETF

47,205,998   47,290,168
SPDR S&P Health Care Equipment ETF

223,727,413   223,763,596
SPDR S&P Health Care Services ETF

59,374,437   59,254,188
SPDR S&P Insurance ETF

118,125,555   117,094,927
SPDR S&P Internet ETF

16,988,082   16,925,251
SPDR S&P Metals & Mining ETF

657,406,663   657,058,525
SPDR S&P Oil & Gas Equipment & Services ETF

102,073,130   101,652,170
SPDR S&P Pharmaceuticals ETF

114,070,662   114,159,261
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June 30, 2023

  Purchases   Sales
SPDR S&P Retail ETF

$161,660,827   $160,457,246
SPDR S&P Semiconductor ETF

379,175,753   376,056,628
SPDR S&P Software & Services ETF

143,334,443   143,009,641
SPDR S&P Telecom ETF

28,126,930   25,902,073
SPDR S&P Transportation ETF

103,765,557   103,221,124
SPDR MSCI USA Gender Diversity ETF

276,993,011   276,932,071
SPDR ICE Preferred Securities ETF

187,968,023   190,654,626
For the year ended June 30, 2023, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions
  In-kind
Redemptions
  In-kind Net
Realized
Gains/(Losses)
SPDR FactSet Innovative Technology ETF

$ 17,097,013   $ 62,564,422   $ 249,107
SPDR Global Dow ETF

42,671,205   7,229,989   3,822,959
SPDR MSCI USA StrategicFactorsSM ETF

144,113,047   108,955,007   27,772,289
SPDR NYSE Technology ETF

52,826,316   45,595,382   10,918,283
SPDR S&P 500 Fossil Fuel Reserves Free ETF

273,543,629   264,784,018   97,030,687
SPDR S&P Capital Markets ETF

49,827,442   16,147,971   1,183,438
SPDR S&P Health Care Equipment ETF

285,622,587   135,820,954   23,610,218
SPDR S&P Health Care Services ETF

68,587,197   58,314,115   8,441,923
SPDR S&P Insurance ETF

1,712,717,363   1,792,152,628   35,854,870
SPDR S&P Internet ETF

2,755,701   6,343,754   552,831
SPDR S&P Metals & Mining ETF

3,467,676,974   3,894,226,867   187,521,942
SPDR S&P Oil & Gas Equipment & Services ETF

453,600,854   448,629,386   50,650,295
SPDR S&P Pharmaceuticals ETF

204,001,098   179,972,061   30,096,595
SPDR S&P Retail ETF

5,580,408,395   5,516,363,000   70,205,563
SPDR S&P Semiconductor ETF

835,359,226   600,987,688   151,230,314
SPDR S&P Software & Services ETF

97,343,386   43,772,095   4,278,518
SPDR S&P Telecom ETF

33,884,302   24,773,815   2,715,424
SPDR S&P Transportation ETF

66,300,717   389,503,434   (31,454,855)
SPDR MSCI USA Gender Diversity ETF

138,898,757   161,668,660   23,178,515
SPDR ICE Preferred Securities ETF

158,074,870   261,228,613   (5,674,813)
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
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8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.   
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, foreign currency gains and losses, passive foreign investment companies, partnerships, corporate actions, forward contracts mark to market, futures contracts mark to market, return of capital basis adjustments, wash sale loss deferrals and distributions in excess of current earnings.   
The tax character of distributions paid during the year ended June 30, 2023, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR FactSet Innovative Technology ETF

$ 54,537   $—   $ 54,537
SPDR Global Dow ETF

3,436,808     3,436,808
SPDR MSCI USA StrategicFactorsSM ETF

15,765,919     15,765,919
SPDR NYSE Technology ETF

2,626,826     2,626,826
SPDR S&P 500 Fossil Fuel Reserves Free ETF

17,469,327     17,469,327
SPDR S&P Capital Markets ETF

2,443,956     2,443,956
SPDR S&P Health Care Equipment ETF

89,586     89,586
SPDR S&P Health Care Services ETF

237,507     237,507
SPDR S&P Insurance ETF

8,273,364     8,273,364
SPDR S&P Metals & Mining ETF

35,007,034     35,007,034
SPDR S&P Oil & Gas Equipment & Services ETF

1,511,172     1,511,172
SPDR S&P Pharmaceuticals ETF

2,854,739     2,854,739
SPDR S&P Retail ETF

7,303,919     7,303,919
SPDR S&P Semiconductor ETF

5,146,972     5,146,972
SPDR S&P Software & Services ETF

525,743     525,743
SPDR S&P Telecom ETF

431,082     431,082
SPDR S&P Transportation ETF

2,832,051     2,832,051
SPDR MSCI USA Gender Diversity ETF

3,314,352     3,314,352
SPDR ICE Preferred Securities ETF

62,968,434     62,968,434
The tax character of distributions paid during the year ended June 30, 2022, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR FactSet Innovative Technology ETF

$ 73,168   $ —   $ 73,168
SPDR Global Dow ETF

3,329,522     3,329,522
SPDR MSCI USA StrategicFactorsSM ETF

13,358,259     13,358,259
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June 30, 2023

  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR NYSE Technology ETF

$ 2,817,346   $—   $ 2,817,346
SPDR S&P 500 Fossil Fuel Reserves Free ETF

14,907,245     14,907,245
SPDR S&P Capital Markets ETF

4,369,153     4,369,153
SPDR S&P Health Care Equipment ETF

80,831     80,831
SPDR S&P Health Care Services ETF

277,297     277,297
SPDR S&P Insurance ETF

8,376,046     8,376,046
SPDR S&P Internet ETF

25,401     25,401
SPDR S&P Metals & Mining ETF

19,843,034     19,843,034
SPDR S&P Oil & Gas Equipment & Services ETF

876,061     876,061
SPDR S&P Pharmaceuticals ETF

2,929,721     2,929,721
SPDR S&P Retail ETF

7,176,709     7,176,709
SPDR S&P Semiconductor ETF

2,987,778     2,987,778
SPDR S&P Software & Services ETF

639,461     639,461
SPDR S&P Telecom ETF

1,057,495     1,057,495
SPDR S&P Transportation ETF

5,317,173     5,317,173
SPDR MSCI USA Gender Diversity ETF

2,785,960     2,785,960
SPDR ICE Preferred Securities ETF

70,524,000     70,524,000
At June 30, 2023, the components of distributable earnings on a tax basis were as follows:
  Undistributed
Ordinary Income
  Capital Loss
Carryforwards
  Undistributed
Long-Term
Capital Gains
  Net Unrealized
Gains (Losses)
  Total
SPDR FactSet Innovative Technology ETF

$ 70,990   $ (117,850,641)   $—   $ (21,476,644)   $ (139,256,295)
SPDR Global Dow ETF

768,833   (14,146,070)     23,333,483   9,956,246
SPDR MSCI USA StrategicFactorsSM ETF

70,389   (59,012,016)     120,691,291   61,749,664
SPDR NYSE Technology ETF

337,420   (116,175,340)     93,673,352   (22,164,568)
SPDR S&P 500 Fossil Fuel Reserves Free ETF

25,714   (18,697,111)     163,411,406   144,740,009
SPDR S&P Capital Markets ETF

  (67,287,057)     (8,191,096)   (75,478,153)
SPDR S&P Health Care Equipment ETF

  (239,253,290)     (2,985,434)   (242,238,724)
SPDR S&P Health Care Services ETF

133,904   (83,102,136)     (2,487,749)   (85,455,981)
SPDR S&P Insurance ETF

1,708,004   (151,604,450)     (41,628,235)   (191,524,681)
SPDR S&P Internet ETF

  (38,888,992)     (3,851,078)   (42,740,070)
SPDR S&P Metals & Mining ETF

266,233   (1,849,540,466)     (255,221,325)   (2,104,495,558)
SPDR S&P Oil & Gas Equipment & Services ETF

  (631,973,741)     (21,387,066)   (653,360,807)
SPDR S&P Pharmaceuticals ETF

  (427,905,332)     (19,260,594)   (447,165,926)
SPDR S&P Retail ETF

3,115,718   (642,597,420)     (57,208,320)   (696,690,022)
SPDR S&P Semiconductor ETF

8,267   (203,329,438)     35,021,082   (168,300,089)
SPDR S&P Software & Services ETF

85,462   (115,445,347)     (25,312,885)   (140,672,770)
SPDR S&P Telecom ETF

51,032   (47,591,508)     (10,187,060)   (57,727,536)
SPDR S&P Transportation ETF

842,603   (175,273,807)     (36,250,905)   (210,682,109)
SPDR MSCI USA Gender Diversity ETF

47,308   (85,121,317)     21,458,780   (63,615,229)
SPDR ICE Preferred Securities ETF

  (168,756,440)     (167,733,878)   (336,490,318)
As of June 30, 2023, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:
  Non-Expiring
Short Term
  Non-Expiring
Long Term
SPDR FactSet Innovative Technology ETF

$ 50,949,884   $ 66,900,757
SPDR Global Dow ETF

951,057   13,195,013
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  Non-Expiring
Short Term
  Non-Expiring
Long Term
SPDR MSCI USA StrategicFactorsSM ETF

$ 24,821,521   $ 34,190,495
SPDR NYSE Technology ETF

60,323,060   55,852,280
SPDR S&P 500 Fossil Fuel Reserves Free ETF

8,139,959   10,557,152
SPDR S&P Capital Markets ETF

15,009,127   52,277,930
SPDR S&P Health Care Equipment ETF

111,189,929   128,063,361
SPDR S&P Health Care Services ETF

25,718,658   57,383,478
SPDR S&P Insurance ETF

59,937,869   91,666,581
SPDR S&P Internet ETF

14,152,821   24,736,171
SPDR S&P Metals & Mining ETF

765,179,699   1,084,360,767
SPDR S&P Oil & Gas Equipment & Services ETF

203,001,727   428,972,014
SPDR S&P Pharmaceuticals ETF

143,321,277   284,584,055
SPDR S&P Retail ETF

338,545,906   304,051,514
SPDR S&P Semiconductor ETF

128,095,450   75,233,988
SPDR S&P Software & Services ETF

35,717,542   79,727,805
SPDR S&P Telecom ETF

16,183,003   31,408,505
SPDR S&P Transportation ETF

91,151,144   84,122,663
SPDR MSCI USA Gender Diversity ETF

33,548,753   51,572,564
SPDR ICE Preferred Securities ETF

58,107,385   110,649,055
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost
  Gross
Unrealized
Appreciation
  Gross
Unrealized
Depreciation
  Net Unrealized
Appreciation
(Depreciation)
SPDR FactSet Innovative Technology ETF

$ 133,229,532   $ 14,897,746   $ 36,374,390   $ (21,476,644)
SPDR Global Dow ETF

129,067,909   29,520,390   6,160,374   23,360,016
SPDR MSCI USA StrategicFactorsSM ETF

861,166,485   167,366,170   46,674,879   120,691,291
SPDR NYSE Technology ETF

438,027,272   127,557,052   33,883,700   93,673,352
SPDR S&P 500 Fossil Fuel Reserves Free ETF

1,221,783,809   231,415,416   68,004,010   163,411,406
SPDR S&P Capital Markets ETF

150,439,343   4,678,182   12,869,279   (8,191,097)
SPDR S&P Health Care Equipment ETF

608,469,068   63,893,184   66,878,618   (2,985,434)
SPDR S&P Health Care Services ETF

114,331,385   10,064,214   12,551,962   (2,487,748)
SPDR S&P Insurance ETF

523,613,940   7,926,791   49,555,026   (41,628,235)
SPDR S&P Internet ETF

28,776,592   1,617,821   5,468,899   (3,851,078)
SPDR S&P Metals & Mining ETF

2,163,577,084   65,406,634   320,627,959   (255,221,325)
SPDR S&P Oil & Gas Equipment & Services ETF

318,580,597   19,405,764   40,792,830   (21,387,066)
SPDR S&P Pharmaceuticals ETF

249,076,014   14,257,798   33,518,392   (19,260,594)
SPDR S&P Retail ETF

561,916,636   4,922,431   62,130,751   (57,208,320)
SPDR S&P Semiconductor ETF

1,604,424,875   166,103,012   131,081,930   35,021,082
SPDR S&P Software & Services ETF

347,626,342   25,725,874   51,038,759   (25,312,885)
SPDR S&P Telecom ETF

76,655,292   4,368,007   14,555,067   (10,187,060)
SPDR S&P Transportation ETF

290,827,442   8,292,512   44,543,417   (36,250,905)
SPDR MSCI USA Gender Diversity ETF

187,537,929   26,316,721   4,857,941   21,458,780
SPDR ICE Preferred Securities ETF

1,075,841,578   1,376,375   169,110,253   (167,733,878)
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of June 30, 2023, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of June 30, 2023:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received*
  Total
Collateral
Received
SPDR FactSet Innovative Technology ETF

  $ 14,804,766   $ 10,188,413   $ 4,864,956   $ 15,053,369
SPDR Global Dow ETF

  3,314,736   1,344,508   2,130,030   3,474,538
SPDR MSCI USA StrategicFactorsSM ETF

  1,175,920   1,105,870   88,869   1,194,739
SPDR NYSE Technology ETF

  30,629,134   5,868,997   25,255,524   31,124,521
SPDR S&P Capital Markets ETF

  5,020,280   4,491,999   737,963   5,229,962
SPDR S&P Health Care Equipment ETF

  25,179,756   13,379,982   13,033,587   26,413,569
SPDR S&P Health Care Services ETF

  9,081,234   2,220,400   6,967,379   9,187,779
SPDR S&P Insurance ETF

  4,715,021   27,150   4,725,684   4,752,834
SPDR S&P Internet ETF

  2,025,671   1,556,526   561,680   2,118,206
SPDR S&P Metals & Mining ETF

  144,082,981   105,386,834   41,137,815   146,524,649
SPDR S&P Oil & Gas Equipment & Services ETF

  18,694,864   18,618,135   79,536   18,697,671
SPDR S&P Pharmaceuticals ETF

  18,201,070   8,279,078   10,312,024   18,591,102
SPDR S&P Retail ETF

  45,285,370   26,800,198   19,896,765   46,696,963
SPDR S&P Semiconductor ETF

  84,390,585   51,684,456   33,689,343   85,373,799
SPDR S&P Software & Services ETF

  32,612,496   15,891,536   17,453,172   33,344,708
SPDR S&P Telecom ETF

  8,798,699   4,351,082   4,655,674   9,006,756
SPDR S&P Transportation ETF

  14,157,885   8,548,494   5,744,480   14,292,974
SPDR ICE Preferred Securities ETF

  40,876,940   34,870,137   6,761,036   41,631,173
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of June 30, 2023:
        Remaining Contractual Maturity of the Agreements
as of June 30, 2023
Fund   Securities
Lending
Transactions
  Overnight
and
Continuous
  <30 Days   Between
30 & 90
Days
  >90 Days   Total
Borrowings
  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Factset Innovative Technology ETF

  Common Stocks   $ 10,188,413   $—   $—   $—   $ 10,188,413   $ 10,188,413
SPDR Global Dow ETF

  Common Stocks   1,344,508         1,344,508   1,344,508
SPDR MSCI USA StrategicfactorsSM ETF

  Common Stocks   1,105,870         1,105,870   1,105,870
SPDR NYSE Technology ETF

  Common Stocks   5,868,997         5,868,997   5,868,997
SPDR S&P Capital Markets ETF

  Common Stocks   4,491,999         4,491,999   4,491,999
SPDR S&P Health Care Equipment ETF

  Common Stocks   13,379,982         13,379,982   13,379,982
SPDR S&P Health Care Services ETF

  Common Stocks   2,220,400         2,220,400   2,220,400
SPDR S&P Insurance ETF

  Common Stocks   27,150         27,150   27,150
SPDR S&P Internet ETF

  Common Stocks   1,556,526         1,556,526   1,556,526
SPDR S&P Metals & Mining ETF

  Common Stocks   105,386,834         105,386,834   105,386,834
SPDR S&P Oil & Gas Equipment & Services ETF

  Common Stocks   18,618,135         18,618,135   18,618,135
SPDR S&P Pharmaceuticals ETF

  Common Stocks   8,279,078         8,279,078   8,279,078
SPDR S&P Retail ETF

  Common Stocks   26,800,198         26,800,198   26,800,198
SPDR S&P Semiconductor ETF

  Common Stocks   51,684,456         51,684,456   51,684,456
SPDR S&P Software & Services ETF

  Common Stocks   15,891,536         15,891,536   15,891,536
SPDR S&P Telecom ETF

  Common Stocks   4,351,082         4,351,082   4,351,082
SPDR S&P Transportation ETF

  Common Stocks   8,548,494         8,548,494   8,548,494
SPDR ICE Preferred Securities ETF

  Preferred Stocks   34,870,137         34,870,137   34,870,137
10.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the undefined invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the undefined invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
Each Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
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Market Risk
A Fund's investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
11.    Stock Split
The Board authorized a 3-for-1 stock split for the SPDR S&P 500 Fossil Fuel Reserves Free ETF effective January 12, 2023, for the shareholders of record on January 9, 2023. The impact of the stock splits was to increase the number of shares outstanding by a factor of 3, while decreasing the NAV per share by a factor of 3, resulting in no effect to the net assets of the aforementioned Funds.
The financial statements and financial highlights of the aforementioned Funds have been adjusted to reflect the stock splits.
12.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements. 
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REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders of 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) and SPDR ICE Preferred Securities ETF and the Board of Trustees of SPDR® Series Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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) and SPDR ICE Preferred Securities ETF (collectively referred to as the “Funds”) (twenty of the funds constituting SPDR® Series Trust (the “Trust”)), including the schedules of investments, as of June 30, 2023, and the related statements of operations for the year then ended,  the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twenty of the funds constituting SPDR® Series Trust) at June 30, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.
Boston, Massachusetts
August 25, 2023
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OTHER INFORMATION
June 30, 2023 (Unaudited)

Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from January 1, 2023 to June 30, 2023.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
      Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio
  Ending Account
Value
  Expenses Paid
During Period(a)
  Ending Account
Value
  Expenses Paid
During Period(a)
SPDR FactSet Innovative Technology ETF

0.45%   $1,317.80   $2.59   $1,022.60   $2.26
SPDR Global Dow ETF

0.52   1,129.30   2.75   1,022.20   2.61
SPDR MSCI USA StrategicFactorsSM ETF

0.15   1,122.80   0.79   1,024.10   0.75
SPDR NYSE Technology ETF

0.35   1,442.50   2.12   1,023.10   1.76
SPDR S&P 500 Fossil Fuel Reserves Free ETF

0.20   1,177.20   1.08   1,023.80   1.00
SPDR S&P Capital Markets ETF

0.35   1,087.30   1.81   1,023.10   1.76
SPDR S&P Health Care Equipment ETF

0.35   1,094.20   1.82   1,023.10   1.76
SPDR S&P Health Care Services ETF

0.35   1,105.70   1.83   1,023.10   1.76
SPDR S&P Insurance ETF

0.35   1,005.50   1.74   1,023.10   1.76
SPDR S&P Internet ETF

0.35   1,249.70   1.95   1,023.10   1.76
SPDR S&P Metals & Mining ETF

0.35   1,027.00   1.76   1,023.10   1.76
SPDR S&P Oil & Gas Equipment & Services ETF

0.35   983.30   1.72   1,023.10   1.76
SPDR S&P Pharmaceuticals ETF

0.35   1,007.10   1.74   1,023.10   1.76
SPDR S&P Retail ETF

0.35   1,063.80   1.79   1,023.10   1.76
SPDR S&P Semiconductor ETF

0.35   1,324.70   2.02   1,023.10   1.76
SPDR S&P Software & Services ETF

0.35   1,227.70   1.93   1,023.10   1.76
SPDR S&P Telecom ETF

0.35   956.10   1.70   1,023.10   1.76
SPDR S&P Transportation ETF

0.35   1,251.00   1.95   1,023.10   1.76
SPDR MSCI USA Gender Diversity ETF

0.20   1,125.50   1.05   1,023.80   1.00
SPDR ICE Preferred Securities ETF

0.45   1,050.00   2.29   1,022.60   2.26
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.
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OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity.
risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through  December 31, 2022 including:
the Program supported each Fund’s ability to honor redemption requests timely;
the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
no material liquidity issues were identified during the period;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage each Fund’s liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2023.
Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2023 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Foreign Tax Credit
The Fund has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended June 30, 2023, the total amount of foreign taxes that will be passed through are:
  Amount
SPDR Global Dow ETF

$169,761
The amount of foreign source income earned on the Fund during the year ended June 30, 2023 was as follows:
  Amount
SPDR Global Dow ETF

$3,134,815
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust's proxy voting policies and procedures that are used by the Funds’ investment Adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website, at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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OTHER INFORMATION  (continued)
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Approval of Advisory Agreement
At meetings held prior to June 30, 2023, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the equity series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.
To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives.
Investment Performance
The Board then reviewed the SPDR ETFs’ performance, noting that the analysis of investment performance, in absolute terms, was more complex for actively-managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively-managed index fund and reviewed information regarding such SPDR ETFs’ index tracking.
Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street Global Advisors, methodologies used in computing costs that formed the bases of profitability calculations.
Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes with respect to each SPDR ETF. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.
Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. In approving the continuance of the Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Agreement are fair and reasonable and that the continuance of the Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The Independent Trustees were advised by their independent counsel throughout the process.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

TRUSTEES AND OFFICERS INFORMATION
Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
Trustees                    
Independent Trustees                    
CARL G. VERBONCOEUR
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1952
  Independent
Trustee,
Chairman,
Trustee
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2009.
  121   The Motley Fool
Funds Trust
(Trustee).
DWIGHT D. CHURCHILL
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1953
  Independent
Trustee,
Audit
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2010;
CEO and President,
CFA Institute (June
2014 - January 2015).
  121   Affiliated
Managers Group,
Inc. (Chairman, Director
and Audit
Committee Chair).
CLARE S. RICHER
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, Putnam
Investments LLC
(December 2008 -
May 2017).
  121   Principal Financial
Group (Director and Financial Committee Chair);
Bain Capital
Specialty
Finance
(Director); University of Notre Dame (Trustee);
Putnam Acquisition
Financing Inc.
(Director);
Putnam Acquisition
Financing LLC
(Director); Putnam GP
Inc. (Director);
Putnam Investor
Services, Inc.
(Director); Putnam
Investments Limited
(Director).
SANDRA G. SPONEM
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, M.A.
Mortenson
Companies, Inc.(construction and real estate company)
(February 2007 -
April 2017).
  121   Rydex Series Funds
Rydex Dynamic Funds
Rydex Variable Trust
Guggenheim Funds
Trust; Guggenheim
Variable Funds Trust;
Guggenheim Strategy
Funds Trust; Transparent
Value Trust; Fiduciary/
Claymore Energy
Infrastructure Fund;
Guggenheim Taxable
Municipal Bond & Investment Grade
Debt Trust;
Guggenheim Strategic
Opportunities Fund;
Guggenheim Enhanced
Equity Income Fund;
Guggenheim Credit
Allocation Fund;
Guggenheim Energy
& Income Fund; Guggenheim Active Allocation Fund (Trustee and Audit Committee Chair).
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
CAROLYN M. CLANCY
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1960
  Independent
Trustee
  Term: Unlimited
Served: since
October 2022
  Retired.
Executive Vice President,
Head of Strategy,
Analytics and Market Readiness,
Fidelity Investments
(April 2020 - June 2021);
Executive Vice President,
Head of Broker Dealer Business,
Fidelity Investments
(July 2017 - March 2020).
  121   Assumption University (Trustee);
Big Sister Association of
Greater Boston (Director).
KRISTI L. ROWSELL
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1966
  Independent
Trustee
  Term: Unlimited
Served: since
October 2022
  Partner and President,
Harris Associates
(2010 - 2021).
  121   Oakmark Funds (Trustee);
Board of Governors,
Investment Company Institute
(Member);
Habitat for Humanity Chicago (Director).
Interested Trustee                    
JAMES E. ROSS*
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1965
  Interested
Trustee
  Term: Unlimited
Served as
Trustee: since
April 2010
  President, Winnisquam Capital LLC (December 2022 - present); Non-Executive Chairman,
Fusion Acquisition Corp II. (February
2020 - Present);
Non-Executive Chairman,
Fusion Acquisition Corp.
(June 2020 - September 2021);
Retired Chairman and Director,
SSGA Funds Management, Inc.
(2005 - March 2020); Retired
Executive Vice President, State
Street Global Advisors (2012 -
March 2020); Retired Chief
Executive Officer and Manager,
State Street Global Advisors
Funds Distributors, LLC (May
2017 - March 2020); Director,
State Street Global Markets,
LLC (2013 - April 2017);
President, SSGA Funds
Management, Inc. (2005 - 2012);
Principal, State Street
Global Advisors (2000 - 2005).
  132   Investment Managers Series Trust (December 2022 - present); The Select Sector SPDR Trust (November 2005 - Present); SSGA SPDR
ETFs Europe I PLC
(Director)
(November 2016 -
March 2020); SSGA
SPDR ETFs
Europe II PLC
(Director)
(November 2016 -
March 2020); State Street Navigator
Securities Lending Trust (July
2016 - March 2020); SSGA
Funds (January 2014 - March
2020); State Street Institutional
Investment Trust (February
2007 - March 2020); State
Street Master Funds (February
2007 - March 2020); Elfun
Funds (July 2016 - December
2018).
GUNJAN CHAUHAN**
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1982
  Interested
Trustee
  Term: Unlimited
Served: Since
October 2022
  Senior Managing Director,
State Street Global Advisors
(April 2018 - Present);
Managing Director,
State Street Global Advisors
(June 2015 - March 2018).
  121   State Street ICAV (Director).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser, which includes series of SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust.
* Mr. Ross is an Interested Trustee because of his ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.
** Ms. Chauhan is an Interested Trustee because of her position with an affiliate of the Adviser.
    
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
Officers            
ANN M. CARPENTER
SSGA Funds Management Inc.
One Iron Street
Botson,MA 02210
1966
  President
and Principal
Executive
Officer;
Deputy
Treasurer
  Term: Unlimited
Served: since May 2023
(with respect
to President
and Principal
Executive Officer);
Term: Unlimited
Served: since
February 2016
(with respect
to Deputy Treasurer)
  Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - present)*; Managing Direct Street Global Advisors (April 2005 - present).*
BRUCE S. ROSENBERG
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1961
  Treasurer
and Principal
Financial Officer
  Term: Unlimited
Served: since
February 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
CHAD C. HALLETT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Deputy
Treasurer
  Term: Unlimited
Served: since
February 2016
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present).
MICHAEL P. RILEY
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Vice
President
  Term: Unlimited
Served: since
February 2005
  Managing Director, State Street Global Advisors (2005 - present).*
SEAN O'MALLEY
SSGA Funds Management, Inc.
One Iron Street
1969
  Chief Legal Officer   Term: Unlimited
Served: since
August 2019
  Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID URMAN
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1985
  Secretary   Term: Unlimited
Served: since
August 2019
  Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
DAVID BARR
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1974
  Assistant
Secretary
  Term: Unlimited
Served: since
November 2020
  Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp. (October 2010 - October 2019).
E. GERARD MAIORANA, JR.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Secretary
  Term: Unlimited
Served: since May 2023
  Assistant Vice President, State
Street Global Advisors
(July 2014 - present).
DARLENE ANDERSON-VASQUEZ
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1968
  Deputy
Treasurer
  Term: Unlimited
Served: since
November 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
ARTHUR A. JENSEN
SSGA Funds Management, Inc.
1600 Summer Street
Stamford, CT 06905
1966
  Deputy
Treasurer
  Term: Unlimited
Served: Since
August 2017
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller, GE Asset Management Incorporated (April 2011 - July 2016).
DAVID LANCASTER
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Treasurer
  Term: Unlimited
Served: since
November 2020
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).*
JOHN BETTENCOURT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1976
  Assistant
Treasurer
  Term: Unlimited
Served: since
May 2022
  Vice President, State Street Global Advisors and SSGA Funds Management Inc. (March 2020 - present); Assistant Vice President, State Street Global Advisors (June 2007 - March 2020).
BRIAN HARRIS
SSGA Funds Management, Inc.
One Iron Street
Boston,MA 02210
1973
  Chief Compliance
Officer;Anti-Money
Laundering
Officer; Code of
Ethics
Compliance
Officer
  Term: Unlimited
Served:since
November
2013
  Managing Director, State Street Global Advisors and SSGA Funds Management,Inc. (June 2013 - present).*
* Served in various capacities and/or with various affiliated entities during noted time period.
The Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, upon request and by calling 1-866-787-2257.
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SPDR Series Trust
Trustees
Gunjan Chauhan, Interested Trustee
Dwight D. Churchill
Carolyn M. Clancy
Clare S. Richer
James E. Ross, Interested Non-management Trustee
Kristi L. Rowsell
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Congress Street
Boston, MA 02114
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
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
SPDR® Series Trust - Equity Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.
Standard & Poor’s, S& P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
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.
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