Annual Report
June 30, 2022
SPDR® Series Trust - Equity Funds
SPDR Dow Jones REIT ETF
SPDR Portfolio S&P 400 Mid Cap ETF
SPDR Portfolio S&P 500 ETF
SPDR Portfolio S&P 500 Growth ETF
SPDR Portfolio S&P 500 High Dividend ETF
SPDR Portfolio S&P 500 Value ETF
SPDR Portfolio S&P 600 Small Cap ETF
SPDR Portfolio S&P 1500 Composite Stock Market ETF
SPDR S&P Aerospace & Defense ETF
SPDR S&P Bank ETF
SPDR S&P Biotech ETF
SPDR S&P Dividend ETF
SPDR S&P Homebuilders ETF
SPDR S&P Oil & Gas Exploration & Production ETF
SPDR S&P Regional Banking ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS

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

2

5

8

11

14

17

20

23

26

29

32

35

38

41

44
Schedules of Investments  

47

50

56

64

69

72

79

89

108

110

112

116

120

122

124

128

142

157

170

171
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
[This Page Intentionally Left Blank]


Table of Contents
NOTES TO PERFORMANCE SUMMARIES (UNAUDITED)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Dow Jones U.S. Select REIT Index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate.
The S&P MidCap 400® Index provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.
The S&P 500® Index is composed of five hundred (500) selected stocks, all of which are listed on national stock exchanges and spans over approximately 24 separate industry groups.
The S&P 500 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity market. The index consists of those stocks in the S&P Index exhibiting the strongest growth characteristics based on:(i) salesgrowth; (ii) earnings change to price; and (iii) momentum.
The S&P® 500 High Dividend Index is designed to measure the performance of the top 80 high dividend-yielding companies within the S&P 500® Index, based on dividend yield.
The S&P 500 Value Index measures the performance of the large-capitalization value segment in the U.S. equity market. The index consists of those stocks in the S&P 500 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio.
The S&P® Small Cap 600® Index measures the performance of the small-capitalization sector in the U.S. equity market.
The S&P Composite 1500® Index is designed to measure the performance of the large-, mid-, and small-capitalization segments of the U.S. equity market. The Index consists of those stocks included in the S&P 500® Index, the S&P MidCap 400® Index, and the S&P SmallCap 600® Index. Each underlying index includes common stocks, listed on certain U.S. securities exchanges, that meet specific market capitalization requirements.
The S&P Aerospace & Defense Select Industry Index represents the aerospace & defense segment of the S&P Total Market Index.
The S&P Banks Select Industry Index represents the banks segment of the S&P Total Market Index.
The S&P Biotechnology Select Industry Index represents the biotechnology segment of the S&P Total Market Index.
The S&P High Yield Dividend Aristocrats Index is designed to measure the performance of the highest dividend yielding S&P Composite 1500 Index constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years.
The S&P Homebuilders Select Industry Index represents the homebuilders segment of the S&P Total Market Index.
The S&P Oil & Gas Exploration & Production Select Industry Index represents the oil and gas exploration and production segment of the S&P Total Market Index.
The S&P Regional Banks Select Industry Index represents the regional banks segment of the S&P Total Market Index.
See accompanying notes to financial statements.
1


Table of Contents
SPDR Dow Jones REIT ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Dow Jones REIT 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 real estate investment trusts. The Fund’s benchmark is the Dow Jones U.S. Select REIT Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 6.69%, and the Index was 6.41%. 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 the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Real Estate Investment Trusts (“REITs”) closed out the 4th calendar quarter with strong returns returning 17.2% for the quarter causing REITs to finish 2021 as one of the best-performing asset classes on a total return basis with Index returns of 45.9%. Performance was led by the self-storage, residential, industrial and retail property sectors. However Index performance faltered in 2022, returning 21.1% for the first half of the calendar year. Headwinds of tightening monetary policy and inflationary pressures have led to lower growth and corporate earnings expectations, weighing on the performance of REITs.
The Fund used equity index futures in order equitize cash and dividend receivables during the Reporting Period. The Fund’s use of equity index futures detracted from Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Federal Realty Investment Trust, Medical Properties Trust and Independence Realty Trust. The top negative contributors to the Fund’s performance during the Reporting Period were Prologis Inc, SL Green Realty Corp. and QTS Realty Trust Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Dow Jones REIT ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Dow Jones U.S. Select REIT Index   Net
Asset
Value
Market
Value
Dow Jones U.S. Select REIT Index
ONE YEAR (6.69)% (6.63)% (6.41)%   (6.69)% (6.63)% (6.41)%
FIVE YEARS 21.70% 21.75% 23.34%   4.01% 4.02% 4.28%
TEN YEARS 84.60% 84.77% 89.75%   6.32% 6.33% 6.61%
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 Dow Jones REIT ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.25%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
3


Table of Contents
SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Prologis, Inc. REIT 9.0%  
  Equinix, Inc. REIT 6.2  
  Public Storage REIT 4.9  
  Realty Income Corp. REIT 4.2  
  Welltower, Inc. REIT 3.9  
  Digital Realty Trust, Inc. REIT 3.8  
  Simon Property Group, Inc. REIT 3.2  
  AvalonBay Communities, Inc. REIT 2.8  
  Equity Residential REIT 2.6  
  Extra Space Storage, Inc. REIT 2.4  
  TOTAL 43.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2022

     
    % of Net Assets  
  Residential REITs 21.5%  
  Specialized REITs 20.3  
  Industrial REITs 16.1  
  Retail REITs 14.8  
  Health Care REITs 11.1  
  Office REITs 8.3  
  Diversified REITs 3.8  
  Hotel & Resort REITs 3.4  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.0)*  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 400 Mid Cap 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 mid-capitalization exchange traded U.S. equity securities. The Fund’s benchmark is the S&P MidCap 400 Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 14.67%, and the Index was 14.64%. 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.
The S&P 500 Index delivered modest returns of 0.58% in third quarter 2021. In the U.S., the economic growth remained strong during the quarter as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 850,000 and 943,000 jobs being added in June and July respectively which are the largest additions since August 2020. Mid-cap and small-cap companies had posted negative returns during the quarter with the S&P Midcap 400 Index declining by 1.76% and the Russell 2000 Index sliding by 4.36%.
Economic activity continued to expand in the fourth quarter of 2021, albeit at a measurably moderate pace, with several factors contributing to multiple headwinds. Supply chain bottlenecks continued to persist and sapped growth momentum during the quarter. Rising COVID-19 cases toward the end of the quarter triggered disruption to services and created further bottlenecks related to labor, transportation and goods. The S&P 500 Index gained 11.03% during the month. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P Midcap 400 Index rising by 8.00% while small-cap companies lagged on a relative basis with the Russell 2000 Index gaining only 2.14%.
In the U.S., concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets during the first quarter of 2022. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve’s (“the Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labour market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labour force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. The S&P 500 Index declined by 4.60% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter. The S&P Midcap 400 Index declined by 4.88%, while small-cap companies underperformed their large and mid-cap counterparts, with the Russell 2000 Index declining by 7.53%.
In the U.S., equities declined 16% over the second quarter of 2022. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an after effect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales. The S&P 500 index declined by 16.10% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P Midcap 400 Index falling by 15.42% while small-cap companies lagged slightly with the Russell 2000 Index falling by 17.20%.
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 Molina Healthcare, Camden Property and Factset Research. The top negative contributors to the Fund’s performance during the Reporting Period were RH, Cognex Corporation, and Boston Beer Company.
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.
5


Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P MidCap 400 Index(2)   Net
Asset
Value(1)
Market
Value(1)
S&P MidCap 400 Index(2)
ONE YEAR (14.67)% (14.66)% (14.64)%   (14.67)% (14.66)% (14.64)%
FIVE YEARS 40.21% 39.93% 40.60%   6.99% 6.95% 7.05%
TEN YEARS 171.82% 171.96% 174.71%   10.52% 10.52% 10.63%
(1) Effective January 24, 2020, the Fund changed its benchmark index from the S&P 1000 Index to the S&P MidCap 400 Index. Effective August 31, 2016, the Fund changed its benchmark index from the Russell Small Cap Completeness Index to the S&P 1000 Index. Effective July 13, 2013, the Fund changed its benchmark from the Dow Jones U.S. Mid-Cap Total Stock Market Index to the Russell Small Cap Completeness Index. The Fund’s performance in the tables above and the graph below is based on the Fund’s prior investment strategy to track different benchmark indices for periods prior to January 24, 2020.
(2) Index returns represent the Fund’s prior benchmark indices from June 30, 2010 through January 24, 2020 and the S&P MidCap 400 Index from January 24, 2020 through June 30, 2022.
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 Portfolio S&P 400 Mid Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.05%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
6


Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Targa Resources Corp. 0.7%  
  Carlisle Cos., Inc. 0.6  
  Steel Dynamics, Inc. 0.6  
  First Horizon Corp. 0.6  
  Alleghany Corp. 0.6  
  Service Corp. International 0.6  
  United Therapeutics Corp. 0.6  
  Essential Utilities, Inc. 0.6  
  Reliance Steel & Aluminum Co. 0.5  
  Fair Isaac Corp. 0.5  
  TOTAL 5.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Industrials 18.3%  
  Financials 14.9  
  Consumer Discretionary 13.6  
  Information Technology 13.0  
  Health Care 10.2  
  Real Estate 9.2  
  Materials 6.9  
  Utilities 4.1  
  Consumer Staples 4.0  
  Energy 4.0  
  Communication Services 1.6  
  Short-Term Investments 2.0  
  Liabilities in Excess of Other Assets (1.8)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR Portfolio S&P 500 ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 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 large capitalization exchange traded U.S. equity securities. The Fund’s benchmark is the S&P 500 Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 10.67%, and the Index was 10.62%. 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 cash drag, particularly around dividend distribution dates, were the primary drivers in the difference between the Fund’s performance and that of the Index.
Performance was strong during the first half of the fiscal year as the economy continued its momentum with its further “reopening” post COVID-19 amid increasing vaccination rates. However, supply chain issues continued and loomed as a possible headwind going forward. Inflation was bubbling up a bit but the Federal Reserve (“the Fed”) believed it to be transitory at the time as a result of the continued bounce back from the COVID-19 shutdown. The fourth quarter of 2021 was particularly strong for the equity markets as evidenced by the +11.03% return of the S&P 500 Index. Earnings growth saw its fourth consecutive quarter of 20%+ increases. The U.S. Congress was finally able to pass a bipartisan infrastructure spending bill as the Fed was just beginning to abandon the notion of inflation being transitory, paving the way for accelerated tapering and future rate hikes.
The second half of the year was just the opposite as the S&P 500 tumbled nearly 20% as it flirted with bear market territory. Commodity prices accelerated and supply side issues increased following the Russian invasion of Ukraine. Western countries ratcheted up sanctions against Russia in response to the invasion. Earnings saw their lowest level of growth in nearly two years. On the monetary front, many Central Banks raised their hawkish tone amid the stubbornness of inflation as it reached a 40 year high in the U.S.. As a result, there were over 50 rate hikes initiated across the globe. To make matters worse, fears of a recession permeated markets with U.S. housing and consumer spending numbers coming in especially weak.
The Fund used equity index futures contracts in order to equitize all cash and receivables during the Reporting Period. The Fund’s use of these contracts helped the Fund to track the Index more tightly.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were UnitedHealth Group Incorporated, Eli Lilly and Company, and Pfizer Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were PayPal Holdings, Inc., Meta Platforms Inc. Class A, and Amazon.com, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
8


Table of Contents
SPDR Portfolio S&P 500 ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P 500 Index(2)   Net
Asset
Value(1)
Market
Value(1)
S&P 500 Index(2)
ONE YEAR (10.67)% (10.63)% (10.62)%   (10.67)% (10.63)% (10.62)%
FIVE YEARS 70.92% 70.64% 71.33%   11.32% 11.28% 11.37%
TEN YEARS 235.81% 235.91% 238.57%   12.88% 12.88% 12.97%
(1) Effective January 24, 2020, the Fund changed its benchmark index from the SSGA Large Cap Index to the S&P 500 Index. Effective November 16, 2017, the Fund changed its benchmark index from the Russell 1000 Index to the SSGA Large Cap Index. Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Large-Cap Total Stock Market Index to the Russell 1000 Index. The Fund’s performance in the tables above and graph below is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to January 24, 2020.
(2) Index returns represent the Fund’s prior benchmark indices from June 30, 2011 through January 23, 2020 and the S&P 500 Index from January 24, 2020 through June 30, 2022.
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 Portfolio S&P 500 ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
9


Table of Contents
SPDR Portfolio S&P 500 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Apple, Inc. 6.6%  
  Microsoft Corp. 6.0  
  Amazon.com, Inc. 2.9  
  Alphabet, Inc. Class A 2.0  
  Alphabet, Inc. Class C 1.9  
  Tesla, Inc. 1.8  
  Berkshire Hathaway, Inc. Class B 1.5  
  UnitedHealth Group, Inc. 1.5  
  Johnson & Johnson 1.5  
  NVIDIA Corp. 1.2  
  TOTAL 26.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Information Technology 26.8%  
  Health Care 15.1  
  Financials 10.8  
  Consumer Discretionary 10.5  
  Communication Services 8.9  
  Industrials 7.8  
  Consumer Staples 7.0  
  Energy 4.3  
  Utilities 3.1  
  Real Estate 2.9  
  Materials 2.6  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (0.1)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
10


Table of Contents
SPDR Portfolio S&P 500 Growth ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 Growth 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 large capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is S&P 500 Growth Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 16.45%, and the Index was 16.41%. 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 contributed to the difference between the Fund’s performance and that of the Index.
The S&P 500 Index delivered modest returns of 0.58% in third quarter 2021. In the U.S., the economic growth remained strong during the quarter as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 850,000 and 943,000 jobs being added in June and July respectively which are the largest additions since August 2020. Mid-cap and small-cap companies had posted negative returns during the quarter with the S&P Midcap 400 Index declining by 1.76% and the Russell 2000 Index sliding by 4.36%.
Economic activity continued to expand in the fourth quarter of 2021, albeit at a measurably moderate pace, with several factors contributing to multiple headwinds. Supply chain bottlenecks continued to persist and sapped growth momentum during the quarter. Rising COVID-19 cases toward the end of the quarter triggered disruption to services and created further bottlenecks related to labor, transportation and goods. The S&P 500 index gained 11.03% during the month. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P MidCap 400 Index rising by 8.00% while small-cap companies lagged on a relative basis with the Russell 2000 Index gaining only 2.14%.
In the U.S., concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets during the first quarter of 2022. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve’s (“the Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labour force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. The S&P 500 Index declined by 4.60% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter. The S&P Midcap 400 Index declined by 4.88%, while small-cap companies underperformed their large and mid-cap counterparts, with the Russell 2000 Index declining by 7.53%.
In the U.S., equities declined 16% over the second quarter of 2022. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an after effect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales. The S&P 500 index declined by 16.10% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P MidCap 400 Index falling by 15.42% while small-cap companies lagged slightly with the Russell 2000 Index falling by 17.20%.
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 AbbVie, UnitedHealth Group Inc and Eli Lilly and Company. The top negative contributors to the Fund’s performance during the Reporting Period were Amazon.com, Meta Platforms Inc, and Apple Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
11


Table of Contents
SPDR Portfolio S&P 500 Growth ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 500 Growth Index   Net
Asset
Value
Market
Value
S&P 500 Growth Index
ONE YEAR (16.45)% (16.35)% (16.41)%   (16.45)% (16.35)% (16.41)%
FIVE YEARS 87.41% 87.61% 88.04%   13.39% 13.41% 13.46%
TEN YEARS 277.11% 277.13% 282.12%   14.19% 14.20% 14.35%
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 Portfolio S&P 500 Growth ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
12


Table of Contents
SPDR Portfolio S&P 500 Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Apple, Inc. 13.7%  
  Microsoft Corp. 12.6  
  Amazon.com, Inc. 6.1  
  Alphabet, Inc. Class A 4.3  
  Alphabet, Inc. Class C 3.9  
  Tesla, Inc. 3.7  
  NVIDIA Corp. 2.5  
  Meta Platforms, Inc. Class A 2.4  
  Eli Lilly & Co. 1.7  
  Home Depot, Inc. 1.4  
  TOTAL 52.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Information Technology 43.9%  
  Consumer Discretionary 15.3  
  Health Care 12.5  
  Communication Services 11.4  
  Financials 6.8  
  Industrials 3.3  
  Real Estate 2.4  
  Consumer Staples 1.8  
  Materials 1.3  
  Energy 1.1  
  Utilities 0.1  
  Short-Term Investments 0.1  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
13


Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 High Dividend 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 issuers that have high dividend yields. The Fund’s benchmark is S&P 500 High Dividend Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 3.37%, and the Index was 3.48%. 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 was dominated by pandemic, war and inflation. It began amidst the continued global rollout of the COVID-19 vaccine, but it was also accompanied by GDP growth expectations that were blunted by concern about the Delta variant and the continuation of pandemic conditions. Amidst a tight labor market, concern about inflation began to intensify, despite assurances that higher inflation would be transitory. In September 2021, markets broke their long run of gains for the year and sold off on some of these concerns.
As the fourth quarter of 2021 began, markets were able to rebound and turn in strong performances for October. But market confidence continued to be shaken as inflation persisted, disruptions continued to plague the global supply chain, and the Federal Reserve’s (“the Fed”) provided indications that stronger measures would be necessary to fight higher inflation that would no longer be described as “transitory”. The emergence of a new Omicron variant also rattled markets and added to the uncertainty.
Inflation numbers continued to accelerate in the new year, and so did investors’ worries not just about more hawkish central bank actions but also about the length of time they would have to be in place. Markets began to sell off in earnest, but this time, economic concerns were compounded by geopolitical ones. Russia’s late February invasion of Ukraine sent markets reeling, particularly in Europe. Gas prices that were already climbing, particularly in the U.S., only climbed higher. Relief only came from a COVID-19 pandemic that appeared to be dwindling on an Omicron variant that was more contagious but much weaker.
There was no relief from inflation, however, as numbers continued to accelerate in the second quarter of 2022 and hit levels not seen for 40 years. In response, markets continued to decline and push into official bear market territory, with first-half losses also not seen in 40 years. Inflation continued to share headlines with war in Ukraine, COVID-19 resurgence and lockdowns in China, and confirmation that first quarter U.S. GDP growth was indeed negative.
Although the performance of the broader market was weak during the Reporting Period, the performance of high dividend stocks—which are closely correlated with value stocks—was relatively strong. The focus on high dividends captured this outperformance even further. At the beginning of the Reporting Period, the value premium had been underperforming for several years, and it continued this underperformance into the end of 2021. But as U.S. markets began their declines in 2022, value stocks were able to outperform. Outperformance was particularly strong in the last quarter of the Reporting 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 during the Reporting Period were AbbVie Inc, Chevron Corp and Pfizer Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Vornado Realty Trust, Newell Brands Inc and International Paper Company.
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.
14


Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P 500 High Dividend Index   Net
Asset
Value(1)
Market
Value(1)
S&P 500 High Dividend Index
ONE YEAR 3.37% 3.47% 3.48%   3.37% 3.47% 3.48%
FIVE YEARS 44.08% 44.17% 44.50%   7.58% 7.59% 7.64%
SINCE INCEPTION 82.49% 82.64% 83.49%   9.40% 9.41% 9.50%
(1) For the period October 21, 2015 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/21/15, 10/22/15, 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 Portfolio S&P 500 High Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.07%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
15


Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Valero Energy Corp. 1.8%  
  Bristol-Myers Squibb Co. 1.6  
  Exxon Mobil Corp. 1.6  
  Marathon Petroleum Corp. 1.6  
  Consolidated Edison, Inc. 1.5  
  AbbVie, Inc. 1.5  
  Merck & Co., Inc. 1.5  
  Sempra Energy 1.5  
  Chevron Corp. 1.5  
  Organon & Co. 1.5  
  TOTAL 15.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Utilities 19.2%  
  Energy 14.5  
  Financials 13.9  
  Real Estate 12.4  
  Consumer Staples 11.6  
  Health Care 11.1  
  Materials 6.2  
  Communication Services 6.0  
  Information Technology 2.5  
  Consumer Discretionary 1.1  
  Industrials 1.0  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.2)  
  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.
16


Table of Contents
SPDR Portfolio S&P 500 Value ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 Value 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 large capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is S&P 500 Value Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 4.92%, and the Index was 4.86%. 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.
The S&P 500 Index delivered modest returns of 0.58% in third quarter 2021. In the U.S., the economic growth remained strong during the quarter as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 850,000 and 943,000 jobs being added in June and July respectively which are the largest additions since August 2020. Mid-cap and small-cap companies had posted negative returns during the quarter with the S&P MidCap 400 Index declining by 1.76% and the Russell 2000 Index sliding by 4.36%.
Economic activity continued to expand in the fourth quarter of 2021, albeit at a measurably moderate pace, with several factors contributing to multiple headwinds. Supply chain bottlenecks continued to persist and sapped growth momentum during the quarter. Rising COVID-19 cases toward the end of the quarter triggered disruption to services and created further bottlenecks related to labor, transportation and goods. The S&P 500 index gained 11.03% during the month. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P MidCap 400 Index rising by 8.00% while small-cap companies lagged on a relative basis with the Russell 2000 Index gaining only 2.14%.
In the U.S., concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets during the first quarter of 2022. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve’s (“the Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labour force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. The S&P500 Index declined by 4.60% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter. The S&P Midcap 400 Index declined by 4.88%, while small-cap companies underperformed their large and mid-cap counterparts, with the Russell 2000 Index declining by 7.53%.
In the U.S., equities declined 16% over the second quarter of 2022. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an after effect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales. The S&P 500 Index declined by 16.10% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P Midcap 400 Index falling by 15.42% while small-cap companies lagged slightly with the Russell 2000 Index falling by 17.20%.
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 Chevron Corporation, Exxon Mobil Corporation and Pfizer Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Walt Disney Company, General Electric Company, and Intel Corporation.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
17


Table of Contents
SPDR Portfolio S&P 500 Value ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 500 Value Index   Net
Asset
Value
Market
Value
S&P 500 Value Index
ONE YEAR (4.92)% (4.86)% (4.86)%   (4.92)% (4.86)% (4.86)%
FIVE YEARS 47.73% 47.82% 48.22%   8.12% 8.13% 8.19%
TEN YEARS 179.72% 179.91% 183.16%   10.83% 10.84% 10.97%
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 Portfolio S&P 500 Value ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
18


Table of Contents
SPDR Portfolio S&P 500 Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 2.9%  
  Johnson & Johnson 2.8  
  Exxon Mobil Corp. 2.1  
  Procter & Gamble Co. 2.1  
  Chevron Corp. 1.7  
  UnitedHealth Group, Inc. 1.7  
  Coca-Cola Co. 1.5  
  Merck & Co., Inc. 1.4  
  Verizon Communications, Inc. 1.3  
  Visa, Inc. Class A 1.1  
  TOTAL 18.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Health Care 17.5%  
  Financials 14.5  
  Industrials 11.9  
  Consumer Staples 11.7  
  Information Technology 11.1  
  Energy 7.3  
  Communication Services 6.6  
  Consumer Discretionary 6.1  
  Utilities 5.9  
  Materials 3.8  
  Real Estate 3.4  
  Short-Term Investments 0.2  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
19


Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 600 Small Cap 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 small capitalization exchange traded U.S. equity securities. The Fund’s benchmark is S&P SmallCap 600 Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 16.87%, and the Index was 16.81%. 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.
The S&P 500 Index delivered modest returns of 0.58% in third quarter 2021. In the U.S., the economic growth remained strong during the quarter as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 850,000 and 943,000 jobs being added in June and July respectively which are the largest additions since August 2020. Mid-cap and small-cap companies had posted negative returns during the quarter with the S&P Midcap 400 Index declining by 1.76% and the Russell 2000 Index sliding by 4.36%.
Economic activity continued to expand in the fourth quarter of 2021, albeit at a measurably moderate pace, with several factors contributing to multiple headwinds. Supply chain bottlenecks continued to persist and sapped growth momentum during the quarter. Rising COVID-19 cases toward the end of the quarter triggered disruption to services and created further bottlenecks related to labor, transportation and goods. The S&P 500 Index gained 11.03% during the month. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P MidCap 400 Index rising by 8.00% while small-cap companies lagged on a relative basis with the Russell 2000 Index gaining only 2.14%.
In the U.S., concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets during the first quarter of 2022. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve’s (“the Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labour market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labour force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. The S&P 500 Index declined by 4.60% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter. The S&P MidCap 400 Index declined by 4.88%, while small-cap companies underperformed their large and mid-cap counterparts, with the Russell 2000 Index declining by 7.53%.
In the U.S., equities declined 16% over the second quarter of 2022. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an after effect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales. The S&P 500 Index declined by 16.10% during the quarter. Mid-cap companies performed in line with their larger counterparts during the quarter with the S&P Midcap 400 Index falling by 15.42% while small-cap companies lagged slightly with the Russell 2000 Index falling by 17.20%.
The Fund used Russell 2000 Index Futures in order to equitize cash and dividend receivables during the Reporting Period. The Fund’s use of index futures helped the Fund track the Index/detracted from Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Matador Resources Company, Stamps.com and Lantheus Holdings Inc. The top negative contributors to the Fund’s performance during the Reporting Period were NeoGenomics, Inc, 3D Systems Corporation, and GameStop Corp. Class A.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
20


Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1) (2)
Market
Value(1) (2)
S&P SmallCap 600 Index(3)   Net
Asset
Value(1) (2)
Market
Value(1) (2)
S&P SmallCap 600 Index(3)
ONE YEAR (16.87)% (16.86)% (16.81)%   (16.87)% (16.86)% (16.81)%
FIVE YEARS 40.47% 40.53% 40.81%   7.03% 7.04% 7.08%
SINCE INCEPTION(2) 108.57% 108.61% 108.63%   8.53% 8.53% 8.54%
(1) Effective January 24, 2020, the Fund changed its benchmark index from the SSGA Small Cap Index to the S&P SmallCap 600 Index. Effective November 16, 2017, the Fund changed its benchmark index from the Russell 2000 Index to the SSGA Small Cap Index. The Fund’s performance in the tables above and graph below is based on the Fund’s prior investment strategy to track different indices for periods prior to January 24, 2020.
(2) For the period July 8, 2013 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/8/13, 7/9/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
(3) Index returns represent the Fund’s prior benchmark indices from July 8, 2013 through January 23, 2020 and the S&P SmallCap 600 Index from January 24, 2020 through June 30, 2022.
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 Portfolio S&P 600 Small Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.05%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
21


Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Southwestern Energy Co. 0.8%  
  Agree Realty Corp. REIT 0.6  
  Omnicell, Inc. 0.6  
  AMN Healthcare Services, Inc. 0.6  
  Rogers Corp. 0.6  
  ExlService Holdings, Inc. 0.6  
  Vonage Holdings Corp. 0.6  
  Exponent, Inc. 0.5  
  Helmerich & Payne, Inc. 0.5  
  Lantheus Holdings, Inc. 0.5  
  TOTAL 5.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Financials 18.1%  
  Industrials 16.2  
  Information Technology 13.4  
  Health Care 12.4  
  Consumer Discretionary 11.4  
  Real Estate 7.6  
  Consumer Staples 5.6  
  Materials 5.4  
  Energy 5.2  
  Utilities 2.3  
  Communication Services 2.1  
  Short-Term Investments 4.2  
  Liabilities in Excess of Other Assets (3.9)  
  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.
22


Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 1500 Composite Stock Market 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 a broad universe of exchange traded U.S. equity securities. The Fund’s benchmark is the S&P Composite 1500 Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 11.02%, and the Index was 11.02%. 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.
Economic growth was strong to start the Reporting Period, as the manufacturing and services sector contributed towards the economic progress. The Job market improved with 943,000 jobs being added July 2021 respectively which are the largest additions since August 2020. Sectors like travel and tourism that were impacted by reopening had a strong contribution during the last half of 2021.
At the start of 2022, concerns over the Russia-Ukraine War and tighter monetary policy weighed on equity markets. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the United States and China over Taiwan. U.S. consumer sentiment was negatively impacted by higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve (the “Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labour market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Markets remained volatile in the second quarter of 2022 and equities and bonds posted sharp declines which negatively impacted the Fund’s performance during the Reporting Period.
The Fund used equity index futures in order to equitize cash and receivables 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 during the Reporting Period were UnitedHealth Group, Eli Lilly, and Pfizer. The top negative contributors to the Fund’s performance during the Reporting Period were Amazon, Meta Platforms, and PayPal.
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.
23


Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P Composite 1500 Index(2)   Net
Asset
Value(1)
Market
Value(1)
S&P Composite 1500 Index(2)
ONE YEAR (11.02)% (10.92)% (11.02)%   (11.02)% (10.92)% (11.02)%
FIVE YEARS 68.20% 67.96% 68.36%   10.96% 10.93% 10.98%
TEN YEARS 230.10% 230.54% 232.59%   12.68% 12.70% 12.77%
(1) Effective January 24, 2020, the Fund changed it's benchmark index from the SSGA Total Stock Market Index to the S&P Composite 1500 Index. Effective November 16, 2017, the Fund changed its benchmark index from the Russell 3000 Index to the SSGA Total Stock Market Index. Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Total Stock Market Index to the Russell 3000 Index. The Fund’s performance in the tables above is based on the Fund’s prior investment strategy to track different benchmark indices for periods prior to January 24, 2020.
(2) Index returns represent the Fund’s prior benchmark indices from June 30, 2011 through January 23, 2020 and the S&P Composite 1500 Index from January 24, 2020 through June 30, 2022.
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 Portfolio S&P 1500 Composite Stock Market ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
24


Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Apple, Inc. 6.1%  
  Microsoft Corp. 5.5  
  Amazon.com, Inc. 2.7  
  Alphabet, Inc. Class A 1.9  
  Alphabet, Inc. Class C 1.7  
  Tesla, Inc. 1.6  
  Berkshire Hathaway, Inc. Class B 1.4  
  UnitedHealth Group, Inc. 1.4  
  Johnson & Johnson 1.3  
  NVIDIA Corp. 1.1  
  TOTAL 24.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Information Technology 25.7%  
  Health Care 14.7  
  Financials 11.3  
  Consumer Discretionary 10.8  
  Industrials 8.6  
  Communication Services 8.3  
  Consumer Staples 6.8  
  Energy 4.3  
  Real Estate 3.3  
  Utilities 3.1  
  Materials 2.9  
  Short-Term Investments 0.6  
  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.
25


Table of Contents
SPDR S&P Aerospace & Defense ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Aerospace & Defense 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 aerospace and defense segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Aerospace & Defense Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 23.65%, and the Index was 23.43%. 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
The Aerospace & Defense Industry had a disappointing fiscal year giving back almost half of last period’s gains. The Index lost over 23% and lagged the struggling S&P 500 Index by almost 13% for the entire Reporting Period. In fact, the third fiscal quarter, coinciding with the start of the calendar year, is the only real highlight for the Index. During that first calendar quarter of 2022, the industry gained 7.07% while the broader U.S. market was losing 4.60%. The bump specifically to Defensive stocks came as the Russia/Ukraine conflict surfaced. Global military spending increased by 0.7% over this period (according to CNN) and the Federal government’s sizeable commitment to the Ukrainian aid buoyed the industry as well. Aerospace stocks struggled throughout the Reporting Period as fuel prices rose and the COVID-19 pandemic continued to impair airlines. In late March, CEOs for some of the country’s largest airlines (including Delta, JetBlue, and United) collectively wrote a letter to President Biden imploring him to lift the mask mandate and testing requirements for international travel. This request was essentially granted towards the end of the fiscal year.
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 Northrop Grumman Corp, Lockheed Martin Corp., and General Dynamics Corp. The top negative contributors to the Fund’s performance during the Reporting Period were Rocket Lab USA, Astra Space, and Virgin Galactic Holdings.
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.
26


Table of Contents
SPDR S&P Aerospace & Defense ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Aerospace & Defense Select Industry Index   Net
Asset
Value
Market
Value
S&P Aerospace & Defense Select Industry Index
ONE YEAR (23.65)% (23.62)% (23.43)%   (23.65)% (23.62)% (23.43)%
FIVE YEARS 48.98% 49.03% 51.58%   8.30% 8.31% 8.67%
TEN YEARS 288.43% 288.46% 302.79%   14.53% 14.53% 14.95%
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 Aerospace & Defense ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
27


Table of Contents
SPDR S&P Aerospace & Defense ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Boeing Co. 3.9%  
  Mercury Systems, Inc. 3.8  
  BWX Technologies, Inc. 3.7  
  Northrop Grumman Corp. 3.7  
  Huntington Ingalls Industries, Inc. 3.7  
  Aerojet Rocketdyne Holdings, Inc. 3.6  
  Raytheon Technologies Corp. 3.6  
  L3Harris Technologies, Inc. 3.6  
  Lockheed Martin Corp. 3.6  
  General Dynamics Corp. 3.5  
  TOTAL 36.7%  
(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, 2022

     
    % of Net Assets  
  Aerospace & Defense 99.9%  
  Short-Term Investments 3.7  
  Liabilities in Excess of Other Assets (3.6)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
28


Table of Contents
SPDR S&P Bank ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Bank 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 national money centers and leading regional banks. The Fund’s benchmark is the S&P Banks Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 12.36%, and the Index was 12.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses/cash drag/cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Bank stocks performed well over the final two quarters of 2021 driven by improvements in the U.S. economy and with the improving job market and an injection of capital through infrastructure spending. During the final 2 quarters of 2021, the S&P Bank Select Industry Index returned 7.8%. However, the 6 months of 2022, brought the index into negative territory as the S&P Bank Select Industry Index returned 15.5% for this six month period. While higher interest rates generally favor bank earnings, much of this negative performance was driven by the effects of higher inflation and the fears of a looming recession.
In Q3 2021, in the U.S., the economic growth remained strong during the quarter as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 850,000 943,000 jobs being added in July which are the largest additions since August 2020. Sectors like travel and tourism that were impacted by reopening had a strong contribution during the quarter. The consumer price index (CPI) stayed at the decade highs of 5.4% year over year. During this quarter, the S&P Banks Select Industry Index returned 3.7%.
During the 4th quarter of 2021, U.S. President Joe Biden made progress on his infrastructure spending proposals by signing the long-awaited Infrastructure Investment and Jobs Act, which is a US$1.2 trillion bipartisan infrastructure bill. The bill includes US$550 billion of additional spending in order to upgrade roads, bridges and railways and deploy electric vehicle charging stations across the U.S.. With the announcement of a sizeable injection of capital into the U.S. markets, the S&P Banks Select Industry Index returned 3.9% for the quarter.
For the 1st quarter of 2022, concerns over the Russia-Ukraine War and tighter monetary policy negatively affected U.S. equity markets during the quarter. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve’s (“the Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labor force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. However, labor markets couldn’t help the S&P Banks Select Industry Index and it dropped 3.4% for the quarter.
In the U.S., equities declined over the 2nd quarter with the S&P Banks Select Industry Index down 15.5%. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an aftereffect, unemployment rates were also likely to rise, which was an area of concern for market participants.
Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales.
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 First Horizon Corp, CVB Financial, and People’s United Financial. The top negative contributors to the Fund’s performance during the Reporting Period were Rocket Companies Inc, Live Oak Bancshares, and Silver Gate Capital 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.
29


Table of Contents
SPDR S&P Bank ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Banks Select Industry Index   Net
Asset
Value
Market
Value
S&P Banks Select Industry Index
ONE YEAR (12.36)% (12.30)% (12.01)%   (12.36)% (12.30)% (12.01)%
FIVE YEARS 13.36% 13.46% 15.18%   2.54% 2.56% 2.87%
TEN YEARS 143.92% 143.97% 152.35%   9.33% 9.33% 9.70%
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 Bank ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
30


Table of Contents
SPDR S&P Bank ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  First Interstate BancSystem, Inc. Class A 1.3%  
  Texas Capital Bancshares, Inc. 1.3  
  Truist Financial Corp. 1.3  
  First Citizens BancShares, Inc. Class A 1.3  
  First Republic Bank 1.2  
  Umpqua Holdings Corp. 1.2  
  SouthState Corp. 1.2  
  Columbia Banking System, Inc. 1.2  
  United Bankshares, Inc. 1.2  
  Prosperity Bancshares, Inc. 1.2  
  TOTAL 12.4%  
(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, 2022

     
    % of Net Assets  
  Banks 80.9%  
  Thrifts & Mortgage Finance 12.2  
  Diversified Financial Services 4.4  
  Capital Markets 2.4  
  Short-Term Investments 2.1  
  Liabilities in Excess of Other Assets (2.0)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
31


Table of Contents
SPDR S&P Biotech ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Biotech 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 aerospace and defense segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Biotechnology Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 45.23%, and the Index was 45.14%. 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.
COVID-19 variants, poor market conditions, and reduced mergers and acquisition activity were primary drivers of Fund performance during the Reporting Period.
One way that Biotech companies measure success is through developing new drug programs and experiencing successful testing trials. The COVID-19 variants delta and omicron had negative impacts on Biotech companies pushing these along during the Reporting Period.
Poor market performance has also greatly impacted the industry. Companies have been forced to cut funding for programs and announce significant layoffs, hurting stock prices.
A leading indicator for the Biotech industry has always been mergers and acquisition activity. Due to market forces mentioned above, and possibly the lack of in-person industry conferences/meetings since the beginning of 2020, M&A activity slowed during the 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 during the Reporting Period were Turning Point Therapeutics, Inc., Biohaven Pharmaceutical Holding Company Ltd., and Chemocentryx, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were TG Therapeutics, Inc., Inovio Pharmaceuticals, Inc., and Heron Therapeutics Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
32


Table of Contents
SPDR S&P Biotech ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Biotechnology Select Industry Index   Net
Asset
Value
Market
Value
S&P Biotechnology Select Industry Index
ONE YEAR (45.23)% (45.18)% (45.14)%   (45.23)% (45.18)% (45.14)%
FIVE YEARS (3.25)% (3.17)% (3.10)%   (0.66)% (0.64)% (0.63)%
TEN YEARS 159.97% 160.31% 155.70%   10.03% 10.04% 9.84%
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 Biotech ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
33


Table of Contents
SPDR S&P Biotech ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Global Blood Therapeutics, Inc. 1.5%  
  Iovance Biotherapeutics, Inc. 1.4  
  Twist Bioscience Corp. 1.4  
  Amicus Therapeutics, Inc. 1.3  
  Seagen, Inc. 1.3  
  Novavax, Inc. 1.3  
  Fate Therapeutics, Inc. 1.3  
  Karuna Therapeutics, Inc. 1.3  
  PTC Therapeutics, Inc. 1.3  
  Intellia Therapeutics, Inc. 1.3  
  TOTAL 13.4%  
(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, 2022

     
    % of Net Assets  
  Biotechnology 100.0%  
  Short-Term Investments 8.7  
  Liabilities in Excess of Other Assets (8.7)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
34


Table of Contents
SPDR S&P Dividend ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Dividend 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 issuers that have historically followed a policy of making dividend payments. The Fund’s benchmark is the S&P High Yield Dividend Aristocrats Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 0.28%, and the Index was 0.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and a slight cash drag contributed to the difference between the Fund’s performance and that of the Index.
Economic growth remained strong during the 3rd quarter of 2021 as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 943,000 jobs being added in July which is the largest additions since August 2020. Economic activity continued to expand in the last quarter of 2021, albeit at a measurably moderate pace, with several factors contributing to multiple headwinds. Supply chain bottlenecks continued to persist and sapped growth momentum during the quarter. Rising COVID-19 cases toward the end of the quarter triggered disruption to services and created further bottlenecks related to labor, transportation and goods.
Concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets during the first quarter of 2022. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve’s (“the Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labor force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations.
Equities declined broadly over the second quarter of 2022. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an after effect, unemployment rates were also likely to rise, which was an area of concern for market participants. Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales.
Although the performance of the broader market was weak during the Reporting Period, the performance of high dividend stocks—which are closely correlated with value stocks—was relatively strong. At the beginning of the Reporting Period, the value premium had been underperforming for several years, and it continued this underperformance into the end of 2021. But as U.S. markets began their declines in 2022, value stocks were able to outperform. Outperformance was particularly strong in the last quarter of the Reporting Period. As a result, the Fund’s 0.28% return during the Reporting Period was significantly better than the S&P 500 Index’s 11.01% return over the same period.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures 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 Chevron Corp, Exxon Mobil Corp and Abbvie Inc. The top negative contributors to the Fund’s performance during the Reporting Period were VF Corp, 3M Company and Leggett & Platt Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
35


Table of Contents
SPDR S&P Dividend ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P High Yield Dividend Aristocrats Index   Net
Asset
Value
Market
Value
S&P High Yield Dividend Aristocrats Index
ONE YEAR (0.28)% (0.21)% 0.09%   (0.28)% (0.21)% 0.09%
FIVE YEARS 57.03% 57.12% 59.86%   9.45% 9.46% 9.84%
TEN YEARS 209.54% 209.59% 221.70%   11.96% 11.96% 12.39%
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 Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
36


Table of Contents
SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  International Business Machines Corp. 2.2%  
  Leggett & Platt, Inc. 2.0  
  Amcor PLC 1.9  
  National Retail Properties, Inc. REIT 1.8  
  Exxon Mobil Corp. 1.8  
  UGI Corp. 1.7  
  Realty Income Corp. REIT 1.7  
  Kimberly-Clark Corp. 1.6  
  Franklin Resources, Inc. 1.6  
  South Jersey Industries, Inc. 1.5  
  TOTAL 17.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Industrials 16.7%  
  Consumer Staples 16.2  
  Financials 15.4  
  Utilities 15.2  
  Materials 9.3  
  Consumer Discretionary 7.6  
  Health Care 5.8  
  Real Estate 5.5  
  Information Technology 3.5  
  Energy 3.2  
  Communication Services 1.3  
  Short-Term Investments 1.5  
  Liabilities in Excess of Other Assets (1.2)  
  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.
37


Table of Contents
SPDR S&P Homebuilders ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Homebuilders 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 homebuilding segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Homebuilders Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 24.73%, and the Index was 24.48%. 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.
A favorable environment for the broader U.S. housing industry fueled the positive momentum of homebuilders over the first half of the Reporting Period. The Index advanced over 17% through December, as supply/demand fundamentals and growth in household formation remained robust. At the beginning of 2022 however, multiple headwinds weighed on the industry. Soaring home prices and the higher rate backdrop significantly pressured buyer affordability. U.S. consumer sentiment suffered a setback as energy prices rose and inflation reached a 40-year high. The Index declined over 40% over the second half of the Reporting Period.
Few constituents in the Index ended the Reporting Period in positive territory. Builders FirstSource Inc (BLDR), a company that engages in the supply and manufacture of building materials, manufactured components and construction services to professional homebuilders, subcontractors, remodelers and consumers, was one of the top contributors to performance. BLDR advanced over 90% over the first half of the Reporting Period after reporting results well above expectations, before plunging over 35% over the second half of the Reporting Period.
Homefurnishing retail was the worst performing sub-industry in the Index. RH, the high-end furniture seller formerly known as Restoration Hardware, cut its financial targets, citing a weaker-than-expected economic environment. A decline in luxury home sales and the prospects of the Federal Reserve further raising the federal funds rate also expected to contribute to declining sales and a decrease in household spending.
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 Carlisle Companies Incorporated, Tempur Sealy International Inc and Builders FirstSource, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Trex Company Inc, Fortune Brands Home & Security, Inc and RH.
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.
38


Table of Contents
SPDR S&P Homebuilders ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Homebuilders Select Industry Index   Net
Asset
Value
Market
Value
S&P Homebuilders Select Industry Index
ONE YEAR (24.73)% (24.66)% (24.48)%   (24.73)% (24.66)% (24.48)%
FIVE YEARS 48.50% 48.66% 50.44%   8.23% 8.25% 8.51%
TEN YEARS 175.51% 175.50% 183.80%   10.67% 10.67% 10.99%
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 Homebuilders ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
39


Table of Contents
SPDR S&P Homebuilders ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Lennox International, Inc. 4.1%  
  Trane Technologies PLC 3.9  
  NVR, Inc. 3.8  
  Carrier Global Corp. 3.8  
  Home Depot, Inc. 3.8  
  Lennar Corp. Class A 3.8  
  PulteGroup, Inc. 3.7  
  Whirlpool Corp. 3.7  
  Toll Brothers, Inc. 3.7  
  Mohawk Industries, Inc. 3.7  
  TOTAL 38.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2022

     
    % of Net Assets  
  Building Products 45.9%  
  Homebuilding 32.0  
  Home Improvement Retail 11.0  
  Home Furnishings 3.7  
  Household Appliances 3.7  
  Homefurnishing Retail 3.6  
  Short-Term Investments 2.8  
  Liabilities in Excess of Other Assets (2.7)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
40


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Oil & Gas Exploration & Production 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 exploration and production segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Oil & Gas Exploration & Production Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 25.79%, and the Index was 26.28%. 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, expenses, cash drag, futures and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund’s performance was flat during the first second half of 2021 as the economy continued its momentum with its further “reopening” post COVID-19 amid increasing vaccination rates. Energy was one of the weakest performing sectors in the S&P 500 Index during the second half of 2021. Supply chain issues continued and loomed as a possible headwind going forward. Inflation was bubbling up a bit but the Federal Reserve’s (“the Fed”) believed it to be transitory at the time as a result of the continued bounce back from the COVID-19 shutdown. Earnings growth saw its fourth consecutive quarter of 20%+ increases. The U.S. Congress was finally able to pass a bipartisan infrastructure spending bill as the Fed was just beginning to abandon the notion of inflation being transitory, paving the way for accelerated tapering and future rate hikes.
In the first half of 2022 the S&P 500 Index tumbled nearly 20% as it flirted with bear market territory while Energy sector soared over 30%. Oil prices jumped in the first quarter of 2022 as commodity prices accelerated and supply side issues increased following the Russian invasion of Ukraine. Western countries ratcheted up sanctions against Russia in response to the invasion. In their March Oil Market Report, the International Energy Agency noted that the prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock. Earnings saw their lowest level of growth in nearly two years. The oil & gas market reversed its upward trend in June on anticipations of a global slowdown, while OPEC, China and the U.S. desperately tried to ease the supply-demand imbalance. On the monetary front, many Central Banks raised their hawkish tone amid the stubbornness of inflation as it reached a 40 year high in the U.S. As a result, there were over 50 rate hikes initiated across the globe. To make matters worse, fears of a recession permeated markets with U.S. housing and consumer spending numbers coming in especially weak.
The Fund used futures in order to equitize receivables and cash to obtain market exposure during the Reporting Period. The Fund’s use of 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 Antero Resources Corporation, Devon Energy Corporation, and PBF Energy, Inc. Class A. The top negative contributors to the Fund’s performance during the Reporting Period were Gevo, Inc. Callon Petroleum Company, and Gevo, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
41


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Oil & Gas Exploration & Production Select Industry Index   Net
Asset
Value
Market
Value
S&P Oil & Gas Exploration & Production Select Industry Index
ONE YEAR 25.79% 25.80% 26.28%   25.79% 25.80% 26.28%
FIVE YEARS 1.61% 1.58% 2.83%   0.32% 0.31% 0.56%
TEN YEARS (31.80)% (31.78)% (30.77)%   (3.75)% (3.75)% (3.61)%
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 Exploration & Production ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
42


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Continental Resources, Inc. 2.5%  
  Occidental Petroleum Corp. 2.5  
  Exxon Mobil Corp. 2.3  
  Hess Corp. 2.3  
  Chevron Corp. 2.3  
  Pioneer Natural Resources Co. 2.3  
  HF Sinclair Corp. 2.2  
  Texas Pacific Land Corp. 2.2  
  Diamondback Energy, Inc. 2.1  
  Kosmos Energy, Ltd. 2.1  
  TOTAL 22.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2022

     
    % of Net Assets  
  Oil, Gas & Consumable Fuels 100.1%  
  Short-Term Investments 3.7  
  Liabilities in Excess of Other Assets (3.8)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
43


Table of Contents
SPDR S&P Regional Banking ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Regional Banking 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 regional banking segment of the U.S. banking industry. The Fund’s benchmark is the S&P Regional Banks Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 9.37%, and the Index was 9.01%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash drag, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
Regional banks stocks started off in positive territory during the first half of the Reporting Period. As interest rates began to rise, higher rates charged on loan products and mortgages also translated to higher profits for regional banks. Increased confidence in the economy as the pandemic fears started to decline also kept returns in the black. Unfortunately, this trend upward failed to continue during the first six months of 2022 as the Index declined over 17% the final two quarters of the Reporting Period. Although regional banks have the propensity to move with the ebbs and flows of the economy, when the economy is not thriving, regional banks tend to trend lower as well. This decline was caused by concerns of slowing economic recovery, rising gas prices and increasing volatility due to the continued war in Ukraine.
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 M&T Bank Corporation, First Horizon Corporation and People’s United Financial, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were PacWest Bancorp, Live Oak Bancshares, Inc. and Silvergate Capital Corp. Class A.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
44


Table of Contents
SPDR S&P Regional Banking ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Regional Banks Select Industry Index   Net
Asset
Value
Market
Value
S&P Regional Banks Select Industry Index
ONE YEAR (9.37)% (9.31)% (9.01)%   (9.37)% (9.31)% (9.01)%
FIVE YEARS 19.01% 19.10% 20.97%   3.54% 3.56% 3.88%
TEN YEARS 161.00% 160.84% 170.88%   10.07% 10.06% 10.48%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Regional Banking ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit 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.
45


Table of Contents
SPDR S&P Regional Banking ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Truist Financial Corp. 1.5%  
  First Citizens BancShares, Inc. Class A 1.5  
  First Republic Bank 1.5  
  SouthState Corp. 1.5  
  Prosperity Bancshares, Inc. 1.5  
  Cullen/Frost Bankers, Inc. 1.5  
  PNC Financial Services Group, Inc. 1.5  
  First Horizon Corp. 1.5  
  Popular, Inc. 1.5  
  Bank OZK 1.4  
  TOTAL 14.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2022

     
    % of Net Assets  
  Banks 99.1%  
  Thrifts & Mortgage Finance 0.6  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.4)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
46


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
June 30, 2022

Security Description     Shares   Value
COMMON STOCKS — 99.3%   
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 99.3%  
Acadia Realty Trust REIT

  168,846   $ 2,637,375
Agree Realty Corp. REIT

  133,770   9,648,830
Alexandria Real Estate Equities, Inc. REIT

  264,381   38,343,177
American Assets Trust, Inc. REIT

  93,689   2,782,563
American Campus Communities, Inc. REIT

  248,292   16,007,385
American Homes 4 Rent Class A REIT (a)

  525,936   18,639,172
Americold Realty Trust, Inc. REIT

  479,230   14,396,069
Apartment Income REIT Corp.

  279,561   11,629,738
Apartment Investment & Management Co. Class A REIT (b)

  271,727   1,739,053
Apple Hospitality REIT, Inc.

  378,851   5,557,744
Ashford Hospitality Trust, Inc. REIT (a)  (b)

  61,325   366,724
AvalonBay Communities, Inc. REIT

  248,852   48,339,501
Boston Properties, Inc. REIT

  253,827   22,585,526
Brandywine Realty Trust REIT

  304,990   2,940,104
Brixmor Property Group, Inc. REIT

  533,147   10,774,901
Broadstone Net Lease, Inc. REIT

  301,364   6,180,976
Camden Property Trust REIT

  189,559   25,491,894
CareTrust REIT, Inc.

  172,678   3,184,182
Centerspace REIT

  27,328   2,228,598
Chatham Lodging Trust REIT (b)

  86,888   907,980
City Office REIT, Inc.

  77,509   1,003,742
Community Healthcare Trust, Inc. REIT

  41,994   1,520,603
Corporate Office Properties Trust REIT

  200,143   5,241,745
Cousins Properties, Inc. REIT

  264,767   7,739,139
CubeSmart REIT

  399,416   17,063,052
DiamondRock Hospitality Co. REIT (b)

  375,253   3,080,827
Digital Realty Trust, Inc. REIT

  506,685   65,782,914
Diversified Healthcare Trust REIT

  425,362   774,159
Douglas Emmett, Inc. REIT

  312,871   7,002,053
Duke Realty Corp. REIT

  684,230   37,598,438
Easterly Government Properties, Inc. REIT (a)

  161,534   3,075,607
EastGroup Properties, Inc. REIT

  74,209   11,452,675
Empire State Realty Trust, Inc. Class A REIT

  243,131   1,709,211
EPR Properties REIT

  133,398   6,260,368
Equinix, Inc. REIT

  161,969   106,416,872
Equity Commonwealth REIT (a)  (b)

  200,540   5,520,866
Equity LifeStyle Properties, Inc. REIT