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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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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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.

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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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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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.

See accompanying notes to financial statements.

Table of Contents

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.

See accompanying notes to financial statements.

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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..

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA StrategicFactors^SM 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 StrategicFactors^SM 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.

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.

See accompanying notes to financial statements.

Table of Contents

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.

See accompanying notes to financial statements.

Table of Contents

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.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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..

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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 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.

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..

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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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 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..

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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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.

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..

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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 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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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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..

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.

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.

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.

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..

See accompanying notes to financial statements.

Table of Contents

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.

See accompanying notes to financial statements.

Table of Contents

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

Table of Contents

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..

See accompanying notes to financial statements.

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.

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.

See accompanying notes to financial statements.

Table of Contents

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.

See accompanying notes to financial statements.

Table of Contents

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..

* 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.

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.

See accompanying notes to financial statements.

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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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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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.

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.

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.

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.

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.

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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM 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.

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.

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.

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.

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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 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 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 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 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 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

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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

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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.

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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.

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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.

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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.

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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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SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2023

	SPDR FactSet Innovative Technology ETF	SPDR Global Dow ETF	SPDR MSCI USA StrategicFactors^SM 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.

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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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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 StrategicFactors^SM 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.

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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

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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.

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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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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.

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SPDR MSCI USA StrategicFactors^SM 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.

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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.

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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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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

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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.

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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)

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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.

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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.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI USA StrategicFactors^SM 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.

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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.

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	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.

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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.

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	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.

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	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.

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	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.

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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.

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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.

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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.

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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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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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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.

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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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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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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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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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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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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 StrategicFactors^SM 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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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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June 30, 2023

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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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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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 StrategicFactors^SM 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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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 StrategicFactors^SM 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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	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 StrategicFactors^SM 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 StrategicFactors^SM 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 StrategicFactors^SM ETF	13,358,259	—	13,358,259

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	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 StrategicFactors^SM 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 StrategicFactors^SM 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 StrategicFactors^SM 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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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 StrategicFactors^SM 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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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 StrategicFactors^SM 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 StrategicFactors^SM 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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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 StrategicFactors^SM 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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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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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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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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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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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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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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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 - 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.

SPDRLEGACYEQAR

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR FactSet Innovative Technology ETF (XITK)	3
SPDR Global Dow ETF (DGT)	6
SPDR MSCI USA StrategicFactors^SM ETF (QUS)	9
SPDR NYSE Technology ETF (XNTK)	12
SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX)	15
SPDR S&P Capital Markets ETF (KCE)	18
SPDR S&P Health Care Equipment ETF (XHE)	21
SPDR S&P Health Care Services ETF (XHS)	24
SPDR S&P Insurance ETF (KIE)	27
SPDR S&P Internet ETF (XWEB)	30
SPDR S&P Metals & Mining ETF (XME)	33
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	36
SPDR S&P Pharmaceuticals ETF (XPH)	39
SPDR S&P Retail ETF (XRT)	42
SPDR S&P Semiconductor ETF (XSD)	45
SPDR S&P Software & Services ETF (XSW)	48
SPDR S&P Telecom ETF (XTL)	51
SPDR S&P Transportation ETF (XTN)	54
SPDR MSCI USA Gender Diversity ETF (SHE) (Formerly, SPDR SSGA Gender Diversity Index ETF)	57
SPDR ICE Preferred Securities ETF (PSK)	60
Schedules of Investments
SPDR FactSet Innovative Technology ETF (XITK)	63
SPDR Global Dow ETF (DGT)	66
SPDR MSCI USA StrategicFactors^SM ETF (QUS)	71
SPDR NYSE Technology ETF (XNTK)	80
SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX)	82
SPDR S&P Capital Markets ETF (KCE)	90
SPDR S&P Health Care Equipment ETF (XHE)	92
SPDR S&P Health Care Services ETF (XHS)	94
SPDR S&P Insurance ETF (KIE)	96
SPDR S&P Internet ETF (XWEB)	98
SPDR S&P Metals & Mining ETF (XME)	100
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	102
SPDR S&P Pharmaceuticals ETF (XPH)	104
SPDR S&P Retail ETF (XRT)	106
SPDR S&P Semiconductor ETF (XSD)	108
SPDR S&P Software & Services ETF (XSW)	110
SPDR S&P Telecom ETF (XTL)	113
SPDR S&P Transportation ETF (XTN)	115
SPDR MSCI USA Gender Diversity ETF (SHE) (Formerly, SPDR SSGA Gender Diversity Index ETF)	117
SPDR ICE Preferred Securities ETF (PSK)	123
Financial Statements	128
Financial Highlights	148
Notes to Financial Statements	168
Report of Independent Registered Public Accounting Firm	181
Other Information (Unaudited)	182


		% 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%


		% 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%


		% 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%


	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%


		% 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%


	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%


		% 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%


		% 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%


		% 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.


	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%


		% 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%


		% 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%


	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%


		% 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%


	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%


		% of Net Assets
	Pharmaceuticals	99.9%
	Short-Term Investments	3.8
	Liabilities in Excess of Other Assets	(3.7)
	TOTAL	100.0%


	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%


		% 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%


	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%


		% of Net Assets
	Semiconductors	100.0%
	Short-Term Investments	3.3
	Liabilities in Excess of Other Assets	(3.3)
	TOTAL	100.0%


	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%


		% 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%


	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%


		% 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%


	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%


		% 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%


	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%


		% 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%


	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%