Semi-Annual Report
December 31, 2022
SPDR® Series Trust - Equity Funds
SPDR FactSet Innovative Technology ETF
SPDR Global Dow ETF
SPDR MSCI USA StrategicFactorsSM ETF
SPDR NYSE Technology ETF
SPDR S&P 500® Fossil Fuel Reserves Free ETF
SPDR S&P Capital Markets ETF
SPDR S&P Health Care Equipment ETF
SPDR S&P Health Care Services ETF
SPDR S&P Insurance ETF
SPDR S&P Internet ETF
SPDR S&P Metals & Mining ETF
SPDR S&P Oil & Gas Equipment & Services ETF
SPDR S&P Pharmaceuticals ETF
SPDR S&P Retail ETF
SPDR S&P Semiconductor ETF
SPDR S&P Software & Services ETF
SPDR S&P Telecom ETF
SPDR S&P Transportation ETF
SPDR MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SPDR ICE Preferred Securities ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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

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Table of Contents
SPDR FactSet Innovative Technology ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  iQIYI, Inc. ADR 1.5%  
  Kingsoft Cloud Holdings, Ltd. ADR 1.2  
  PAR Technology Corp. 1.2  
  Schrodinger, Inc. 1.2  
  Varonis Systems, Inc. 1.2  
  DocuSign, Inc. 1.1  
  Pagerduty, Inc. 1.1  
  Monday.com, Ltd. 1.1  
  Vnet Group, Inc. ADR 1.1  
  Concentrix Corp. 1.1  
  TOTAL 11.8%  
(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 December 31, 2022

      
    % of Net Assets  
  Software 34.5%  
  IT Services 16.5  
  Semiconductors & Semiconductor Equipment 13.2  
  Interactive Media & Services 7.1  
  Entertainment 7.1  
  Health Care Technology 6.9  
  Media 2.9  
  Electronic Equipment, Instruments & Components 2.2  
  Communications Equipment 1.9  
  Professional Services 1.9  
  Real Estate Management & Development 1.8  
  Diversified Consumer Services 1.1  
  Technology Hardware, Storage & Peripherals 1.0  
  Internet & Direct Marketing Retail 1.0  
  Consumer Finance 0.8  
  Short-Term Investments 9.6  
  Liabilities in Excess of Other Assets (9.5)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR Global Dow ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  UniCredit SpA 0.9%  
  Schlumberger, Ltd. 0.9  
  Gilead Sciences, Inc. 0.9  
  Mitsubishi UFJ Financial Group, Inc. 0.9  
  Siemens AG 0.8  
  Mitsui & Co., Ltd. 0.8  
  Netflix, Inc. 0.8  
  Allianz SE 0.8  
  Merck & Co., Inc. 0.8  
  Deutsche Bank AG 0.8  
  TOTAL 8.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR MSCI USA StrategicFactorsSM ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Microsoft Corp. 2.9%  
  Apple, Inc. 2.5  
  Johnson & Johnson 2.4  
  UnitedHealth Group, Inc. 2.3  
  Home Depot, Inc. 2.2  
  Eli Lilly & Co. 1.7  
  Merck & Co., Inc. 1.7  
  Visa, Inc. Class A 1.6  
  Pfizer, Inc. 1.6  
  Mastercard, Inc. Class A 1.5  
  TOTAL 20.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Information Technology 24.9%  
  Health Care 19.3  
  Financials 12.0  
  Industrials 9.7  
  Consumer Staples 8.2  
  Communication Services 8.2  
  Consumer Discretionary 7.7  
  Utilities 4.1  
  Materials 2.6  
  Energy 2.0  
  Real Estate 1.2  
  Short-Term Investments 0.1  
  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.
3

Table of Contents
SPDR NYSE Technology ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Meta Platforms, Inc. Class A 3.1%  
  Broadcom, Inc. 3.1  
  Oracle Corp. 3.1  
  Adobe, Inc. 3.1  
  Salesforce, Inc. 3.1  
  Booking Holdings, Inc. 3.0  
  Snowflake, Inc. Class A 3.0  
  ServiceNow, Inc. 3.0  
  Cisco Systems, Inc. 3.0  
  Microsoft Corp. 2.9  
  TOTAL 30.4%  
(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 December 31, 2022

      
    % of Net Assets  
  Semiconductors & Semiconductor Equipment 33.8%  
  Software 20.8  
  Internet & Direct Marketing Retail 11.4  
  IT Services 8.6  
  Interactive Media & Services 6.0  
  Hotels, Restaurants & Leisure 5.7  
  Communications Equipment 3.0  
  Road & Rail 2.8  
  Entertainment 2.8  
  Technology Hardware, Storage & Peripherals 2.8  
  Automobiles 2.1  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.0  
  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.
4

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SPDR S&P 500 Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 6.3%  
  Microsoft Corp. 5.8  
  Amazon.com, Inc. 2.4  
  Berkshire Hathaway, Inc. Class B 1.8  
  Alphabet, Inc. Class A 1.7  
  UnitedHealth Group, Inc. 1.6  
  Alphabet, Inc. Class C 1.5  
  Johnson & Johnson 1.5  
  JPMorgan Chase & Co. 1.2  
  NVIDIA Corp. 1.2  
  TOTAL 25.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Information Technology 26.7%  
  Health Care 16.5  
  Financials 12.1  
  Consumer Discretionary 10.2  
  Industrials 9.0  
  Communication Services 7.6  
  Consumer Staples 7.5  
  Utilities 3.3  
  Real Estate 2.8  
  Materials 2.8  
  Energy 1.3  
  Short-Term Investments 0.1  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5

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SPDR S&P Capital Markets ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Charles Schwab Corp. 1.8%  
  Affiliated Managers Group, Inc. 1.8  
  Bank of New York Mellon Corp. 1.8  
  Focus Financial Partners, Inc. Class A 1.8  
  Evercore, Inc. Class A 1.8  
  Carlyle Group, Inc. 1.7  
  Cboe Global Markets, Inc. 1.7  
  Tradeweb Markets, Inc. Class A 1.7  
  Northern Trust Corp. 1.7  
  Virtus Investment Partners, Inc. 1.7  
  TOTAL 17.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Asset Management & Custody Banks 44.7%  
  Investment Banking & Brokerage 32.3  
  Financial Exchanges & Data 22.6  
  Short-Term Investments 3.5  
  Liabilities in Excess of Other Assets (3.1)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR S&P Health Care Equipment ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Align Technology, Inc. 1.6%  
  Alphatec Holdings, Inc. 1.6  
  Inspire Medical Systems, Inc. 1.6  
  Cooper Cos., Inc. 1.6  
  Masimo Corp. 1.6  
  Meridian Bioscience, Inc. 1.6  
  Omnicell, Inc. 1.6  
  DENTSPLY SIRONA, Inc. 1.6  
  TransMedics Group, Inc. 1.5  
  AtriCure, Inc. 1.5  
  TOTAL 15.8%  
(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 December 31, 2022

      
    % of Net Assets  
  Health Care Equipment 76.9%  
  Health Care Supplies 23.1  
  Short-Term Investments 3.1  
  Liabilities in Excess of Other Assets (3.1)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7

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SPDR S&P Health Care Services ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Tenet Healthcare Corp. 1.9%  
  Universal Health Services, Inc. Class B 1.9  
  Surgery Partners, Inc. 1.9  
  Encompass Health Corp. 1.8  
  R1 RCM, Inc. 1.8  
  Quest Diagnostics, Inc. 1.8  
  Premier, Inc. Class A 1.8  
  Select Medical Holdings Corp. 1.8  
  Ensign Group, Inc. 1.8  
  Apollo Medical Holdings, Inc. 1.8  
  TOTAL 18.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Health Care Services 52.7%  
  Health Care Facilities 20.8  
  Managed Health Care 14.8  
  Health Care Distributors 11.6  
  Short-Term Investments 6.5  
  Liabilities in Excess of Other Assets (6.4)  
  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.
8

Table of Contents
SPDR S&P Insurance ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Allstate Corp. 2.3%  
  Arch Capital Group, Ltd. 2.3  
  Loews Corp. 2.3  
  Globe Life, Inc. 2.3  
  Aflac, Inc. 2.3  
  Unum Group 2.3  
  Chubb, Ltd. 2.3  
  Hartford Financial Services Group, Inc. 2.2  
  Markel Corp. 2.2  
  Ryan Specialty Holdings, Inc. Class A 2.2  
  TOTAL 22.7%  
(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 December 31, 2022

      
    % of Net Assets  
  Property & Casualty Insurance 46.2%  
  Life & Health Insurance 26.3  
  Insurance Brokers 13.1  
  Reinsurance 7.6  
  Multi-line Insurance 6.6  
  Short-Term Investments 2.1  
  Liabilities in Excess of Other Assets (1.9)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR S&P Internet ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Cargurus, Inc. 2.7%  
  Twilio, Inc. Class A 2.7  
  Okta, Inc. 2.6  
  Shutterstock, Inc. 2.6  
  Pinterest, Inc. Class A 2.6  
  VeriSign, Inc. 2.6  
  Meta Platforms, Inc. Class A 2.6  
  ZoomInfo Technologies, Inc. 2.6  
  MongoDB, Inc. 2.6  
  GoDaddy, Inc. Class A 2.5  
  TOTAL 26.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Interactive Media & Services 40.8%  
  Internet & Direct Marketing Retail 30.1  
  Internet Services & Infrastructure 29.1  
  Short-Term Investments 8.2  
  Liabilities in Excess of Other Assets (8.2)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
10

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SPDR S&P Metals & Mining ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Uranium Energy Corp. 5.1%  
  Cleveland-Cliffs, Inc. 4.7  
  Royal Gold, Inc. 4.6  
  Newmont Corp. 4.6  
  Alcoa Corp. 4.6  
  Commercial Metals Co. 4.6  
  Arch Resources, Inc. 4.5  
  Reliance Steel & Aluminum Co. 4.5  
  United States Steel Corp. 4.5  
  Freeport-McMoRan, Inc. 4.4  
  TOTAL 46.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Steel 39.6%  
  Coal & Consumable Fuels 21.3  
  Gold 11.5  
  Aluminum 9.4  
  Diversified Metals & Mining 9.1  
  Copper 4.5  
  Silver 4.4  
  Short-Term Investments 3.8  
  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.
11

Table of Contents
SPDR S&P Oil & Gas Equipment & Services ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Weatherford International PLC 4.7%  
  Transocean, Ltd. 4.6  
  Halliburton Co. 4.5  
  Nabors Industries, Ltd. 4.4  
  Valaris, Ltd. 4.4  
  Schlumberger, Ltd. 4.3  
  Liberty Energy, Inc. Class A 4.3  
  Helmerich & Payne, Inc. 4.2  
  Patterson-UTI Energy, Inc. 4.2  
  Noble Corp. PLC 4.2  
  TOTAL 43.8%  
(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 December 31, 2022

      
    % of Net Assets  
  Oil & Gas Equipment & Services 71.8%  
  Oil & Gas Drilling 28.2  
  Short-Term Investments 5.7  
  Liabilities in Excess of Other Assets (5.7)  
  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.
12

Table of Contents
SPDR S&P Pharmaceuticals ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Perrigo Co. PLC 4.7%  
  Jazz Pharmaceuticals PLC 4.5  
  Organon & Co. 4.5  
  Viatris, Inc. 4.5  
  Axsome Therapeutics, Inc. 4.4  
  Merck & Co., Inc. 4.4  
  Eli Lilly & Co. 4.4  
  Catalent, Inc. 4.4  
  Johnson & Johnson 4.3  
  Pfizer, Inc. 4.3  
  TOTAL 44.4%  
(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 December 31, 2022

      
    % of Net Assets  
  Pharmaceuticals 98.5%  
  Biotechnology 1.4  
  Short-Term Investments 9.0  
  Liabilities in Excess of Other Assets (8.9)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
13

Table of Contents
SPDR S&P Retail ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Sally Beauty Holdings, Inc. 1.3%  
  Children's Place, Inc. 1.3  
  Burlington Stores, Inc. 1.3  
  Tractor Supply Co. 1.3  
  Grocery Outlet Holding Corp. 1.3  
  TJX Cos., Inc. 1.2  
  O'Reilly Automotive, Inc. 1.2  
  Buckle, Inc. 1.2  
  National Vision Holdings, Inc. 1.2  
  Dollar General Corp. 1.2  
  TOTAL 12.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Apparel Retail 20.6%  
  Automotive Retail 18.8  
  Specialty Stores 18.3  
  Internet & Direct Marketing Retail 14.6  
  Food Retail 7.1  
  General Merchandise Stores 6.9  
  Department Stores 4.6  
  Hypermarkets & Super Centers 4.1  
  Computer & Electronics Retail 3.3  
  Drug Retail 1.1  
  Short-Term Investments 8.9  
  Liabilities in Excess of Other Assets (8.3)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Semiconductor ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Ambarella, Inc. 3.2%  
  Broadcom, Inc. 3.1  
  SiTime Corp. 3.0  
  First Solar, Inc. 3.0  
  Semtech Corp. 2.9  
  Analog Devices, Inc. 2.9  
  Cirrus Logic, Inc. 2.9  
  MaxLinear, Inc. 2.9  
  Skyworks Solutions, Inc. 2.9  
  Impinj, Inc. 2.9  
  TOTAL 29.7%  
(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 December 31, 2022

      
    % of Net Assets  
  Semiconductors 99.9%  
  Short-Term Investments 6.6  
  Liabilities in Excess of Other Assets (6.5)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
15

Table of Contents
SPDR S&P Software & Services ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Agilysys, Inc. 0.6%  
  Coupa Software, Inc. 0.6  
  International Money Express, Inc. 0.6  
  Flywire Corp. 0.6  
  PowerSchool Holdings, Inc. Class A 0.6  
  Shift4 Payments, Inc. Class A 0.6  
  Varonis Systems, Inc. 0.6  
  DocuSign, Inc. 0.6  
  PROS Holdings, Inc. 0.6  
  SolarWinds Corp. 0.6  
  TOTAL 6.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Application Software 55.6%  
  Data Processing & Outsourced Services 21.5  
  Systems Software 14.6  
  IT Consulting & Other Services 5.5  
  Interactive Home Entertainment 2.7  
  Short-Term Investments 10.0  
  Liabilities in Excess of Other Assets (9.9)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Telecom ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Verizon Communications, Inc. 3.5%  
  Frontier Communications Parent, Inc. 3.4  
  Iridium Communications, Inc. 3.4  
  Ciena Corp. 3.4  
  Cogent Communications Holdings, Inc. 3.3  
  T-Mobile US, Inc. 3.3  
  Juniper Networks, Inc. 3.3  
  Liberty Global PLC Class C 3.3  
  Viavi Solutions, Inc. 3.3  
  Cisco Systems, Inc. 3.3  
  TOTAL 33.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Communications Equipment 58.0%  
  Diversified Telecommunication Services 33.1  
  Wireless Telecommunication Services 8.8  
  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.
17

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SPDR S&P Transportation ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Genco Shipping & Trading, Ltd. 2.3%  
  Matson, Inc. 2.3  
  Hub Group, Inc. Class A 2.3  
  Norfolk Southern Corp. 2.3  
  Kirby Corp. 2.3  
  Lyft, Inc. Class A 2.3  
  FedEx Corp. 2.3  
  Atlas Air Worldwide Holdings, Inc. 2.3  
  Ryder System, Inc. 2.2  
  Forward Air Corp. 2.2  
  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 December 31, 2022

      
    % of Net Assets  
  Trucking 39.0%  
  Airlines 25.5  
  Air Freight & Logistics 19.5  
  Marine 9.2  
  Railroads 6.7  
  Short-Term Investments 4.4  
  Liabilities in Excess of Other Assets (4.3)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Microsoft Corp. 4.6%  
  Visa, Inc. Class A 4.5  
  Apple, Inc. 3.9  
  UnitedHealth Group, Inc. 2.8  
  Cisco Systems, Inc. 2.4  
  Accenture PLC Class A 2.4  
  JPMorgan Chase & Co. 2.1  
  Meta Platforms, Inc. Class A 2.0  
  Chevron Corp. 1.8  
  Bank of America Corp. 1.6  
  TOTAL 28.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Information Technology 25.9%  
  Health Care 15.5  
  Financials 11.0  
  Consumer Discretionary 10.2  
  Industrials 8.6  
  Communication Services 7.6  
  Consumer Staples 7.0  
  Energy 5.2  
  Utilities 3.1  
  Real Estate 2.7  
  Materials 2.7  
  Short-Term Investments 0.4  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
19

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SPDR ICE Preferred Securities ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Citigroup Capital XIII
10.78% 10/30/2040 		4.0%  
  AT&T, Inc.
5.35% 11/1/2066 		1.8  
  Capital One Financial Corp.
5.00% 12/1/2024 		1.7  
  Duke Energy Corp.
5.75% 6/15/2024 		1.5  
  Allstate Corp.
5.10% 10/15/2024 		1.4  
  Capital One Financial Corp.
4.80% 6/1/2025 		1.4  
  Southern Co.
4.95% 1/30/2080 		1.3  
  MetLife, Inc.
4.75% 3/15/2025 		1.2  
  AT&T, Inc.
5.63% 8/1/2067 		1.2  
  MetLife, Inc.
5.63% 6/15/2023 		1.2  
  TOTAL 16.7%  
(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 December 31, 2022

      
    % of Net Assets  
  Financials 74.1%  
  Utilities 13.3  
  Real Estate 5.1  
  Unknown G1 3.1  
  Communication Services 3.0  
  Industrials 0.9  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (4.6)  
  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.
20

Table of Contents
SPDR FACTSET INNOVATIVE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
COMMUNICATIONS EQUIPMENT — 1.9%  
Clearfield, Inc. (a)
   9,703   $ 913,441
Ubiquiti, Inc. (b)
   3,553   971,852
          1,885,293
CONSUMER FINANCE — 0.8%  
Upstart Holdings, Inc. (a)  (b)
   58,651   775,366
DIVERSIFIED CONSUMER SERVICES — 1.1%  
Duolingo, Inc. (a)
   14,583   1,037,289
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%  
Avnet, Inc.
   23,280   967,982
PAR Technology Corp. (a)
   43,850   1,143,170
          2,111,152
ENTERTAINMENT — 7.1%  
Electronic Arts, Inc.
   8,054   984,038
IMAX Corp. (a)
   60,541   887,531
iQIYI, Inc. ADR (a)  (b)
   272,839   1,446,047
Netflix, Inc. (a)
   3,103   915,013
ROBLOX Corp. Class A (a)
   31,603   899,421
Roku, Inc. (a)
   19,362   788,033
Spotify Technology SA (a)
   12,805   1,010,955
          6,931,038
HEALTH CARE TECHNOLOGY — 6.9%  
American Well Corp. Class A (a)
   306,231   866,634
Definitive Healthcare Corp. (a)
   79,946   878,607
Doximity, Inc. Class A (a)  (b)
   28,132   944,110
Health Catalyst, Inc. (a)
   91,977   977,715
Phreesia, Inc. (a)
   32,401   1,048,496
Schrodinger, Inc. (a)
   60,725   1,134,950
Veeva Systems, Inc. Class A (a)
   5,812   937,941
          6,788,453
INTERACTIVE MEDIA & SERVICES — 7.1%  
JOYY, Inc. ADR
   28,728   907,518
Kanzhun, Ltd. ADR (a)
   49,858   1,015,607
Meta Platforms, Inc. Class A (a)
   8,676   1,044,070
Pinterest, Inc. Class A (a)
   43,264   1,050,450
Vimeo, Inc. (a)
   266,293   913,385
Yandex NV Class A (a)  (c)
   41,307   —
ZipRecruiter, Inc. Class A (a)  (b)
   62,089   1,019,501
ZoomInfo Technologies, Inc. (a)
   34,475   1,038,042
          6,988,573
INTERNET & DIRECT MARKETING RETAIL — 1.0%  
Fiverr International, Ltd. (a)
   32,394   943,961
IT SERVICES — 16.5%  
Accenture PLC Class A
   3,495   932,606
Chindata Group Holdings, Ltd. ADR (a)  (b)
   127,773   1,018,351
Concentrix Corp.
   8,154   1,085,787
Endava PLC ADR (a)
   12,613   964,894
EPAM Systems, Inc. (a)
   2,913   954,707
Fastly, Inc. Class A (a)
   105,157   861,236
Security Description     Shares   Value
Globant SA (a)
   5,726   $ 962,884
Kingsoft Cloud Holdings, Ltd. ADR (a)
   310,061   1,187,534
MongoDB, Inc. (a)
   5,241   1,031,638
Okta, Inc. (a)
   15,560   1,063,215
Perficient, Inc. (a)
   13,780   962,257
SS&C Technologies Holdings, Inc.
   19,309   1,005,226
Thoughtworks Holding, Inc. (a)
   105,739   1,077,480
Toast, Inc. Class A (a)
   51,904   935,829
Twilio, Inc. Class A (a)
   22,009   1,077,561
Vnet Group, Inc. ADR (a)
   193,739   1,098,500
          16,219,705
MEDIA — 2.9%  
Magnite, Inc. (a)
   90,215   955,377
Perion Network, Ltd. (a)
   38,709   979,338
PubMatic, Inc. Class A (a)
   74,702   956,932
          2,891,647
PROFESSIONAL SERVICES — 1.9%  
Clarivate PLC (a)
   111,280   928,075
Upwork, Inc. (a)
   89,064   929,828
          1,857,903
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.8%  
Opendoor Technologies, Inc. (a)
   770,275   893,519
Zillow Group, Inc. Class C (a)  (b)
   28,519   918,597
          1,812,116
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 13.2%  
Advanced Micro Devices, Inc. (a)
   14,617   946,743
Aehr Test Systems (a)
   41,037   824,844
Cohu, Inc. (a)
   28,806   923,232
Himax Technologies, Inc. ADR (b)
   140,468   872,306
KLA Corp.
   2,531   954,263
Kulicke & Soffa Industries, Inc.
   21,252   940,614
MaxLinear, Inc. (a)
   28,556   969,476
Monolithic Power Systems, Inc.
   2,613   923,983
Nova, Ltd. (a)  (b)
   11,831   966,356
NVIDIA Corp.
   5,884   859,888
Onto Innovation, Inc. (a)
   13,111   892,728
Power Integrations, Inc.
   13,198   946,561
SiTime Corp. (a)
   9,803   996,181
Teradyne, Inc.
   10,867   949,232
          12,966,407
SOFTWARE — 34.5%  
Adobe, Inc. (a)
   3,013   1,013,965
Amplitude, Inc. Class A (a)  (b)
   80,428   971,570
AppLovin Corp. Class A (a)  (b)
   96,628   1,017,493
Asana, Inc. Class A (a)
   69,288   954,096
Braze, Inc. Class A (a)
   37,642   1,026,874
Check Point Software Technologies, Ltd. (a)
   7,654   965,629
Crowdstrike Holdings, Inc. Class A (a)
   8,703   916,339
CyberArk Software, Ltd. (a)
   7,387   957,725
 
See accompanying notes to financial statements.
21

Table of Contents
SPDR FACTSET INNOVATIVE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Datadog, Inc. Class A (a)
   13,386   $ 983,871
Digital Turbine, Inc. (a)
   61,039   930,234
DocuSign, Inc. (a)
   20,343   1,127,409
DoubleVerify Holdings, Inc. (a)
   40,937   898,977
Dynatrace, Inc. (a)
   27,057   1,036,283
Fortinet, Inc. (a)
   19,203   938,835
Gitlab, Inc. Class A (a)  (b)
   21,634   983,049
HashiCorp, Inc. Class A (a)
   33,765   923,135
Jamf Holding Corp. (a)
   46,181   983,655
LiveRamp Holdings, Inc. (a)
   45,014   1,055,128
Monday.com, Ltd. (a)
   9,101   1,110,322
nCino, Inc. (a)  (b)
   39,302   1,039,145
Olo, Inc. Class A (a)
   146,876   917,975
Pagerduty, Inc. (a)
   42,172   1,120,088
Q2 Holdings, Inc. (a)
   38,124   1,024,392
Qualys, Inc. (a)
   8,464   949,915
Rapid7, Inc. (a)
   30,476   1,035,575
Samsara, Inc. Class A (a)  (b)
   76,733   953,791
SentinelOne, Inc. Class A (a)
   65,175   950,903
Smartsheet, Inc. Class A (a)
   26,739   1,052,447
Tenable Holdings, Inc. (a)
   26,263   1,001,933
Trade Desk, Inc. Class A (a)
   20,958   939,547
Tyler Technologies, Inc. (a)
   3,113   1,003,662
UiPath, Inc. Class A (a)  (b)
   77,282   982,254
Varonis Systems, Inc. (a)
   47,210   1,130,207
Zscaler, Inc. (a)
   8,571   959,095
          33,855,518
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.0%  
Super Micro Computer, Inc. (a)
   11,931   979,535
TOTAL COMMON STOCKS

(Cost $145,276,505)
         98,043,956
SHORT-TERM INVESTMENTS — 9.6%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (d)  (e)
   110,298   110,320
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (f)  (g)
   9,349,456   $ 9,349,456
TOTAL SHORT-TERM INVESTMENTS

(Cost $9,459,766)
   9,459,776  
TOTAL INVESTMENTS — 109.5%

(Cost $154,736,271)
   107,503,732  
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.5)%
  (9,357,856)  
NET ASSETS — 100.0%
   $ 98,145,876  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2022.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 98,043,956   $—   $ 0(a)   $ 98,043,956
Short-Term Investments
   9,459,776   —   —   9,459,776
TOTAL INVESTMENTS
   $107,503,732   $—   $ 0   $107,503,732
(a) The Fund held a Level 3 security that was valued at $0 at December 31, 2022.
See accompanying notes to financial statements.
22

Table of Contents
SPDR FACTSET INNOVATIVE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 182,667   $ 182,649   $ 5,084,911   $ 5,157,270   $20   $10   110,298   $ 110,320   $ 2,647
State Street Navigator Securities Lending Portfolio II
 10,604,316   10,604,316   39,373,291   40,628,151   —   —   9,349,456   9,349,456   161,380
Total
     $10,786,965   $44,458,202   $45,785,421   $20   $10       $9,459,776   $164,027
See accompanying notes to financial statements.
23

Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.6%        
AUSTRALIA — 2.2%  
BHP Group, Ltd.
     24,926   $ 771,310
National Australia Bank, Ltd.
     31,807   648,392
Rio Tinto PLC
     11,536   804,568
          2,224,270
BELGIUM — 0.8%  
Anheuser-Busch InBev SA/NV
     13,071   784,968
BRAZIL — 0.5%  
Petroleo Brasileiro SA Preference Shares ADR
     17,814   165,492
Petroleo Brasileiro SA Preference Shares
     69,578   322,868
          488,360
CANADA — 1.1%  
Nutrien, Ltd. (a)
     6,862   500,616
Royal Bank of Canada (a)
     6,634   623,276
          1,123,892
CHINA — 4.0%  
Alibaba Group Holding, Ltd. ADR (b)
     7,023   618,656
China Construction Bank Corp. Class H
     1,061,288   664,924
China Petroleum & Chemical Corp. Class H
     1,444,147   697,562
Industrial & Commercial Bank of China, Ltd. Class H
     1,300,110   669,632
PetroChina Co., Ltd. Class H
     1,456,458   666,187
Tencent Holdings, Ltd.
     16,606   710,626
          4,027,587
DENMARK — 0.8%  
Vestas Wind Systems A/S
     26,402   765,781
FINLAND — 0.7%  
Sampo Oyj Class A
     14,084   733,820
FRANCE — 6.5%  
Air Liquide SA
     5,264   743,824
BNP Paribas SA
     13,283   754,887
Carrefour SA
     39,153   653,533
Cie de Saint-Gobain
     15,585   759,300
Engie SA
     50,611   723,147
LVMH Moet Hennessy Louis Vuitton SE
     991   719,092
Societe Generale SA
     27,243   682,683
TotalEnergies SE
     12,975   812,160
Vinci SA
     6,857   682,708
          6,531,334
GERMANY — 5.4%  
Allianz SE
     3,835   822,264
BASF SE
     14,870   736,209
Deutsche Bank AG
     72,393   818,044
E.ON SE
     71,150   708,775
Mercedes-Benz Group AG
     11,471   751,685
Security Description     Shares   Value
SAP SE
     7,467   $ 768,147
Siemens AG
     6,158   852,010
          5,457,134
HONG KONG — 0.6%  
CLP Holdings, Ltd.
     77,827   567,876
INDIA — 1.2%  
Infosys, Ltd. ADR
     35,595   641,066
Reliance Industries, Ltd. GDR (c)
     1,054   64,821
Reliance Industries, Ltd.
     18,019   554,793
          1,260,680
ITALY — 1.6%  
Assicurazioni Generali SpA
     43,252   766,960
UniCredit SpA
     62,007   878,300
          1,645,260
JAPAN — 10.3%  
Bridgestone Corp. (a)
     17,767   631,665
Canon, Inc. (a)
     27,981   605,553
Honda Motor Co., Ltd.
     25,105   576,895
Komatsu, Ltd.
     31,947   696,348
Mitsubishi Corp.
     21,180   687,513
Mitsubishi UFJ Financial Group, Inc.
     127,048   856,006
Mitsui & Co., Ltd.
     28,673   837,296
Mizuho Financial Group, Inc.
     56,422   793,658
Nippon Steel Corp.
     40,618   705,570
Panasonic Holdings Corp. (a)
     82,064   690,682
Seven & i Holdings Co., Ltd.
     15,784   677,081
SoftBank Group Corp.
     16,856   721,022
Sony Group Corp.
     8,596   653,764
Takeda Pharmaceutical Co., Ltd.
     23,601   735,334
Toyota Motor Corp.
     43,900   603,045
          10,471,432
LUXEMBOURG — 0.7%  
ArcelorMittal SA
     28,193   739,436
MEXICO — 0.7%  
America Movil SAB de CV Series L
     771,021   699,516
NETHERLANDS — 0.7%  
Shell PLC (d)
     4,230   118,353
Shell PLC (d)
     20,321   574,287
          692,640
RUSSIA — 0.0%  
Gazprom PJSC ADR (b)(e)
     78,668   —
SOUTH AFRICA — 2.1%  
Anglo American PLC
     19,158   745,857
MTN Group, Ltd.
     83,858   627,395
Naspers, Ltd. Class N
     4,503   747,458
          2,120,710
SOUTH KOREA — 0.7%  
Samsung Electronics Co., Ltd. GDR
     425   469,625
 
See accompanying notes to financial statements.
24

Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Samsung Electronics Co., Ltd.
     5,553   $ 242,848
          712,473
SPAIN — 2.1%  
Banco Bilbao Vizcaya Argentaria SA
     133,267   801,319
Banco Santander SA
     255,073   762,915
Telefonica SA
     163,565   590,901
          2,155,135
SWEDEN — 0.5%  
Telefonaktiebolaget LM Ericsson Class B
     86,733   506,938
SWITZERLAND — 3.1%  
ABB, Ltd.
     23,607   715,967
Credit Suisse Group AG
     127,401   380,606
Novartis AG
     7,868   710,858
Roche Holding AG
     1,926   604,737
UBS Group AG
     39,444   733,500
          3,145,668
TAIWAN — 0.6%  
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
     8,084   602,177
UNITED KINGDOM — 4.6%  
AstraZeneca PLC
     5,340   720,587
BAE Systems PLC
     71,477   735,986
BP PLC
     124,370   710,473
HSBC Holdings PLC
     106,793   662,475
National Grid PLC
     52,349   628,069
Tesco PLC
     233,707   630,285
Vodafone Group PLC
     516,835   523,721
          4,611,596
UNITED STATES — 48.1%  
3M Co.
     5,305   636,176
Abbott Laboratories
     6,008   659,618
Accenture PLC Class A
     2,232   595,587
Adobe, Inc. (b)
     1,620   545,179
Alphabet, Inc. Class A (b)
     3,084   272,101
Alphabet, Inc. Class C (b)
     2,689   238,595
Amazon.com, Inc. (b)
     4,881   410,004
American Express Co.
     4,124   609,321
American International Group, Inc.
     11,778   744,841
Amgen, Inc.
     2,583   678,399
Apple, Inc.
     4,153   539,599
AT&T, Inc.
     37,804   695,972
Bank of America Corp.
     18,622   616,761
Bank of New York Mellon Corp.
     14,690   668,689
Baxter International, Inc.
     10,895   555,318
Berkshire Hathaway, Inc. Class B (b)
     2,272   701,821
Boeing Co. (b)
     4,174   795,105
Booking Holdings, Inc. (b)
     326   656,981
Carnival Corp. (b)
     62,445   503,307
Caterpillar, Inc.
     3,392   812,588
Security Description     Shares   Value
Chevron Corp.
     4,118   $ 739,140
Cisco Systems, Inc.
     14,216   677,250
Coca-Cola Co.
     10,385   660,590
Colgate-Palmolive Co.
     8,285   652,775
ConocoPhillips
     5,826   687,468
CVS Health Corp.
     6,376   594,179
Deere & Co.
     1,695   726,748
Duke Energy Corp.
     5,858   603,315
DuPont de Nemours, Inc.
     11,157   765,705
eBay, Inc.
     14,441   598,868
Exxon Mobil Corp.
     6,695   738,459
FedEx Corp.
     3,090   535,188
General Electric Co.
     8,743   732,576
Gilead Sciences, Inc.
     9,983   857,041
Goldman Sachs Group, Inc.
     1,903   653,452
GSK PLC
     41,574   718,935
Home Depot, Inc.
     2,155   680,678
Honeywell International, Inc.
     3,423   733,549
Howmet Aerospace, Inc.
     17,845   703,271
HP, Inc.
     22,943   616,478
Intel Corp.
     20,640   545,515
International Business Machines Corp.
     5,002   704,732
Johnson & Johnson
     3,879   685,225
JPMorgan Chase & Co.
     5,450   730,845
McDonald's Corp.
     2,489   655,926
Medtronic PLC
     7,254   563,781
Merck & Co., Inc.
     7,408   821,918
Meta Platforms, Inc. Class A (b)
     3,797   456,931
Microsoft Corp.
     2,443   585,880
Mondelez International, Inc. Class A
     10,578   705,024
Nestle SA
     5,594   647,796
Netflix, Inc. (b)
     2,805   827,138
NextEra Energy, Inc.
     7,164   598,910
NIKE, Inc. Class B
     5,830   682,168
NVIDIA Corp.
     4,500   657,630
PayPal Holdings, Inc. (b)
     6,691   476,533
Pfizer, Inc.
     13,546   694,097
Philip Morris International, Inc.
     6,668   674,868
Procter & Gamble Co.
     4,661   706,421
QUALCOMM, Inc.
     4,889   537,497
Raytheon Technologies Corp.
     7,329   739,643
Schlumberger, Ltd.
     16,427   878,187
Simon Property Group, Inc. REIT
     6,263   735,777
Southwest Airlines Co.
     16,980   571,717
Starbucks Corp.
     7,353   729,418
Tesla, Inc. (b)
     2,146   264,344
Travelers Cos., Inc.
     3,936   737,961
Union Pacific Corp.
     2,786   576,897
United Parcel Service, Inc. Class B
     3,227   560,982
UnitedHealth Group, Inc.
     1,232   653,182
Verizon Communications, Inc.
     15,338   604,317
Visa, Inc. Class A
     3,148   654,028
Walmart, Inc.
     4,721   669,391
 
See accompanying notes to financial statements.
25

Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Walt Disney Co. (b)
     5,614   $ 487,744
Wells Fargo & Co.
     14,319   591,232
Williams Cos., Inc.
     19,795   651,256
          48,676,538
TOTAL COMMON STOCKS

(Cost $89,244,843)
         100,745,221
       
SHORT-TERM INVESTMENTS — 1.8%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (f)(g)
 131,622 131,622
State Street Navigator Securities Lending Portfolio II (h)(i)
 1,681,736 1,681,736
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,813,358)
 1,813,358
TOTAL INVESTMENTS — 101.4%

(Cost $91,058,201)
 102,558,579
LIABILITIES IN EXCESS OF OTHER

ASSETS — (1.4)%
(1,434,181)
NET ASSETS — 100.0%
$ 101,124,398
(a) All or a portion of the shares of the security are on loan at December 31, 2022.
(b) Non-income producing security.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.1% of net assets as of December 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at December 31, 2022.
(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
 
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   1   03/17/2023   $201,266   $193,050   $ (8,216)
MSCI EAFE Index (long)   2   03/17/2023   198,406   194,940   (3,466)
                    $(11,682)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $626,761.
See accompanying notes to financial statements.
26

Table of Contents
SPDR GLOBAL DOW ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $100,745,221   $—   $ 0(a)   $100,745,221
Short-Term Investments
   1,813,358   —   —   1,813,358
TOTAL INVESTMENTS
   $102,558,579   $—   $ 0   $102,558,579
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts
   (11,682)   —   —   (11,682)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (11,682)   $—   $—   $ (11,682)
(a) The Fund held a Level 3 security that was valued at $0 at December 31, 2022.
Sector Breakdown as of December 31, 2022

    
    % of Net Assets
  Financials 18.9%
  Industrials 14.7
  Consumer Discretionary 11.1
  Information Technology 10.8
  Health Care 10.1
  Energy 8.3
  Consumer Staples 7.4
  Communication Services 7.4
  Materials 6.4
  Utilities 3.8
  Real Estate 0.7
  Short-Term Investments 1.8
  Liabilities in Excess of Other Assets (1.4)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 66,021   $ 66,021   $ 2,405,255   $ 2,339,654   $—   $—   131,622   $ 131,622   $2,879
State Street Navigator Securities Lending Portfolio II
 1,204,785   1,204,785   9,102,198   8,625,247   —   —   1,681,736   1,681,736   4,916
Total
     $1,270,806   $11,507,453   $10,964,901   $—   $—       $1,813,358   $7,795
See accompanying notes to financial statements.
27

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 1.3%  
Boeing Co. (a)
   2,063   $ 392,981
General Dynamics Corp.
   2,635   653,770
HEICO Corp.
   270   41,483
HEICO Corp. Class A
   486   58,247
Howmet Aerospace, Inc.
   3,168   124,851
Huntington Ingalls Industries, Inc.
   680   156,862
L3Harris Technologies, Inc.
   1,880   391,435
Lockheed Martin Corp.
   10,657   5,184,524
Northrop Grumman Corp.
   6,051   3,301,486
Raytheon Technologies Corp.
   14,847   1,498,359
Textron, Inc.
   3,590   254,172
TransDigm Group, Inc.
   179   112,707
          12,170,877
AIR FREIGHT & LOGISTICS — 1.4%  
C.H. Robinson Worldwide, Inc.
   26,229   2,401,527
Expeditors International of Washington, Inc.
   35,464   3,685,419
FedEx Corp.
   6,079   1,052,883
United Parcel Service, Inc. Class B
   29,659   5,155,920
          12,295,749
AIRLINES — 0.0% (b)  
Delta Air Lines, Inc. (a)
   1,720   56,519
Southwest Airlines Co.
   1,177   39,630
          96,149
AUTO COMPONENTS — 0.1%  
Aptiv PLC (a)
   2,598   241,952
BorgWarner, Inc.
   5,466   220,006
Lear Corp.
   1,536   190,495
          652,453
AUTOMOBILES — 0.5%  
Ford Motor Co.
   147,944   1,720,589
General Motors Co.
   61,581   2,071,585
Lucid Group, Inc. (a)  (c)
   429   2,930
Rivian Automotive, Inc. Class A (a)  (c)
   1,499   27,627
Tesla, Inc. (a)
   3,503   431,499
          4,254,230
BANKS — 3.7%  
Bank of America Corp.
   167,522   5,548,329
Citigroup, Inc.
   102,136   4,619,611
Citizens Financial Group, Inc.
   13,089   515,314
Fifth Third Bancorp
   16,452   539,790
First Citizens BancShares, Inc. Class A
   261   197,932
First Horizon Corp.
   103,656   2,539,572
First Republic Bank
   2,768   337,391
Huntington Bancshares, Inc.
   29,037   409,422
JPMorgan Chase & Co.
   61,552   8,254,123
KeyCorp.
   20,413   355,594
M&T Bank Corp.
   3,310   480,149
PNC Financial Services Group, Inc.
   8,970   1,416,722
Security Description     Shares   Value
Regions Financial Corp.
   22,291   $ 480,594
Signature Bank
   1,077   124,092
SVB Financial Group (a)
   1,612   370,986
Truist Financial Corp.
   36,657   1,577,351
US Bancorp
   30,204   1,317,196
Webster Financial Corp.
   3,116   147,511
Wells Fargo & Co.
   95,078   3,925,771
          33,157,450
BEVERAGES — 2.1%  
Brown-Forman Corp. Class B
   9,579   629,149
Coca-Cola Co.
   123,292   7,842,604
Constellation Brands, Inc. Class A
   803   186,095
Keurig Dr. Pepper, Inc.
   77,918   2,778,556
Molson Coors Beverage Co. Class B
   6,598   339,929
Monster Beverage Corp. (a)
   12,198   1,238,463
PepsiCo, Inc.
   32,709   5,909,208
          18,924,004
BIOTECHNOLOGY — 3.4%  
AbbVie, Inc.
   32,227   5,208,206
Alnylam Pharmaceuticals, Inc. (a)
   57   13,546
Amgen, Inc.
   10,944   2,874,332
Biogen, Inc. (a)
   1,830   506,764
BioMarin Pharmaceutical, Inc. (a)
   14,072   1,456,311
Exact Sciences Corp. (a)
   420   20,794
Gilead Sciences, Inc.
   63,544   5,455,252
Horizon Therapeutics PLC (a)
   22,342   2,542,520
Incyte Corp. (a)
   19,026   1,528,168
Moderna, Inc. (a)
   2,870   515,509
Neurocrine Biosciences, Inc. (a)
   6,858   819,120
Regeneron Pharmaceuticals, Inc. (a)
   7,039   5,078,568
Seagen, Inc. (a)
   9,625   1,236,909
Vertex Pharmaceuticals, Inc. (a)
   13,030   3,762,803
          31,018,802
BUILDING PRODUCTS — 0.4%  
A.O. Smith Corp.
   5,424   310,470
Allegion PLC
   3,579   376,726
Carlisle Cos., Inc.
   346   81,535
Carrier Global Corp.
   8,094   333,877
Fortune Brands Innovations, Inc.
   5,328   304,282
Johnson Controls International PLC
   6,611   423,104
Lennox International, Inc.
   238   56,937
Masco Corp.
   2,200   102,674
Owens Corning
   1,504   128,291
Trane Technologies PLC
   7,427   1,248,404
          3,366,300
CAPITAL MARKETS — 2.9%  
Ameriprise Financial, Inc.
   5,138   1,599,819
Ares Management Corp. Class A
   512   35,041
Bank of New York Mellon Corp.
   17,227   784,173
BlackRock, Inc.
   5,137   3,640,232
Blackstone, Inc.
   22,307   1,654,956
Carlyle Group, Inc.
   3,597   107,335
 
See accompanying notes to financial statements.
28

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Cboe Global Markets, Inc.
   19,270   $ 2,417,807
Charles Schwab Corp.
   7,893   657,171
CME Group, Inc.
   10,213   1,717,418
Coinbase Global, Inc. Class A (a)  (c)
   4,587   162,334
FactSet Research Systems, Inc.
   133   53,361
Franklin Resources, Inc.
   6,469   170,652
Goldman Sachs Group, Inc.
   6,768   2,323,996
Intercontinental Exchange, Inc.
   21,707   2,226,921
Invesco, Ltd.
   10,274   184,829
KKR & Co., Inc.
   5,187   240,781
LPL Financial Holdings, Inc.
   601   129,918
MarketAxess Holdings, Inc.
   2,583   720,373
Moody's Corp.
   5,615   1,564,451
Morgan Stanley
   19,535   1,660,866
MSCI, Inc.
   179   83,266
Nasdaq, Inc.
   2,735   167,792
Northern Trust Corp.
   2,588   229,012
Raymond James Financial, Inc.
   1,707   182,393
S&P Global, Inc.
   1,800   602,892
SEI Investments Co.
   5,383   313,829
State Street Corp. (d)
   8,042   623,818
T Rowe Price Group, Inc.
   9,524   1,038,688
Tradeweb Markets, Inc. Class A
   10,371   673,389
          25,967,513
CHEMICALS — 1.4%  
Air Products & Chemicals, Inc.
   4,750   1,464,235
Albemarle Corp.
   614   133,152
Celanese Corp.
   4,466   456,604
CF Industries Holdings, Inc.
   23,484   2,000,837
Corteva, Inc.
   31,173   1,832,349
Dow, Inc.
   15,748   793,542
DuPont de Nemours, Inc.
   7,708   529,000
Eastman Chemical Co.
   2,250   183,240
Ecolab, Inc.
   1,700   247,452
FMC Corp.
   1,140   142,272
International Flavors & Fragrances, Inc.
   2,841   297,850
Linde PLC
   3,897   1,271,123
LyondellBasell Industries NV Class A
   13,800   1,145,814
Mosaic Co.
   5,564   244,093
PPG Industries, Inc.
   2,284   287,190
RPM International, Inc.
   1,030   100,374
Sherwin-Williams Co.
   4,768   1,131,589
Westlake Corp.
   540   55,372
          12,316,088
COMMERCIAL SERVICES & SUPPLIES — 1.9%  
Cintas Corp.
   3,172   1,432,539
Copart, Inc. (a)
   14,822   902,512
Republic Services, Inc.
   35,765   4,613,327
Rollins, Inc.
   35,241   1,287,706
Waste Connections, Inc.
   33,982   4,504,654
Waste Management, Inc.
   30,815   4,834,257
          17,574,995
Security Description     Shares   Value
COMMUNICATIONS EQUIPMENT — 1.9%  
Arista Networks, Inc. (a)
   7,726   $ 937,550
Cisco Systems, Inc.
   252,125   12,011,235
F5, Inc. (a)
   473   67,880
Juniper Networks, Inc.
   15,329   489,915
Motorola Solutions, Inc.
   15,530   4,002,236
          17,508,816
CONSTRUCTION & ENGINEERING — 0.0% (b)  
Quanta Services, Inc.
   1,383   197,078
CONSTRUCTION MATERIALS — 0.0% (b)  
Martin Marietta Materials, Inc.
   493   166,619
Vulcan Materials Co.
   901   157,774
          324,393
CONSUMER FINANCE — 0.4%  
Ally Financial, Inc.
   14,829   362,569
American Express Co.
   5,849   864,190
Capital One Financial Corp.
   14,156   1,315,942
Discover Financial Services
   4,702   459,997
Synchrony Financial
   15,155   497,993
          3,500,691
CONTAINERS & PACKAGING — 0.4%  
Amcor PLC
   142,697   1,699,521
Avery Dennison Corp.
   2,818   510,058
Ball Corp.
   3,696   189,013
Crown Holdings, Inc.
   1,638   134,660
International Paper Co.
   17,515   606,545
Packaging Corp. of America
   4,068   520,338
Sealed Air Corp.
   1,531   76,366
Westrock Co.
   6,891   242,288
          3,978,789
DISTRIBUTORS — 0.1%  
Genuine Parts Co.
   1,154   200,230
LKQ Corp.
   3,921   209,421
Pool Corp.
   1,581   477,984
          887,635
DIVERSIFIED FINANCIAL SERVICES — 1.4%  
Apollo Global Management, Inc.
   3,618   230,792
Berkshire Hathaway, Inc. Class B (a)
   37,769   11,666,844
Equitable Holdings, Inc.
   15,681   450,045
          12,347,681
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%  
AT&T, Inc.
   310,399   5,714,446
Liberty Global PLC Class A (a)
   5,384   101,919
Liberty Global PLC Class C (a)
   18,773   364,759
Lumen Technologies, Inc.
   74,256   387,616
Verizon Communications, Inc.
   221,409   8,723,515
          15,292,255
ELECTRIC UTILITIES — 2.6%  
Alliant Energy Corp.
   8,304   458,464
American Electric Power Co., Inc.
   21,445   2,036,203
 
See accompanying notes to financial statements.
29

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Constellation Energy Corp.
   3,813   $ 328,719
Duke Energy Corp.
   57,879   5,960,958
Edison International
   6,546   416,456
Entergy Corp.
   3,090   347,625
Evergy, Inc.
   6,388   401,997
Eversource Energy
   12,294   1,030,729
Exelon Corp.
   22,532   974,058
FirstEnergy Corp.
   6,498   272,526
NextEra Energy, Inc.
   27,497   2,298,749
NRG Energy, Inc.
   11,895   378,499
PG&E Corp. (a)
   32,248   524,352
PPL Corp.
   10,039   293,340
Southern Co.
   60,436   4,315,735
Xcel Energy, Inc.
   49,455   3,467,290
          23,505,700
ELECTRICAL EQUIPMENT — 0.4%  
AMETEK, Inc.
   1,563   218,382
Eaton Corp. PLC
   3,156   495,334
Emerson Electric Co.
   20,596   1,978,452
Generac Holdings, Inc. (a)
   2,173   218,734
Hubbell, Inc.
   315   73,924
Plug Power, Inc. (a)  (c)
   2,131   26,360
Rockwell Automation, Inc.
   773   199,102
Sensata Technologies Holding PLC
   1,765   71,271
          3,281,559
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%  
Amphenol Corp. Class A
   49,885   3,798,244
Arrow Electronics, Inc. (a)
   9,134   955,142
CDW Corp.
   1,160   207,153
Cognex Corp.
   6,015   283,367
Corning, Inc.
   9,494   303,238
Keysight Technologies, Inc. (a)
   19,543   3,343,221
TE Connectivity, Ltd.
   2,870   329,476
Teledyne Technologies, Inc. (a)
   385   153,965
Trimble, Inc. (a)
   1,316   66,537
Zebra Technologies Corp. Class A (a)
   444   113,846
          9,554,189
ENERGY EQUIPMENT & SERVICES — 0.1%  
Baker Hughes Co.
   14,342   423,519
Halliburton Co.
   4,935   194,192
Schlumberger, Ltd.
   8,063   431,048
          1,048,759
ENTERTAINMENT — 1.1%  
Activision Blizzard, Inc.
   47,316   3,622,040
Electronic Arts, Inc.
   21,637   2,643,609
Liberty Media Corp.-Liberty Formula One Class C (a)
   1,260   75,323
Live Nation Entertainment, Inc. (a)
   423   29,500
Netflix, Inc. (a)
   3,452   1,017,926
ROBLOX Corp. Class A (a)  (c)
   261   7,428
Roku, Inc. (a)
   445   18,111
Security Description     Shares   Value
Take-Two Interactive Software, Inc. (a)
   1,505   $ 156,715
Walt Disney Co. (a)
   18,600   1,615,968
Warner Bros Discovery, Inc. (a)
   56,056   531,411
          9,718,031
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.2%  
Alexandria Real Estate Equities, Inc. REIT
   1,166   169,851
American Homes 4 Rent Class A REIT
   1,832   55,216
American Tower Corp. REIT
   1,754   371,602
AvalonBay Communities, Inc. REIT
   996   160,874
Boston Properties, Inc. REIT
   1,593   107,655
Camden Property Trust REIT
   525   58,737
Crown Castle, Inc. REIT
   1,816   246,322
Digital Realty Trust, Inc. REIT
   2,345   235,133
Equinix, Inc. REIT
   303   198,474
Equity LifeStyle Properties, Inc. REIT
   645   41,667
Equity Residential REIT
   3,096   182,664
Essex Property Trust, Inc. REIT
   477   101,086
Extra Space Storage, Inc. REIT
   3,293   484,664
Gaming and Leisure Properties, Inc. REIT
   1,778   92,616
Healthcare Realty Trust, Inc. REIT
   2,698   51,990
Healthpeak Properties, Inc. REIT
   4,536   113,718
Host Hotels & Resorts, Inc. REIT
   4,268   68,501
Invitation Homes, Inc. REIT
   3,461   102,584
Iron Mountain, Inc. REIT
   2,455   122,382
Kimco Realty Corp. REIT
   7,231   153,153
Medical Properties Trust, Inc. REIT (c)
   8,626   96,094
Mid-America Apartment Communities, Inc. REIT
   687   107,852
Prologis, Inc. REIT
   7,321   825,296
Public Storage REIT
   16,264   4,557,010
Realty Income Corp. REIT
   4,166   264,249
Regency Centers Corp. REIT
   1,433   89,563
SBA Communications Corp. REIT
   184   51,577
Simon Property Group, Inc. REIT
   2,364   277,723
Sun Communities, Inc. REIT
   572   81,796
UDR, Inc. REIT
   1,442   55,849
Ventas, Inc. REIT
   3,372   151,909
VICI Properties, Inc. REIT
   13,258   429,559
Welltower, Inc. REIT
   2,596   170,168
Weyerhaeuser Co. REIT
   6,946   215,326
WP Carey, Inc. REIT
   1,482   115,818
          10,608,678
FOOD & STAPLES RETAILING — 2.1%  
Costco Wholesale Corp.
   15,848   7,234,612
Kroger Co.
   83,183   3,708,298
Sysco Corp.
   5,489   419,634
Walgreens Boots Alliance, Inc.
   28,286   1,056,765
Walmart, Inc.
   46,791   6,634,496
          19,053,805
 
See accompanying notes to financial statements.
30

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
FOOD PRODUCTS — 2.4%  
Archer-Daniels-Midland Co.
   9,375   $ 870,469
Bunge, Ltd.
   3,768   375,933
Campbell Soup Co.
   13,673   775,943
Conagra Brands, Inc.
   7,640   295,668
Darling Ingredients, Inc. (a)
   1,414   88,502
General Mills, Inc.
   43,960   3,686,046
Hershey Co.
   21,138   4,894,927
Hormel Foods Corp.
   48,573   2,212,500
JM Smucker Co.
   7,845   1,243,119
Kellogg Co.
   46,235   3,293,781
Kraft Heinz Co.
   12,855   523,327
Lamb Weston Holdings, Inc.
   707   63,178
McCormick & Co., Inc.
   1,616   133,950
Mondelez International, Inc. Class A
   39,310   2,620,011
Tyson Foods, Inc. Class A
   16,328   1,016,418
          22,093,772
GAS UTILITIES — 0.0% (b)  
Atmos Energy Corp.
   1,362   152,640
UGI Corp.
   4,303   159,512
          312,152
HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%  
Abbott Laboratories
   21,523   2,363,010
ABIOMED, Inc. (CVR) (a)
   36   37
Align Technology, Inc. (a)
   495   104,396
Baxter International, Inc.
   12,633   643,904
Becton Dickinson & Co.
   11,769   2,992,857
Boston Scientific Corp. (a)
   8,353   386,493
Cooper Cos., Inc.
   638   210,967
DENTSPLY SIRONA, Inc.
   2,660   84,694
DexCom, Inc. (a)
   506   57,299
Edwards Lifesciences Corp. (a)
   20,394   1,521,596
Hologic, Inc. (a)
   11,825   884,628
IDEXX Laboratories, Inc. (a)
   3,355   1,368,706
Insulet Corp. (a)
   33   9,715
Intuitive Surgical, Inc. (a)
   9,701   2,574,160
Masimo Corp. (a)
   1,681   248,704
Medtronic PLC
   20,383   1,584,167
Novocure, Ltd. (a)  (c)
   26   1,907
ResMed, Inc.
   4,382   912,026
STERIS PLC
   626   115,616
Stryker Corp.
   1,754   428,836
Teleflex, Inc.
   287   71,644
Zimmer Biomet Holdings, Inc.
   2,462   313,905
          16,879,267
HEALTH CARE PROVIDERS & SERVICES — 4.7%  
AmerisourceBergen Corp.
   9,439   1,564,137
Cardinal Health, Inc.
   13,516   1,038,975
Centene Corp. (a)
   12,586   1,032,178
Cigna Corp.
   5,969   1,977,768
CVS Health Corp.
   32,576   3,035,757
DaVita, Inc. (a)
   1,303   97,295
Elevance Health, Inc.
   4,852   2,488,930
Security Description     Shares   Value
HCA Healthcare, Inc.
   3,034   $ 728,039
Henry Schein, Inc. (a)
   5,335   426,106
Humana, Inc.
   3,610   1,849,006
Laboratory Corp. of America Holdings
   5,200   1,224,496
McKesson Corp.
   7,474   2,803,647
Molina Healthcare, Inc. (a)
   3,034   1,001,888
Quest Diagnostics, Inc.
   8,617   1,348,044
UnitedHealth Group, Inc.
   39,958   21,184,932
Universal Health Services, Inc. Class B
   1,975   278,258
          42,079,456
HEALTH CARE TECHNOLOGY — 0.1%  
Veeva Systems, Inc. Class A (a)
   4,116   664,240
HOTELS, RESTAURANTS & LEISURE — 0.9%  
Airbnb, Inc. Class A (a)
   243   20,776
Aramark
   3,534   146,096
Booking Holdings, Inc. (a)
   150   302,292
Caesars Entertainment, Inc. (a)
   1,623   67,517
Carnival Corp. (a)  (c)
   6,972   56,194
Chipotle Mexican Grill, Inc. (a)
   79   109,612
Darden Restaurants, Inc.
   1,138   157,420
Domino's Pizza, Inc.
   3,791   1,313,202
Expedia Group, Inc. (a)
   603   52,823
Hilton Worldwide Holdings, Inc.
   524   66,213
Las Vegas Sands Corp. (a)
   1,241   59,655
Marriott International, Inc. Class A
   696   103,627
McDonald's Corp.
   18,199   4,795,982
MGM Resorts International
   3,030   101,596
Royal Caribbean Cruises, Ltd. (a)
   1,559   77,061
Starbucks Corp.
   4,570   453,344
Vail Resorts, Inc.
   226   53,867
Wynn Resorts, Ltd. (a)
   427   35,215
Yum! Brands, Inc.
   1,653   211,716
          8,184,208
HOUSEHOLD DURABLES — 0.5%  
D.R. Horton, Inc.
   15,497   1,381,403
Garmin, Ltd.
   13,108   1,209,737
Lennar Corp. Class A
   6,871   621,826
Mohawk Industries, Inc. (a)
   1,382   141,268
Newell Brands, Inc.
   7,838   102,521
NVR, Inc. (a)
   129   595,023
PulteGroup, Inc.
   13,346   607,643
Whirlpool Corp.
   1,729   244,584
          4,904,005
HOUSEHOLD PRODUCTS — 1.2%  
Church & Dwight Co., Inc.
   21,212   1,709,899
Clorox Co.
   826   115,913
Colgate-Palmolive Co.
   17,850   1,406,401
Kimberly-Clark Corp.
   9,409   1,277,272
Procter & Gamble Co.
   41,273   6,255,336
          10,764,821
 
See accompanying notes to financial statements.
31

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.0% (b)  
AES Corp.
   7,881   $ 226,657
Vistra Corp.
   7,643   177,318
          403,975
INDUSTRIAL CONGLOMERATES — 1.1%  
3M Co.
   27,995   3,357,161
General Electric Co.
   11,942   1,000,620
Honeywell International, Inc.
   26,281   5,632,018
          9,989,799
INSURANCE — 3.7%  
Aflac, Inc.
   24,713   1,777,853
Allstate Corp.
   7,092   961,675
American Financial Group, Inc.
   12,274   1,684,975
American International Group, Inc.
   19,704   1,246,081
Aon PLC Class A
   6,001   1,801,140
Arch Capital Group, Ltd. (a)
   5,351   335,936
Arthur J Gallagher & Co.
   17,147   3,232,895
Assurant, Inc.
   10,483   1,311,004
Brown & Brown, Inc.
   1,581   90,070
Chubb, Ltd.
   7,992   1,763,035
Cincinnati Financial Corp.
   2,658   272,153
Erie Indemnity Co. Class A
   4,988   1,240,615
Everest Re Group, Ltd.
   867   287,211
Fidelity National Financial, Inc.
   14,057   528,824
Globe Life, Inc.
   1,495   180,222
Hartford Financial Services Group, Inc.
   10,082   764,518
Lincoln National Corp.
   6,070   186,471
Loews Corp.
   5,224   304,716
Markel Corp. (a)
   222   292,483
Marsh & McLennan Cos., Inc.
   21,219   3,511,320
MetLife, Inc.
   13,763   996,028
Principal Financial Group, Inc.
   10,519   882,755
Progressive Corp.
   31,781   4,122,314
Prudential Financial, Inc.
   8,183   813,881
Travelers Cos., Inc.
   16,598   3,111,959
W R Berkley Corp.
   2,095   152,034
Willis Towers Watson PLC
   5,674   1,387,747
          33,239,915
INTERACTIVE MEDIA & SERVICES — 3.9%  
Alphabet, Inc. Class A (a)
   117,798   10,393,318
Alphabet, Inc. Class C (a)
   141,225   12,530,894
Match Group, Inc. (a)
   833   34,561
Meta Platforms, Inc. Class A (a)
   102,571   12,343,394
Pinterest, Inc. Class A (a)
   1,181   28,675
Snap, Inc. Class A (a)
   434   3,884
ZoomInfo Technologies, Inc. (a)
   542   16,320
          35,351,046
INTERNET & DIRECT MARKETING RETAIL — 0.6%  
Amazon.com, Inc. (a)
   60,471   5,079,564
Chewy, Inc. Class A (a)  (c)
   43   1,594
DoorDash, Inc. Class A (a)
   492   24,020
eBay, Inc.
   9,974   413,622
Security Description     Shares   Value
Etsy, Inc. (a)
   567   $ 67,915
MercadoLibre, Inc. (a)
   53   44,851
          5,631,566
IT SERVICES — 7.9%  
Accenture PLC Class A
   37,095   9,898,430
Affirm Holdings, Inc. (a)  (c)
   621   6,005
Akamai Technologies, Inc. (a)
   17,960   1,514,028
Automatic Data Processing, Inc.
   27,907   6,665,866
Block, Inc. (a)
   3,017   189,588
Broadridge Financial Solutions, Inc.
   15,939   2,137,898
Cloudflare, Inc. Class A (a)
   104   4,702
Cognizant Technology Solutions Corp. Class A
   38,453   2,199,127
EPAM Systems, Inc. (a)
   1,732   567,646
Fidelity National Information Services, Inc.
   12,017   815,353
Fiserv, Inc. (a)
   17,979   1,817,137
FleetCor Technologies, Inc. (a)
   550   101,024
Gartner, Inc. (a)
   1,750   588,245
Global Payments, Inc.
   4,015   398,770
GoDaddy, Inc. Class A (a)
   517   38,682
International Business Machines Corp.
   33,554   4,727,423
Jack Henry & Associates, Inc.
   15,157   2,660,963
Mastercard, Inc. Class A
   38,128   13,258,249
MongoDB, Inc. (a)
   5   984
Okta, Inc. (a)
   704   48,104
Paychex, Inc.
   49,001   5,662,556
PayPal Holdings, Inc. (a)
   6,785   483,228
Snowflake, Inc. Class A (a)
   256   36,746
SS&C Technologies Holdings, Inc.
   2,377   123,747
Toast, Inc. Class A (a)
   225   4,057
Twilio, Inc. Class A (a)
   884   43,281
VeriSign, Inc. (a)
   8,253   1,695,496
Visa, Inc. Class A
   71,514   14,857,749
Western Union Co.
   69,093   951,411
          71,496,495
LEISURE EQUIPMENT & PRODUCTS — 0.0% (b)  
Hasbro, Inc.
   1,328   81,021
LIFE SCIENCES TOOLS & SERVICES — 1.1%  
Agilent Technologies, Inc.
   9,654   1,444,721
Avantor, Inc. (a)
   3,464   73,056
Bio-Rad Laboratories, Inc. Class A (a)
   621   261,124
Bio-Techne Corp.
   407   33,732
Charles River Laboratories International, Inc. (a)
   315   68,639
Danaher Corp.
   15,805   4,194,963
Illumina, Inc. (a)
   686   138,709
IQVIA Holdings, Inc. (a)
   1,052   215,544
Mettler-Toledo International, Inc. (a)
   69   99,736
PerkinElmer, Inc.
   1,024   143,585
Repligen Corp. (a)
   135   22,857
Thermo Fisher Scientific, Inc.
   3,650   2,010,019
Waters Corp. (a)
   270   92,497
 
See accompanying notes to financial statements.
32

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
West Pharmaceutical Services, Inc.
   3,958   $ 931,515
          9,730,697
MACHINERY — 1.1%  
Caterpillar, Inc.
   3,999   958,000
Cummins, Inc.
   5,364   1,299,644
Deere & Co.
   1,886   808,641
Dover Corp.
   1,245   168,585
Fortive Corp.
   2,307   148,225
IDEX Corp.
   2,402   548,449
Illinois Tool Works, Inc.
   13,543   2,983,523
Ingersoll Rand, Inc.
   3,461   180,837
Nordson Corp.
   1,708   406,026
Otis Worldwide Corp.
   5,170   404,863
PACCAR, Inc.
   4,150   410,726
Parker-Hannifin Corp.
   1,151   334,941
Pentair PLC
   6,084   273,658
Snap-on, Inc.
   2,036   465,206
Stanley Black & Decker, Inc.
   4,085   306,865
Westinghouse Air Brake Technologies Corp.
   2,240   223,574
Xylem, Inc.
   1,333   147,390
          10,069,153
MEDIA — 0.9%  
Charter Communications, Inc. Class A (a)
   2,798   948,802
Comcast Corp. Class A
   118,645   4,149,016
DISH Network Corp. Class A (a)
   9,425   132,327
Fox Corp. Class A
   5,715   173,564
Fox Corp. Class B
   8,802   250,417
Interpublic Group of Cos., Inc.
   5,679   189,167
Liberty Broadband Corp. Class C (a)
   10,258   782,378
Liberty Media Corp.-Liberty SiriusXM Class A (a)
   1,161   45,639
Liberty Media Corp.-Liberty SiriusXM Class C (a)
   2,155   84,325
News Corp. Class A
   5,878   106,980
Omnicom Group, Inc.
   8,321   678,744
Paramount Global Class B
   30,547   515,633
Sirius XM Holdings, Inc.
   7,588   44,314
          8,101,306
METALS & MINING — 0.8%  
Alcoa Corp.
   2,159   98,170
Cleveland-Cliffs, Inc. (a)
   33,421   538,412
Freeport-McMoRan, Inc.
   9,945   377,910
Newmont Corp.
   79,915   3,771,988
Nucor Corp.
   11,285   1,487,476
Steel Dynamics, Inc.
   7,895   771,341
          7,045,297
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.0% (b)  
Annaly Capital Management, Inc. REIT
   4,679   98,633
Security Description     Shares   Value
MULTI-UTILITIES — 1.4%  
Ameren Corp.
   12,467   $ 1,108,566
CenterPoint Energy, Inc.
   5,867   175,951
CMS Energy Corp.
   13,185   835,006
Consolidated Edison, Inc.
   39,680   3,781,901
Dominion Energy, Inc.
   25,970   1,592,480
DTE Energy Co.
   8,663   1,018,162
NiSource, Inc.
   5,711   156,596
Public Service Enterprise Group, Inc.
   5,379   329,571
Sempra Energy
   3,185   492,210
WEC Energy Group, Inc.
   32,106   3,010,259
          12,500,702
MULTILINE RETAIL — 0.8%  
Dollar General Corp.
   14,028   3,454,395
Dollar Tree, Inc. (a)
   2,169   306,784
Target Corp.
   25,429   3,789,938
          7,551,117
OIL, GAS & CONSUMABLE FUELS — 1.9%  
APA Corp.
   819   38,231
Cheniere Energy, Inc.
   7,946   1,191,582
Chesapeake Energy Corp.
   2,948   278,203
Chevron Corp.
   16,446   2,951,892
ConocoPhillips
   8,909   1,051,262
Coterra Energy, Inc.
   7,258   178,329
Devon Energy Corp.
   2,946   181,208
Diamondback Energy, Inc.
   1,132   154,835
EOG Resources, Inc.
   4,330   560,822
EQT Corp.
   2,883   97,532
Exxon Mobil Corp.
   38,032   4,194,930
Hess Corp.
   1,170   165,929
HF Sinclair Corp.
   2,457   127,494
Kinder Morgan, Inc.
   25,297   457,370
Marathon Oil Corp.
   7,322   198,207
Marathon Petroleum Corp.
   9,778   1,138,061
Occidental Petroleum Corp.
   5,418   341,280
ONEOK, Inc.
   3,711   243,813
Ovintiv, Inc.
   1,566   79,412
Phillips 66
   8,121   845,234
Pioneer Natural Resources Co.
   1,628   371,819
Targa Resources Corp.
   1,175   86,362
Texas Pacific Land Corp.
   230   539,173
Valero Energy Corp.
   6,639   842,223
Williams Cos., Inc.
   21,701   713,963
          17,029,166
PERSONAL PRODUCTS — 0.2%  
Estee Lauder Cos., Inc. Class A
   7,690   1,907,966
PHARMACEUTICALS — 8.2%  
Bristol-Myers Squibb Co.
   56,953   4,097,768
Catalent, Inc. (a)
   2,377   106,989
Elanco Animal Health, Inc. (a)
   3,689   45,080
Eli Lilly & Co.
   41,999   15,364,914
Jazz Pharmaceuticals PLC (a)
   558   88,895
Johnson & Johnson
   120,009   21,199,590
 
See accompanying notes to financial statements.
33

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Merck & Co., Inc.
   138,255   $ 15,339,392
Pfizer, Inc.
   275,741   14,128,969
Royalty Pharma PLC Class A
   2,553   100,894
Viatris, Inc.
   43,092   479,614
Zoetis, Inc.
   22,200   3,253,410
          74,205,515
PROFESSIONAL SERVICES — 0.5%  
Booz Allen Hamilton Holding Corp.
   11,361   1,187,452
Clarivate PLC (a)
   2,295   19,140
CoStar Group, Inc. (a)
   1,613   124,653
Equifax, Inc.
   598   116,227
Jacobs Solutions, Inc.
   1,584   190,191
Leidos Holdings, Inc.
   1,638   172,301
Robert Half International, Inc.
   4,604   339,913
TransUnion
   1,151   65,319
Verisk Analytics, Inc.
   10,552   1,861,584
          4,076,780
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (b)  
CBRE Group, Inc. Class A (a)
   4,487   345,320
Zillow Group, Inc. Class C (a)  (c)
   1,301   41,905
          387,225
ROAD & RAIL — 1.2%  
CSX Corp.
   16,380   507,453
JB Hunt Transport Services, Inc.
   3,213   560,219
Knight-Swift Transportation Holdings, Inc.
   5,424   284,272
Norfolk Southern Corp.
   4,852   1,195,630
Old Dominion Freight Line, Inc.
   11,594   3,290,145
Uber Technologies, Inc. (a)
   6,407   158,445
U-Haul Holding Co.
   15,143   832,562
Union Pacific Corp.
   20,362   4,216,359
          11,045,085
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.7%  
Advanced Micro Devices, Inc. (a)
   9,579   620,432
Analog Devices, Inc.
   3,147   516,202
Applied Materials, Inc.
   35,777   3,483,964
Broadcom, Inc.
   14,352   8,024,634
Enphase Energy, Inc. (a)
   122   32,325
Entegris, Inc.
   647   42,437
First Solar, Inc. (a)
   535   80,138
Intel Corp.
   226,024   5,973,814
KLA Corp.
   725   273,347
Lam Research Corp.
   6,007   2,524,742
Marvell Technology, Inc.
   2,872   106,379
Microchip Technology, Inc.
   2,547   178,927
Micron Technology, Inc.
   22,550   1,127,049
Monolithic Power Systems, Inc.
   1,312   463,936
NVIDIA Corp.
   77,091   11,266,079
NXP Semiconductors NV
   1,304   206,071
ON Semiconductor Corp. (a)
   2,698   168,274
Qorvo, Inc. (a)
   1,147   103,964
QUALCOMM, Inc.
   44,389   4,880,127
Skyworks Solutions, Inc.
   6,482   590,705
Security Description     Shares   Value
SolarEdge Technologies, Inc. (a)
   151   $ 42,774
Teradyne, Inc.
   6,589   575,549
Texas Instruments, Inc.
   64,001   10,574,245
Wolfspeed, Inc. (a)  (c)
   255   17,605
          51,873,719
SOFTWARE — 5.3%  
Adobe, Inc. (a)
   15,835   5,328,953
ANSYS, Inc. (a)
   301   72,719
Aspen Technology, Inc. (a)
   233   47,858
Autodesk, Inc. (a)
   510   95,304
Bentley Systems, Inc. Class B
   514   18,997
Bill.Com Holdings, Inc. (a)
   246   26,804
Black Knight, Inc. (a)
   16,184   999,362
Cadence Design Systems, Inc. (a)
   9,126   1,466,001
Ceridian HCM Holding, Inc. (a)
   300   19,245
Crowdstrike Holdings, Inc. Class A (a)
   35   3,685
Datadog, Inc. Class A (a)
   44   3,234
DocuSign, Inc. (a)
   40   2,217
Dropbox, Inc. Class A (a)
   1,063   23,790
Dynatrace, Inc. (a)
   113   4,328
Fair Isaac Corp. (a)
   78   46,689
Fortinet, Inc. (a)
   965   47,179
Gen Digital, Inc.
   107,785   2,309,833
HubSpot, Inc. (a)
   23   6,650
Intuit, Inc.
   969   377,154
Microsoft Corp.
   110,461   26,490,757
Oracle Corp.
   56,168   4,591,172
Palantir Technologies, Inc. Class A (a)
   2,422   15,549
Palo Alto Networks, Inc. (a)
   165   23,024
Paycom Software, Inc. (a)
   1,581   490,600
Paylocity Holding Corp. (a)
   1,130   219,514
PTC, Inc. (a)
   290   34,812
Roper Technologies, Inc.
   5,209   2,250,757
Salesforce, Inc. (a)
   5,401   716,119
ServiceNow, Inc. (a)
   219   85,031
Splunk, Inc. (a)
   183   15,754
Synopsys, Inc. (a)
   494   157,729
Trade Desk, Inc. Class A (a)
   422   18,918
Tyler Technologies, Inc. (a)
   145   46,749
Unity Software, Inc. (a)
   380   10,864
VMware, Inc. Class A (a)
   13,238   1,625,097
Workday, Inc. Class A (a)
   344   57,561
Zoom Video Communications, Inc. Class A (a)
   1,121   75,937
Zscaler, Inc. (a)
   29   3,245
          47,829,191
SPECIALTY RETAIL — 3.4%  
Advance Auto Parts, Inc.
   810   119,094
AutoZone, Inc. (a)
   1,321   3,257,824
Bath & Body Works, Inc.
   3,251   136,997
Best Buy Co., Inc.
   12,976   1,040,805
Burlington Stores, Inc. (a)
   516   104,624
CarMax, Inc. (a)
   4,175   254,216
 
See accompanying notes to financial statements.
34

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Home Depot, Inc.
   63,017   $ 19,904,550
Lowe's Cos., Inc.
   8,008   1,595,514
O'Reilly Automotive, Inc. (a)
   2,368   1,998,663
Ross Stores, Inc.
   2,731   316,987
TJX Cos., Inc.
   6,687   532,285
Tractor Supply Co.
   3,984   896,280
Ulta Beauty, Inc. (a)
   1,826   856,522
          31,014,361
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%  
Apple, Inc.
   175,954   22,861,703
Dell Technologies, Inc. Class C
   24,968   1,004,213
Hewlett Packard Enterprise Co.
   37,705   601,772
HP, Inc.
   24,457   657,159
NetApp, Inc.
   12,038   723,002
Seagate Technology Holdings PLC
   2,403   126,422
Western Digital Corp. (a)
   8,605   271,488
          26,245,759
TEXTILES, APPAREL & LUXURY GOODS — 0.7%  
Lululemon Athletica, Inc. (a)
   4,275   1,369,625
NIKE, Inc. Class B
   40,013   4,681,921
VF Corp.
   3,726   102,875
          6,154,421
TOBACCO — 0.2%  
Altria Group, Inc.
   9,001   411,436
Philip Morris International, Inc.
   9,990   1,011,088
          1,422,524
TRADING COMPANIES & DISTRIBUTORS — 0.4%  
Fastenal Co.
   20,901   989,035
Ferguson PLC
   8,267   1,049,661
United Rentals, Inc. (a)
   1,013   360,041
W.W. Grainger, Inc.
   1,800   1,001,250
          3,399,987
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.
   2,701   411,686
Security Description     Shares   Value
Essential Utilities, Inc.
   1,946   $ 92,883
          504,569
WIRELESS TELECOMMUNICATION SERVICES — 0.6%  
T-Mobile US, Inc. (a)
   37,733   5,282,620
TOTAL COMMON STOCKS

(Cost $873,494,327)
         902,154,200
SHORT-TERM INVESTMENTS — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (e)  (f)
   758,680   758,832
State Street Navigator Securities Lending Portfolio II (d)  (g)
   346,556   346,556
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,105,437)
   1,105,388  
TOTAL INVESTMENTS — 100.0%

(Cost $874,599,764)
   903,259,588  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (b)
   272,945  
NET ASSETS — 100.0%
   $ 903,532,533  
(a) Non-income producing security.
(b) Amount is less than 0.05% of net assets.
(c) All or a portion of the shares of the security are on loan at December 31, 2022.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at December 31, 2022.
(g) Investment of cash collateral for securities loaned.
CVR Contingent Value Rights
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $902,154,163   $37   $—   $902,154,200
Short-Term Investments
   1,105,388   —   —   1,105,388
TOTAL INVESTMENTS
   $903,259,551   $37   $—   $903,259,588
See accompanying notes to financial statements.
35

Table of Contents
SPDR MSCI USA STRATEGICFACTORSSM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Corp.
 7,481   $ 461,204   $ 63,627   $ 21,890   $2,692   $118,185   8,042   $ 623,818   $ 9,962
State Street Institutional Liquid Reserves Fund, Premier Class
 606,676   606,615   16,003,884   15,851,296   (332)   (39)   758,680   758,832   16,830
State Street Navigator Securities Lending Portfolio II
 297,165   297,165   9,212,550   9,163,159   —   —   346,556   346,556   10,996
Total
     $1,364,984   $25,280,061   $25,036,345   $2,360   $118,146       $1,729,206   $37,788
See accompanying notes to financial statements.
36

Table of Contents
SPDR NYSE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AUTOMOBILES — 2.1%  
Tesla, Inc. (a)
   61,329   $ 7,554,506
COMMUNICATIONS EQUIPMENT — 3.0%  
Cisco Systems, Inc.
   226,440   10,787,602
ENTERTAINMENT — 2.8%  
Netflix, Inc. (a)
   34,373   10,135,910
HOTELS, RESTAURANTS & LEISURE — 5.7%  
Airbnb, Inc. Class A (a)
   115,884   9,908,082
Booking Holdings, Inc. (a)
   5,443   10,969,169
          20,877,251
INTERACTIVE MEDIA & SERVICES — 6.0%  
Alphabet, Inc. Class A (a)
   118,218   10,430,374
Meta Platforms, Inc. Class A (a)
   94,695   11,395,596
          21,825,970
INTERNET & DIRECT MARKETING RETAIL — 11.4%  
Alibaba Group Holding, Ltd. ADR (a)
   120,131   10,582,340
Amazon.com, Inc. (a)
   123,169   10,346,196
JD.com, Inc. ADR
   188,158   10,561,309
Pinduoduo, Inc. ADR (a)
   122,344   9,977,153
          41,466,998
IT SERVICES — 8.6%  
International Business Machines Corp.
   74,636   10,515,466
Shopify, Inc. Class A (a)
   285,916   9,924,144
Snowflake, Inc. Class A (a)
   76,160   10,932,007
          31,371,617
ROAD & RAIL — 2.8%  
Uber Technologies, Inc. (a)
   413,378   10,222,838
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 33.8%  
Advanced Micro Devices, Inc. (a)
   160,501   10,395,650
Analog Devices, Inc.
   64,851   10,637,509
Applied Materials, Inc.
   102,544   9,985,735
ASML Holding NV
   18,363   10,033,543
Broadcom, Inc.
   20,140   11,260,878
Intel Corp.
   388,655   10,272,152
Lam Research Corp.
   24,448   10,275,494
Security Description     Shares   Value
Micron Technology, Inc.
   199,969   $ 9,994,451
NVIDIA Corp.
   64,564   9,435,383
QUALCOMM, Inc.
   92,460   10,165,052
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
   135,970   10,128,405
Texas Instruments, Inc.
   63,003   10,409,356
          122,993,608
SOFTWARE — 20.8%  
Adobe, Inc. (a)
   33,270   11,196,353
Intuit, Inc.
   27,510   10,707,442
Microsoft Corp.
   44,764   10,735,303
Oracle Corp.
   137,385   11,229,850
Palo Alto Networks, Inc. (a)
   69,029   9,632,307
Salesforce, Inc. (a)
   83,955   11,131,593
ServiceNow, Inc. (a)
   27,934   10,845,934
          75,478,782
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.8%  
Apple, Inc.
   77,415   10,058,531
TOTAL COMMON STOCKS

(Cost $417,913,883)
         362,773,613
SHORT-TERM INVESTMENT — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (b) (c)

(Cost $590,630)
   590,467   590,586
TOTAL INVESTMENTS — 100.0%

(Cost $418,504,513)
   363,364,199  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (d)
   31,199  
NET ASSETS — 100.0%
   $ 363,395,398  
(a) Non-income producing security.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at December 31, 2022.
(d) Amount is less than 0.05% of net assets.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $362,773,613   $—   $—   $362,773,613
Short-Term Investment
   590,586   —   —   590,586
TOTAL INVESTMENTS
   $363,364,199   $—   $—   $363,364,199
See accompanying notes to financial statements.
37

Table of Contents
SPDR NYSE TECHNOLOGY ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 —   $—   $ 4,649,674   $ 4,059,126   $82   $(44)   590,467   $590,586   $ 7,539
State Street Navigator Securities Lending Portfolio II
 —   —   72,422,205   72,422,205   —   —   —   —   4,718
Total
     $—   $77,071,879   $76,481,331   $82   $(44)       $590,586   $12,257
See accompanying notes to financial statements.
38

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 2.0%  
Boeing Co. (a)
   21,914   $ 4,174,398
General Dynamics Corp.
   8,807   2,185,105
Howmet Aerospace, Inc.
   15,059   593,475
Huntington Ingalls Industries, Inc.
   1,560   359,861
L3Harris Technologies, Inc.
   7,449   1,550,956
Lockheed Martin Corp.
   9,124   4,438,735
Northrop Grumman Corp.
   5,694   3,106,703
Raytheon Technologies Corp.
   57,654   5,818,441
Textron, Inc.
   8,165   578,082
TransDigm Group, Inc.
   2,055   1,293,931
          24,099,687
AIR FREIGHT & LOGISTICS — 0.6%  
C.H. Robinson Worldwide, Inc.
   4,607   421,817
Expeditors International of Washington, Inc.
   6,226   647,006
FedEx Corp.
   9,368   1,622,538
United Parcel Service, Inc. Class B
   28,541   4,961,567
          7,652,928
AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)
   4,903   210,535
American Airlines Group, Inc. (a)
   24,881   316,486
Delta Air Lines, Inc. (a)
   24,786   814,468
Southwest Airlines Co.
   23,049   776,060
United Airlines Holdings, Inc. (a)
   12,504   471,401
          2,588,950
AUTO COMPONENTS — 0.1%  
Aptiv PLC (a)
   10,477   975,723
BorgWarner, Inc.
   9,253   372,433
          1,348,156
AUTOMOBILES — 1.4%  
Ford Motor Co.
   154,742   1,799,649
General Motors Co.
   55,573   1,869,476
Tesla, Inc. (a)
   104,992   12,932,915
          16,602,040
BANKS — 4.0%  
Bank of America Corp.
   273,011   9,042,124
Citigroup, Inc.
   75,459   3,413,011
Citizens Financial Group, Inc.
   19,170   754,723
Comerica, Inc.
   5,165   345,280
Fifth Third Bancorp
   26,627   873,632
First Republic Bank
   7,142   870,538
Huntington Bancshares, Inc.
   57,120   805,392
JPMorgan Chase & Co.
   114,874   15,404,604
KeyCorp.
   36,777   640,655
M&T Bank Corp.
   6,751   979,300
PNC Financial Services Group, Inc.
   15,776   2,491,662
Regions Financial Corp.
   37,212   802,291
Signature Bank
   2,429   279,869
SVB Financial Group (a)
   2,323   534,615
Security Description     Shares   Value
Truist Financial Corp.
   51,766   $ 2,227,491
US Bancorp
   52,805   2,302,826
Wells Fargo & Co.
   149,047   6,154,151
Zions Bancorp NA
   5,876   288,864
          48,211,028
BEVERAGES — 2.0%  
Brown-Forman Corp. Class B
   7,000   459,760
Coca-Cola Co.
   152,539   9,703,006
Constellation Brands, Inc. Class A
   6,356   1,473,003
Keurig Dr. Pepper, Inc.
   33,143   1,181,879
Molson Coors Beverage Co. Class B
   7,414   381,969
Monster Beverage Corp. (a)
   15,028   1,525,793
PepsiCo, Inc.
   53,913   9,739,923
          24,465,333
BIOTECHNOLOGY — 2.6%  
AbbVie, Inc.
   69,282   11,196,664
Amgen, Inc.
   20,886   5,485,499
Biogen, Inc. (a)
   5,657   1,566,536
Gilead Sciences, Inc.
   49,101   4,215,321
Incyte Corp. (a)
   7,371   592,039
Moderna, Inc. (a)
   12,924   2,321,409
Regeneron Pharmaceuticals, Inc. (a)
   4,216   3,041,802
Vertex Pharmaceuticals, Inc. (a)
   10,024   2,894,731
          31,314,001
BUILDING PRODUCTS — 0.5%  
A.O. Smith Corp.
   5,252   300,625
Allegion PLC
   3,601   379,041
Carrier Global Corp.
   32,710   1,349,288
Johnson Controls International PLC
   26,941   1,724,224
Masco Corp.
   8,823   411,769
Trane Technologies PLC
   9,145   1,537,183
          5,702,130
CAPITAL MARKETS — 3.2%  
Ameriprise Financial, Inc.
   4,162   1,295,922
Bank of New York Mellon Corp.
   28,581   1,301,007
BlackRock, Inc.
   5,893   4,175,957
Cboe Global Markets, Inc.
   4,114   516,184
Charles Schwab Corp.
   59,610   4,963,129
CME Group, Inc.
   14,041   2,361,135
FactSet Research Systems, Inc.
   1,455   583,761
Franklin Resources, Inc.
   10,604   279,733
Goldman Sachs Group, Inc.
   13,245   4,548,068
Intercontinental Exchange, Inc.
   21,716   2,227,844
Invesco, Ltd.
   17,773   319,736
MarketAxess Holdings, Inc.
   1,435   400,207
Moody's Corp.
   6,242   1,739,146
Morgan Stanley
   51,568   4,384,311
MSCI, Inc.
   3,125   1,453,656
Nasdaq, Inc.
   13,186   808,961
Northern Trust Corp.
   8,039   711,371
Raymond James Financial, Inc.
   7,531   804,687
 
See accompanying notes to financial statements.
39

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
S&P Global, Inc.
   13,026   $ 4,362,928
State Street Corp. (b)
   14,352   1,113,285
T Rowe Price Group, Inc.
   8,809   960,710
          39,311,738
CHEMICALS — 2.0%  
Air Products & Chemicals, Inc.
   8,677   2,674,772
Albemarle Corp.
   4,593   996,038
Celanese Corp.
   3,902   398,941
CF Industries Holdings, Inc.
   7,816   665,923
Corteva, Inc.
   27,948   1,642,783
Dow, Inc.
   27,527   1,387,086
DuPont de Nemours, Inc.
   19,433   1,333,687
Eastman Chemical Co.
   4,991   406,467
Ecolab, Inc.
   9,690   1,410,476
FMC Corp.
   5,063   631,862
International Flavors & Fragrances, Inc.
   9,965   1,044,731
Linde PLC
   19,339   6,307,995
LyondellBasell Industries NV Class A
   10,081   837,025
Mosaic Co.
   13,450   590,052
PPG Industries, Inc.
   9,100   1,144,234
Sherwin-Williams Co.
   9,224   2,189,132
          23,661,204
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Cintas Corp.
   3,373   1,523,314
Copart, Inc. (a)
   16,753   1,020,090
Republic Services, Inc.
   8,106   1,045,593
Rollins, Inc.
   9,054   330,833
Waste Management, Inc.
   14,635   2,295,939
          6,215,769
COMMUNICATIONS EQUIPMENT — 0.9%  
Arista Networks, Inc. (a)
   9,605   1,165,567
Cisco Systems, Inc.
   160,608   7,651,365
F5, Inc. (a)
   2,337   335,383
Juniper Networks, Inc.
   12,806   409,280
Motorola Solutions, Inc.
   6,557   1,689,804
          11,251,399
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.
   5,576   794,580
CONSTRUCTION MATERIALS — 0.1%  
Martin Marietta Materials, Inc.
   2,457   830,392
Vulcan Materials Co.
   5,162   903,918
          1,734,310
CONSUMER FINANCE — 0.5%  
American Express Co.
   23,349   3,449,815
Capital One Financial Corp.
   14,928   1,387,707
Discover Financial Services
   10,615   1,038,465
Synchrony Financial
   17,626   579,190
          6,455,177
CONTAINERS & PACKAGING — 0.3%  
Amcor PLC
   59,824   712,504
Security Description     Shares   Value
Avery Dennison Corp.
   3,102   $ 561,462
Ball Corp.
   12,762   652,649
International Paper Co.
   14,114   488,768
Packaging Corp. of America
   3,729   476,976
Sealed Air Corp.
   5,814   290,002
Westrock Co.
   10,275   361,269
          3,543,630
DISTRIBUTORS — 0.2%  
Genuine Parts Co.
   5,543   961,766
LKQ Corp.
   9,930   530,361
Pool Corp.
   1,491   450,774
          1,942,901
DIVERSIFIED FINANCIAL SERVICES — 1.8%  
Berkshire Hathaway, Inc. Class B (a)
   70,475   21,769,727
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%  
AT&T, Inc.
   279,051   5,137,329
Lumen Technologies, Inc.
   35,648   186,083
Verizon Communications, Inc.
   164,716   6,489,810
          11,813,222
ELECTRIC UTILITIES — 2.2%  
Alliant Energy Corp.
   9,621   531,175
American Electric Power Co., Inc.
   20,091   1,907,640
Constellation Energy Corp.
   12,792   1,102,798
Duke Energy Corp.
   30,118   3,101,853
Edison International
   14,934   950,101
Entergy Corp.
   7,959   895,387
Evergy, Inc.
   8,877   558,630
Eversource Energy
   13,621   1,141,985
Exelon Corp.
   38,722   1,673,952
FirstEnergy Corp.
   21,122   885,857
NextEra Energy, Inc.
   77,731   6,498,312
NRG Energy, Inc.
   9,430   300,063
PG&E Corp. (a)
   62,976   1,023,990
Pinnacle West Capital Corp.
   4,285   325,831
PPL Corp.
   28,801   841,565
Southern Co.
   42,586   3,041,066
Xcel Energy, Inc.
   21,346   1,496,568
          26,276,773
ELECTRICAL EQUIPMENT — 0.6%  
AMETEK, Inc.
   8,990   1,256,083
Eaton Corp. PLC
   15,554   2,441,200
Emerson Electric Co.
   23,107   2,219,658
Generac Holdings, Inc. (a)
   2,442   245,812
Rockwell Automation, Inc.
   4,494   1,157,520
          7,320,273
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%  
Amphenol Corp. Class A
   23,213   1,767,438
CDW Corp.
   5,336   952,903
Corning, Inc.
   29,711   948,969
Keysight Technologies, Inc. (a)
   7,057   1,207,241
TE Connectivity, Ltd.
   12,444   1,428,571
 
See accompanying notes to financial statements.
40

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Teledyne Technologies, Inc. (a)
   1,822   $ 728,636
Trimble, Inc. (a)
   9,617   486,236
Zebra Technologies Corp. Class A (a)
   2,069   530,512
          8,050,506
ENERGY EQUIPMENT & SERVICES — 0.5%  
Baker Hughes Co.
   39,421   1,164,102
Halliburton Co.
   35,828   1,409,832
Schlumberger, Ltd.
   55,236   2,952,916
          5,526,850
ENTERTAINMENT — 1.4%  
Activision Blizzard, Inc.
   27,712   2,121,354
Electronic Arts, Inc.
   10,275   1,255,400
Live Nation Entertainment, Inc. (a)
   5,540   386,360
Netflix, Inc. (a)
   17,355   5,117,642
Take-Two Interactive Software, Inc. (a)
   6,134   638,733
Walt Disney Co. (a)
   71,473   6,209,574
Warner Bros Discovery, Inc. (a)
   86,275   817,887
          16,546,950
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.7%  
Alexandria Real Estate Equities, Inc. REIT
   5,849   852,024
American Tower Corp. REIT
   18,180   3,851,615
AvalonBay Communities, Inc. REIT
   5,379   868,816
Boston Properties, Inc. REIT
   5,450   368,311
Camden Property Trust REIT
   4,134   462,512
Crown Castle, Inc. REIT
   16,909   2,293,537
Digital Realty Trust, Inc. REIT
   11,235   1,126,533
Equinix, Inc. REIT
   3,621   2,371,864
Equity Residential REIT
   13,262   782,458
Essex Property Trust, Inc. REIT
   2,541   538,489
Extra Space Storage, Inc. REIT
   5,146   757,388
Federal Realty Investment Trust REIT
   2,718   274,627
Healthpeak Properties, Inc. REIT
   20,913   524,289
Host Hotels & Resorts, Inc. REIT
   27,418   440,059
Invitation Homes, Inc. REIT
   22,718   673,361
Iron Mountain, Inc. REIT
   11,309   563,754
Kimco Realty Corp. REIT
   24,193   512,408
Mid-America Apartment Communities, Inc. REIT
   4,514   708,653
Prologis, Inc. REIT
   36,058   4,064,818
Public Storage REIT
   6,160   1,725,970
Realty Income Corp. REIT
   24,531   1,556,001
Regency Centers Corp. REIT
   6,168   385,500
SBA Communications Corp. REIT
   4,180   1,171,696
Simon Property Group, Inc. REIT
   12,680   1,489,646
UDR, Inc. REIT
   11,815   457,595
Ventas, Inc. REIT
   15,635   704,357
VICI Properties, Inc. REIT
   37,544   1,216,426
Vornado Realty Trust REIT
   6,179   128,585
Welltower, Inc. REIT
   18,481   1,211,429
Security Description     Shares   Value
Weyerhaeuser Co. REIT
   28,975   $ 898,225
          32,980,946
FOOD & STAPLES RETAILING — 1.6%  
Costco Wholesale Corp.
   17,285   7,890,602
Kroger Co.
   25,481   1,135,943
Sysco Corp.
   19,773   1,511,646
Walgreens Boots Alliance, Inc.
   27,798   1,038,533
Walmart, Inc.
   55,206   7,827,659
          19,404,383
FOOD PRODUCTS — 1.3%  
Archer-Daniels-Midland Co.
   21,490   1,995,346
Campbell Soup Co.
   7,860   446,055
Conagra Brands, Inc.
   18,567   718,543
General Mills, Inc.
   23,217   1,946,745
Hershey Co.
   5,723   1,325,275
Hormel Foods Corp.
   11,325   515,854
JM Smucker Co.
   4,188   663,630
Kellogg Co.
   9,895   704,920
Kraft Heinz Co.
   31,076   1,265,104
Lamb Weston Holdings, Inc.
   5,577   498,361
McCormick & Co., Inc.
   9,804   812,654
Mondelez International, Inc. Class A
   53,638   3,574,973
Tyson Foods, Inc. Class A
   11,505   716,186
          15,183,646
GAS UTILITIES — 0.0% (c)  
Atmos Energy Corp.
   5,352   599,799
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%  
Abbott Laboratories
   68,392   7,508,758
ABIOMED, Inc. (CVR) (a)
   3   3
Align Technology, Inc. (a)
   2,820   594,738
Baxter International, Inc.
   19,718   1,005,026
Becton Dickinson & Co.
   11,149   2,835,191
Boston Scientific Corp. (a)
   56,027   2,592,369
Cooper Cos., Inc.
   1,928   637,532
DENTSPLY SIRONA, Inc.
   8,598   273,760
DexCom, Inc. (a)
   15,111   1,711,170
Edwards Lifesciences Corp. (a)
   24,036   1,793,326
Hologic, Inc. (a)
   9,978   746,454
IDEXX Laboratories, Inc. (a)
   3,285   1,340,149
Intuitive Surgical, Inc. (a)
   13,825   3,668,464
Medtronic PLC
   51,860   4,030,559
ResMed, Inc.
   5,706   1,187,590
STERIS PLC
   3,932   726,201
Stryker Corp.
   13,172   3,220,422
Teleflex, Inc.
   1,845   460,567
Zimmer Biomet Holdings, Inc.
   8,207   1,046,393
          35,378,672
HEALTH CARE PROVIDERS & SERVICES — 3.8%  
AmerisourceBergen Corp.
   6,343   1,051,099
Cardinal Health, Inc.
   10,254   788,225
Centene Corp. (a)
   22,150   1,816,522
Cigna Corp.
   11,958   3,962,164
 
See accompanying notes to financial statements.
41

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
CVS Health Corp.
   51,249   $ 4,775,894
DaVita, Inc. (a)
   2,388   178,312
Elevance Health, Inc.
   9,347   4,794,731
HCA Healthcare, Inc.
   8,292   1,989,748
Henry Schein, Inc. (a)
   5,439   434,413
Humana, Inc.
   5,000   2,560,950
Laboratory Corp. of America Holdings
   3,467   816,409
McKesson Corp.
   5,567   2,088,293
Molina Healthcare, Inc. (a)
   2,288   755,543
Quest Diagnostics, Inc.
   4,453   696,627
UnitedHealth Group, Inc.
   36,547   19,376,488
Universal Health Services, Inc. Class B
   2,510   353,634
          46,439,052
HOTELS, RESTAURANTS & LEISURE — 2.1%  
Booking Holdings, Inc. (a)
   1,516   3,055,165
Caesars Entertainment, Inc. (a)
   8,286   344,698
Carnival Corp. (a)  (d)
   37,952   305,893
Chipotle Mexican Grill, Inc. (a)
   1,094   1,517,914
Darden Restaurants, Inc.
   4,793   663,016
Domino's Pizza, Inc.
   1,401   485,306
Expedia Group, Inc. (a)
   5,901   516,928
Hilton Worldwide Holdings, Inc.
   10,714   1,353,821
Las Vegas Sands Corp. (a)
   12,814   615,969
Marriott International, Inc. Class A
   10,524   1,566,918
McDonald's Corp.
   28,721   7,568,845
MGM Resorts International
   12,707   426,066
Norwegian Cruise Line Holdings, Ltd. (a)
   16,785   205,448
Royal Caribbean Cruises, Ltd. (a)
   8,628   426,482
Starbucks Corp.
   44,811   4,445,251
Wynn Resorts, Ltd. (a)
   4,052   334,168
Yum! Brands, Inc.
   11,178   1,431,678
          25,263,566
HOUSEHOLD DURABLES — 0.4%  
D.R. Horton, Inc.
   12,241   1,091,163
Garmin, Ltd.
   5,890   543,588
Lennar Corp. Class A
   10,108   914,774
Mohawk Industries, Inc. (a)
   2,224   227,337
Newell Brands, Inc.
   14,612   191,125
NVR, Inc. (a)
   119   548,897
PulteGroup, Inc.
   8,912   405,763
Whirlpool Corp.
   2,290   323,944
          4,246,591
HOUSEHOLD PRODUCTS — 1.6%  
Church & Dwight Co., Inc.
   9,442   761,120
Clorox Co.
   4,852   680,881
Colgate-Palmolive Co.
   32,523   2,562,487
Kimberly-Clark Corp.
   13,179   1,789,049
Procter & Gamble Co.
   92,692   14,048,400
          19,841,937
Security Description     Shares   Value
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%  
AES Corp.
   25,877   $ 744,223
INDUSTRIAL CONGLOMERATES — 1.0%  
3M Co.
   21,736   2,606,581
General Electric Co.
   43,061   3,608,081
Honeywell International, Inc.
   26,294   5,634,805
          11,849,467
INSURANCE — 2.6%  
Aflac, Inc.
   22,449   1,614,981
Allstate Corp.
   10,374   1,406,715
American International Group, Inc.
   29,061   1,837,818
Aon PLC Class A
   8,090   2,428,133
Arch Capital Group, Ltd. (a)
   14,467   908,238
Arthur J Gallagher & Co.
   8,242   1,553,947
Assurant, Inc.
   2,069   258,749
Brown & Brown, Inc.
   9,054   515,807
Chubb, Ltd.
   16,348   3,606,369
Cincinnati Financial Corp.
   6,224   637,275
Everest Re Group, Ltd.
   1,531   507,174
Globe Life, Inc.
   3,735   450,254
Hartford Financial Services Group, Inc.
   12,616   956,671
Lincoln National Corp.
   6,437   197,745
Loews Corp.
   7,825   456,432
Marsh & McLennan Cos., Inc.
   19,544   3,234,141
MetLife, Inc.
   25,781   1,865,771
Principal Financial Group, Inc.
   8,902   747,056
Progressive Corp.
   22,897   2,969,970
Prudential Financial, Inc.
   14,566   1,448,734
Travelers Cos., Inc.
   9,166   1,718,533
W R Berkley Corp.
   8,097   587,599
Willis Towers Watson PLC
   4,322   1,057,075
          30,965,187
INTERACTIVE MEDIA & SERVICES — 4.1%  
Alphabet, Inc. Class A (a)
   233,641   20,614,145
Alphabet, Inc. Class C (a)
   207,110   18,376,870
Match Group, Inc. (a)
   10,898   452,158
Meta Platforms, Inc. Class A (a)
   87,961   10,585,227
          50,028,400
INTERNET & DIRECT MARKETING RETAIL — 2.5%  
Amazon.com, Inc. (a)
   347,036   29,151,024
eBay, Inc.
   21,751   902,014
Etsy, Inc. (a)
   4,960   594,109
          30,647,147
IT SERVICES — 4.6%  
Accenture PLC Class A
   24,681   6,585,878
Akamai Technologies, Inc. (a)
   6,376   537,497
Automatic Data Processing, Inc.
   16,306   3,894,851
Broadridge Financial Solutions, Inc.
   4,591   615,791
Cognizant Technology Solutions Corp. Class A
   20,327   1,162,501
 
See accompanying notes to financial statements.
42

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
DXC Technology Co. (a)
   9,898   $ 262,297
EPAM Systems, Inc. (a)
   2,251   737,743
Fidelity National Information Services, Inc.
   23,211   1,574,866
Fiserv, Inc. (a)
   24,927   2,519,372
FleetCor Technologies, Inc. (a)
   2,915   535,427
Gartner, Inc. (a)
   3,125   1,050,438
Global Payments, Inc.
   10,576   1,050,408
International Business Machines Corp.
   35,363   4,982,293
Jack Henry & Associates, Inc.
   2,794   490,515
Mastercard, Inc. Class A
   33,207   11,547,070
Paychex, Inc.
   12,421   1,435,371
PayPal Holdings, Inc. (a)
   44,592   3,175,842
VeriSign, Inc. (a)
   3,609   741,433
Visa, Inc. Class A
   64,049   13,306,820
          56,206,413
LEISURE EQUIPMENT & PRODUCTS — 0.0% (c)  
Hasbro, Inc.
   5,012   305,782
LIFE SCIENCES TOOLS & SERVICES — 2.0%  
Agilent Technologies, Inc.
   11,716   1,753,299
Bio-Rad Laboratories, Inc. Class A (a)
   850   357,417
Bio-Techne Corp.
   5,992   496,617
Charles River Laboratories International, Inc. (a)
   2,010   437,979
Danaher Corp.
   25,571   6,787,055
Illumina, Inc. (a)
   6,077   1,228,769
IQVIA Holdings, Inc. (a)
   7,267   1,488,936
Mettler-Toledo International, Inc. (a)
   874   1,263,323
PerkinElmer, Inc.
   4,902   687,358
Thermo Fisher Scientific, Inc.
   15,342   8,448,686
Waters Corp. (a)
   2,325   796,499
West Pharmaceutical Services, Inc.
   2,895   681,338
          24,427,276
MACHINERY — 2.0%  
Caterpillar, Inc.
   20,358   4,876,962
Cummins, Inc.
   5,480   1,327,749
Deere & Co.
   10,742   4,605,740
Dover Corp.
   5,508   745,838
Fortive Corp.
   14,054   902,969
IDEX Corp.
   2,949   673,345
Illinois Tool Works, Inc.
   10,932   2,408,320
Ingersoll Rand, Inc.
   15,849   828,110
Nordson Corp.
   2,108   501,114
Otis Worldwide Corp.
   16,512   1,293,055
PACCAR, Inc.
   13,600   1,345,992
Parker-Hannifin Corp.
   4,995   1,453,545
Pentair PLC
   6,464   290,751
Snap-on, Inc.
   2,081   475,488
Stanley Black & Decker, Inc.
   5,767   433,217
Westinghouse Air Brake Technologies Corp.
   7,112   709,849
Security Description     Shares   Value
Xylem, Inc.
   6,909   $ 763,928
          23,635,972
MEDIA — 0.8%  
Charter Communications, Inc. Class A (a)
   4,200   1,424,220
Comcast Corp. Class A
   168,746   5,901,047
DISH Network Corp. Class A (a)
   9,546   134,026
Fox Corp. Class A
   12,654   384,302
Fox Corp. Class B
   5,777   164,356
Interpublic Group of Cos., Inc.
   15,269   508,610
News Corp. Class A
   15,279   278,078
News Corp. Class B
   4,827   89,010
Omnicom Group, Inc.
   8,247   672,708
Paramount Global Class B
   19,707   332,654
          9,889,011
METALS & MINING — 0.4%  
Freeport-McMoRan, Inc.
   55,909   2,124,542
Newmont Corp.
   30,851   1,456,167
Nucor Corp.
   10,036   1,322,845
          4,903,554
MULTI-UTILITIES — 0.9%  
Ameren Corp.
   9,959   885,554
CenterPoint Energy, Inc.
   24,821   744,382
CMS Energy Corp.
   11,325   717,212
Consolidated Edison, Inc.
   13,953   1,329,861
Dominion Energy, Inc.
   32,431   1,988,669
DTE Energy Co.
   7,586   891,583
NiSource, Inc.
   15,885   435,567
Public Service Enterprise Group, Inc.
   19,608   1,201,382
Sempra Energy
   12,280   1,897,751
WEC Energy Group, Inc.
   12,336   1,156,623
          11,248,584
MULTILINE RETAIL — 0.5%  
Dollar General Corp.
   8,825   2,173,156
Dollar Tree, Inc. (a)
   8,185   1,157,687
Target Corp.
   18,004   2,683,316
          6,014,159
OIL, GAS & CONSUMABLE FUELS — 0.9%  
Kinder Morgan, Inc.
   77,426   1,399,862
Marathon Petroleum Corp.
   18,332   2,133,661
ONEOK, Inc.
   17,480   1,148,436
Phillips 66
   18,486   1,924,023
Targa Resources Corp.
   8,856   650,916
Valero Energy Corp.
   15,082   1,913,303
Williams Cos., Inc.
   47,643   1,567,455
          10,737,656
PERSONAL PRODUCTS — 0.2%  
Estee Lauder Cos., Inc. Class A
   9,046   2,244,403
PHARMACEUTICALS — 5.1%  
Bristol-Myers Squibb Co.
   83,343   5,996,529
Catalent, Inc. (a)
   7,060   317,771
 
See accompanying notes to financial statements.
43

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Eli Lilly & Co.
   30,849   $ 11,285,798
Johnson & Johnson
   102,270   18,065,995
Merck & Co., Inc.
   99,169   11,002,801
Organon & Co.
   9,965   278,322
Pfizer, Inc.
   219,929   11,269,162
Viatris, Inc.
   46,925   522,275
Zoetis, Inc.
   18,254   2,675,124
          61,413,777
PROFESSIONAL SERVICES — 0.4%  
CoStar Group, Inc. (a)
   15,907   1,229,293
Equifax, Inc.
   4,756   924,376
Jacobs Solutions, Inc.
   5,085   610,556
Leidos Holdings, Inc.
   5,557   584,541
Robert Half International, Inc.
   4,255   314,147
Verisk Analytics, Inc.
   6,260   1,104,389
          4,767,302
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)
   12,537   964,848
ROAD & RAIL — 0.9%  
CSX Corp.
   82,236   2,547,671
JB Hunt Transport Services, Inc.
   3,318   578,527
Norfolk Southern Corp.
   9,056   2,231,580
Old Dominion Freight Line, Inc.
   3,545   1,006,000
Union Pacific Corp.
   24,048   4,979,619
          11,343,397
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%  
Advanced Micro Devices, Inc. (a)
   63,140   4,089,578
Analog Devices, Inc.
   20,117   3,299,791
Applied Materials, Inc.
   33,652   3,277,032
Broadcom, Inc.
   15,841   8,857,178
Enphase Energy, Inc. (a)
   5,287   1,400,844
Intel Corp.
   161,425   4,266,463
KLA Corp.
   5,542   2,089,500
Lam Research Corp.
   5,383   2,262,475
Microchip Technology, Inc.
   21,676   1,522,739
Micron Technology, Inc.
   42,527   2,125,499
Monolithic Power Systems, Inc.
   1,743   616,342
NVIDIA Corp.
   97,399   14,233,890
NXP Semiconductors NV
   10,243   1,618,701
ON Semiconductor Corp. (a)
   16,868   1,052,057
Qorvo, Inc. (a)
   4,222   382,682
QUALCOMM, Inc.
   44,061   4,844,066
Skyworks Solutions, Inc.
   6,428   585,784
SolarEdge Technologies, Inc. (a)
   2,214   627,160
Teradyne, Inc.
   6,094   532,311
Texas Instruments, Inc.
   35,499   5,865,145
          63,549,237
SOFTWARE — 8.7%  
Adobe, Inc. (a)
   18,185   6,119,798
ANSYS, Inc. (a)
   3,389   818,748
Autodesk, Inc. (a)
   8,564   1,600,355
Security Description     Shares   Value
Cadence Design Systems, Inc. (a)
   10,728   $ 1,723,346
Ceridian HCM Holding, Inc. (a)
   5,992   384,387
Fortinet, Inc. (a)
   25,363   1,239,997
Gen Digital, Inc.
   22,451   481,125
Intuit, Inc.
   10,985   4,275,582
Microsoft Corp.
   291,587   69,928,394
Oracle Corp.
   60,113   4,913,637
Paycom Software, Inc. (a)
   1,885   584,934
PTC, Inc. (a)
   4,134   496,245
Roper Technologies, Inc.
   4,134   1,786,260
Salesforce, Inc. (a)
   39,114   5,186,125
ServiceNow, Inc. (a)
   7,901   3,067,721
Synopsys, Inc. (a)
   5,968   1,905,523
Tyler Technologies, Inc. (a)
   1,616   521,015
          105,033,192
SPECIALTY RETAIL — 2.5%  
Advance Auto Parts, Inc.
   2,415   355,078
AutoZone, Inc. (a)
   745   1,837,304
Bath & Body Works, Inc.
   8,903   375,172
Best Buy Co., Inc.
   7,837   628,606
CarMax, Inc. (a)
   6,355   386,956
Home Depot, Inc.
   40,045   12,648,614
Lowe's Cos., Inc.
   24,281   4,837,747
O'Reilly Automotive, Inc. (a)
   2,448   2,066,185
Ross Stores, Inc.
   13,573   1,575,418
TJX Cos., Inc.
   45,727   3,639,869
Tractor Supply Co.
   4,326   973,220
Ulta Beauty, Inc. (a)
   2,006   940,954
          30,265,123
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.5%  
Apple, Inc.
   584,926   75,999,435
Hewlett Packard Enterprise Co.
   50,604   807,640
HP, Inc.
   35,440   952,273
NetApp, Inc.
   8,742   525,045
Seagate Technology Holdings PLC
   7,781   409,358
Western Digital Corp. (a)
   12,427   392,072
          79,085,823
TEXTILES, APPAREL & LUXURY GOODS — 0.5%  
NIKE, Inc. Class B
   49,314   5,770,231
Ralph Lauren Corp.
   1,761   186,085
Tapestry, Inc.
   9,424   358,866
VF Corp.
   12,589   347,582
          6,662,764
TOBACCO — 0.8%  
Altria Group, Inc.
   70,441   3,219,858
Philip Morris International, Inc.
   60,570   6,130,290
          9,350,148
TRADING COMPANIES & DISTRIBUTORS — 0.2%  
Fastenal Co.
   22,281   1,054,337
United Rentals, Inc. (a)
   2,765   982,736
 
See accompanying notes to financial statements.
44

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
W.W. Grainger, Inc.
   1,757   $ 977,331
          3,014,404
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.
   7,110   1,083,706
WIRELESS TELECOMMUNICATION SERVICES — 0.3%  
T-Mobile US, Inc. (a)
   23,516   3,292,240
TOTAL COMMON STOCKS

(Cost $1,167,062,630)
         1,207,211,049
SHORT-TERM INVESTMENTS — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (e)  (f)
   1,151,262   1,151,492
State Street Navigator Securities Lending Portfolio II (b)  (g)
   270,914   270,914
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,422,316)
   1,422,406  
TOTAL INVESTMENTS — 99.9%

(Cost $1,168,484,946)
   1,208,633,455  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
  704,076  
NET ASSETS — 100.0%
   $ 1,209,337,531  
    
(a) Non-income producing security.
(b) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(c) Amount is less than 0.05% of net assets.
(d) All or a portion of the shares of the security are on loan at December 31, 2022.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at December 31, 2022.
(g) Investment of cash collateral for securities loaned.
CVR Contingent Value Rights
REIT Real Estate Investment Trust
 
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   10   03/17/2023   $1,995,613   $1,930,500   $(65,113)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $1,950,446.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 1,207,211,046   $ 3   $—   $ 1,207,211,049
Short-Term Investments
   1,422,406   —   —   1,422,406
TOTAL INVESTMENTS
   $1,208,633,452   $ 3   $—   $1,208,633,455
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   (65,113)   —   —   (65,113)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (65,113)   $—   $—   $ (65,113)
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
45

Table of Contents
SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Corp.
 13,655   $ 841,831   $ 88,006   $ 37,289   $4,909   $215,828   14,352   $ 1,113,285   $17,624
State Street Institutional Liquid Reserves Fund, Premier Class
 2,455,547   2,455,302   13,864,724   15,169,212   576   102   1,151,262   1,151,492   26,345
State Street Navigator Securities Lending Portfolio II
 2,313   2,313   4,809,966   4,541,365   —   —   270,914   270,914   826
Total
     $3,299,446   $18,762,696   $19,747,866   $5,485   $215,930       $2,535,691   $44,795
See accompanying notes to financial statements.
46

Table of Contents
SPDR S&P CAPITAL MARKETS ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.6%          
ASSET MANAGEMENT & CUSTODY BANKS — 44.7%          
Affiliated Managers Group, Inc.
     11,212   $ 1,776,317
Ameriprise Financial, Inc.
     5,399   1,681,087
Ares Management Corp. Class A
     25,079   1,716,407
Artisan Partners Asset Management, Inc. Class A
     50,072   1,487,138
Assetmark Financial Holdings, Inc. (a)
     12,095   278,185
Bank of New York Mellon Corp.
     38,705   1,761,851
BlackRock, Inc.
     2,452   1,737,561
Blackstone, Inc.
     22,151   1,643,383
Blucora, Inc. (a)
     48,552   1,239,532
Blue Owl Capital, Inc. (b)
     155,832   1,651,819
Bridge Investment Group Holdings, Inc. Class A
     21,256   256,135
Brightsphere Investment Group, Inc.
     44,905   924,145
Carlyle Group, Inc.
     58,640   1,749,818
Cohen & Steers, Inc.
     22,330   1,441,625
Diamond Hill Investment Group, Inc.
     1,872   346,357
Federated Hermes, Inc.
     47,773   1,734,638
Focus Financial Partners, Inc. Class A (a)
     47,108   1,755,715
Franklin Resources, Inc.
     65,186   1,719,607
Hamilton Lane, Inc. Class A
     24,780   1,582,946
Invesco, Ltd.
     94,396   1,698,184
Janus Henderson Group PLC
     69,437   1,633,158
KKR & Co., Inc.
     36,076   1,674,648
Northern Trust Corp.
     19,705   1,743,695
P10, Inc. Class A
     28,622   305,397
SEI Investments Co.
     28,566   1,665,398
State Street Corp. (c)
     21,881   1,697,309
StepStone Group, Inc. Class A
     43,746   1,101,524
T Rowe Price Group, Inc.
     14,448   1,575,699
TPG, Inc. (b)
     54,380   1,513,395
Victory Capital Holdings, Inc. Class A
     44,484   1,193,506
Virtus Investment Partners, Inc.
     9,079   1,738,084
WisdomTree, Inc.
     167,337   911,987
          44,936,250
FINANCIAL EXCHANGES & DATA — 22.6%          
Cboe Global Markets, Inc.
     13,923   1,746,919
CME Group, Inc.
     9,698   1,630,816
Coinbase Global, Inc. Class A (a)
     43,037   1,523,079
Donnelley Financial Solutions, Inc. (a)
     36,248   1,400,985
FactSet Research Systems, Inc.
     3,854   1,546,263
Intercontinental Exchange, Inc.
     16,774   1,720,845
MarketAxess Holdings, Inc.
     6,188   1,725,771
Moody's Corp.
     6,017   1,676,457
Morningstar, Inc.
     7,429   1,609,047
MSCI, Inc.
     3,519   1,636,933
Security Description     Shares   Value
Nasdaq, Inc.
     27,390   $ 1,680,377
Open Lending Corp. Class A (a)
     214,737   1,449,475
S&P Global, Inc.
     4,993   1,672,355
Tradeweb Markets, Inc. Class A
     26,881   1,745,383
          22,764,705
INVESTMENT BANKING & BROKERAGE — 32.3%          
B Riley Financial, Inc. (b)
     40,041   1,369,402
BGC Partners, Inc. Class A
     247,515   933,131
Charles Schwab Corp.
     21,781   1,813,486
Cowen, Inc. Class A
     44,886   1,733,497
Evercore, Inc. Class A
     16,083   1,754,334
Goldman Sachs Group, Inc.
     4,826   1,657,152
Houlihan Lokey, Inc.
     18,550   1,616,818
Interactive Brokers Group, Inc. Class A
     22,976   1,662,314
Jefferies Financial Group, Inc.
     48,529   1,663,574
Lazard, Ltd. Class A
     48,252   1,672,897
LPL Financial Holdings, Inc.
     7,866   1,700,393
Moelis & Co. Class A
     41,600   1,596,192
Morgan Stanley
     19,401   1,649,473
Perella Weinberg Partners Class A
     53,145   520,821
Piper Sandler Cos.
     12,726   1,656,798
PJT Partners, Inc. Class A
     22,214   1,636,950
Raymond James Financial, Inc.
     15,257   1,630,210
Robinhood Markets, Inc. Class A (a)
     186,062   1,514,545
Stifel Financial Corp.
     28,978   1,691,446
StoneX Group, Inc. (a)
     13,653   1,301,131
Virtu Financial, Inc. Class A
     80,363   1,640,209
          32,414,773
TOTAL COMMON STOCKS

(Cost $121,934,843)
         100,115,728
SHORT-TERM INVESTMENTS — 3.5%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (d)  (e)
     302,337   302,398
State Street Navigator Securities Lending Portfolio II (c)  (f)
     3,212,102   3,212,102
TOTAL SHORT-TERM INVESTMENTS

(Cost $3,514,512)
         3,514,500
TOTAL INVESTMENTS — 103.1%

(Cost $125,449,355)
       103,630,228
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.1)%
         (3,124,707)
NET ASSETS — 100.0%
         $ 100,505,521
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
 
See accompanying notes to financial statements.
47

Table of Contents
SPDR S&P CAPITAL MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
(c) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2022.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 100,115,728   $—   $—   $ 100,115,728
Short-Term Investments
   3,514,500   —   —   3,514,500
TOTAL INVESTMENTS
   $103,630,228   $—   $—   $103,630,228
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Corp.
 23,444   $1,445,323   $ 491,561   $ 652,447   $(113,503)   $526,375   21,881   $1,697,309   $32,655
State Street Institutional Liquid Reserves Fund, Premier Class
 164,042   164,025   2,158,542   2,020,234   72   (7)   302,337   302,398   3,045
State Street Navigator Securities Lending Portfolio II
 2,984,921   2,984,921   24,184,330   23,957,149   —   —   3,212,102   3,212,102   13,643
Total
     $4,594,269   $26,834,433   $26,629,830   $(113,431)   $526,368       $ 5,211,809   $49,343
See accompanying notes to financial statements.
48

Table of Contents
SPDR S&P HEALTH CARE EQUIPMENT ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%          
HEALTH CARE EQUIPMENT — 76.9%          
Abbott Laboratories
     52,935   $ 5,811,734
Alphatec Holdings, Inc. (a)  (b)
     504,482   6,230,353
AngioDynamics, Inc. (a)
     260,680   3,589,564
Artivion, Inc. (a)
     222,840   2,700,821
AtriCure, Inc. (a)
     133,780   5,937,156
AxoGen, Inc. (a)
     152,058   1,517,539
Axonics, Inc. (a)
     88,329   5,523,212
Baxter International, Inc.
     108,648   5,537,788
Becton Dickinson & Co.
     22,984   5,844,831
Boston Scientific Corp. (a)
     123,103   5,695,976
Butterfly Network, Inc. (a)  (b)
     2,100,017   5,166,042
Cardiovascular Systems, Inc. (a)
     207,609   2,827,635
CONMED Corp.
     62,464   5,536,809
Cutera, Inc. (a)  (b)
     118,242   5,228,661
DexCom, Inc. (a)
     48,867   5,533,699
Edwards Lifesciences Corp. (a)
     76,896   5,737,210
Enovis Corp. (a)
     105,488   5,645,718
Envista Holdings Corp. (a)
     173,296   5,834,876
Glaukos Corp. (a)
     125,188   5,468,212
Globus Medical, Inc. Class A (a)
     79,041   5,870,375
Heska Corp. (a)
     75,321   4,681,953
Hologic, Inc. (a)
     76,906   5,753,338
IDEXX Laboratories, Inc. (a)
     13,529   5,519,291
Inari Medical, Inc. (a)
     83,189   5,287,493
Inogen, Inc. (a)
     138,906   2,737,837
Inspire Medical Systems, Inc. (a)
     24,503   6,171,816
Insulet Corp. (a)
     18,825   5,541,892
Integer Holdings Corp. (a)
     78,378   5,365,758
Integra LifeSciences Holdings Corp. (a)
     101,844   5,710,393
Intuitive Surgical, Inc. (a)
     21,031   5,580,576
iRhythm Technologies, Inc. (a)
     57,307   5,367,947
LeMaitre Vascular, Inc.
     63,835   2,937,687
LivaNova PLC (a)
     104,924   5,827,479
Masimo Corp. (a)
     41,094   6,079,857
Medtronic PLC
     72,414   5,628,016
Mesa Laboratories, Inc. (b)
     32,766   5,446,037
Nevro Corp. (a)
     135,115   5,350,554
Novocure, Ltd. (a)  (b)
     75,579   5,543,720
NuVasive, Inc. (a)
     137,431   5,667,654
Omnicell, Inc. (a)
     119,711   6,035,829
Orthofix Medical, Inc. (a)
     141,701   2,909,121
Outset Medical, Inc. (a)
     226,119   5,838,392
Paragon 28, Inc. (a)  (b)
     112,632   2,152,397
Penumbra, Inc. (a)
     26,323   5,855,814
PROCEPT BioRobotics Corp. (a)
     132,937   5,522,203
QuidelOrtho Corp. (a)
     61,658   5,282,241
ResMed, Inc.
     25,906   5,391,816
Security Description     Shares   Value
Senseonics Holdings, Inc. (a)  (b)
     2,597,940   $ 2,675,878
Shockwave Medical, Inc. (a)
     24,737   5,086,174
SI-BONE, Inc. (a)  (b)
     175,321   2,384,366
STERIS PLC
     29,648   5,475,689
Stryker Corp.
     23,265   5,688,060
Surmodics, Inc. (a)
     22,841   779,335
Tandem Diabetes Care, Inc. (a)
     131,983   5,932,636
Teleflex, Inc.
     23,008   5,743,487
TransMedics Group, Inc. (a)
     96,786   5,973,632
Treace Medical Concepts, Inc. (a)
     209,495   4,816,290
Varex Imaging Corp. (a)
     182,532   3,705,400
ViewRay, Inc. (a)
     508,494   2,278,053
Zimmer Biomet Holdings, Inc.
     45,748   5,832,870
          296,797,192
HEALTH CARE SUPPLIES — 23.1%          
Align Technology, Inc. (a)
     30,142   6,356,948
Atrion Corp.
     4,209   2,354,725
Avanos Medical, Inc. (a)
     155,147   4,198,278
Cerus Corp. (a)  (b)
     827,463   3,020,240
Cooper Cos., Inc.
     18,390   6,081,021
DENTSPLY SIRONA, Inc.
     188,070   5,988,149
Embecta Corp.
     178,236   4,507,588
Figs, Inc. Class A (a)
     769,060   5,175,774
Haemonetics Corp. (a)
     71,014   5,585,251
ICU Medical, Inc. (a)
     37,016   5,829,280
Lantheus Holdings, Inc. (a)
     106,753   5,440,133
Meridian Bioscience, Inc. (a)
     182,699   6,067,434
Merit Medical Systems, Inc. (a)
     78,551   5,547,271
Neogen Corp. (a)
     376,891   5,740,050
OrthoPediatrics Corp. (a)
     78,105   3,103,112
Silk Road Medical, Inc. (a)
     107,318   5,671,756
STAAR Surgical Co. (a)
     94,898   4,606,349
UFP Technologies, Inc. (a)
     34,519   4,069,445
          89,342,804
TOTAL COMMON STOCKS

(Cost $438,531,614)
         386,139,996
SHORT-TERM INVESTMENTS — 3.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     35,919   35,926
 
See accompanying notes to financial statements.
49

Table of Contents
SPDR S&P HEALTH CARE EQUIPMENT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)
     11,919,949   $ 11,919,949
TOTAL SHORT-TERM INVESTMENTS

(Cost $11,955,875)
         11,955,875
TOTAL INVESTMENTS — 103.1%

(Cost $450,487,489)
       398,095,871
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.1)%
         (11,857,302)
NET ASSETS — 100.0%
         $ 386,238,569
    
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $386,139,996   $—   $—   $386,139,996
Short-Term Investments
   11,955,875   —   —   11,955,875
TOTAL INVESTMENTS
   $398,095,871   $—   $—   $398,095,871
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 8,355,432   $ 8,354,597   $ 30,427,841   $ 38,749,084   $1,758   $814   35,919   $ 35,926   $ 11,247
State Street Navigator Securities Lending Portfolio II
 13,512,232   13,512,232   103,139,850   104,732,133   —   —   11,919,949   11,919,949   173,560
Total
     $21,866,829   $133,567,691   $143,481,217   $1,758   $814       $11,955,875   $184,807
See accompanying notes to financial statements.
50

Table of Contents
SPDR S&P HEALTH CARE SERVICES ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
HEALTH CARE SERVICES — 52.7%          
1Life Healthcare, Inc. (a)
     115,194   $ 1,924,892
23andMe Holding Co. Class A (a)
     606,177   1,309,342
Accolade, Inc. (a)
     154,969   1,207,208
Addus HomeCare Corp. (a)
     18,625   1,853,001
Agiliti, Inc. (a)  (b)
     38,543   628,636
agilon health, Inc. (a)  (b)
     110,999   1,791,524
Amedisys, Inc. (a)
     22,098   1,846,067
AMN Healthcare Services, Inc. (a)
     16,695   1,716,580
Apollo Medical Holdings, Inc. (a)
     67,086   1,985,075
Castle Biosciences, Inc. (a)
     48,479   1,141,196
Chemed Corp.
     3,719   1,898,289
Cigna Corp.
     5,784   1,916,471
CorVel Corp. (a)
     10,729   1,559,246
Cross Country Healthcare, Inc. (a)
     63,329   1,682,652
CVS Health Corp.
     18,904   1,761,664
DaVita, Inc. (a)
     25,846   1,929,921
DocGo, Inc. (a)
     236,927   1,675,074
Enhabit, Inc. (a)
     123,709   1,628,010
Fulgent Genetics, Inc. (a)  (b)
     56,381   1,679,026
Guardant Health, Inc. (a)
     41,400   1,126,080
Hims & Hers Health, Inc. (a)
     236,917   1,518,638
Invitae Corp. (a)  (b)
     817,617   1,520,768
Laboratory Corp. of America Holdings
     8,229   1,937,765
LHC Group, Inc. (a)
     11,664   1,885,952
LifeStance Health Group, Inc. (a)  (b)
     171,945   849,408
ModivCare, Inc. (a)
     15,857   1,422,849
National Research Corp.
     9,119   340,139
Oak Street Health, Inc. (a)  (b)
     90,633   1,949,516
OPKO Health, Inc. (a)  (b)
     639,912   799,890
Option Care Health, Inc. (a)
     64,628   1,944,656
Pediatrix Medical Group, Inc. (a)
     117,798   1,750,478
Premier, Inc. Class A
     57,630   2,015,897
Privia Health Group, Inc. (a)
     83,503   1,896,353
Quest Diagnostics, Inc.
     12,908   2,019,327
R1 RCM, Inc. (a)  (b)
     186,545   2,042,668
RadNet, Inc. (a)
     46,762   880,528
Signify Health, Inc. Class A (a)
     67,086   1,922,685
          58,957,471
HEALTH CARE DISTRIBUTORS — 11.6%          
AdaptHealth Corp. (a)
     88,260   1,696,357
AmerisourceBergen Corp.
     11,622   1,925,882
Cardinal Health, Inc.
     24,776   1,904,531
Henry Schein, Inc. (a)
     23,664   1,890,044
McKesson Corp.
     5,175   1,941,246
Owens & Minor, Inc.
     90,716   1,771,683
Security Description     Shares   Value
Patterson Cos., Inc.
     66,394   $ 1,861,024
          12,990,767
HEALTH CARE FACILITIES — 20.8%          
Acadia Healthcare Co., Inc. (a)
     23,361   1,923,078
Brookdale Senior Living, Inc. (a)
     667,153   1,821,328
Cano Health, Inc. (a)  (b)
     1,343,637   1,840,783
Community Health Systems, Inc. (a)
     348,057   1,503,606
Encompass Health Corp.
     34,215   2,046,399
Ensign Group, Inc.
     21,147   2,000,718
HCA Healthcare, Inc.
     8,089   1,941,036
National HealthCare Corp.
     9,875   587,562
Select Medical Holdings Corp.
     80,903   2,008,821
Surgery Partners, Inc. (a)
     75,259   2,096,716
Tenet Healthcare Corp. (a)
     43,918   2,142,759
Universal Health Services, Inc. Class B
     15,091   2,126,171
US Physical Therapy, Inc.
     15,409   1,248,591
          23,287,568
MANAGED HEALTH CARE — 14.8%          
Alignment Healthcare, Inc. (a)
     165,924   1,951,266
Centene Corp. (a)
     22,277   1,826,937
Clover Health Investments Corp. (a)  (b)
     1,700,356   1,580,481
Elevance Health, Inc.
     3,659   1,876,957
HealthEquity, Inc. (a)
     30,733   1,894,382
Humana, Inc.
     3,604   1,845,933
Molina Healthcare, Inc. (a)
     5,630   1,859,139
Progyny, Inc. (a)
     61,191   1,906,100
UnitedHealth Group, Inc.
     3,564   1,889,561
          16,630,756
TOTAL COMMON STOCKS

(Cost $134,804,247)
         111,866,562
SHORT-TERM INVESTMENTS — 6.5%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     97,379   97,399
State Street Navigator Securities Lending Portfolio II (e)  (f)
     7,141,749   7,141,749
TOTAL SHORT-TERM INVESTMENTS

(Cost $7,239,138)
         7,239,148
TOTAL INVESTMENTS — 106.4%

(Cost $142,043,385)
       119,105,710
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.4)%
         (7,142,237)
NET ASSETS — 100.0%
         $ 111,963,473
    
 
See accompanying notes to financial statements.
51

Table of Contents
SPDR S&P HEALTH CARE SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 111,866,562   $—   $—   $ 111,866,562
Short-Term Investments
   7,239,148   —   —   7,239,148
TOTAL INVESTMENTS
   $119,105,710   $—   $—   $119,105,710
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,413,986   $1,413,845   $ 740,237   $ 2,056,747   $54   $10   97,379   $ 97,399   $ 1,863
State Street Navigator Securities Lending Portfolio II
 7,377,998   7,377,998   220,105,336   220,341,585   —   —   7,141,749   7,141,749   28,697
Total
     $8,791,843   $220,845,573   $222,398,332   $54   $10       $7,239,148   $30,560
See accompanying notes to financial statements.
52

Table of Contents
SPDR S&P INSURANCE ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%          
INSURANCE BROKERS — 13.1%          
Aon PLC Class A
     37,490   $ 11,252,249
Arthur J Gallagher & Co.
     59,685   11,253,010
Brown & Brown, Inc.
     198,801   11,325,693
Marsh & McLennan Cos., Inc.
     66,828   11,058,697
Ryan Specialty Holdings, Inc. Class A (a)
     279,345   11,595,611
Willis Towers Watson PLC
     46,840   11,456,127
          67,941,387
LIFE & HEALTH INSURANCE — 26.3%          
Aflac, Inc.
     163,678   11,774,995
American Equity Investment Life Holding Co.
     225,762   10,299,262
Brighthouse Financial, Inc. (a)
     219,099   11,233,206
CNO Financial Group, Inc.
     358,881   8,200,431
Genworth Financial, Inc. Class A (a)
     1,322,832   6,997,781
Globe Life, Inc.
     98,107   11,826,799
Lincoln National Corp.
     361,058   11,091,702
MetLife, Inc.
     158,631   11,480,126
Primerica, Inc.
     64,854   9,197,594
Principal Financial Group, Inc.
     130,083   10,916,565
Prudential Financial, Inc.
     112,766   11,215,706
Trupanion, Inc. (a)  (b)
     217,883   10,355,979
Unum Group
     285,851   11,728,467
          136,318,613
MULTI-LINE INSURANCE — 6.6%          
American International Group, Inc.
     182,876   11,565,078
Assurant, Inc.
     87,874   10,989,522
Hartford Financial Services Group, Inc.
     153,148   11,613,213
          34,167,813
PROPERTY & CASUALTY INSURANCE — 46.2%          
Allstate Corp.
     89,111   12,083,452
American Financial Group, Inc.
     84,265   11,567,899
Arch Capital Group, Ltd. (a)
     190,774   11,976,792
Assured Guaranty, Ltd.
     134,293   8,361,082
Axis Capital Holdings, Ltd.
     199,111   10,785,843
Chubb, Ltd.
     52,686   11,622,532
Cincinnati Financial Corp.
     107,937   11,051,669
Erie Indemnity Co. Class A
     31,134   7,743,649
Fidelity National Financial, Inc.
     306,798   11,541,741
First American Financial Corp.
     219,314   11,478,895
Hanover Insurance Group, Inc.
     82,238   11,112,821
Kemper Corp.
     100,977   4,968,068
Kinsale Capital Group, Inc.
     40,277   10,533,241
Security Description     Shares   Value
Loews Corp.
     202,786   $ 11,828,507
Markel Corp. (a)
     8,809   11,605,769
Old Republic International Corp.
     477,376   11,528,630
Palomar Holdings, Inc. (a)
     133,194   6,015,041
Progressive Corp.
     88,547   11,485,431
RLI Corp.
     68,532   8,996,196
Selective Insurance Group, Inc.
     126,861   11,241,153
Travelers Cos., Inc.
     61,672   11,562,883
W R Berkley Corp.
     155,399   11,277,306
White Mountains Insurance Group, Ltd.
     6,447   9,118,186
          239,486,786
REINSURANCE — 7.6%          
Enstar Group, Ltd. (a)
     20,904   4,829,660
Everest Re Group, Ltd.
     34,467   11,417,883
Reinsurance Group of America, Inc.
     81,420   11,568,968
RenaissanceRe Holdings, Ltd.
     61,533   11,336,225
          39,152,736
TOTAL COMMON STOCKS

(Cost $551,064,951)
         517,067,335
SHORT-TERM INVESTMENTS — 2.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     1,001,760   1,001,960
State Street Navigator Securities Lending Portfolio II (e)  (f)
     9,871,594   9,871,594
TOTAL SHORT-TERM INVESTMENTS

(Cost $10,873,608)
         10,873,554
TOTAL INVESTMENTS — 101.9%

(Cost $561,938,559)
       527,940,889
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
         (10,058,671)
NET ASSETS — 100.0%
         $ 517,882,218
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
53

Table of Contents
SPDR S&P INSURANCE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $517,067,335   $—   $—   $517,067,335
Short-Term Investments
   10,873,554   —   —   10,873,554
TOTAL INVESTMENTS
   $527,940,889   $—   $—   $527,940,889
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 965,614   $ 965,518   $10,608,708   $10,572,247   $18   $(37)   1,001,760   $ 1,001,960   $10,472
State Street Navigator Securities Lending Portfolio II
 10,706,454   10,706,454   59,701,358   60,536,218   —   —   9,871,594   9,871,594   22,762
Total
     $ 11,671,972   $70,310,066   $71,108,465   $18   $(37)       $10,873,554   $33,234
See accompanying notes to financial statements.
54

Table of Contents
SPDR S&P INTERNET ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%          
INTERACTIVE MEDIA & SERVICES — 40.8%          
Alphabet, Inc. Class C (a)
     5,506   $ 488,547
Bumble, Inc. Class A (a)
     21,869   460,343
Cargurus, Inc. (a)
     39,598   554,768
Cars.com, Inc. (a)
     17,355   238,978
Eventbrite, Inc. Class A (a)  (b)
     42,138   246,929
fuboTV, Inc. (a)
     210,864   366,903
IAC, Inc. (a)
     11,110   493,284
Match Group, Inc. (a)
     11,758   487,840
Meta Platforms, Inc. Class A (a)
     4,421   532,023
Pinterest, Inc. Class A (a)
     22,124   537,171
QuinStreet, Inc. (a)
     7,615   109,275
Shutterstock, Inc.
     10,195   537,480
Snap, Inc. Class A (a)
     54,222   485,287
TripAdvisor, Inc. (a)
     27,712   498,262
Vimeo, Inc. (a)
     106,167   364,153
Yelp, Inc. (a)
     18,326   501,033
Ziff Davis, Inc. (a)
     5,964   471,752
ZipRecruiter, Inc. Class A (a)  (b)
     29,281   480,794
ZoomInfo Technologies, Inc. (a)
     17,645   531,291
          8,386,113
INTERNET & DIRECT MARKETING RETAIL — 30.1%          
Amazon.com, Inc. (a)
     5,751   483,084
Chewy, Inc. Class A (a)  (b)
     11,739   435,282
ContextLogic, Inc. Class A (a)
     831,681   405,611
DoorDash, Inc. Class A (a)
     9,271   452,610
eBay, Inc.
     11,741   486,899
Etsy, Inc. (a)
     4,042   484,151
Liquidity Services, Inc. (a)
     6,842   96,198
Overstock.com, Inc. (a)  (b)
     22,356   432,812
PetMed Express, Inc. (b)
     14,998   265,465
Poshmark, Inc. Class A (a)
     28,624   511,797
Qurate Retail, Inc. Class A (a)
     258,787   421,823
Revolve Group, Inc. (a)  (b)
     19,814   441,060
Stitch Fix, Inc. Class A (a)  (b)
     131,630   409,369
Wayfair, Inc. Class A (a)  (b)
     13,573   446,416
Xometry, Inc. Class A (a)
     12,826   413,382
          6,185,959
INTERNET SERVICES & INFRASTRUCTURE — 29.1%          
Akamai Technologies, Inc. (a)
     5,756   485,231
BigCommerce Holdings, Inc. Class 1 (a)
     56,308   492,132
Security Description     Shares   Value
Cloudflare, Inc. Class A (a)
     10,582   $ 478,412
DigitalOcean Holdings, Inc. (a)
     17,440   444,197
Fastly, Inc. Class A (a)
     53,823   440,810
GoDaddy, Inc. Class A (a)
     6,858   513,116
MongoDB, Inc. (a)
     2,672   525,956
Okta, Inc. (a)
     7,954   543,497
Snowflake, Inc. Class A (a)
     3,545   508,849
Squarespace, Inc. Class A (a)
     18,282   405,312
Tucows, Inc. Class A (a)  (b)
     1,801   61,090
Twilio, Inc. Class A (a)
     11,249   550,751
VeriSign, Inc. (a)
     2,592   532,501
          5,981,854
TOTAL COMMON STOCKS

(Cost $39,181,555)
         20,553,926
SHORT-TERM INVESTMENTS — 8.2%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     15,906   15,909
State Street Navigator Securities Lending Portfolio II (e)  (f)
     1,676,648   1,676,648
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,692,557)
         1,692,557
TOTAL INVESTMENTS — 108.2%

(Cost $40,874,112)
       22,246,483
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.2)%
         (1,681,454)
NET ASSETS — 100.0%
         $ 20,565,029
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
55

Table of Contents
SPDR S&P INTERNET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $20,553,926   $—   $—   $20,553,926
Short-Term Investments
   1,692,557   —   —   1,692,557
TOTAL INVESTMENTS
   $22,246,483   $—   $—   $22,246,483
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 10,399   $ 10,398   $ 148,280   $ 142,780   $ 9   $ 2   15,906   $ 15,909   $ 364
State Street Navigator Securities Lending Portfolio II
 2,539,837   2,539,837   12,035,155   12,898,344   —   —   1,676,648   1,676,648   8,849
Total
     $2,550,235   $12,183,435   $13,041,124   $ 9   $ 2       $1,692,557   $9,213
See accompanying notes to financial statements.
56

Table of Contents
SPDR S&P METALS & MINING ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%          
ALUMINUM — 9.4%          
Alcoa Corp.
     1,974,720   $ 89,790,519
Arconic Corp. (a)
     1,766,120   37,371,099
Century Aluminum Co. (a)
     4,499,314   36,804,389
Kaiser Aluminum Corp.
     283,416   21,528,279
          185,494,286
COAL & CONSUMABLE FUELS — 21.3%          
Arch Resources, Inc.
     621,805   88,787,536
CONSOL Energy, Inc.
     1,300,136   84,508,840
Enviva, Inc.
     1,160,814   61,488,317
Peabody Energy Corp. (a)  (b)
     3,171,419   83,788,890
Uranium Energy Corp. (a)  (b)
     25,919,042   100,565,883
          419,139,466
COPPER — 4.5%          
Freeport-McMoRan, Inc.
     2,306,763   87,656,994
DIVERSIFIED METALS & MINING — 9.1%          
5E Advanced Materials, Inc. (a)  (b)
     585,433   4,613,212
Compass Minerals International, Inc.
     791,349   32,445,309
Materion Corp.
     268,700   23,513,937
MP Materials Corp. (a)  (b)
     2,879,712   69,919,408
Piedmont Lithium, Inc. (a)  (b)
     1,100,454   48,441,985
          178,933,851
GOLD — 11.5%          
Coeur Mining, Inc. (a)
     13,571,609   45,600,606
Newmont Corp.
     1,918,522   90,554,239
Royal Gold, Inc.
     805,193   90,761,355
          226,916,200
SILVER — 4.4%          
Hecla Mining Co.
     15,354,465   85,370,825
STEEL — 39.6%          
Alpha Metallurgical Resources, Inc.
     578,137   84,633,475
ATI, Inc. (a)
     2,498,009   74,590,549
Carpenter Technology Corp.
     548,274   20,253,241
Cleveland-Cliffs, Inc. (a)
     5,743,027   92,520,165
Commercial Metals Co.
     1,855,682   89,629,441
Haynes International, Inc.
     122,143   5,580,714
Nucor Corp.
     604,674   79,702,080
Reliance Steel & Aluminum Co.
     438,389   88,747,469
Security Description     Shares   Value
Ryerson Holding Corp.
     502,773   $ 15,213,911
Schnitzer Steel Industries, Inc. Class A
     376,111   11,527,802
Steel Dynamics, Inc.
     820,280   80,141,356
SunCoke Energy, Inc.
     1,355,554   11,698,431
TimkenSteel Corp. (a)
     996,199   18,100,936
United States Steel Corp.
     3,503,320   87,758,166
Worthington Industries, Inc.
     397,127   19,741,183
          779,838,919
TOTAL COMMON STOCKS

(Cost $2,228,982,107)
         1,963,350,541
SHORT-TERM INVESTMENTS — 3.8%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     2,360,369   2,360,841
State Street Navigator Securities Lending Portfolio II (e)  (f)
     72,102,723   72,102,723
TOTAL SHORT-TERM INVESTMENTS

(Cost $74,463,561)
         74,463,564
TOTAL INVESTMENTS — 103.6%

(Cost $2,303,445,668)
       2,037,814,105
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%
         (70,439,668)
NET ASSETS — 100.0%
         $ 1,967,374,437
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
57

Table of Contents
SPDR S&P METALS & MINING ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $1,963,350,541   $—   $—   $1,963,350,541
Short-Term Investments
   74,463,564   —   —   74,463,564
TOTAL INVESTMENTS
   $2,037,814,105   $—   $—   $2,037,814,105
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation(a) 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
Century Aluminum Co.
 8,762,356   $ 64,578,564   $ 46,105,363   $ 75,455,680   $(48,430,594)   $ —   —   $ —*   $ —
Coeur Mining, Inc.
 15,162,062   46,092,668   57,213,804   60,646,400   (30,565,984)   —   —   —*   —
Piedmont Lithium, Inc.
 1,262,804   45,978,694   58,683,119   63,012,862   (2,568,719)   —   —   —*   —
State Street Institutional Liquid Reserves Fund, Premier Class
 2,278,873   2,278,645   36,586,475   36,505,228   921   28   2,360,369   2,360,841   40,914
State Street Navigator Securities Lending Portfolio II
 86,773,566   86,773,566   384,821,305   399,492,148   —   —   72,102,723   72,102,723   179,772
Uranium Energy Corp.
 24,543,374   75,593,592   89,783,913   89,421,902   (3,024,045)   —   —   —*   —
Total
     $321,295,729   $673,193,979   $724,534,220   $(84,588,421)   $28       $74,463,564   $220,686
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2022.
* As of December 31, 2022, no longer an affiliate.
See accompanying notes to financial statements.
58

Table of Contents
SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%          
OIL & GAS DRILLING — 28.2%          
Diamond Offshore Drilling, Inc. (a)
     679,395   $ 7,065,708
Helmerich & Payne, Inc.
     265,056   13,138,826
Nabors Industries, Ltd. (a)
     88,788   13,750,597
Noble Corp. PLC (a)
     344,334   12,984,835
Patterson-UTI Energy, Inc.
     773,514   13,025,976
Transocean, Ltd. (a)
     3,172,859   14,468,237
Valaris, Ltd. (a)
     201,580   13,630,840
          88,065,019
OIL & GAS EQUIPMENT & SERVICES — 71.8%          
Archrock, Inc.
     474,110   4,257,508
Baker Hughes Co.
     436,546   12,891,203
Bristow Group, Inc. (a)
     54,460   1,477,500
Cactus, Inc. Class A
     249,731   12,551,480
ChampionX Corp.
     437,029   12,669,471
Core Laboratories NV (b)
     265,393   5,379,516
DMC Global, Inc. (a)
     119,023   2,313,807
Dril-Quip, Inc. (a)
     163,411   4,439,877
Expro Group Holdings NV (a)
     423,442   7,677,003
Halliburton Co.
     358,520   14,107,762
Helix Energy Solutions Group, Inc. (a)
     908,708   6,706,265
Liberty Energy, Inc. Class A
     833,435   13,343,294
NexTier Oilfield Solutions, Inc. (a)
     1,337,262   12,356,301
Nov, Inc.
     614,474   12,836,362
Oceaneering International, Inc. (a)
     589,583   10,311,807
Oil States International, Inc. (a)
     385,676   2,877,143
ProFrac Holding Corp. Class A (a)
     232,896   5,868,979
ProPetro Holding Corp. (a)
     774,552   8,032,104
RPC, Inc.
     674,004   5,991,896
Schlumberger, Ltd.
     251,965   13,470,049
Select Energy Services, Inc. Class A
     378,620   3,498,449
Security Description     Shares   Value
TechnipFMC PLC (a)
     1,061,414   $ 12,938,637
TETRA Technologies, Inc. (a)
     879,294   3,042,357
Tidewater, Inc. (a)
     349,082   12,863,672
US Silica Holdings, Inc. (a)
     585,526   7,319,075
Weatherford International PLC (a)
     286,418   14,584,404
          223,805,921
TOTAL COMMON STOCKS

(Cost $289,627,732)
         311,870,940
SHORT-TERM INVESTMENTS — 5.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     168,922   168,956
State Street Navigator Securities Lending Portfolio II (e)
     17,769,713   17,769,713
TOTAL SHORT-TERM INVESTMENTS

(Cost $17,938,658)
         17,938,669
TOTAL INVESTMENTS — 105.7%

(Cost $307,566,390)
       329,809,609
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.7)%
         (17,804,954)
NET ASSETS — 100.0%
         $ 312,004,655
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 311,870,940   $—   $—   $ 311,870,940
Short-Term Investments
   17,938,669   —   —   17,938,669
TOTAL INVESTMENTS
   $329,809,609   $—   $—   $329,809,609
See accompanying notes to financial statements.
59

Table of Contents
SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 271,343   $ 271,316   $ 1,178,334   $ 1,280,812   $110   $ 8   168,922   $ 168,956   $ 3,600
State Street Navigator Securities Lending Portfolio II
 3,044,601   3,044,601   70,648,026   55,922,914   —   —   17,769,713   17,769,713   15,780
Total
     $3,315,917   $71,826,360   $57,203,726   $110   $ 8       $17,938,669   $19,380
See accompanying notes to financial statements.
60

Table of Contents
SPDR S&P PHARMACEUTICALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
PHARMACEUTICALS — 99.9%          
Aclaris Therapeutics, Inc. (a)  (b)
     72,261   $ 1,138,111
Amphastar Pharmaceuticals, Inc. (a)
     51,624   1,446,505
Amylyx Pharmaceuticals, Inc. (a)
     188,646   6,970,470
ANI Pharmaceuticals, Inc. (a)
     11,868   477,450
Arvinas, Inc. (a)  (b)
     101,773   3,481,654
Atea Pharmaceuticals, Inc. (a)
     134,161   645,314
Axsome Therapeutics, Inc. (a)  (b)
     118,530   9,142,219
Bristol-Myers Squibb Co.
     112,560   8,098,692
Cara Therapeutics, Inc. (a)  (b)
     64,606   693,868
Cassava Sciences, Inc. (a)  (b)
     229,102   6,767,673
Catalent, Inc. (a)
     198,594   8,938,716
Collegium Pharmaceutical, Inc. (a)
     39,991   927,791
Corcept Therapeutics, Inc. (a)
     143,108   2,906,524
DICE Therapeutics, Inc. (a)
     87,166   2,719,579
Elanco Animal Health, Inc. (a)
     700,324   8,557,959
Eli Lilly & Co.
     24,580   8,992,347
Esperion Therapeutics, Inc. (a)
     326,228   2,032,400
Harmony Biosciences Holdings, Inc. (a)
     74,061   4,080,761
Innoviva, Inc. (a)
     121,937   1,615,665
Intra-Cellular Therapies, Inc. (a)
     133,796   7,080,484
Jazz Pharmaceuticals PLC (a)
     58,396   9,303,067
Johnson & Johnson
     50,491   8,919,235
Ligand Pharmaceuticals, Inc. (a)
     43,547   2,908,940
Merck & Co., Inc.
     81,570   9,050,192
Nektar Therapeutics (a)
     417,611   943,801
Organon & Co.
     328,028   9,161,822
Pacira BioSciences, Inc. (a)
     96,982   3,744,475
Perrigo Co. PLC
     281,239   9,587,438
Pfizer, Inc.
     171,561   8,790,786
Pliant Therapeutics, Inc. (a)
     99,798   1,929,095
Prestige Consumer Healthcare, Inc. (a)
     47,414   2,968,116
Provention Bio, Inc. (a)  (b)
     189,653   2,004,632
Reata Pharmaceuticals, Inc. Class A (a)  (b)
     131,189   4,983,870
Security Description     Shares   Value
Revance Therapeutics, Inc. (a)
     376,810   $ 6,955,913
Royalty Pharma PLC Class A
     212,529   8,399,146
SIGA Technologies, Inc.
     394,155   2,900,981
Supernus Pharmaceuticals, Inc. (a)
     79,431   2,833,304
Theravance Biopharma, Inc. (a)  (b)
     146,047   1,638,647
Ventyx Biosciences, Inc. (a)
     99,278   3,255,326
Viatris, Inc.
     823,109   9,161,203
Zoetis, Inc.
     57,846   8,477,331
TOTAL COMMON STOCKS

(Cost $224,075,422)
         204,631,502
SHORT-TERM INVESTMENTS — 9.0%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     190,904   190,942
State Street Navigator Securities Lending Portfolio II (e)  (f)
     18,307,468   18,307,468
TOTAL SHORT-TERM INVESTMENTS

(Cost $18,498,411)
         18,498,410
TOTAL INVESTMENTS — 108.9%

(Cost $242,573,833)
       223,129,912
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.9)%
         (18,213,865)
NET ASSETS — 100.0%
         $ 204,916,047
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
61

Table of Contents
SPDR S&P PHARMACEUTICALS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $204,631,502   $—   $—   $204,631,502
Short-Term Investments
   18,498,410   —   —   18,498,410
TOTAL INVESTMENTS
   $223,129,912   $—   $—   $223,129,912
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 180,164   $ 180,147   $ 4,062,543   $ 4,051,971   $224   $ (1)   190,904   $ 190,942   $ 5,762
State Street Navigator Securities Lending Portfolio II
 5,141,614   5,141,614   83,084,708   69,918,854   —   —   18,307,468   18,307,468   982,556
Total
     $5,321,761   $87,147,251   $73,970,825   $224   $ (1)       $18,498,410   $988,318
See accompanying notes to financial statements.
62

Table of Contents
SPDR S&P RETAIL ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%          
APPAREL RETAIL — 20.6%          
Abercrombie & Fitch Co. Class A (a)
     154,883   $ 3,548,370
American Eagle Outfitters, Inc. (a)
     230,928   3,223,755
Boot Barn Holdings, Inc. (a)
     58,599   3,663,609
Buckle, Inc.
     81,713   3,705,685
Burlington Stores, Inc. (a)
     18,740   3,799,722
Caleres, Inc.
     165,244   3,681,636
Chico's FAS, Inc. (a)
     647,070   3,183,584
Children's Place, Inc. (a)
     105,866   3,855,640
Designer Brands, Inc. Class A
     359,233   3,513,299
Foot Locker, Inc.
     96,319   3,639,895
Gap, Inc. (b)
     262,867   2,965,140
Genesco, Inc. (a)
     45,042   2,072,833
Guess?, Inc.
     175,908   3,639,536
Ross Stores, Inc.
     31,805   3,691,606
Shoe Carnival, Inc.
     94,698   2,264,229
TJX Cos., Inc.
     46,783   3,723,927
Urban Outfitters, Inc. (a)
     133,553   3,185,239
Victoria's Secret & Co. (a)
     81,250   2,907,125
Zumiez, Inc. (a)
     97,805   2,126,281
          62,391,111
AUTOMOTIVE RETAIL — 18.8%          
Advance Auto Parts, Inc.
     25,045   3,682,366
America's Car-Mart, Inc. (a)
     19,519   1,410,443
Arko Corp.
     105,182   910,876
Asbury Automotive Group, Inc. (a)
     20,169   3,615,293
AutoNation, Inc. (a)
     31,432   3,372,654
AutoZone, Inc. (a)
     1,489   3,672,142
Camping World Holdings, Inc. Class A
     151,724   3,386,480
CarMax, Inc. (a)
     55,611   3,386,154
Carvana Co. (a)  (b)
     723,460   3,429,200
EVgo, Inc. (a)  (b)
     655,916   2,931,945
Group 1 Automotive, Inc.
     19,211   3,465,088
Lithia Motors, Inc.
     16,678   3,414,654
Monro, Inc.
     75,435   3,409,662
Murphy USA, Inc.
     12,674   3,542,890
OneWater Marine, Inc. Class A (a)  (b)
     22,347   639,124
O'Reilly Automotive, Inc. (a)
     4,410   3,722,172
Penske Automotive Group, Inc.
     29,317   3,369,403
Sonic Automotive, Inc. Class A
     71,137   3,504,920
TravelCenters of America, Inc. (a)
     45,036   2,016,712
          56,882,178
COMPUTER & ELECTRONICS RETAIL — 3.3%          
Best Buy Co., Inc.
     44,661   3,582,259
GameStop Corp. Class A (a)  (b)
     161,453   2,980,422
Security Description     Shares   Value
Rent-A-Center, Inc.
     154,138   $ 3,475,812
          10,038,493
DEPARTMENT STORES — 4.6%          
Dillard's, Inc. Class A (b)
     10,840   3,503,488
Kohl's Corp. (b)
     138,215   3,489,929
Macy's, Inc.
     165,543   3,418,463
Nordstrom, Inc. (b)
     209,728   3,385,010
          13,796,890
DRUG RETAIL — 1.1%          
Walgreens Boots Alliance, Inc.
     90,382   3,376,672
FOOD RETAIL — 7.1%          
Albertsons Cos., Inc. Class A
     170,865   3,543,740
Casey's General Stores, Inc.
     15,026   3,371,083
Fresh Market, Inc. (a) (b)  (c)
     321,064   —
Grocery Outlet Holding Corp. (a)
     128,020   3,736,904
Ingles Markets, Inc. Class A
     22,158   2,137,361
Kroger Co.
     78,616   3,504,701
Sprouts Farmers Market, Inc. (a)
     108,254   3,504,182
Weis Markets, Inc.
     19,765   1,626,462
          21,424,433
GENERAL MERCHANDISE STORES — 6.9%          
Big Lots, Inc. (b)
     220,077   3,235,132
Dollar General Corp.
     15,020   3,698,675
Dollar Tree, Inc. (a)
     25,673   3,631,189
Franchise Group, Inc. (b)
     139,321   3,318,626
Ollie's Bargain Outlet Holdings, Inc. (a)
     71,222   3,336,038
Target Corp.
     23,991   3,575,619
          20,795,279
HYPERMARKETS & SUPER CENTERS — 4.1%          
BJ's Wholesale Club Holdings, Inc. (a)
     51,964   3,437,938
Costco Wholesale Corp.
     7,564   3,452,966
PriceSmart, Inc.
     29,183   1,773,743
Walmart, Inc.
     25,147   3,565,593
          12,230,240
INTERNET & DIRECT MARKETING RETAIL — 14.6%          
Amazon.com, Inc. (a)
     41,008   3,444,672
Chewy, Inc. Class A (a)  (b)
     83,716   3,104,189
ContextLogic, Inc. Class A (a)  (b)
     5,929,898   2,892,011
DoorDash, Inc. Class A (a)
     66,083   3,226,172
eBay, Inc.
     83,699   3,470,998
Etsy, Inc. (a)
     28,822   3,452,299
Liquidity Services, Inc. (a)
     49,945   702,227
Overstock.com, Inc. (a)
     159,398   3,085,945
 
See accompanying notes to financial statements.
63

Table of Contents
SPDR S&P RETAIL ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
PetMed Express, Inc. (b)
     109,469   $ 1,937,601
Poshmark, Inc. Class A (a)
     204,777   3,661,413
Qurate Retail, Inc. Class A (a)
     1,845,132   3,007,565
Revolve Group, Inc. (a)  (b)
     141,279   3,144,871
Stitch Fix, Inc. Class A (a)  (b)
     941,599   2,928,373
Wayfair, Inc. Class A (a)  (b)
     96,787   3,183,324
Xometry, Inc. Class A (a)
     91,448   2,947,369
          44,189,029
SPECIALTY STORES — 18.3%          
Academy Sports & Outdoors, Inc.
     67,078   3,524,278
Bath & Body Works, Inc.
     86,354   3,638,958
Dick's Sporting Goods, Inc.
     30,637   3,685,325
Five Below, Inc. (a)
     20,673   3,656,433
Hibbett, Inc.
     54,016   3,684,971
Leslie's, Inc. (a)  (b)
     301,945   3,686,748
MarineMax, Inc. (a)
     93,531   2,920,038
National Vision Holdings, Inc. (a)
     95,518   3,702,278
ODP Corp. (a)
     78,942   3,595,019
Petco Health & Wellness Co., Inc. (a)
     347,614   3,295,381
Sally Beauty Holdings, Inc. (a)
     322,163   4,033,481
Signet Jewelers, Ltd.
     53,518   3,639,224
Sportsman's Warehouse Holdings, Inc. (a)
     114,521   1,077,643
Tractor Supply Co.
     16,733   3,764,423
Ulta Beauty, Inc. (a)
     7,748   3,634,354
Warby Parker, Inc. Class A (a)
     221,407   2,986,780
Winmark Corp.
     3,670   865,496
          55,390,830
TOTAL COMMON STOCKS

(Cost $390,341,042)
         300,515,155
SHORT-TERM INVESTMENTS — 8.9%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (d)  (e)
     253,369   253,420
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (f)  (g)
     26,642,109   $ 26,642,109
TOTAL SHORT-TERM INVESTMENTS

(Cost $26,895,542)
         26,895,529
TOTAL INVESTMENTS — 108.3%

(Cost $417,236,584)
       327,410,684
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.3)%
         (25,201,475)
NET ASSETS — 100.0%
         $ 302,209,209
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2022.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $300,515,155   $—   $ 0(a)   $300,515,155
Short-Term Investments
   26,895,529   —   —   26,895,529
TOTAL INVESTMENTS
   $327,410,684   $—   $ 0   $327,410,684
(a) The Fund held a Level 3 security that was valued at $0 at December 31, 2022.
See accompanying notes to financial statements.
64

Table of Contents
SPDR S&P RETAIL ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 —   $ —   $ 11,826,786   $ 11,573,343   $(10)   $(13)   253,369   $ 253,420   $ 4,153
State Street Navigator Securities Lending Portfolio II
 28,813,697   28,813,697   178,443,848   180,615,436   —   —   26,642,109   26,642,109   596,552
Total
     $28,813,697   $190,270,634   $192,188,779   $(10)   $(13)       $26,895,529   $600,705
See accompanying notes to financial statements.
65

Table of Contents
SPDR S&P SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
SEMICONDUCTORS — 99.9%          
Advanced Micro Devices, Inc. (a)
     456,779   $ 29,585,576
Allegro MicroSystems, Inc. (a)
     964,690   28,959,994
Alpha & Omega Semiconductor, Ltd. (a)
     618,661   17,675,145
Ambarella, Inc. (a)
     401,385   33,005,888
Analog Devices, Inc.
     185,784   30,474,149
Broadcom, Inc.
     57,552   32,179,050
CEVA, Inc. (a)
     220,485   5,640,006
Cirrus Logic, Inc. (a)
     407,672   30,363,411
Credo Technology Group Holding, Ltd. (a)  (b)
     2,058,659   27,400,751
Diodes, Inc. (a)
     360,193   27,425,095
First Solar, Inc. (a)
     207,525   31,085,170
Impinj, Inc. (a)  (b)
     276,332   30,169,928
indie Semiconductor, Inc. Class A (a)  (b)
     2,361,890   13,769,819
Intel Corp.
     1,109,549   29,325,380
Lattice Semiconductor Corp. (a)
     446,060   28,940,373
MACOM Technology Solutions Holdings, Inc. (a)
     455,785   28,705,339
Marvell Technology, Inc.
     754,984   27,964,607
MaxLinear, Inc. (a)
     893,730   30,342,133
Meta Materials, Inc. (a)  (b)
     8,442,771   10,046,897
Microchip Technology, Inc.
     412,903   29,006,436
Micron Technology, Inc.
     571,020   28,539,580
Monolithic Power Systems, Inc.
     81,180   28,706,060
Navitas Semiconductor Corp. (a)  (b)
     2,714,974   9,529,559
NVIDIA Corp.
     184,265   26,928,487
NXP Semiconductors NV
     184,585   29,169,967
ON Semiconductor Corp. (a)
     444,229   27,706,563
Power Integrations, Inc.
     413,299   29,641,804
Qorvo, Inc. (a)
     321,049   29,099,881
QUALCOMM, Inc.
     263,199   28,936,098
Rambus, Inc. (a)
     837,788   30,009,566
Semtech Corp. (a)
     1,068,323   30,650,187
Silicon Laboratories, Inc. (a)
     220,904   29,970,046
SiTime Corp. (a)  (b)
     307,800   31,278,636
Security Description     Shares   Value
Skyworks Solutions, Inc.
     331,499   $ 30,209,504
SMART Global Holdings, Inc. (a)  (b)
     872,943   12,989,392
Synaptics, Inc. (a)
     310,874   29,582,770
Texas Instruments, Inc.
     179,843   29,713,660
Universal Display Corp.
     271,440   29,326,378
Wolfspeed, Inc. (a)  (b)
     379,047   26,169,405
TOTAL COMMON STOCKS

(Cost $1,231,846,750)
         1,040,222,690
SHORT-TERM INVESTMENTS — 6.6%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     1,471,459   1,471,754
State Street Navigator Securities Lending Portfolio II (e)  (f)
     67,393,148   67,393,148
TOTAL SHORT-TERM INVESTMENTS

(Cost $68,864,703)
         68,864,902
TOTAL INVESTMENTS — 106.5%

(Cost $1,300,711,453)
       1,109,087,592
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.5)%
         (67,385,836)
NET ASSETS — 100.0%
         $ 1,041,701,756
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
66

Table of Contents
SPDR S&P SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $1,040,222,690   $—   $—   $1,040,222,690
Short-Term Investments
   68,864,902   —   —   68,864,902
TOTAL INVESTMENTS
   $1,109,087,592   $—   $—   $1,109,087,592
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,018,578   $ 1,018,476   $ 6,755,527   $ 6,302,663   $219   $195   1,471,459   $ 1,471,754   $ 21,169
State Street Navigator Securities Lending Portfolio II
 47,719,371   47,719,371   175,489,088   155,815,311   —   —   67,393,148   67,393,148   411,200
Total
     $48,737,847   $182,244,615   $162,117,974   $219   $195       $68,864,902   $432,369
See accompanying notes to financial statements.
67

Table of Contents
SPDR S&P SOFTWARE & SERVICES ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
APPLICATION SOFTWARE — 55.6%          
8x8, Inc. (a)  (b)
     231,664   $ 1,000,788
ACI Worldwide, Inc. (a)
     50,125   1,152,875
Adobe, Inc. (a)
     3,153   1,061,079
Agilysys, Inc. (a)
     17,111   1,354,164
Alarm.com Holdings, Inc. (a)
     20,658   1,022,158
Alkami Technology, Inc. (a)
     76,547   1,116,821
Altair Engineering, Inc. Class A (a)
     21,895   995,566
Alteryx, Inc. Class A (a)
     22,655   1,147,929
American Software, Inc. Class A
     50,460   740,753
Amplitude, Inc. Class A (a)  (b)
     83,741   1,011,591
ANSYS, Inc. (a)
     4,291   1,036,663
Appfolio, Inc. Class A (a)
     9,663   1,018,287
AppLovin Corp. Class A (a)  (b)
     100,350   1,056,685
Asana, Inc. Class A (a)  (b)
     71,897   990,022
Aspen Technology, Inc. (a)
     4,790   983,866
Autodesk, Inc. (a)
     5,351   999,941
AvePoint, Inc. (a)  (b)
     194,106   797,776
Bentley Systems, Inc. Class B (b)
     26,234   969,609
Bill.Com Holdings, Inc. (a)  (b)
     9,293   1,012,565
Black Knight, Inc. (a)
     17,359   1,071,918
Blackbaud, Inc. (a)
     18,436   1,085,143
Blackline, Inc. (a)
     15,751   1,059,570
Box, Inc. Class A (a)
     37,083   1,154,394
Braze, Inc. Class A (a)
     39,168   1,068,503
C3.ai, Inc. Class A (a)  (b)
     85,460   956,297
Cadence Design Systems, Inc. (a)
     6,350   1,020,064
CCC Intelligent Solutions Holdings, Inc. (a)
     116,426   1,012,906
Cerence, Inc. (a)
     57,311   1,061,973
Ceridian HCM Holding, Inc. (a)
     16,021   1,027,747
Clear Secure, Inc. Class A (b)
     35,742   980,403
Clearwater Analytics Holdings, Inc. Class A (a)  (b)
     57,729   1,082,419
Confluent, Inc. Class A (a)
     48,089   1,069,499
Consensus Cloud Solutions, Inc. (a)
     18,543   996,872
Couchbase, Inc. (a)  (b)
     72,754   964,718
Coupa Software, Inc. (a)
     16,788   1,329,106
Datadog, Inc. Class A (a)
     13,986   1,027,971
Digital Turbine, Inc. (a)
     63,355   965,530
DocuSign, Inc. (a)
     21,207   1,175,292
Domo, Inc. Class B (a)
     59,208   843,122
DoubleVerify Holdings, Inc. (a)
     42,537   934,112
Dropbox, Inc. Class A (a)
     46,562   1,042,057
Duck Creek Technologies, Inc. (a)
     88,408   1,065,316
Dynatrace, Inc. (a)
     28,206   1,080,290
E2open Parent Holdings, Inc. (a)  (b)
     183,878   1,079,364
Ebix, Inc. (b)
     52,455   1,047,002
Security Description     Shares   Value
Elastic NV (a)
     19,493   $ 1,003,889
EngageSmart, Inc. (a)
     63,567   1,118,779
Envestnet, Inc. (a)
     16,988   1,048,160
Everbridge, Inc. (a)
     31,931   944,519
Expensify, Inc. Class A (a)  (b)
     112,467   993,084
Fair Isaac Corp. (a)
     1,693   1,013,396
Five9, Inc. (a)
     15,817   1,073,342
ForgeRock, Inc. Class A (a)  (b)
     44,842   1,021,052
Freshworks, Inc. Class A (a)  (b)
     70,632   1,038,997
Guidewire Software, Inc. (a)
     16,558   1,035,868
HashiCorp, Inc. Class A (a)  (b)
     35,088   959,306
HubSpot, Inc. (a)
     3,576   1,033,929
Informatica, Inc. Class A (a)
     65,143   1,061,179
Instructure Holdings, Inc. (a)
     43,775   1,026,086
InterDigital, Inc.
     21,046   1,041,356
Intuit, Inc.
     2,600   1,011,972
Jamf Holding Corp. (a)  (b)
     48,111   1,024,764
LivePerson, Inc. (a)
     87,514   887,392
LiveRamp Holdings, Inc. (a)
     46,818   1,097,414
Manhattan Associates, Inc. (a)
     8,729   1,059,701
Marathon Digital Holdings, Inc. (a)  (b)
     207,931   711,124
Matterport, Inc. (a)  (b)
     381,901   1,069,323
MicroStrategy, Inc. Class A (a)  (b)
     5,117   724,414
Mitek Systems, Inc. (a)
     98,421   953,699
Model N, Inc. (a)
     26,643   1,080,640
Momentive Global, Inc. (a)
     142,044   994,308
nCino, Inc. (a)  (b)
     40,850   1,080,074
NCR Corp. (a)
     44,890   1,050,875
New Relic, Inc. (a)
     18,072   1,020,164
Nutanix, Inc. Class A (a)  (b)
     33,196   864,756
Olo, Inc. Class A (a)  (b)
     152,445   952,781
Pagerduty, Inc. (a)  (b)
     43,856   1,164,815
Palantir Technologies, Inc. Class A (a)
     146,225   938,764
Paycom Software, Inc. (a)
     3,320   1,030,229
Paycor HCM, Inc. (a)
     39,487   966,247
Paylocity Holding Corp. (a)
     5,145   999,468
Pegasystems, Inc. (b)
     29,092   996,110
PowerSchool Holdings, Inc. Class A (a)
     51,947   1,198,937
Procore Technologies, Inc. (a)
     20,745   978,749
PROS Holdings, Inc. (a)
     48,307   1,171,928
PTC, Inc. (a)
     8,576   1,029,463
Q2 Holdings, Inc. (a)
     39,603   1,064,133
Qualtrics International, Inc. Class A (a)  (b)
     103,944   1,078,939
RingCentral, Inc. Class A (a)
     28,507   1,009,148
Riot Blockchain, Inc. (a)  (b)
     248,130   841,161
Roper Technologies, Inc.
     2,410   1,041,337
Salesforce, Inc. (a)
     7,930   1,051,439
Samsara, Inc. Class A (a)  (b)
     79,665   990,236
SEMrush Holdings, Inc. Class A (a)
     67,133   546,463
Smartsheet, Inc. Class A (a)
     27,875   1,097,160
Splunk, Inc. (a)
     11,909   1,025,246
 
See accompanying notes to financial statements.
68

Table of Contents
SPDR S&P SOFTWARE & SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Sprinklr, Inc. Class A (a)  (b)
     122,224   $ 998,570
Sprout Social, Inc. Class A (a)  (b)
     17,570   992,002
SPS Commerce, Inc. (a)
     7,890   1,013,313
Sumo Logic, Inc. (a)
     124,711   1,010,159
Synopsys, Inc. (a)
     3,190   1,018,535
Tyler Technologies, Inc. (a)
     3,225   1,039,772
Unity Software, Inc. (a)
     30,642   876,055
Verint Systems, Inc. (a)  (b)
     28,178   1,022,298
Vertex, Inc. Class A (a)
     56,852   824,922
Workday, Inc. Class A (a)
     6,129   1,025,566
Workiva, Inc. (a)
     13,333   1,119,572
Yext, Inc. (a)
     163,929   1,070,456
Zeta Global Holdings Corp. Class A (a)  (b)
     116,552   952,230
Zoom Video Communications, Inc. Class A (a)
     14,408   975,998
          111,826,489
DATA PROCESSING & OUTSOURCED SERVICES — 21.5%          
Affirm Holdings, Inc. (a)  (b)
     91,684   886,584
Automatic Data Processing, Inc.
     4,043   965,711
AvidXchange Holdings, Inc. (a)
     116,875   1,161,738
Block, Inc. (a)
     16,093   1,011,284
Broadridge Financial Solutions, Inc.
     7,318   981,563
Cass Information Systems, Inc.
     11,184   512,451
Concentrix Corp.
     8,461   1,126,667
Conduent, Inc. (a)
     258,138   1,045,459
CSG Systems International, Inc.
     18,397   1,052,308
Euronet Worldwide, Inc. (a)
     11,473   1,082,822
EVERTEC, Inc.
     32,673   1,057,952
Evo Payments, Inc. Class A (a)
     30,779   1,041,561
ExlService Holdings, Inc. (a)
     5,865   993,707
Fidelity National Information Services, Inc.
     14,794   1,003,773
Fiserv, Inc. (a)
     10,331   1,044,154
FleetCor Technologies, Inc. (a)
     5,669   1,041,282
Flywire Corp. (a)
     49,249   1,205,123
Genpact, Ltd.
     23,264   1,077,589
Global Payments, Inc.
     10,631   1,055,871
I3 Verticals, Inc. Class A (a)
     42,363   1,031,115
International Money Express, Inc. (a)
     49,505   1,206,437
Jack Henry & Associates, Inc.
     5,727   1,005,432
Marqeta, Inc. Class A (a)  (b)
     156,575   956,673
Mastercard, Inc. Class A
     2,980   1,036,235
MAXIMUS, Inc.
     14,580   1,069,151
MoneyGram International, Inc. (a)
     95,119   1,035,846
Paya Holdings, Inc. (a)
     126,994   999,443
Paychex, Inc.
     8,699   1,005,257
Payoneer Global, Inc. (a)  (b)
     188,344   1,030,242
Security Description     Shares   Value
PayPal Holdings, Inc. (a)
     14,134   $ 1,006,624
Remitly Global, Inc. (a)
     100,350   1,149,008
Repay Holdings Corp. (a)
     128,034   1,030,674
Sabre Corp. (a)  (b)
     170,719   1,055,043
Shift4 Payments, Inc. Class A (a)  (b)
     21,055   1,177,606
SS&C Technologies Holdings, Inc.
     20,095   1,046,146
TaskUS, Inc. Class A (a)  (b)
     58,737   992,655
Toast, Inc. Class A (a)  (b)
     53,870   971,276
TTEC Holdings, Inc.
     22,633   998,794
Verra Mobility Corp. (a)  (b)
     72,503   1,002,717
Visa, Inc. Class A (b)
     4,982   1,035,060
Western Union Co. (b)
     74,369   1,024,061
WEX, Inc. (a)
     6,536   1,069,616
          43,282,710
INTERACTIVE HOME ENTERTAINMENT — 2.7%          
Activision Blizzard, Inc.
     13,873   1,061,978
Electronic Arts, Inc.
     8,336   1,018,492
Playstudios, Inc. (a)
     85,226   330,677
Playtika Holding Corp. (a)
     115,481   982,743
ROBLOX Corp. Class A (a)  (b)
     32,849   934,883
Take-Two Interactive Software, Inc. (a)
     10,186   1,060,668
          5,389,441
IT CONSULTING & OTHER SERVICES — 5.5%          
Accenture PLC Class A
     3,608   962,759
Cognizant Technology Solutions Corp. Class A
     17,824   1,019,355
DXC Technology Co. (a)
     39,501   1,046,776
EPAM Systems, Inc. (a)
     3,021   990,102
Gartner, Inc. (a)
     3,026   1,017,160
Grid Dynamics Holdings, Inc. (a)
     91,762   1,029,570
Hackett Group, Inc.
     37,682   767,582
International Business Machines Corp.
     7,068   995,810
Kyndryl Holdings, Inc. (a)
     98,917   1,099,957
Perficient, Inc. (a)
     14,335   1,001,013
Thoughtworks Holding, Inc. (a)  (b)
     110,093   1,121,848
          11,051,932
SYSTEMS SOFTWARE — 14.6%          
A10 Networks, Inc.
     55,717   926,574
Adeia, Inc.
     101,626   963,414
Appian Corp. Class A (a)
     27,617   899,210
CommVault Systems, Inc. (a)
     16,198   1,017,882
Crowdstrike Holdings, Inc. Class A (a)
     9,035   951,295
Dolby Laboratories, Inc. Class A
     14,241   1,004,560
Fortinet, Inc. (a)
     19,944   975,062
 
See accompanying notes to financial statements.
69

Table of Contents
SPDR S&P SOFTWARE & SERVICES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Gen Digital, Inc.
     45,858   $ 982,737
Gitlab, Inc. Class A (a)  (b)
     22,480   1,021,491
KnowBe4, Inc. Class A (a)  (b)
     41,971   1,040,041
Microsoft Corp.
     4,237   1,016,117
N-Able, Inc. (a)
     93,162   957,705
OneSpan, Inc. (a)
     84,046   940,475
Oracle Corp.
     13,059   1,067,443
Palo Alto Networks, Inc. (a)
     6,540   912,592
Progress Software Corp.
     20,110   1,014,550
Qualys, Inc. (a)
     8,832   991,215
Rapid7, Inc. (a)
     31,674   1,076,283
SentinelOne, Inc. Class A (a)  (b)
     67,640   986,868
ServiceNow, Inc. (a)
     2,640   1,025,033
SolarWinds Corp. (a)
     124,708   1,167,267
Tenable Holdings, Inc. (a)
     27,268   1,040,274
Teradata Corp. (a)
     30,850   1,038,411
UiPath, Inc. Class A (a)  (b)
     80,284   1,020,410
Varonis Systems, Inc. (a)  (b)
     49,100   1,175,454
VMware, Inc. Class A (a)
     8,624   1,058,682
Xperi, Inc. (a)
     99,300   854,976
Zscaler, Inc. (a)
     8,870   992,553
Zuora, Inc. Class A (a)
     175,027   1,113,172
          29,231,746
TOTAL COMMON STOCKS

(Cost $302,140,380)
         200,782,318
SHORT-TERM INVESTMENTS — 10.0%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     258,216   258,267
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)
     19,846,535   $ 19,846,535
TOTAL SHORT-TERM INVESTMENTS

(Cost $20,104,821)
         20,104,802
TOTAL INVESTMENTS — 109.9%

(Cost $322,245,201)
       220,887,120
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.9)%
         (19,850,833)
NET ASSETS — 100.0%
         $ 201,036,287
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $200,782,318   $—   $—   $200,782,318
Short-Term Investments
   20,104,802   —   —   20,104,802
TOTAL INVESTMENTS
   $220,887,120   $—   $—   $220,887,120
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 200,793   $ 200,773   $ 9,522,958   $ 9,465,506   $52   $(10)   258,216   $ 258,267   $ 3,682
State Street Navigator Securities Lending Portfolio II
 19,776,617   19,776,617   60,877,270   60,807,352   —   —   19,846,535   19,846,535   167,104
Total
     $19,977,390   $70,400,228   $70,272,858   $52   $(10)       $20,104,802   $170,786
See accompanying notes to financial statements.
70

Table of Contents
SPDR S&P TELECOM ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
ALTERNATIVE CARRIERS — 20.3%          
Anterix, Inc. (a)
     16,214   $ 521,604
Bandwidth, Inc. Class A (a)
     44,993   1,032,589
Cogent Communications Holdings, Inc.
     40,215   2,295,472
EchoStar Corp. Class A (a)
     32,088   535,228
Globalstar, Inc. (a)  (b)
     1,033,542   1,374,611
Iridium Communications, Inc. (a)
     45,829   2,355,611
Liberty Global PLC Class C (a)
     117,591   2,284,793
Liberty Latin America, Ltd. Class C (a)
     192,065   1,459,694
Lumen Technologies, Inc.
     421,419   2,199,807
          14,059,409
COMMUNICATIONS EQUIPMENT — 58.0%          
ADTRAN Holdings, Inc.
     83,520   1,569,341
Arista Networks, Inc. (a)
     18,128   2,199,833
Calix, Inc. (a)
     31,826   2,177,853
Ciena Corp. (a)
     45,561   2,322,700
Cisco Systems, Inc.
     47,708   2,272,809
Clearfield, Inc. (a)
     22,417   2,110,336
CommScope Holding Co., Inc. (a)
     298,122   2,191,197
Comtech Telecommunications Corp.
     12,299   149,310
Digi International, Inc. (a)
     43,410   1,586,636
Extreme Networks, Inc. (a)
     106,122   1,943,094
F5, Inc. (a)
     15,457   2,218,234
Harmonic, Inc. (a)
     170,630   2,235,253
Infinera Corp. (a)  (b)
     213,452   1,438,667
Juniper Networks, Inc.
     71,492   2,284,884
Lumentum Holdings, Inc. (a)
     42,525   2,218,529
Motorola Solutions, Inc.
     8,711   2,244,912
NETGEAR, Inc. (a)
     18,403   333,278
NetScout Systems, Inc. (a)
     66,633   2,166,239
Ubiquiti, Inc. (b)
     8,193   2,241,031
Viasat, Inc. (a)
     64,945   2,055,509
Viavi Solutions, Inc. (a)
     217,083   2,281,542
          40,241,187
INTEGRATED TELECOMMUNICATION SERVICES — 12.8%          
AT&T, Inc.
     121,213   2,231,531
ATN International, Inc.
     5,478   248,208
Consolidated Communications Holdings, Inc. (a)
     49,017   175,481
Security Description     Shares   Value
Frontier Communications Parent, Inc. (a)
     93,303   $ 2,377,360
IDT Corp. Class B (a)
     13,951   393,000
Radius Global Infrastructure, Inc. Class A (a)
     84,983   1,004,499
Verizon Communications, Inc.
     61,889   2,438,427
          8,868,506
WIRELESS TELECOMMUNICATION SERVICES — 8.8%          
Gogo, Inc. (a)
     93,351   1,377,861
Shenandoah Telecommunications Co.
     20,152   320,014
Telephone & Data Systems, Inc.
     201,901   2,117,941
T-Mobile US, Inc. (a)
     16,328   2,285,920
          6,101,736
TOTAL COMMON STOCKS

(Cost $77,606,840)
         69,270,838
SHORT-TERM INVESTMENTS — 2.8%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     102,205   102,226
State Street Navigator Securities Lending Portfolio II (e)  (f)
     1,846,258   1,846,258
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,948,469)
         1,948,484
TOTAL INVESTMENTS — 102.7%

(Cost $79,555,309)
       71,219,322
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.7)%
         (1,866,190)
NET ASSETS — 100.0%
         $ 69,353,132
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
71

Table of Contents
SPDR S&P TELECOM ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $69,270,838   $—   $—   $69,270,838
Short-Term Investments
   1,948,484   —   —   1,948,484
TOTAL INVESTMENTS
   $71,219,322   $—   $—   $71,219,322
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 70,314   $ 70,307   $ 512,899   $ 481,027   $29   $18   102,205   $ 102,226   $ 1,824
State Street Navigator Securities Lending Portfolio II
 2,190,959   2,190,959   10,125,707   10,470,408   —   —   1,846,258   1,846,258   19,681
Total
     $2,261,266   $10,638,606   $10,951,435   $29   $18       $1,948,484   $21,505
See accompanying notes to financial statements.
72

Table of Contents
SPDR S&P TRANSPORTATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
AIR FREIGHT & LOGISTICS — 19.5%          
Air Transport Services Group, Inc. (a)
     259,730   $ 6,747,785
Atlas Air Worldwide Holdings, Inc. (a)
     88,792   8,950,234
C.H. Robinson Worldwide, Inc.
     93,621   8,571,939
Expeditors International of Washington, Inc.
     82,677   8,591,794
FedEx Corp.
     51,788   8,969,682
Forward Air Corp.
     84,081   8,819,256
GXO Logistics, Inc. (a)
     205,831   8,786,925
Hub Group, Inc. Class A (a)
     114,206   9,078,235
United Parcel Service, Inc. Class B
     50,216   8,729,549
          77,245,399
AIRLINES — 25.5%          
Alaska Air Group, Inc. (a)
     200,300   8,600,882
Allegiant Travel Co. (a)
     123,438   8,392,550
American Airlines Group, Inc. (a)
     659,699   8,391,371
Delta Air Lines, Inc. (a)
     264,119   8,678,950
Frontier Group Holdings, Inc. (a)
     720,996   7,404,629
Hawaiian Holdings, Inc. (a)
     649,565   6,664,537
JetBlue Airways Corp. (a)
     1,202,934   7,795,012
Joby Aviation, Inc. (a)  (b)
     2,543,057   8,519,241
SkyWest, Inc. (a)
     427,185   7,052,824
Southwest Airlines Co.
     234,861   7,907,770
Spirit Airlines, Inc.
     441,029   8,591,245
Sun Country Airlines Holdings, Inc. (a)
     312,218   4,951,778
United Airlines Holdings, Inc. (a)
     207,401   7,819,018
          100,769,807
MARINE — 9.2%          
Eagle Bulk Shipping, Inc. (b)
     175,951   8,786,993
Genco Shipping & Trading, Ltd.
     607,194   9,326,500
Kirby Corp. (a)
     139,734   8,991,883
Matson, Inc.
     148,062   9,255,355
          36,360,731
RAILROADS — 6.7%          
CSX Corp.
     284,054   8,799,993
Norfolk Southern Corp.
     36,588   9,016,015
Union Pacific Corp.
     42,273   8,753,470
          26,569,478
TRUCKING — 39.0%          
ArcBest Corp.
     115,788   8,109,792
Avis Budget Group, Inc. (a)
     48,885   8,013,718
Daseke, Inc. (a)
     250,024   1,422,637
Heartland Express, Inc.
     235,747   3,616,359
Hertz Global Holdings, Inc. (a)  (b)
     556,151   8,559,164
Security Description     Shares   Value
JB Hunt Transport Services, Inc.
     50,129   $ 8,740,492
Knight-Swift Transportation Holdings, Inc.
     162,928   8,539,056
Landstar System, Inc.
     53,059   8,643,311
Lyft, Inc. Class A (a)  (b)
     815,145   8,982,898
Marten Transport, Ltd.
     248,068   4,906,785
Old Dominion Freight Line, Inc.
     30,552   8,670,047
RXO, Inc. (a)
     509,809   8,768,715
Ryder System, Inc.
     106,392   8,891,179
Saia, Inc. (a)
     39,079   8,194,085
Schneider National, Inc. Class B
     360,971   8,446,721
TuSimple Holdings, Inc. Class A (a)
     5,129,877   8,412,998
Uber Technologies, Inc. (a)
     336,200   8,314,226
U-Haul Holding Co. (b)
     138,700   8,348,353
Werner Enterprises, Inc.
     207,983   8,373,396
XPO, Inc. (a)
     246,891   8,219,001
          154,172,933
TOTAL COMMON STOCKS

(Cost $537,833,337)
         395,118,348
SHORT-TERM INVESTMENTS — 4.4%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     493,022   493,121
State Street Navigator Securities Lending Portfolio II (e)  (f)
     17,083,071   17,083,071
TOTAL SHORT-TERM INVESTMENTS

(Cost $17,576,185)
         17,576,192
TOTAL INVESTMENTS — 104.3%

(Cost $555,409,522)
       412,694,540
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%
         (17,017,386)
NET ASSETS — 100.0%
         $ 395,677,154
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
73

Table of Contents
SPDR S&P TRANSPORTATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 395,118,348   $—   $—   $ 395,118,348
Short-Term Investments
   17,576,192   —   —   17,576,192
TOTAL INVESTMENTS
   $412,694,540   $—   $—   $412,694,540
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 664,939   $ 664,873   $ 5,156,442   $ 5,328,366   $165   $ 7   493,022   $ 493,121   $ 7,840
State Street Navigator Securities Lending Portfolio II
 25,267,386   25,267,386   138,743,550   146,927,865   —   —   17,083,071   17,083,071   221,068
Total
     $25,932,259   $143,899,992   $152,256,231   $165   $ 7       $17,576,192   $228,908
See accompanying notes to financial statements.
74

Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%   
AEROSPACE & DEFENSE — 1.7%  
Lockheed Martin Corp.
   2,300   $ 1,118,927
Northrop Grumman Corp.
   1,784   973,368
Raytheon Technologies Corp.
   12,000   1,211,040
Textron, Inc.
   2,000   141,600
          3,444,935
AIR FREIGHT & LOGISTICS — 0.8%  
C.H. Robinson Worldwide, Inc.
   1,300   119,028
United Parcel Service, Inc. Class B
   8,700   1,512,408
          1,631,436
AIRLINES — 0.1%  
Delta Air Lines, Inc. (a)
   1,600   52,576
Southwest Airlines Co.
   1,600   53,872
          106,448
AUTO COMPONENTS — 0.2%  
Aptiv PLC (a)
   3,900   363,207
BorgWarner, Inc.
   2,700   108,675
          471,882
AUTOMOBILES — 0.7%  
Ford Motor Co.
   67,500   785,025
General Motors Co.
   19,000   639,160
Rivian Automotive, Inc. Class A (a)
   2,600   47,918
          1,472,103
BANKS — 6.6%  
Bank of America Corp.
   97,500   3,229,200
Citigroup, Inc.
   24,200   1,094,566
Citizens Financial Group, Inc.
   5,800   228,346
Fifth Third Bancorp
   8,200   269,042
First Republic Bank
   1,900   231,591
JPMorgan Chase & Co.
   32,300   4,331,430
KeyCorp.
   10,800   188,136
M&T Bank Corp.
   1,900   275,614
PNC Financial Services Group, Inc.
   4,800   758,112
Regions Financial Corp.
   10,700   230,692
US Bancorp
   15,583   679,575
Webster Financial Corp.
   2,000   94,680
Wells Fargo & Co.
   43,060   1,777,947
          13,388,931
BEVERAGES — 2.8%  
Brown-Forman Corp. Class B
   3,100   203,608
Coca-Cola Co.
   46,997   2,989,479
Keurig Dr. Pepper, Inc.
   5,800   206,828
PepsiCo, Inc.
   12,200   2,204,052
          5,603,967
BIOTECHNOLOGY — 3.4%  
AbbVie, Inc.
   19,300   3,119,073
Amgen, Inc.
   5,400   1,418,256
Gilead Sciences, Inc.
   14,448   1,240,361
Seagen, Inc. (a)
   1,500   192,765
Security Description     Shares   Value
Vertex Pharmaceuticals, Inc. (a)
   2,900   $ 837,462
          6,807,917
BUILDING PRODUCTS — 0.3%  
A.O. Smith Corp.
   1,100   62,964
Owens Corning
   900   76,770
Trane Technologies PLC
   2,500   420,225
          559,959
CAPITAL MARKETS — 1.5%  
Bank of New York Mellon Corp.
   9,514   433,077
FactSet Research Systems, Inc.
   427   171,317
Franklin Resources, Inc.
   2,908   76,713
Moody's Corp.
   2,127   592,625
Nasdaq, Inc.
   3,300   202,455
S&P Global, Inc.
   3,100   1,038,314
State Street Corp.
   3,800   294,766
T Rowe Price Group, Inc.
   2,100   229,026
          3,038,293
CHEMICALS — 2.0%  
Albemarle Corp.
   1,000   216,860
Celanese Corp.
   1,365   139,557
CF Industries Holdings, Inc.
   1,800   153,360
Corteva, Inc.
   7,400   434,972
DuPont de Nemours, Inc.
   5,500   377,465
Ecolab, Inc.
   3,000   436,680
FMC Corp.
   2,061   257,213
International Flavors & Fragrances, Inc.
   2,400   251,616
Linde PLC
   4,200   1,369,956
Mosaic Co.
   3,000   131,610
PPG Industries, Inc.
   2,900   364,646
          4,133,935
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Republic Services, Inc.
   3,033   391,227
Waste Management, Inc.
   3,500   549,080
          940,307
COMMUNICATIONS EQUIPMENT — 2.4%  
Cisco Systems, Inc.
   103,800   4,945,032
CONSUMER FINANCE — 1.0%  
Ally Financial, Inc.
   3,700   90,465
American Express Co.
   8,300   1,226,325
Capital One Financial Corp.
   4,000   371,840
Discover Financial Services
   2,500   244,575
Synchrony Financial
   5,600   184,016
          2,117,221
CONTAINERS & PACKAGING — 0.3%  
Avery Dennison Corp.
   800   144,800
Ball Corp.
   2,700   138,078
International Paper Co.
   3,100   107,353
Sealed Air Corp.
   1,730   86,292
Westrock Co.
   3,300   116,028
          592,551
 
See accompanying notes to financial statements.
75

Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
DISTRIBUTORS — 0.1%  
LKQ Corp.
   3,000   $ 160,230
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9%  
AT&T, Inc.
   70,300   1,294,223
Liberty Global PLC Class C (a)
   2,300   44,689
Lumen Technologies, Inc.
   8,200   42,804
Verizon Communications, Inc.
   63,000   2,482,200
          3,863,916
ELECTRIC UTILITIES — 1.8%  
American Electric Power Co., Inc.
   6,400   607,680
Duke Energy Corp.
   10,800   1,112,292
Entergy Corp.
   2,200   247,500
Eversource Energy
   3,300   276,672
Exelon Corp.
   14,500   626,835
FirstEnergy Corp.
   5,100   213,894
NRG Energy, Inc.
   2,829   90,019
PG&E Corp. (a)
   14,200   230,892
PPL Corp.
   10,800   315,576
          3,721,360
ELECTRICAL EQUIPMENT — 0.6%  
Eaton Corp. PLC
   5,311   833,561
Rockwell Automation, Inc.
   1,400   360,598
          1,194,159
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%  
Keysight Technologies, Inc. (a)
   4,400   752,708
ENERGY EQUIPMENT & SERVICES — 0.6%  
Baker Hughes Co.
   11,900   351,407
Schlumberger, Ltd.
   15,400   823,284
          1,174,691
ENTERTAINMENT — 1.5%  
Electronic Arts, Inc.
   3,700   452,066
Netflix, Inc. (a)
   7,766   2,290,038
Warner Bros Discovery, Inc. (a)
   29,648   281,063
          3,023,167
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.6%  
Alexandria Real Estate Equities, Inc. REIT
   2,007   292,360
American Homes 4 Rent Class A REIT
   3,300   99,462
AvalonBay Communities, Inc. REIT
   1,900   306,888
Boston Properties, Inc. REIT
   1,500   101,370
Camden Property Trust REIT
   1,300   145,444
Digital Realty Trust, Inc. REIT
   3,200   320,864
Equinix, Inc. REIT
   769   503,718
Extra Space Storage, Inc. REIT
   1,300   191,334
Gaming and Leisure Properties, Inc. REIT
   3,000   156,270
Healthpeak Properties, Inc. REIT
   6,400   160,448
Host Hotels & Resorts, Inc. REIT
   9,600   154,080
Invitation Homes, Inc. REIT
   6,700   198,588
Iron Mountain, Inc. REIT
   2,600   129,610
Security Description     Shares   Value
Mid-America Apartment Communities, Inc. REIT
   1,300   $ 204,087
Public Storage REIT
   1,800   504,342
Realty Income Corp. REIT
   8,200   520,126
Regency Centers Corp. REIT
   2,100   131,250
Sun Communities, Inc. REIT
   1,500   214,500
Ventas, Inc. REIT
   5,100   229,755
Welltower, Inc. REIT
   6,600   432,630
Weyerhaeuser Co. REIT
   8,178   253,518
          5,250,644
FOOD & STAPLES RETAILING — 0.3%  
Kroger Co.
   8,419   375,319
Walgreens Boots Alliance, Inc.
   9,000   336,240
          711,559
FOOD PRODUCTS — 1.2%  
Archer-Daniels-Midland Co.
   6,800   631,380
Campbell Soup Co.
   1,700   96,475
Conagra Brands, Inc.
   4,500   174,150
General Mills, Inc.
   4,200   352,170
Hershey Co.
   1,500   347,355
Hormel Foods Corp.
   3,400   154,870
JM Smucker Co.
   1,000   158,460
Kraft Heinz Co.
   5,200   211,692
McCormick & Co., Inc.
   2,700   223,803
Tyson Foods, Inc. Class A
   2,700   168,075
          2,518,430
HEALTH CARE EQUIPMENT & SUPPLIES — 3.9%  
Abbott Laboratories
   21,700   2,382,443
Baxter International, Inc.
   6,200   316,014
Becton Dickinson & Co.
   2,900   737,470
Boston Scientific Corp. (a)
   17,200   795,844
Hologic, Inc. (a)
   2,900   216,949
Insulet Corp. (a)
   725   213,433
Intuitive Surgical, Inc. (a)
   4,600   1,220,610
Medtronic PLC
   13,500   1,049,220
Stryker Corp.
   4,200   1,026,858
          7,958,841
HEALTH CARE PROVIDERS & SERVICES — 5.6%  
AmerisourceBergen Corp.
   1,700   281,707
Cardinal Health, Inc.
   3,400   261,358
Cigna Corp.
   3,590   1,189,510
DaVita, Inc. (a)
   600   44,802
Elevance Health, Inc.
   2,900   1,487,613
HCA Healthcare, Inc.
   2,500   599,900
Humana, Inc.
   1,500   768,285
McKesson Corp.
   1,900   712,728
Quest Diagnostics, Inc.
   1,400   219,016
UnitedHealth Group, Inc.
   10,821   5,737,078
          11,301,997
HEALTH CARE TECHNOLOGY — 0.1%  
Veeva Systems, Inc. Class A (a)
   1,700   274,346
HOTELS, RESTAURANTS & LEISURE — 2.9%  
Airbnb, Inc. Class A (a)
   6,000   513,000
 
See accompanying notes to financial statements.
76

Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Aramark
   2,107   $ 87,103
Booking Holdings, Inc. (a)
   448   902,845
Carnival Corp. (a)
   8,200   66,092
Chipotle Mexican Grill, Inc. (a)
   444   616,046
Expedia Group, Inc. (a)
   1,838   161,009
Hilton Worldwide Holdings, Inc.
   2,900   366,444
Las Vegas Sands Corp. (a)
   4,200   201,894
Marriott International, Inc. Class A
   3,000   446,670
MGM Resorts International
   5,200   174,356
Royal Caribbean Cruises, Ltd. (a)
   2,300   113,689
Starbucks Corp.
   20,390   2,022,688
Vail Resorts, Inc.
   315   75,080
Wynn Resorts, Ltd. (a)
   1,600   131,952
          5,878,868
HOUSEHOLD DURABLES — 0.2%  
D.R. Horton, Inc.
   2,900   258,506
Newell Brands, Inc.
   6,300   82,404
Whirlpool Corp.
   800   113,168
          454,078
HOUSEHOLD PRODUCTS — 2.0%  
Clorox Co.
   1,520   213,302
Colgate-Palmolive Co.
   9,900   780,021
Kimberly-Clark Corp.
   3,600   488,700
Procter & Gamble Co.
   16,400   2,485,584
          3,967,607
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
AES Corp.
   7,904   227,319
Vistra Corp.
   3,645   84,564
          311,883
INDUSTRIAL CONGLOMERATES — 1.0%  
3M Co.
   6,100   731,512
Honeywell International, Inc.
   6,500   1,392,950
          2,124,462
INSURANCE — 1.8%  
Aon PLC Class A
   2,400   720,336
Assurant, Inc.
   600   75,036
Hartford Financial Services Group, Inc.
   3,775   286,258
MetLife, Inc.
   7,443   538,650
Principal Financial Group, Inc.
   2,843   238,584
Progressive Corp.
   7,080   918,347
Prudential Financial, Inc.
   4,247   422,407
Travelers Cos., Inc.
   2,800   524,972
          3,724,590
INTERACTIVE MEDIA & SERVICES — 2.2%  
Match Group, Inc. (a)
   4,600   190,854
Meta Platforms, Inc. Class A (a)
   33,200   3,995,288
Pinterest, Inc. Class A (a)
   8,600   208,808
Snap, Inc. Class A (a)
   16,080   143,916
          4,538,866
Security Description     Shares   Value
INTERNET & DIRECT MARKETING RETAIL — 0.5%  
eBay, Inc.
   8,829   $ 366,139
Etsy, Inc. (a)
   2,196   263,037
MercadoLibre, Inc. (a)
   400   338,496
          967,672
IT SERVICES — 10.5%  
Accenture PLC Class A
   18,100   4,829,804
Automatic Data Processing, Inc.
   11,600   2,770,776
Block, Inc. (a)
   13,010   817,548
Cognizant Technology Solutions Corp. Class A
   12,200   697,718
Paychex, Inc.
   9,303   1,075,055
PayPal Holdings, Inc. (a)
   26,500   1,887,330
Visa, Inc. Class A
   44,059   9,153,698
Western Union Co.
   9,500   130,815
          21,362,744
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Hasbro, Inc.
   2,312   141,055
LIFE SCIENCES TOOLS & SERVICES — 2.0%  
Agilent Technologies, Inc.
   3,500   523,775
Charles River Laboratories International, Inc. (a)
   651   141,853
Illumina, Inc. (a)
   2,052   414,915
IQVIA Holdings, Inc. (a)
   1,900   389,291
Thermo Fisher Scientific, Inc.
   4,425   2,436,803
Waters Corp. (a)
   633   216,853
          4,123,490
MACHINERY — 1.8%  
Caterpillar, Inc.
   6,850   1,640,986
Cummins, Inc.
   1,601   387,906
Fortive Corp.
   3,870   248,648
Illinois Tool Works, Inc.
   3,422   753,867
Otis Worldwide Corp.
   4,700   368,057
Pentair PLC
   1,594   71,698
Stanley Black & Decker, Inc.
   1,394   104,717
          3,575,879
MEDIA — 1.6%  
Charter Communications, Inc. Class A (a)
   1,500   508,650
Comcast Corp. Class A
   55,900   1,954,823
Fox Corp. Class A
   2,600   78,962
Fox Corp. Class B
   1,200   34,140
Interpublic Group of Cos., Inc.
   4,987   166,117
News Corp. Class A
   5,300   96,460
Omnicom Group, Inc.
   1,800   146,826
Paramount Global Class B
   10,705   180,700
          3,166,678
METALS & MINING — 0.3%  
Alcoa Corp.
   1,843   83,801
Newmont Corp.
   12,314   581,221
          665,022
 
See accompanying notes to financial statements.
77

Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%  
Annaly Capital Management, Inc. REIT
   5,548   $ 116,952
MULTI-UTILITIES — 0.9%  
CMS Energy Corp.
   3,400   215,322
Consolidated Edison, Inc.
   3,900   371,709
Dominion Energy, Inc.
   7,500   459,900
DTE Energy Co.
   2,900   340,837
NiSource, Inc.
   4,100   112,422
Public Service Enterprise Group, Inc.
   5,071   310,700
          1,810,890
MULTILINE RETAIL — 1.3%  
Dollar General Corp.
   3,742   921,468
Dollar Tree, Inc. (a)
   3,100   438,464
Target Corp.
   8,300   1,237,032
          2,596,964
OIL, GAS & CONSUMABLE FUELS — 4.6%  
APA Corp.
   5,000   233,400
Cheniere Energy, Inc.
   3,000   449,880
Chevron Corp.
   19,700   3,535,953
ConocoPhillips
   16,000   1,888,000
Diamondback Energy, Inc.
   1,800   246,204
EQT Corp.
   3,873   131,024
Hess Corp.
   3,000   425,460
Marathon Oil Corp.
   6,994   189,327
Marathon Petroleum Corp.
   4,900   570,311
Ovintiv, Inc.
   2,873   145,690
Phillips 66
   4,663   485,325
Pioneer Natural Resources Co.
   2,278   520,272
Williams Cos., Inc.
   15,700   516,530
          9,337,376
PERSONAL PRODUCTS — 0.3%  
Estee Lauder Cos., Inc. Class A
   2,599   644,838
PHARMACEUTICALS — 0.4%  
Zoetis, Inc.
   6,100   893,955
PROFESSIONAL SERVICES — 0.5%  
Booz Allen Hamilton Holding Corp.
   1,693   176,952
Jacobs Solutions, Inc.
   1,500   180,105
Leidos Holdings, Inc.
   1,300   136,747
TransUnion
   1,700   96,475
Verisk Analytics, Inc.
   2,000   352,840
          943,119
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)
   2,900   223,184
Zillow Group, Inc. Class C (a)  (b)
   1,768   56,947
          280,131
ROAD & RAIL — 1.2%  
Norfolk Southern Corp.
   3,100   763,902
Uber Technologies, Inc. (a)
   18,176   449,492
Security Description     Shares   Value
Union Pacific Corp.
   6,000   $ 1,242,420
          2,455,814
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%  
Micron Technology, Inc.
   24,200   1,209,516
SOFTWARE — 7.5%  
Ceridian HCM Holding, Inc. (a)
   3,764   241,461
Gen Digital, Inc.
   13,458   288,405
Intuit, Inc.
   6,869   2,673,552
Microsoft Corp.
   38,500   9,233,070
ServiceNow, Inc. (a)
   4,600   1,786,042
Tyler Technologies, Inc. (a)
   1,000   322,410
Workday, Inc. Class A (a)
   4,600   769,718
          15,314,658
SPECIALTY RETAIL — 2.7%  
Advance Auto Parts, Inc.
   700   102,921
AutoZone, Inc. (a)
   200   493,236
Bath & Body Works, Inc.
   4,201   177,030
Best Buy Co., Inc.
   3,600   288,756
Burlington Stores, Inc. (a)
   1,100   223,036
Lowe's Cos., Inc.
   8,151   1,624,005
TJX Cos., Inc.
   21,148   1,683,381
Tractor Supply Co.
   2,070   465,688
Ulta Beauty, Inc. (a)
   910   426,854
          5,484,907
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.4%  
Apple, Inc.
   61,400   7,977,702
HP, Inc.
   27,180   730,327
Western Digital Corp. (a)
   7,800   246,090
          8,954,119
TEXTILES, APPAREL & LUXURY GOODS — 1.6%  
Lululemon Athletica, Inc. (a)
   2,033   651,333
NIKE, Inc. Class B
   21,500   2,515,715
          3,167,048
TOBACCO — 0.4%  
Altria Group, Inc.
   17,700   809,067
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Ferguson PLC
   2,100   266,637
W.W. Grainger, Inc.
   543   302,044
          568,681
WATER UTILITIES — 0.2%  
American Water Works Co., Inc.
   1,700   259,114
Essential Utilities, Inc.
   2,300   109,779
          368,893
WIRELESS TELECOMMUNICATION SERVICES — 0.4%  
T-Mobile US, Inc. (a)
   6,200   868,000
TOTAL COMMON STOCKS

(Cost $200,396,656)
         201,988,787
 
See accompanying notes to financial statements.
78

Table of Contents
SPDR MSCI USA GENDER DIVERSITY ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 0.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
   868,588   $ 868,761
State Street Navigator Securities Lending Portfolio II (e)  (f)
   52,105   52,105
TOTAL SHORT-TERM INVESTMENTS

(Cost $920,743)
   920,866  
TOTAL INVESTMENTS — 99.9%

(Cost $201,317,399)
   202,909,653  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
  134,202  
NET ASSETS — 100.0%
   $ 203,043,855  
    
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   5   03/17/2023   $1,000,620   $965,250   $(35,370)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $956,354.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $201,988,787   $—   $—   $201,988,787
Short-Term Investments
   920,866   —   —   920,866
TOTAL INVESTMENTS
   $202,909,653   $—   $—   $202,909,653
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts
   (35,370)   —   —   (35,370)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (35,370)   $—   $—   $ (35,370)
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Corp.
 —   $ —   $ 305,737   $ —   $ —   $(10,971)   3,800   $ 294,766   $ 2,394
State Street Institutional Liquid Reserves Fund, Premier Class
 565,952   565,896   4,598,581   4,296,103   263   124   868,588   868,761   —
State Street Navigator Securities Lending Portfolio II
 2,005,281   2,005,281   21,142,927   23,096,103   —   —   52,105   52,105   12,438
Total
     $2,571,177   $26,047,245   $27,392,206   $263   $(10,847)       $1,215,632   $14,832
See accompanying notes to financial statements.
79

Table of Contents
SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
PREFERRED STOCKS — 99.5%          
BANKS — 42.5%          
Bank of America Corp.:          
3 Month USD LIBOR + 0.50%, 5.18%, 1/30/2023 (a)
     $ 91,203   $ 1,721,913
3 Month USD LIBOR + 0.65%, 5.39%, 1/30/2023 (a)
     64,666   1,231,241
3 Month USD LIBOR + 0.35%, 4.96%, 2/15/2023 (a)  (b)
     68,625   1,255,838
6.00%, 5/16/2023 (b)
     294,971   7,055,706
5.88%, 7/24/2023
     184,705   4,285,156
3 Month USD LIBOR + 1.33%, 6.45%, 12/15/2066 (a)
     229,424   5,703,481
5.38%, 6/25/2024
     304,478   6,375,769
5.00%, 9/17/2024
     283,330   5,510,768
4.38%, 11/3/2025
     237,913   4,175,373
4.13%, 2/2/2026
     197,902   3,304,963
4.25%, 11/17/2026
     281,172   4,765,865
4.75%, 2/17/2027
     151,398   2,847,796
Citigroup Capital XIII

3 Month USD LIBOR + 6.37% 10.78%, 10/30/2040 (a)
     1,381,403   39,231,845
Fifth Third Bancorp:          
3 Month USD LIBOR + 3.71%, 6.63%, 12/31/2023 (a)
     277,100   6,794,492
4.95%, 9/30/2024
     154,203   3,065,556
First Republic Bank:          
5.50%, 6/30/2023
     184,920   3,920,304
4.70%, 12/31/2024
     243,412   4,515,293
4.13%, 10/30/2025
     308,036   4,928,576
4.25%, 3/30/2026
     460,207   7,561,201
4.00%, 8/30/2026
     461,774   7,235,999
4.50%, 12/31/2026 (b)
     455,577   7,863,259
Huntington Bancshares, Inc.

4.50%, 4/15/2026
     308,004   5,223,748
JPMorgan Chase & Co.:          
5.75%, 12/1/2023 (b)
     409,455   9,577,152
6.00%, 3/1/2024
     446,569   11,057,048
4.75%, 12/1/2024 (b)
     217,249   4,184,216
4.55%, 6/1/2026
     362,078   6,738,272
4.63%, 6/1/2026
     446,569   8,413,360
4.20%, 9/1/2026
     482,775   8,424,424
KeyCorp:          
3 Month USD LIBOR + 3.89%, 6.13%, 12/15/2026 (a)
     307,866   7,136,334
5.65%, 12/15/2023
     261,781   5,439,809
5.63%, 9/15/2024
     277,168   5,754,008
5 Year CMT + 3.13%, 6.20%, 12/15/2027 (a)
     369,340   9,059,910
Security Description     Shares   Value
Morgan Stanley:          
3 Month USD LIBOR + 0.70%, 4.78%, 1/30/2023 (a)
     $ 318,129   $ 6,025,363
3 Month USD LIBOR + 3.94%, 6.88%, 1/15/2024 (a)
     245,824   6,140,684
3 Month USD LIBOR + 3.71%, 6.38%, 10/15/2024 (a)  (b)
     289,146   7,014,682
3 Month USD LIBOR + 4.32%, 7.13%, 10/15/2023 (a)
     249,428   6,273,114
3 Month USD LIBOR + 3.49%, 5.85%, 4/15/2027 (a)
     289,163   6,653,641
4.88%, 1/15/2025 (b)
     146,300   2,887,962
4.25%, 1/15/2027
     375,924   6,458,374
6.50%, 10/15/2027
     289,133   7,300,608
Northern Trust Corp.

4.70%, 1/1/2025
     246,446   4,879,631
Regions Financial Corp.:          
3 Month USD LIBOR + 3.54%, 6.38%, 9/15/2024 (a)  (b)
     307,853   7,385,393
3 Month USD LIBOR + 3.15%, 5.70%, 5/15/2029 (a)
     307,876   7,013,415
4.45%, 6/15/2026
     246,504   4,299,030
State Street Corp.:          
3 Month USD LIBOR + 3.11%, 5.90%, 3/15/2024 (a)
     461,579   11,124,054
3 Month USD LIBOR + 3.71%, 5.35%, 3/15/2026 (a)  (b)
     307,856   7,237,695
SVB Financial Group

5.25%, 2/15/2025
     215,774   3,700,524
Truist Financial Corp.:          
5.25%, 6/1/2025
     354,017   7,544,102
4.75%, 9/1/2025
     569,282   10,867,593
US Bancorp:          
3 Month USD LIBOR + 0.60%, 4.68%, 1/30/2023 (a)
     615,431   11,323,930
5.50%, 10/15/2023
     353,994   7,897,606
3.75%, 1/15/2026
     308,055   4,774,853
4.00%, 4/15/2026
     461,755   7,498,901
4.50%, 4/15/2027
     277,223   5,081,498
Wells Fargo & Co.:          
3 Month USD LIBOR + 3.69%, 6.63%, 3/15/2024 (a)
     237,893   5,883,094
3 Month USD LIBOR + 3.09%, 5.85%, 9/15/2023 (a)
     488,181   11,233,045
5.63%, 3/15/2023
     195,413   4,258,049
4.75%, 3/15/2025
     569,575   10,434,614
 
See accompanying notes to financial statements.
80

Table of Contents
SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
4.70%, 12/15/2025
     $ 333,187   $ 6,127,309
4.38%, 3/15/2026
     299,423   5,099,174
4.25%, 9/15/2026
     354,008   5,830,512
          412,607,125
DIVERSIFIED FINANCIAL SERVICES — 8.9%          
Affiliated Managers Group, Inc.:          
5.88%, 3/30/2059
     184,911   3,842,451
4.75%, 9/30/2060
     169,368   2,848,770
Apollo Asset Management, Inc.:          
6.38%, 1/30/2023
     169,528   3,702,491
6.38%, 3/15/2023
     184,898   4,010,438
Brookfield Finance, Inc.

4.63%, 10/16/2080
     246,572   3,747,894
Capital One Financial Corp.:          
5.00%, 12/1/2024
     922,874   16,611,732
4.80%, 6/1/2025
     769,168   13,383,523
4.38%, 9/1/2026
     415,654   6,617,212
4.25%, 9/1/2026 (b)
     261,944   4,083,707
Carlyle Finance LLC

4.63%, 5/15/2061
     308,047   4,987,281
Charles Schwab Corp.:          
5.95%, 3/1/2023
     461,576   10,888,578
4.45%, 6/1/2026
     369,457   6,834,954
KKR Group Finance Co. IX LLC

4.63%, 4/1/2061
     308,021   5,159,352
          86,718,383
ELECTRIC — 12.2%          
BIP Bermuda Holdings I, Ltd.

5.13%, 1/21/2027
     185,056   2,997,907
Brookfield BRP Holdings Canada, Inc.

4.88%, 12/9/2026 (b)
     160,127   2,304,228
Brookfield BRP Holdings, Inc.

4.63%, 4/30/2026 (b)
     215,901   2,994,547
Brookfield Infrastructure Finance ULC

5.00%, 5/24/2081
     153,970   2,369,598
CMS Energy Corp.:          
5.88%, 10/15/2078
     172,601   3,828,290
5.88%, 3/1/2079
     387,822   8,687,213
DTE Energy Co.:          
5.25%, 12/1/2077
     246,407   5,223,828
4.38%, 12/1/2081
     172,445   3,009,165
Duke Energy Corp.:          
5.63%, 9/15/2078
     307,872   7,019,482
5.75%, 6/15/2024
     615,308   14,392,054
Entergy Arkansas LLC

4.88%, 9/1/2066 (b)
     252,587   5,076,999
Entergy Louisiana LLC

4.88%, 9/1/2066
     166,504   3,375,036
Entergy Mississippi LLC

4.90%, 10/1/2066
     160,347   3,266,268
Security Description     Shares   Value
Georgia Power Co.

5.00%, 10/1/2077 (b)
     $ 166,445   $ 3,916,451
National Rural Utilities Cooperative Finance Corp.

5.50%, 5/15/2064 (b)
     154,145   3,711,812
NextEra Energy Capital Holdings, Inc.

5.65%, 3/1/2079
     423,157   9,673,369
Sempra Energy

5.75%, 7/1/2079
     466,230   10,084,555
Southern Co.:          
5.25%, 12/1/2077
     277,150   5,870,037
4.95%, 1/30/2080 (b)
     615,392   12,086,299
4.20%, 10/15/2060
     461,727   8,010,963
          117,898,101
GAS — 1.1%          
NiSource, Inc.

5 Year CMT + 3.63% 6.50%, 3/15/2024 (a)
     307,860   7,477,919
Spire, Inc.

5.90%, 8/15/2024
     154,150   3,480,707
          10,958,626
INSURANCE — 25.1%          
AEGON Funding Co. LLC

5.10%, 12/15/2049
     569,290   10,850,667
Allstate Corp.:          
3 Month USD LIBOR + 3.17%, 5.10%, 1/15/2053 (a)  (b)
     307,851   7,631,626
5.63%, 4/15/2023
     353,991   7,692,224
5.10%, 10/15/2024
     707,608   14,017,715
4.75%, 1/15/2025
     184,959   3,701,030
Arch Capital Group, Ltd.:          
5.45%, 1/30/2023
     203,394   4,128,898
4.55%, 6/11/2026
     307,982   5,318,849
Assurant, Inc.

5.25%, 1/15/2061
     154,196   3,113,217
Athene Holding, Ltd

Zero Coupon, 12/30/2027
     309,437   7,964,908
Athene Holding, Ltd.:          
3 month USD LIBOR + 4.25%, 6.35%, 6/30/2029 (a)
     530,802   11,385,703
5.63%, 9/30/2024
     212,636   4,225,077
5 Year CMT + 5.97%, 6.38%, 6/30/2025 (a)
     369,348   8,842,191
4.88%, 12/30/2025 (b)
     354,140   6,034,546
Axis Capital Holdings, Ltd.

5.50%, 1/30/2023
     338,676   6,638,050
Brighthouse Financial, Inc.:          
6.25%, 9/15/2058
     230,996   5,814,169
6.60%, 3/25/2024
     261,760   5,758,720
6.75%, 6/25/2025
     247,909   5,706,865
5.38%, 12/25/2025
     354,120   6,165,229
4.63%, 12/25/2026 (b)
     215,860   3,281,072
 
See accompanying notes to financial statements.
81

Table of Contents
SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Equitable Holdings, Inc.:          
5.25%, 12/15/2024
     $ 492,419   $ 9,262,401
4.30%, 3/15/2026
     185,020   3,273,004
Globe Life, Inc.

4.25%, 6/15/2061
     200,376   3,586,730
Hartford Financial Services Group, Inc.

6.00%, 11/15/2023 (b)
     212,535   5,351,631
Lincoln National Corp.

9.00%, 12/1/2027
     309,407   8,437,529
MetLife, Inc.:          
3 Month USD LIBOR + 1.00%, 5.75%, 1/30/2023 (a)
     369,392   8,023,194
5.63%, 6/15/2023
     495,417   11,404,499
4.75%, 3/15/2025
     615,395   12,030,972
Prudential Financial, Inc.:          
5.63%, 8/15/2058
     347,827   8,514,805
4.13%, 9/1/2060 (b)
     307,971   5,589,674
5.95%, 9/1/2062 (b)
     184,871   4,477,576
Reinsurance Group of America, Inc.:          
3 Month USD LIBOR + 4.04%, 5.75%, 6/15/2056 (a)  (b)
     246,372   5,696,121
5 year CMT + 3.46%, 7.13%, 10/15/2052 (a)
     430,803   11,179,338
RenaissanceRe Holdings, Ltd.:          
5.75%, 6/30/2023
     154,177   3,339,474
4.20%, 7/15/2026
     308,035   4,999,408
Voya Financial, Inc.

5 Year CMT + 3.21% 5.35%, 9/15/2029 (a)  (b)
     184,902   4,029,015
W R Berkley Corp.

4.25%, 9/30/2060
     154,765   2,866,248
WR Berkley Corp.

5.10%, 12/30/2059
     184,941   3,750,604
          244,082,979
PIPELINES — 0.9%          
Enbridge, Inc.

3 Month USD LIBOR + 3.59% 6.38%, 4/15/2078 (a)
     369,345   9,012,018
REAL ESTATE INVESTMENT TRUSTS — 5.1%          
Digital Realty Trust, Inc.

5.20%, 10/10/2024
     212,622   4,297,091
Kimco Realty Corp.

5.25%, 1/30/2023
     161,717   3,290,941
Public Storage:          
5.15%, 1/30/2023
     172,634   3,639,125
5.05%, 1/30/2023
     184,933   4,000,101
5.60%, 3/11/2024
     175,670   4,091,354
4.88%, 9/12/2024 (b)
     194,951   3,928,263
4.70%, 11/15/2024
     159,360   3,075,648
Security Description     Shares   Value
4.63%, 6/17/2025
     $ 347,929   $ 6,648,923
3.88%, 10/6/2025
     173,986   2,830,752
4.00%, 6/16/2026
     371,837   6,183,649
4.00%, 11/19/2026
     268,079   4,476,919
4.10%, 1/13/2027
     153,970   2,629,808
          49,092,574
SAVINGS & LOANS — 0.3%          
Washington Federal, Inc.

4.88%, 4/15/2026
     185,018   3,265,568
SOVEREIGN — 0.4%          
Tennessee Valley Authority

30 Year CMT + 0.94% 2.13%, 6/1/2028 (a)
     157,889   3,498,820
TELECOMMUNICATIONS — 3.0%          
AT&T, Inc.:          
5.35%, 11/1/2066
     813,642   17,639,758
5.63%, 8/1/2067
     507,708   11,524,972
          29,164,730
TOTAL PREFERRED STOCKS

(Cost $1,212,316,419)
         966,298,924
SHORT-TERM INVESTMENTS — 5.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     3,418,869   3,419,552
State Street Navigator Securities Lending Portfolio II (e)  (f)
     45,782,750   45,782,750
TOTAL SHORT-TERM INVESTMENTS

(Cost $49,202,554)
         49,202,302
TOTAL INVESTMENTS — 104.6%

(Cost $1,261,518,973)
         1,015,501,226
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.6)%
         (44,199,673)
NET ASSETS — 100.0%
         $ 971,301,553
(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
 
See accompanying notes to financial statements.
82

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SPDR ICE PREFERRED SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
    
CMT Constant Maturity Treasury
LIBOR London Interbank Offered Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Preferred Stocks
   $ 966,298,924   $—   $—   $ 966,298,924
Short-Term Investments
   49,202,302   —   —   49,202,302
TOTAL INVESTMENTS
   $1,015,501,226   $—   $—   $1,015,501,226
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation(a) 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
Apollo Asset Management, Inc.
 343,313   $ 8,432,063   $ 1,208,721   $ 923,274   $ (43,822)   $ —*   —   $ —*   $ 279,189
Athene Holding, Ltd.
 1,419,594   32,483,230   12,742,170   3,672,318   (242,778)   —*   —   —*   1,068,304
Bank of America Corp.
 2,182,321   46,338,380   6,021,059   6,457,686   (552,334)   —*   —   —*   1,528,522
Brighthouse Financial, Inc.
 1,042,817   22,004,930   4,030,745   3,077,381   (242,681)   —*   —   —*   960,819
Capital One Financial Corp.
 2,297,375   44,183,755   6,283,969   4,979,771   (615,832)   —*   —   —*   1,375,785
First Republic Bank
 2,048,094   37,694,257   5,484,136   4,288,164   (603,476)   —*   —   —*   1,145,580
Morgan Stanley
 2,252,737   50,940,909   14,345,580   14,342,799   (1,812,313)   —*   —   —*   1,588,177
Public Storage
 2,134,550   44,988,797   6,228,158   4,941,599   (488,779)   —*   —   —*   1,238,598
State Street Corp.
 745,589   18,551,746   2,710,923   2,128,220   (64,393)   (708,307)   769,435   18,361,749   539,461
State Street Institutional Liquid Reserves Fund, Premier Class
 7,520,438   7,519,686   66,602,876   70,707,731   4,786   (65)   3,418,869   3,419,552   134,689
State Street Navigator Securities Lending Portfolio II
 91,699,346   91,699,346   126,293,146   172,209,742   —   —   45,782,750   45,782,750   830,309
US Bancorp
 1,953,967   38,833,368   5,500,740   4,267,189   (432,509)   —*   —   —*   1,081,494
Wells Fargo & Co.
 2,511,120   52,223,132   7,179,668   7,851,173   (976,495)   —*   —   —*   1,596,199
Total
     $495,893,599   $264,631,891   $299,847,047   $(6,070,626)   $(708,372)       $67,564,051   $13,367,126
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2022.
* As of December 31, 2022, no longer an affiliate.
See accompanying notes to financial statements.
83

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2022 (Unaudited)
  SPDR FactSet Innovative Technology ETF   SPDR Global Dow ETF   SPDR MSCI USA StrategicFactorsSM ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $ 98,043,956   $100,745,221   $901,530,382
Investments in affiliated issuers, at value
 9,459,776   1,813,358   1,729,206
Total Investments
 107,503,732   102,558,579   903,259,588
Foreign currency, at value
 —   60,287   —
Net cash at broker
 —   29,260   —
Cash
 39   10,922   4,939
Receivable for investments sold
 1,002,185   —   —
Receivable for fund shares sold
 —   —   19,299
Dividends receivable — unaffiliated issuers
 21,051   152,536   705,157
Dividends receivable — affiliated issuers
 384   891   4,949
Securities lending income receivable — unaffiliated issuers
 633   221   33
Securities lending income receivable — affiliated issuers  
 8,809   503   497
Receivable for foreign taxes recoverable
 —   71,741   —
TOTAL ASSETS
108,536,833   102,884,940   903,994,462
LIABILITIES          
Payable upon return of securities loaned
 9,349,456   1,681,736   346,556
Payable for investments purchased
 —   —   —
Payable for fund shares repurchased
 1,002,626   —   —
Payable to broker – accumulated variation margin on open futures contracts
 —   11,674   —
Deferred foreign taxes payable
 —   23,775   —
Advisory fee payable
 38,716   43,357   115,373
Trustees’ fees and expenses payable
 159   —   —
TOTAL LIABILITIES
10,390,957   1,760,542   461,929
NET ASSETS
$ 98,145,876   $101,124,398   $903,532,533
NET ASSETS CONSIST OF:          
Paid-in Capital
 $ 263,426,562   $104,080,697   $924,853,795
Total distributable earnings (loss)**
 (165,280,686)   (2,956,299)   (21,321,262)
NET ASSETS
$ 98,145,876   $101,124,398   $903,532,533
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 100.15   $ 101.08   $ 110.32
Shares outstanding (unlimited amount authorized, $0.01 par value)
 980,000   1,000,464   8,190,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $ 145,276,505   $ 89,244,843   $872,894,894
Investments in affiliated issuers
 9,459,766   1,813,358   1,704,870
Total cost of investments
 $ 154,736,271   $ 91,058,201   $874,599,764
Foreign currency, at cost
 $ —   $ 60,585   $ —
* Includes investments in securities on loan, at value
 $ 12,897,610   $ 2,049,505   $ 369,754
**  Includes deferred foreign taxes
 $ —   $ 23,775   $ —
See accompanying notes to financial statements.
84

Table of Contents
SPDR NYSE Technology ETF   SPDR S&P 500 Fossil Fuel Reserves Free ETF   SPDR S&P Capital Markets ETF   SPDR S&P Health Care Equipment ETF   SPDR S&P Health Care Services ETF   SPDR S&P Insurance ETF
                     
$ 362,773,613   $1,206,097,764   $ 98,418,419   $ 386,139,996   $ 111,866,562   $ 517,067,335
590,586   2,535,691   5,211,809   11,955,875   7,239,148   10,873,554
363,364,199   1,208,633,455   103,630,228   398,095,871   119,105,710   527,940,889
—   —   —   —   —   —
—   176,314   —   —   —   —
—   6,121   117   140   —   62
—   —   —   —   —   —
—   —   —   —   —   —
121,272   1,058,188   112,562   169,933   31,766   477,866
1,852   8,880   3,070   267   382   3,366
—   8   2,163   1,048   582   245
—   160   —   9,237   2,516   3,854
21,081   —   —   —   —   —
363,508,404   1,209,883,126   103,748,140   398,276,496   119,140,956   528,426,282
                     
—   270,914   3,212,102   11,919,949   7,141,749   9,871,594
—   —   —   —   —   508,295
—   —   —   —   —   3,248
—   65,089   —   —   —   —
—   —   —   —   —   —
112,853   —   30,400   117,978   35,734   160,927
153   209,592   117   —   —   —
113,006   545,595   3,242,619   12,037,927   7,177,483   10,544,064
$ 363,395,398   $1,209,337,531   $100,505,521   $ 386,238,569   $ 111,963,473   $ 517,882,218
                     
$ 535,134,239   $1,184,313,485   $183,050,262   $ 649,331,180   $206,158,586   $ 687,785,737
(171,738,841)   25,024,046   (82,544,741)   (263,092,611)   (94,195,113)   (169,903,519)
$ 363,395,398   $1,209,337,531   $100,505,521   $ 386,238,569   $ 111,963,473   $ 517,882,218
                     
$ 96.91   $ 92.81   $ 78.83   $ 89.82   $ 84.82   $ 40.94
3,750,012   13,030,000   1,275,000   4,300,000   1,320,000   12,650,000
                     
$ 417,913,883   $1,165,931,564   $120,093,527   $ 438,531,614   $134,804,247   $ 551,064,951
590,630   2,553,382   5,355,828   11,955,875   7,239,138   10,873,608
$ 418,504,513   $1,168,484,946   $125,449,355   $ 450,487,489   $142,043,385   $ 561,938,559
$ —   $ —   $ —   $ —   $ —   $ —
$ —   $ 264,674   $ 3,128,588   $ 17,926,108   $ 9,548,627   $ 9,431,093
$ —   $ —   $ —   $ —   $ —   $ —
85

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
December 31, 2022 (Unaudited)
  SPDR S&P Internet ETF   SPDR S&P Metals & Mining ETF   SPDR S&P Oil & Gas Equipment & Services ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $ 20,553,926   $ 1,963,350,541   $ 311,870,940
Investments in affiliated issuers, at value
 1,692,557   74,463,564   17,938,669
Total Investments
 22,246,483   2,037,814,105   329,809,609
Cash
 44   9,130   —
Receivable for fund shares sold
 —   —   —
Dividends receivable — unaffiliated issuers
 —   3,470,920   44,575
Dividends receivable — affiliated issuers
 107   12,803   1,090
Securities lending income receivable — unaffiliated issuers
 600   3,964   3,803
Securities lending income receivable — affiliated issuers  
 885   26,222   3,385
TOTAL ASSETS
22,248,119   2,041,337,144   329,862,462
LIABILITIES          
Payable upon return of securities loaned
 1,676,648   72,102,723   17,769,713
Payable for investments purchased
 —   1,235,410   —
Payable for fund shares repurchased
 —   8,977   —
Advisory fee payable
 6,442   615,597   88,094
Trustees’ fees and expenses payable
 —   —   —
TOTAL LIABILITIES
1,683,090   73,962,707   17,857,807
NET ASSETS
$ 20,565,029   $ 1,967,374,437   $ 312,004,655
NET ASSETS CONSIST OF:          
Paid-in Capital
 $ 67,962,101   $ 3,948,373,388   $ 908,115,662
Total distributable earnings (loss)
 (47,397,072)   (1,980,998,951)   (596,111,007)
NET ASSETS
$ 20,565,029   $ 1,967,374,437   $ 312,004,655
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 62.32   $ 49.81   $ 79.69
Shares outstanding (unlimited amount authorized, $0.01 par value)
 330,000   39,500,230   3,915,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $ 39,181,555   $ 2,228,982,107   $ 289,627,732
Investments in affiliated issuers
 1,692,557   74,463,561   17,938,658
Total cost of investments
 $ 40,874,112   $ 2,303,445,668   $ 307,566,390
* Includes investments in securities on loan, at value
 $ 1,935,406   $ 100,214,569   $ 17,858,955
See accompanying notes to financial statements.
86

Table of Contents
SPDR S&P Pharmaceuticals ETF   SPDR S&P Retail ETF   SPDR S&P Semiconductor ETF   SPDR S&P Software & Services ETF   SPDR S&P Telecom ETF   SPDR S&P Transportation ETF
                     
$ 204,631,502   $ 300,515,155   $1,040,222,690   $ 200,782,318   $ 69,270,838   $ 395,118,348
18,498,410   26,895,529   68,864,902   20,104,802   1,948,484   17,576,192
223,129,912   327,410,684   1,109,087,592   220,887,120   71,219,322   412,694,540
200   174,240   7,097   56   2   388
—   2,055   —   —   99   —
60,992   1,319,770   259,907   15,528   9,993   166,469
1,862   1,454   6,085   874   368   1,962
1,171   —   —   —   278   553
90,964   56,417   58,915   38,335   1,570   20,296
223,285,101   328,964,620   1,109,419,596   220,941,913   71,231,632   412,884,208
                     
18,307,468   26,642,109   67,393,148   19,846,535   1,846,258   17,083,071
—   —   —   —   11,598   —
—   —   530   —   —   37
61,586   113,095   324,162   58,975   20,644   123,898
—   207   —   116   —   48
18,369,054   26,755,411   67,717,840   19,905,626   1,878,500   17,207,054
$ 204,916,047   $ 302,209,209   $1,041,701,756   $ 201,036,287   $ 69,353,132   $ 395,677,154
                     
$ 640,079,067   $ 973,572,654   $1,399,248,203   $ 387,631,139   $123,073,838   $ 696,133,340
(435,163,020)   (671,363,445)   (357,546,447)   (186,594,852)   (53,720,706)   (300,456,186)
$ 204,916,047   $ 302,209,209   $1,041,701,756   $ 201,036,287   $ 69,353,132   $ 395,677,154
                     
$ 40.98   $ 60.44   $ 167.34   $ 108.67   $ 81.59   $ 67.18
5,000,270   5,000,226   6,225,000   1,850,000   850,000   5,890,000
                     
$ 224,075,422   $ 390,341,042   $1,231,846,750   $ 302,140,380   $ 77,606,840   $ 537,833,337
18,498,411   26,895,542   68,864,703   20,104,821   1,948,469   17,576,185
$ 242,573,833   $ 417,236,584   $ 1,300,711,453   $ 322,245,201   $ 79,555,309   $ 555,409,522
$ 24,875,524   $ 33,614,466   $ 76,822,792   $ 27,535,446   $ 3,813,542   $ 19,847,594
87

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
December 31, 2022 (Unaudited)
  SPDR MSCI USA Gender Diversity ETF   SPDR ICE Preferred Securities ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $201,694,021   $ 947,937,175
Investments in affiliated issuers, at value
 1,215,632   67,564,051
Total Investments
 202,909,653   1,015,501,226
Net cash at broker
 90,995   —
Cash
 9,478   942
Receivable for investments sold
 —   14,673,833
Dividends receivable — unaffiliated issuers
 152,231   3,745,373
Dividends receivable — affiliated issuers
 4,625   13,436
Securities lending income receivable — unaffiliated issuers
 —   6,574
Securities lending income receivable — affiliated issuers  
 479   114,493
Receivable from affiliate
 —   757
TOTAL ASSETS
203,167,461   1,034,056,634
LIABILITIES      
Payable upon return of securities loaned
 52,105   45,782,750
Payable for investments purchased
 —   16,582,995
Payable to broker – accumulated variation margin on open futures contracts
 35,370   —
Advisory fee payable
 36,131   389,336
TOTAL LIABILITIES
123,606   62,755,081
NET ASSETS
$203,043,855   $ 971,301,553
NET ASSETS CONSIST OF:      
Paid-in Capital
 $283,477,579   $1,350,056,018
Total distributable earnings (loss)
 (80,433,724)   (378,754,465)
NET ASSETS
$203,043,855   $ 971,301,553
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 78.85   $ 32.76
Shares outstanding (unlimited amount authorized, $0.01 par value)
 2,575,000   29,650,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $200,090,919   $1,191,204,983
Investments in affiliated issuers
 1,226,480   70,313,990
Total cost of investments
 $201,317,399   $1,261,518,973
* Includes investments in securities on loan, at value
 $ 51,246   $ 49,460,060
See accompanying notes to financial statements.
88

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89

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR FactSet Innovative Technology ETF   SPDR Global Dow ETF   SPDR MSCI USA StrategicFactorsSM ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 92,494   $ 1,576,730   $ 8,140,676
Dividend income — affiliated issuers
 2,647   2,879   26,792
Unaffiliated securities lending income
 10,791   545   127
Affiliated securities lending income
 161,380   4,916   10,996
Foreign taxes withheld
 —   (56,788)   (2,720)
TOTAL INVESTMENT INCOME (LOSS)
 267,312   1,528,282   8,175,871
EXPENSES          
Advisory fee
 252,327   245,257   653,718
Trustees’ fees and expenses  
 788   613   5,295
Miscellaneous expenses
 5,089   4,120   36,448
TOTAL EXPENSES
 258,204   249,990   695,461
NET INVESTMENT INCOME (LOSS)
 $ 9,108   $ 1,278,292   $ 7,480,410
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers*
 (82,489,742)   (2,482,062)   (12,213,390)
Investments — affiliated issuers
 20   —   (332)
In-kind redemptions — unaffiliated issuers
 (1,673,589)   3,822,959   8,482,541
In-kind redemptions — affiliated issuers
 —   —   2,692
Foreign currency transactions
 —   (5,513)   (11)
Futures contracts
 —   13,793   —
Net realized gain (loss)
 (84,163,311)   1,349,177   (3,728,500)
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers**
 77,303,833   3,726,840   20,589,421
Investments — affiliated issuers
 10   —   118,146
Foreign currency translations
 —   7,306   —
Futures contracts
 —   (13,353)   —
Net change in unrealized appreciation/depreciation
 77,303,843   3,720,793   20,707,567
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (6,859,468)   5,069,970   16,979,067
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ (6,850,360)   $ 6,348,262   $ 24,459,477
* Includes foreign capital gain taxes
 $ —   $ (1)   $ —
** Includes foreign deferred taxes
 $ —   $ (23,775)   $ —
See accompanying notes to financial statements.
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SPDR NYSE Technology ETF   SPDR S&P 500 Fossil Fuel Reserves Free ETF   SPDR S&P Capital Markets ETF   SPDR S&P Health Care Equipment ETF   SPDR S&P Health Care Services ETF   SPDR S&P Insurance ETF
                     
$ 2,217,438   $ 9,976,999   $ 1,247,252   $ 528,489   $ 303,895   $ 6,106,623
7,539   43,744   35,700   11,247   1,863   10,472
—   4,615   507   30,834   6,442   89
4,718   1,051   13,643   173,560   28,697   22,762
(37,264)   (2,550)   —   —   —   —
2,192,431   10,023,859   1,297,102   744,130   340,897   6,139,946
                     
683,854   1,219,858   177,335   713,603   219,818   894,364
2,493   7,612   755   2,471   699   2,997
21,248   51,788   4,246   17,684   5,170   21,497
707,595   1,279,258   182,336   733,758   225,687   918,858
$ 1,484,836   $ 8,744,601   $ 1,114,766   $ 10,372   $ 115,210   $ 5,221,088
                     
                     
(48,952,366)   (4,014,720)   (9,742,507)   (45,895,971)   (15,649,419)   (21,929,390)
82   5,485   (113,431)   1,758   54   18
2,943,743   17,990,631   175,608   8,046,327   5,569,986   26,240,211
—   —   —   —   —   —
—   —   —   —   —   —
—   96,926   —   —   —   —
(46,008,541)   14,078,322   (9,680,330)   (37,847,886)   (10,079,379)   4,310,839
                     
23,492,126   (6,389,725)   16,196,427   60,504,120   9,049,997   26,447,486
(44)   215,930   526,368   814   10   (37)
—   —   —   —   —   —
—   (86,951)   —   —   —   —
23,492,082   (6,260,746)   16,722,795   60,504,934   9,050,007   26,447,449
(22,516,459)   7,817,576   7,042,465   22,657,048   (1,029,372)   30,758,288
$(21,031,623)   $16,562,177   $ 8,157,231   $ 22,667,420   $ (914,162)   $ 35,979,376
$ —   $ —   $ —   $ —   $ —   $ —
$ —   $ —   $ —   $ —   $ —   $ —
91

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR S&P Internet ETF   SPDR S&P Metals & Mining ETF   SPDR S&P Oil & Gas Equipment & Services ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 23,033   $ 23,898,562   $ 1,084,634
Dividend income — affiliated issuers
 364   40,914   3,600
Unaffiliated securities lending income
 3,930   51,580   4,065
Affiliated securities lending income
 8,849   179,772   15,780
Foreign taxes withheld
 —   —   (1,156)
TOTAL INVESTMENT INCOME (LOSS)
 36,176   24,170,828   1,106,923
EXPENSES          
Advisory fee
 44,403   3,361,965   476,014
Trustees’ fees and expenses  
 158   14,028   1,748
Miscellaneous expenses
 1,163   79,911   10,351
TOTAL EXPENSES
 45,724   3,455,904   488,113
NET INVESTMENT INCOME (LOSS)
 $ (9,548)   $ 20,714,924   $ 618,810
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (8,791,663)   (98,268,045)   (15,845,851)
Investments — affiliated issuers
 9   (84,588,421)   110
In-kind redemptions — unaffiliated issuers
 205,599   58,871,713   29,524,732
Net realized gain (loss)
 (8,586,055)   (123,984,753)   13,678,991
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 4,561,963   182,101,083   65,331,546
Investments — affiliated issuers
 2   171,809,388   8
Net change in unrealized appreciation/depreciation
 4,561,965   353,910,471   65,331,554
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (4,024,090)   229,925,718   79,010,545
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(4,033,638)   $ 250,640,642   $ 79,629,355
See accompanying notes to financial statements.
92

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SPDR S&P Pharmaceuticals ETF   SPDR S&P Retail ETF   SPDR S&P Semiconductor ETF   SPDR S&P Software & Services ETF   SPDR S&P Telecom ETF
                 
$ 944,265   $ 3,708,085   $ 3,816,431   $ 338,159   $ 368,709
5,762   4,153   21,169   3,682   1,824
18,920   17,592   3,991   30,051   2,100
982,556   596,552   411,200   167,104   19,681
—   —   (44,116)   —   —
1,951,503   4,326,382   4,208,675   538,996   392,314
                 
385,766   675,064   1,858,843   372,711   112,196
1,296   2,229   6,596   1,375   393
9,578   15,715   45,233   9,395   2,597
396,640   693,008   1,910,672   383,481   115,186
$ 1,554,863   $ 3,633,374   $ 2,298,003   $ 155,515   $ 277,128
                 
                 
(31,993,032)   (35,915,626)   (27,326,901)   (37,651,708)   (7,307,320)
224   (10)   219   52   29
19,049,975   41,632,854   10,182,969   1,829,542   2,110,177
(12,942,833)   5,717,218   (17,143,713)   (35,822,114)   (5,197,114)
                 
6,819,219   29,854,549   104,220,199   31,348,085   6,912,502
(1)   (13)   195   (10)   18
6,819,218   29,854,536   104,220,394   31,348,075   6,912,520
(6,123,615)   35,571,754   87,076,681   (4,474,039)   1,715,406
$ (4,568,752)   $ 39,205,128   $ 89,374,684   $ (4,318,524)   $ 1,992,534
93

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR S&P Transportation ETF   SPDR MSCI USA Gender Diversity ETF   SPDR ICE Preferred Securities ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 4,211,948   $ 1,924,711   $ 18,997,881
Dividend income — affiliated issuers
 7,840   2,394   12,536,817
Unaffiliated securities lending income
 20,273   6,369   75,437
Affiliated securities lending income
 221,068   12,438   830,309
Foreign taxes withheld
 —   (1,514)   (7,410)
TOTAL INVESTMENT INCOME (LOSS)
 4,461,129   1,944,398   32,433,034
EXPENSES          
Advisory fee
 802,324   211,577   2,358,687
Trustees’ fees and expenses  
 3,382   1,321   6,446
Miscellaneous expenses
 20,546   8,991   45,281
TOTAL EXPENSES
 826,252   221,889   2,410,414
NET INVESTMENT INCOME (LOSS)
 $ 3,634,877   $ 1,722,509   $ 30,022,620
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (26,789,565)   (58,883,621)   (20,793,104)
Investments — affiliated issuers
 165   263   (6,444,216)
In-kind redemptions — unaffiliated issuers
 (9,133,716)   17,477,329   332,489
In-kind redemptions — affiliated issuers
 —   —   373,590
Futures contracts
 —   (781)   —
Net realized gain (loss)
 (35,923,116)   (41,406,810)   (26,531,241)
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 35,126,070   48,544,115   (145,436,613)
Investments — affiliated issuers
 7   (10,847)   87,732,706
Futures contracts
 —   (36,935)   —
Net change in unrealized appreciation/depreciation
 35,126,077   48,496,333   (57,703,907)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (797,039)   7,089,523   (84,235,148)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ 2,837,838   $ 8,812,032   $ (54,212,528)
See accompanying notes to financial statements.
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95

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR FactSet Innovative Technology ETF   SPDR Global Dow ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 9,108   $ (717,006)   $ 1,278,292   $ 3,043,145
Net realized gain (loss)
 (84,163,311)   1,892,611   1,349,177   (1,029,668)
Net change in unrealized appreciation/depreciation
 77,303,843   (157,173,253)   3,720,793   (13,623,930)
Net increase (decrease) in net assets resulting from operations
 (6,850,360)   (155,997,648)   6,348,262   (11,610,453)
Net equalization credits and charges
 319,784   671,204   (536)   (18,618)
Distributions to shareholders
 (49,025)   (73,168)   (1,361,721)   (3,329,522)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 10,463,971   118,752,843   7,267,543   14,181,701
Cost of shares redeemed
 (31,655,448)   (200,669,584)   (7,139,682)   —
Net income equalization
 (319,784)   (671,204)   536   18,618
Other Capital
 —   —   —   18,542
Net increase (decrease) in net assets from beneficial interest transactions
(21,511,261)   (82,587,945)   128,397   14,218,861
Contribution from Affiliate
 85,506   —   —   —
Net increase (decrease) in net assets during the period
 (28,005,356)   (237,987,557)   5,114,402   (739,732)
Net assets at beginning of period
 126,151,232   364,138,789   96,009,996   96,749,728
NET ASSETS AT END OF PERIOD
 $ 98,145,876   $ 126,151,232   $101,124,398   $ 96,009,996
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 100,000   690,000   75,000   125,000
Shares redeemed
 (290,000)   (1,130,000)   (75,000)   —
Net increase (decrease) from share transactions
 (190,000)   (440,000)   —   125,000
See accompanying notes to financial statements.
96

Table of Contents
SPDR MSCI USA StrategicFactorsSM ETF   SPDR NYSE Technology ETF   SPDR S&P 500 Fossil Fuel Reserves Free ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 7,480,410   $ 13,714,226   $ 1,484,836   $ 2,869,889   $ 8,744,601   $ 14,763,744
(3,728,500)   71,376,276   (46,008,541)   57,736,046   14,078,322   60,773,667
20,707,567   (156,920,464)   23,492,082   (290,607,757)   (6,260,746)   (242,702,773)
24,459,477   (71,829,962)   (21,031,623)   (230,001,822)   16,562,177   (167,165,362)
298,157   (25,831)   (1,600)   (73,933)   74,531   298,458
(8,777,874)   (13,358,259)   (1,560,176)   (2,817,346)   (8,854,518)   (14,907,245)
                     
108,839,637   182,794,431   22,500,127   107,441,286   85,018,241   326,826,004
(35,376,340)   (238,191,762)   (20,551,847)   (202,260,122)   (45,307,202)   (137,357,120)
(298,157)   25,831   1,600   73,933   (74,531)   (298,458)
—   —   —   —   —   —
73,165,140   (55,371,500)   1,949,880   (94,744,903)   39,636,508   189,170,426
—   —   197,806   —   —   —
89,144,900   (140,585,552)   (20,445,713)   (327,638,004)   47,418,698   7,396,277
814,387,633   954,973,185   383,841,111   711,479,115   1,161,918,833   1,154,522,556
$903,532,533   $ 814,387,633   $363,395,398   $ 383,841,111   $1,209,337,531   $1,161,918,833
                     
970,000   1,470,000   230,000   650,000   900,000   3,010,000
(320,000)   (1,930,000)   (205,000)   (1,400,000)   (470,000)   (1,300,000)
650,000   (460,000)   25,000   (750,000)   430,000   1,710,000
97

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Capital Markets ETF   SPDR S&P Health Care Equipment ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 1,114,766   $ 3,612,742   $ 10,372   $ (234,928)
Net realized gain (loss)
 (9,680,330)   (5,359,636)   (37,847,886)   (6,385,020)
Net change in unrealized appreciation/depreciation
 16,722,795   (52,570,378)   60,504,934   (230,958,322)
Net increase (decrease) in net assets resulting from operations
 8,157,231   (54,317,272)   22,667,420   (237,578,270)
Net equalization credits and charges
 (9,726)   617,521   51,347   396,833
Distributions to shareholders
 (1,161,369)   (4,369,153)   (89,586)   (80,831)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 8,105,987   291,033,191   31,863,550   95,325,217
Cost of shares redeemed
 (3,956,095)   (260,515,203)   (52,483,573)   (283,191,139)
Net income equalization
 9,726   (617,521)   (51,347)   (396,833)
Net increase (decrease) in net assets from beneficial interest transactions
4,159,618   29,900,467   (20,671,370)   (188,262,755)
Net increase (decrease) in net assets during the period
 11,145,754   (28,168,437)   1,957,811   (425,525,023)
Net assets at beginning of period
 89,359,767   117,528,204   384,280,758   809,805,781
NET ASSETS AT END OF PERIOD
 $100,505,521   $ 89,359,767   $386,238,569   $ 384,280,758
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 100,000   2,875,000   350,000   825,000
Shares redeemed
 (50,000)   (2,900,000)   (575,000)   (2,575,000)
Net increase (decrease) from share transactions
 50,000   (25,000)   (225,000)   (1,750,000)
See accompanying notes to financial statements.
98

Table of Contents
SPDR S&P Health Care Services ETF   SPDR S&P Insurance ETF   SPDR S&P Internet ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 115,210   $ 229,356   $ 5,221,088   $ 8,931,328   $ (9,548)   $ 21,079
(10,079,379)   17,234,628   4,310,839   29,238,793   (8,586,055)   (5,205,061)
9,050,007   (61,553,044)   26,447,449   (44,334,991)   4,561,965   (28,820,186)
(914,162)   (44,089,060)   35,979,376   (6,164,870)   (4,033,638)   (34,004,168)
(14,293)   41,520   (972,529)   (535,793)   1,917   14,648
(138,887)   (277,297)   (4,971,323)   (8,376,046)   —   (25,401)
                     
61,493,251   54,935,824   1,202,732,525   1,883,160,077   1,971,047   12,367,579
(38,171,642)   (134,741,835)   (1,258,929,914)   (2,015,800,697)   (3,633,304)   (23,457,495)
14,293   (41,520)   972,529   535,793   (1,917)   (14,648)
23,335,902   (79,847,531)   (55,224,860)   (132,104,827)   (1,664,174)   (11,104,564)
22,268,560   (124,172,368)   (25,189,336)   (147,181,536)   (5,695,895)   (45,119,485)
89,694,913   213,867,281   543,071,554   690,253,090   26,260,924   71,380,409
$111,963,473   $ 89,694,913   $ 517,882,218   $ 543,071,554   $20,565,029   $ 26,260,924
                     
660,000   500,000   30,400,000   47,850,000   30,000   110,000
(430,000)   (1,280,000)   (32,100,000)   (51,400,000)   (50,000)   (150,000)
230,000   (780,000)   (1,700,000)   (3,550,000)   (20,000)   (40,000)
99

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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Metals & Mining ETF   SPDR S&P Oil & Gas Equipment & Services ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 20,714,924   $ 20,743,573   $ 618,810   $ 472,888
Net realized gain (loss)
 (123,984,753)   531,236,072   13,678,991   5,415,047
Net change in unrealized appreciation/depreciation
 353,910,471   (645,206,718)   65,331,554   (32,542,353)
Net increase (decrease) in net assets resulting from operations
 250,640,642   (93,227,073)   79,629,355   (26,654,418)
Net equalization credits and charges
 (866,144)   (708,496)   (56,168)   46,979
Distributions to shareholders
 (21,001,194)   (19,843,034)   (613,363)   (876,061)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 1,868,538,074   5,393,991,279   226,689,023   274,563,502
Cost of shares redeemed
 (2,129,260,817)   (5,339,158,537)   (224,543,369)   (199,881,258)
Net income equalization
 866,144   708,496   56,168   (46,979)
Net increase (decrease) in net assets from beneficial interest transactions
(259,856,599)   55,541,238   2,201,822   74,635,265
Net increase (decrease) in net assets during the period
 (31,083,295)   (58,237,365)   81,161,646   47,151,765
Net assets at beginning of period
 1,998,457,732   2,056,695,097   230,843,009   183,691,244
NET ASSETS AT END OF PERIOD
 $ 1,967,374,437   $ 1,998,457,732   $ 312,004,655   $ 230,843,009
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 38,450,000   108,850,000   3,400,000   4,050,000
Shares redeemed
 (44,950,000)   (110,650,000)   (3,350,000)   (3,150,000)
Net increase (decrease) from share transactions
 (6,500,000)   (1,800,000)   50,000   900,000
See accompanying notes to financial statements.
100

Table of Contents
SPDR S&P Pharmaceuticals ETF   SPDR S&P Retail ETF   SPDR S&P Semiconductor ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 1,554,863   $ 2,653,542   $ 3,633,374   $ 8,547,566   $ 2,298,003   $ 3,247,741
(12,942,833)   (12,759,052)   5,717,218   (250,227,605)   (17,143,713)   94,023,237
6,819,218   (32,095,780)   29,854,536   (107,859,707)   104,220,394   (421,774,635)
(4,568,752)   (42,201,290)   39,205,128   (349,539,746)   89,374,684   (324,503,657)
(68,397)   (43,252)   (510,772)   (4,786,352)   48,274   30,930
(1,627,218)   (2,929,721)   (3,552,020)   (7,176,709)   (2,567,456)   (2,987,778)
                     
98,578,713   236,052,640   3,445,341,165   13,182,150,145   163,905,006   936,570,123
(93,395,263)   (256,710,059)   (3,556,969,273)   (13,501,824,840)   (142,511,185)   (670,670,787)
68,397   43,252   510,772   4,786,352   (48,274)   (30,930)
5,251,847   (20,614,167)   (111,117,336)   (314,888,343)   21,345,547   265,868,406
(1,012,520)   (65,788,430)   (75,975,000)   (676,391,150)   108,201,049   (61,592,099)
205,928,567   271,716,997   378,184,209   1,054,575,359   933,500,707   995,092,806
$204,916,047   $ 205,928,567   $ 302,209,209   $ 378,184,209   $1,041,701,756   $ 933,500,707
                     
2,300,000   4,900,000   54,250,000   161,650,000   950,000   4,300,000
(2,200,000)   (5,250,000)   (55,750,000)   (166,000,000)   (875,000)   (3,325,000)
100,000   (350,000)   (1,500,000)   (4,350,000)   75,000   975,000
101

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Software & Services ETF   SPDR S&P Telecom ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 155,515   $ 742,773   $ 277,128   $ 987,038
Net realized gain (loss)
 (35,822,114)   14,056,671   (5,197,114)   (1,849,330)
Net change in unrealized appreciation/depreciation
 31,348,075   (152,751,393)   6,912,520   (18,610,403)
Net increase (decrease) in net assets resulting from operations
 (4,318,524)   (137,951,949)   1,992,534   (19,472,695)
Net equalization credits and charges
 2,219   (99,044)   (13,091)   (17,318)
Distributions to shareholders
 (160,176)   (639,461)   (139,159)   (1,057,495)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 23,006,147   309,989,403   31,870,298   45,273,259
Cost of shares redeemed
 (27,327,987)   (488,037,518)   (18,826,834)   (54,662,087)
Net income equalization
 (2,219)   99,044   13,091   17,318
Other Capital
 —   2,131   —   —
Net increase (decrease) in net assets from beneficial interest transactions
(4,324,059)   (177,946,940)   13,056,555   (9,371,510)
Contribution from Affiliate
 —   109,302   —   —
Net increase (decrease) in net assets during the period
 (8,800,540)   (316,528,092)   14,896,839   (29,919,018)
Net assets at beginning of period
 209,836,827   526,364,919   54,456,293   84,375,311
NET ASSETS AT END OF PERIOD
 $201,036,287   $ 209,836,827   $ 69,353,132   $ 54,456,293
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 200,000   1,830,000   375,000   475,000
Shares redeemed
 (240,000)   (3,010,000)   (225,000)   (600,000)
Net increase (decrease) from share transactions
 (40,000)   (1,180,000)   150,000   (125,000)
See accompanying notes to financial statements.
102

Table of Contents
SPDR S&P Transportation ETF   SPDR MSCI USA Gender Diversity ETF   SPDR ICE Preferred Securities ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 3,634,877   $ 3,498,846   $ 1,722,509   $ 2,906,551   $ 30,022,620   $ 63,807,029
(35,923,116)   14,511,013   (41,406,810)   29,330,725   (26,531,241)   (28,429,361)
35,126,077   (198,465,908)   48,496,333   (101,347,720)   (57,703,907)   (232,325,813)
2,837,838   (180,456,049)   8,812,032   (69,110,444)   (54,212,528)   (196,948,145)
311,929   (179,629)   (18,981)   (7,231)   (12,172)   1,344,104
(1,932,679)   (5,317,173)   (1,723,876)   (2,785,960)   (37,052,500)   (70,524,000)
                     
32,380,624   895,342,793   97,847,929   158,913,926   87,861,610   162,084,165
(141,402,017)   (778,163,797)   (104,757,096)   (127,838,013)   (75,126,776)   (331,775,206)
(311,929)   179,629   18,981   7,231   12,172   (1,344,104)
—   —   —   —   —   —
(109,333,322)   117,358,625   (6,890,186)   31,083,144   12,747,006   (171,035,145)
—   —   —   —   —   —
(108,116,234)   (68,594,226)   178,989   (40,820,491)   (78,530,194)   (437,163,186)
503,793,388   572,387,614   202,864,866   243,685,357   1,049,831,747   1,486,994,933
$ 395,677,154   $ 503,793,388   $ 203,043,855   $ 202,864,866   $ 971,301,553   $1,049,831,747
                     
450,000   10,010,000   1,200,000   1,550,000   2,500,000   3,950,000
(1,990,000)   (9,320,000)   (1,300,000)   (1,275,000)   (2,150,000)   (8,300,000)
(1,540,000)   690,000   (100,000)   275,000   350,000   (4,350,000)
103

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR FactSet Innovative Technology ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $107.82   $ 226.17   $ 145.30   $ 105.68   $ 95.29   $ 69.83
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.01   (0.52)   (0.59)   (0.23)   0.08   0.20
Net realized and unrealized gain (loss) (b)
 (8.02)   (118.26)   81.84   40.41   11.66   27.36
Total from investment operations
 (8.01)   (118.78)   81.25   40.18   11.74   27.56
Net equalization credits and charges (a)
 0.31   0.49   (0.25)   (0.40)   (0.11)   (0.74)
Contribution from affiliate
 0.08   —   —   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.05)   (0.06)   (0.13)   (0.16)   (0.10)   (0.26)
Net realized gains
 —   —   —   —   (1.14)   (1.10)
Total distributions
 (0.05)   (0.06)   (0.13)   (0.16)   (1.24)   (1.36)
Net asset value, end of period
 $100.15   $ 107.82   $ 226.17   $ 145.30   $105.68   $ 95.29
Total return (c)
 (7.07)%(d)   (52.30)%   55.75%   37.68%   12.58%   38.83%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $98,146   $126,151   $364,139   $148,207   $73,978   $38,114
Ratios to average net assets:                      
Total expenses
 0.46%(e)   0.45%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)
 0.02%(e)   (0.28)%   (0.29)%   (0.20)%   0.08%   0.24%
Portfolio turnover rate (f)
 65%(g)   53%   38%   35%   43%   34%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) If an Affiliate had not made a contribution during the period ended December 31, 2022, the total return would have been (7.15)%.
(e) Annualized.
(f) Portfolio turnover rate excludes in-kind security transactions.
(g) Not annualized.
See accompanying notes to financial statements.
104

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Global Dow ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 95.97   $ 110.51   $ 78.00   $ 85.13   $ 82.43   $ 76.65
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.28   3.32   2.22   2.07   2.15   1.75
Net realized and unrealized gain (loss) (b)
 5.19   (14.31)   32.59   (7.10)   2.67   5.81
Total from investment operations
 6.47   (10.99)   34.81   (5.03)   4.82   7.56
Net equalization credits and charges (a)
 (0.00)(c)   (0.02)   (0.03)   (0.01)   (0.02)   0.00(c)
Contribution from affiliate
 —   —   —   —   0.02   —
Other capital (a)
 —   0.02   0.00(c)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (1.36)   (3.55)   (2.27)   (2.09)   (2.12)   (1.78)
Net asset value, end of period
 $ 101.08   $ 95.97   $ 110.51   $ 78.00   $ 85.13   $ 82.43
Total return (d)
 6.83%   (10.22)%   44.96%   (5.97)%   5.94%(e)   9.86%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $101,124   $96,010   $96,750   $78,033   $91,550   $90,710
Ratios to average net assets:                      
Total expenses
 0.51%(f)   0.50%   0.50%   0.50%   0.50%   0.50%
Net investment income (loss)
 2.61%(f)   3.01%   2.33%   2.53%   2.60%   2.11%
Portfolio turnover rate (g)
 7%(h)   12%   11%   8%   11%   10%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have been 5.91%.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
105

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR MSCI USA StrategicFactorsSM ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 108.01   $ 119.37   $ 88.43   $ 86.19   $ 77.65   $ 69.73
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.96   1.73   1.76   1.79   1.67   1.44
Net realized and unrealized gain (loss) (b)
 2.40   (11.41)   30.99   1.88   7.99   7.82
Total from investment operations
 3.36   (9.68)   32.75   3.67   9.66   9.26
Net equalization credits and charges (a)
 0.04   (0.00)(c)   (0.03)   0.34   0.52   0.06
Contribution from affiliate (a)
 —   —   —   0.00(c)   —   —
Distributions to shareholders from:                      
Net investment income
 (1.09)   (1.68)   (1.78)   (1.77)   (1.64)   (1.36)
Net realized gains
 —   —   —   —   —   (0.04)
Total distributions
 (1.09)   (1.68)   (1.78)   (1.77)   (1.64)   (1.40)
Net asset value, end of period
 $ 110.32   $ 108.01   $ 119.37   $ 88.43   $ 86.19   $ 77.65
Total return (d)
 3.15%   (8.28)%   37.20%   4.53%(e)   13.35%   13.41%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $903,533   $814,388   $954,973   $771,956   $348,228   $93,180
Ratios to average net assets:                      
Total expenses
 0.16%(f)   0.15%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)
 1.72%(f)   1.42%   1.69%   2.02%   2.04%   1.90%
Portfolio turnover rate (g)
 10%(h)   16%   18%   21%   18%   18%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2020, the total return would have remained 4.53%.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
106

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR NYSE Technology ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 103.04   $ 158.99   $ 99.49   $ 72.66   $ 93.29   $ 72.80
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.40   0.67   0.47   0.49   0.56   0.55
Net realized and unrealized gain (loss) (b)
 (6.16)   (55.91)   59.47   26.90   (3.48)   20.98
Total from investment operations
 (5.76)   (55.24)   59.94   27.39   (2.92)   21.53
Net equalization credits and charges (a)
 (0.00)(c)   (0.02)   (0.01)   (0.02)   (0.07)   0.00(d)
Contribution from affiliate
 0.05   —   —   —   —   —
Other capital
 —   —   —   —   0.00(d)   —
Distributions to shareholders from:                      
Net investment income
 (0.42)   (0.69)   (0.43)   (0.54)   (0.58)   (0.48)
Net realized gains
 —   —   —   —   (17.06)   (0.56)
Total distributions
 (0.42)   (0.69)   (0.43)   (0.54)   (17.64)   (1.04)
Net asset value, end of period
 $ 96.91   $ 103.04   $ 158.99   $ 99.49   $ 72.66   $ 93.29
Total return (e)
 (5.55)%   (34.86)%   60.30%   37.85%   1.04%   29.71%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $363,395   $383,841   $711,479   $402,953   $428,680   $974,885
Ratios to average net assets:                      
Total expenses
 0.36%(f)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.76%(f)   0.45%   0.35%   0.62%   0.68%   0.64%
Portfolio turnover rate (g)
 16%(h)   17%   30%   20%   10%   36%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than 0.005%.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
107

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P 500 Fossil Fuel Reserves Free ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 92.22   $ 106.02   $ 76.39   $ 71.48   $ 65.55   $ 58.69
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.69   1.25   1.19   1.28   1.17   1.10
Net realized and unrealized gain (loss) (b)
 0.58   (13.84)   29.59   4.85   5.96   6.84
Total from investment operations
 1.27   (12.59)   30.78   6.13   7.13   7.94
Net equalization credits and charges (a)
 0.01   0.03   0.05   0.07   0.03   0.04
Distributions to shareholders from:                      
Net investment income
 (0.69)   (1.24)   (1.20)   (1.29)   (1.23)   (1.10)
Net realized gains
 —   —   —   —   —   (0.02)
Total distributions
 (0.69)   (1.24)   (1.20)   (1.29)   (1.23)   (1.12)
Net asset value, end of period
 $ 92.81   $ 92.22   $ 106.02   $ 76.39   $ 71.48   $ 65.55
Total return (c)
 1.40%   (12.01)%   40.59%   8.77%   11.04%   13.67%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,209,338   $1,161,919   $1,154,523   $567,579   $365,271   $281,885
Ratios to average net assets:                      
Total expenses
 0.21%(d)   0.20%   0.23%   0.25%   0.25%   0.25%
Net expenses
 0.21%(d)   0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)
 1.43%(d)   1.16%   1.28%   1.73%   1.74%   1.72%
Portfolio turnover rate (e)
 1%(f)   2%   4%   4%   6%   5%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
108

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Capital Markets ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 72.95   $ 94.02   $ 56.15   $ 55.47   $ 57.92   $ 49.10
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.88   1.78   1.62   1.11   0.97   1.21
Net realized and unrealized gain (loss) (b)
 5.92   (21.28)   38.10   1.09   (1.91)   8.83
Total from investment operations
 6.80   (19.50)   39.72   2.20   (0.94)   10.04
Net equalization credits and charges (a)
 (0.01)   0.30   (0.17)   (0.10)   (0.22)   (0.02)
Distributions to shareholders from:                      
Net investment income
 (0.91)   (1.86)   (1.68)   (1.42)   (1.29)   (1.20)
Net asset value, end of period
 $ 78.83   $ 72.95   $ 94.02   $ 56.15   $ 55.47   $ 57.92
Total return (c)
 9.34%   (20.82)%   71.24%   3.93%   (1.86)%   20.43%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $100,506   $89,360   $117,528   $22,459   $38,829   $136,109
Ratios to average net assets:                      
Total expenses
 0.36%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.20%(d)   1.86%   2.06%   1.99%   1.75%   2.14%
Portfolio turnover rate (e)
 32%(f)   26%   37%   20%   24%   24%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
109

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Health Care Equipment ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 84.92   $ 129.05   $ 89.25   $ 81.87   $ 78.23   $ 61.27
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.00   (0.04)   (0.13)   (0.05)   0.11   0.02
Net realized and unrealized gain (loss) (b)
 4.91   (44.14)   39.93   7.42   3.64   17.45
Total from investment operations
 4.91   (44.18)   39.80   7.37   3.75   17.47
Net equalization credits and charges (a)
 0.01   0.07   (0.00)(c)   0.01   0.00(c)   (0.02)
Distributions to shareholders from:                      
Net investment income
 (0.02)   (0.02)   —   (0.00)(c)   (0.11)   (0.01)
Net realized gains
 —   —   —   —   —   (0.48)
Total distributions
 (0.02)   (0.02)   —   (.0000)(c)   (0.11)   (0.49)
Net asset value, end of period
 $ 89.82   $ 84.92   $ 129.05   $ 89.25   $ 81.87   $ 78.23
Total return (d)
 5.79%   (34.18)%   44.60%   9.02%   4.79%   28.66%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $386,239   $384,281   $809,806   $513,171   $609,918   $465,494
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.01%(e)   (0.04)%   (0.12)%   (0.06)%   0.13%   0.03%
Portfolio turnover rate (f)
 26%(g)   42%   39%   25%   32%   41%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
110

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Health Care Services ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 82.29   $ 114.37   $ 68.05   $ 66.59   $ 69.29   $ 64.40
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.08   0.16   0.22   0.22   0.23   0.16
Net realized and unrealized gain (loss) (b)
 2.56   (32.08)   46.50   2.83   (2.71)   4.89
Total from investment operations
 2.64   (31.92)   46.72   3.05   (2.48)   5.05
Net equalization credits and charges (a)
 (0.01)   0.03   (0.19)   0.15   0.00(c)   (0.00)(c)
Distributions to shareholders from:                      
Net investment income
 (0.10)   (0.19)   (0.21)   (1.74)   (0.22)   (0.16)
Net asset value, end of period
 $ 84.82   $ 82.29   $ 114.37   $ 68.05   $ 66.59   $ 69.29
Total return (d)
 3.20%   (27.91)%   68.43%   4.68%   (3.59)%   7.87%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $111,963   $89,695   $213,867   $83,699   $90,561   $97,011
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.18%(e)   0.16%   0.24%   0.33%   0.33%   0.25%
Portfolio turnover rate (f)
 26%(g)   44%   38%   25%   35%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
111

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Insurance ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 37.84   $ 38.56   $ 27.34   $ 34.01   $ 29.81   $ 29.37
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.40   0.73   0.67   0.61   0.55   0.52
Net realized and unrealized gain (loss) (c)
 3.23   (0.67)   11.16   (6.65)   4.19   0.43
Total from investment operations
 3.63   0.06   11.83   (6.04)   4.74   0.95
Net equalization credits and charges (b)
 (0.08)   (0.04)   0.10   (0.02)   0.02   0.02
Distributions to shareholders from:                      
Net investment income
 (0.45)   (0.74)   (0.71)   (0.61)   (0.56)   (0.53)
Net asset value, end of period
 $ 40.94   $ 37.84   $ 38.56   $ 27.34   $ 34.01   $ 29.81
Total return (d)
 9.41%   (0.01)%   44.04%   (17.99)%   16.16%   3.28%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $517,882   $543,072   $690,253   $564,510   $1,066,343   $708,100
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.04%(e)   1.84%   2.04%   1.87%   1.77%   1.71%
Portfolio turnover rate (f)
 13%(g)   26%   24%   19%   21%   24%
(a) On November 29, 2017, the SPDR S&P Insurance ETF underwent a 3-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
112

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Internet ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 75.03   $ 183.03   $101.51   $ 89.16   $ 87.63   $ 67.40
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 (0.03)   0.07   0.43   0.41   0.36   (0.06)
Net realized and unrealized gain (loss) (b)
 (12.69)   (108.03)   81.71   12.39   2.84   27.23
Total from investment operations
 (12.72)   (107.96)   82.14   12.80   3.20   27.17
Net equalization credits and charges (a)
 0.01   0.05   (0.03)   (0.01)   (0.03)   (0.25)
Distributions to shareholders from:                      
Net investment income
 —   (0.09)   (0.59)   (0.44)   (0.37)   —
Net realized gains
 —   —   —   —   (1.27)   (6.69)
Total distributions
 —   (0.09)   (0.59)   (0.44)   (1.64)   (6.69)
Net asset value, end of period
 $ 62.32   $ 75.03   $183.03   $101.51   $ 89.16   $ 87.63
Total return (c)
 (16.94)%   (58.98)%   81.12%   14.46%   3.90%   42.73%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $20,565   $ 26,261   $71,380   $24,363   $34,772   $35,051
Ratios to average net assets:                      
Total expenses
 0.36%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 (0.08)%(d)   0.05%   0.28%   0.49%   0.41%   (0.07)%
Portfolio turnover rate (e)
 32%(f)   54%   52%   57%   85%   67%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
113

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Metals & Mining ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 43.44   $ 43.03   $ 21.21   $ 28.38   $ 35.52   $ 29.96
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.52   0.44   0.34   0.39   0.59   0.73
Net realized and unrealized gain (loss) (b)
 6.42   0.41   21.77   (7.21)   (7.11)   5.51
Total from investment operations
 6.94   0.85   22.11   (6.82)   (6.52)   6.24
Net equalization credits and charges (a)
 (0.02)   (0.02)   0.03   0.04   0.04   0.07
Distributions to shareholders from:                      
Net investment income
 (0.55)   (0.42)   (0.32)   (0.39)   (0.66)   (0.75)
Net asset value, end of period
 $ 49.81   $ 43.44   $ 43.03   $ 21.21   $ 28.38   $ 35.52
Total return (c)
 15.97%   1.87%   104.87%   (23.98)%   (18.25)%   21.01%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,967,374   $1,998,458   $2,056,695   $395,524   $534,979   $852,506
Ratios to average net assets:                      
Total expenses
 0.36%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.16%(d)   0.90%   0.96%   1.58%   1.90%   2.12%
Portfolio turnover rate (e)
 18%(f)   38%   44%   41%   28%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
114

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Oil & Gas Equipment & Services ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19(a) 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 59.73   $ 61.95   $ 33.13   $ 96.20   $ 169.70   $ 155.00
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.15   0.14   0.27   1.15   0.90   2.60
Net realized and unrealized gain (loss) (c)
 19.98   (2.11)   29.51   (63.13)   (73.50)   14.90
Total from investment operations
 20.13   (1.97)   29.78   (61.98)   (72.60)   17.50
Net equalization credits and charges (b)
 (0.01)   0.01   (0.04)   0.07   (0.00)(d)   0.20
Contribution from affiliate
 —   —   —   —   —   0.00(d)
Other capital
 —   —   0.00(d)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.16)   (0.25)   (0.92)   (1.16)   (0.90)   (3.00)
Net asset value, end of period
 $ 79.69   $ 59.73   $ 61.95   $ 33.13   $ 96.20   $ 169.70
Total return (e)
 33.75%   (3.18)%   90.54%   (64.70)%   (42.79)%   11.48%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $312,005   $230,843   $183,691   $96,561   $186,698   $402,923
Ratios to average net assets:                      
Total expenses
 0.36%(f)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.45%(f)   0.22%   0.59%   1.99%   0.73%   1.62%
Portfolio turnover rate (g)
 19%(h)   38%   64%   51%   34%   44%
(a) On March 30, 2020. SPDR S&P Oil & Gas Equipment & Services ETF underwent 1-for-10 reverse stock split. The per share data presented here have been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
115

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Pharmaceuticals ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 42.02   $ 51.75   $ 43.09   $ 39.76   $ 42.99   $ 43.04
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.30   0.56   0.25   0.27   0.24   0.25
Net realized and unrealized gain (loss) (b)
 (1.00)   (9.65)   8.67   3.37   (3.17)   (0.04)
Total from investment operations
 (0.70)   (9.09)   8.92   3.64   (2.93)   0.21
Net equalization credits and charges (a)
 (0.01)   (0.01)   0.00(c)   (0.02)   0.00(c)   (0.00)(c)
Distributions to shareholders from:                      
Net investment income
 (0.33)   (0.63)   (0.26)   (0.29)   (0.30)   (0.26)
Total distributions
 (0.33)   (0.63)   (0.26)   (0.29)   (0.30)   (0.26)
Net asset value, end of period
 $ 40.98   $ 42.02   $ 51.75   $ 43.09   $ 39.76   $ 42.99
Total return (d)
 (1.70)%   (17.67)%   20.76%   9.18%   (6.83)%   0.46%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $204,916   $205,929   $271,717   $243,443   $212,716   $335,310
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 1.41%(e)   1.21%   0.52%   0.67%   0.57%   0.60%
Portfolio turnover rate (f)
 29%(g)   60%   53%   31%   42%   46%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
116

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Retail ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 58.18   $ 97.19   $ 42.87   $ 42.42   $ 48.57   $ 40.72
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.60   0.99   0.68   0.68   0.69   0.73
Net realized and unrealized gain (loss) (b)
 2.63   (37.92)   54.27   0.42   (6.18)   7.85
Total from investment operations
 3.23   (36.93)   54.95   1.10   (5.49)   8.58
Net equalization credits and charges (a)
 (0.08)   (0.55)   0.02   0.01   (0.00)(c)   (0.06)
Contribution from affiliate
 —   —   0.01   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.89)   (1.53)   (0.66)   (0.66)   (0.66)   (0.67)
Net asset value, end of period
 $ 60.44   $ 58.18   $ 97.19   $ 42.87   $ 42.42   $ 48.57
Total return (d)
 5.44%   (39.02)%   128.92%(e)   2.74%   (11.33)%   21.07%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $302,209   $378,184   $1,054,575   $265,787   $263,038   $369,128
Ratios to average net assets:                      
Total expenses
 0.36%(f)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 1.88%(f)   1.13%   0.97%   1.68%   1.47%   1.66%
Portfolio turnover rate (g)
 13%(h)   39%   62%   43%   45%   43%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2021, the total return would have been 128.90%.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
117

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Semiconductor ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 151.79   $ 192.29   $ 112.00   $ 84.40   $ 72.31   $ 61.70
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.37   0.53   0.28   0.54   0.66   0.55
Net realized and unrealized gain (loss) (b)
 15.58   (40.57)   80.28   27.60   12.18   10.59
Total from investment operations
 15.95   (40.04)   80.56   28.14   12.84   11.14
Net equalization credits and charges (a)
 0.01   0.01   0.00(c)   (0.00)(c)   (0.03)   (0.01)
Distributions to shareholders from:                      
Net investment income
 (0.41)   (0.47)   (0.27)   (0.54)   (0.72)   (0.52)
Net asset value, end of period
 $ 167.34   $ 151.79   $ 192.29   $ 112.00   $ 84.40   $ 72.31
Total return (d)
 10.52%   (20.86)%   71.99%   33.43%   17.86%   18.04%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,041,702   $933,501   $995,093   $498,412   $291,186   $318,166
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.43%(e)   0.26%   0.17%   0.55%   0.88%   0.79%
Portfolio turnover rate (f)
 22%(g)   36%   32%   21%   32%   29%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Software & Services ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 111.02   $ 171.45   $ 111.44   $ 96.24   $ 80.89   $ 62.58
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.08   0.28   (0.00)(b)   0.37   0.19   0.14
Net realized and unrealized gain (loss) (c)
 (2.34)   (60.49)   60.08   15.25   15.40   18.48
Total from investment operations
 (2.26)   (60.21)   60.08   15.62   15.59   18.62
Net equalization credits and charges (a)
 0.00   (0.04)   (0.01)   (0.01)   (0.02)   0.00(b)
Contribution from affiliate
 —   0.04   —   —   —   —
Other capital
 —   0.00(b)   —   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.09)   (0.22)   (0.06)   (0.41)   (0.22)   (0.13)
Net realized gains
 —   —   —   —   —   (0.18)
Total distributions
 (0.09)   (0.22)   (0.06)   (0.41)   (0.22)   (0.31)
Net asset value, end of period
 $ 108.67   $ 111.02   $ 171.45   $ 111.44   $ 96.24   $ 80.89
Total return (d)
 (2.04)%   (35.16)%(e)   53.91%   16.34%   19.30%   29.83%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $201,036   $209,837   $526,365   $241,825   $249,261   $88,979
Ratios to average net assets:                      
Total expenses
 0.36%(f)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.15%(f)   0.17%   0.00%(g)   0.38%   0.21%   0.19%
Portfolio turnover rate (h)
 26%(i)   46%   40%   31%   47%   29%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amount is less than $0.005 per share.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2022, the total return would have been (35.18)%.
(f) Annualized.
(g) Amount is less than 0.005%.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
119

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Telecom ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 77.79   $102.27   $ 69.77   $ 67.70   $ 72.20   $ 70.47
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.36   1.20   0.82   0.53   0.80   1.56
Net realized and unrealized gain (loss) (b)
 3.65   (24.35)   32.25   2.15   (4.43)   1.75
Total from investment operations
 4.01   (23.15)   33.07   2.68   (3.63)   3.31
Net equalization credits and charges (a)
 (0.02)   (0.02)   0.24   (0.02)   (0.09)   0.12
Distributions to shareholders from:                      
Net investment income
 (0.19)   (1.31)   (0.81)   (0.59)   (0.78)   (1.70)
Net asset value, end of period
 $ 81.59   $ 77.79   $102.27   $ 69.77   $ 67.70   $ 72.20
Total return (c)
 5.14%   (22.87)%   48.00%   3.98%   (5.17)%   4.97%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $69,353   $54,456   $84,375   $48,842   $57,545   $162,460
Ratios to average net assets:                      
Total expenses
 0.36%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.86%(d)   1.28%   0.94%   0.78%   1.12%   2.21%
Portfolio turnover rate (e)
 23%(f)   41%   61%   44%   35%   33%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Transportation ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 67.81   $ 84.92   $ 52.86   $ 61.22   $ 63.09   $ 55.40
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.57   0.42   1.02   0.57   0.67   0.49
Net realized and unrealized gain (loss) (b)
 (0.94)   (16.89)   31.84   (8.36)   (1.82)   7.68
Total from investment operations
 (0.37)   (16.47)   32.86   (7.79)   (1.15)   8.17
Net equalization credits and charges (a)
 0.05   (0.02)   0.20   0.01   (0.01)   (0.00)(c)
Distributions to shareholders from:                      
Net investment income
 (0.31)   (0.62)   (1.00)   (0.58)   (0.71)   (0.48)
Net asset value, end of period
 $ 67.18   $ 67.81   $ 84.92   $ 52.86   $ 61.22   $ 63.09
Total return (d)
 (0.46)%   (19.57)%   62.69%   (12.74)%   (1.80)%   14.74%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $395,677   $503,793   $572,388   $179,722   $148,155   $233,429
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 1.59%(e)   0.49%   1.35%   0.99%   1.09%   0.79%
Portfolio turnover rate (f)
 15%(g)   37%   26%   29%   18%   27%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
121

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR MSCI USA Gender Diversity ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 75.84   $ 101.54   $ 71.03   $ 73.74   $ 72.20   $ 66.97
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.65   1.06   0.97   1.29   1.48   1.38
Net realized and unrealized gain (loss) (b)
 3.03   (25.75)   30.50   (2.51)   4.78   7.73
Total from investment operations
 3.68   (24.69)   31.47   (1.22)   6.26   9.11
Net equalization credits and charges (a)
 (0.01)   (0.00)(c)   0.06   (0.09)   0.03   0.01
Distributions to shareholders from:                      
Net investment income
 (0.66)   (1.01)   (1.02)   (1.40)   (1.74)   (1.38)
Net realized gains
 —   —   —   —   (3.01)   (2.51)
Total distributions
 (0.66)   (1.01)   (1.02)   (1.40)   (4.75)   (3.89)
Net asset value, end of period
 $ 78.85   $ 75.84   $ 101.54   $ 71.03   $ 73.74   $ 72.20
Total return (d)
 4.86%   (24.47)%   44.60%   (1.71)%   9.60%   13.80%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $203,044   $202,865   $243,685   $120,743   $283,882   $332,138
Ratios to average net assets:                      
Total expenses
 0.21%(e)   0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)
 1.63%(e)   1.11%   1.10%   1.77%   2.06%   1.95%
Portfolio turnover rate (f)
 110%(g)   43%   22%   69%   53%   46%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR ICE Preferred Securities ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 35.83   $ 44.19   $ 41.54   $ 43.11   $ 43.29   $ 45.00
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.01   1.97   2.12   2.31   2.41   2.46
Net realized and unrealized gain (loss) (b)
 (2.83)   (8.21)   2.80   (1.53)   (0.02)   (1.93)
Total from investment operations
 (1.82)   (6.24)   4.92   0.78   2.39   0.53
Net equalization credits and charges (a)
 (0.00)(c)   0.04   (0.03)   (0.03)   (0.01)   0.04
Contribution from affiliate
 —   —   —   —   0.00(c)   —
Distributions to shareholders from:                      
Net investment income
 (1.25)   (2.16)   (2.24)   (2.32)   (2.56)   (2.28)
Net asset value, end of period
 $ 32.76   $ 35.83   $ 44.19   $ 41.54   $ 43.11   $ 43.29
Total return (d)
 (5.23)%   (14.52)%   12.01%   1.67%   5.86%(e)   1.34%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $971,302   $1,049,832   $1,486,995   $1,121,515   $829,813   $588,791
Ratios to average net assets:                      
Total expenses
 0.46%(f)   0.45%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)
 5.73%(f)   4.82%   4.89%   5.39%   5.72%   5.60%
Portfolio turnover rate (g)
 10%(h)   28%   45%   36%   35%   52%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have remained 5.86%.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
123

Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 (Unaudited)
1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of December 31, 2022, the Trust consists of eighty-five (85) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR FactSet Innovative Technology ETF
SPDR Global Dow ETF
SPDR MSCI USA StrategicFactorsSM ETF
SPDR NYSE Technology ETF
SPDR S&P 500® Fossil Fuel Reserves Free ETF
SPDR S&P Capital Markets ETF
SPDR S&P Health Care Equipment ETF
SPDR S&P Health Care Services ETF
SPDR S&P Insurance ETF
SPDR S&P Internet ETF
SPDR S&P Metals & Mining ETF
SPDR S&P Oil & Gas Equipment & Services ETF
SPDR S&P Pharmaceuticals ETF
SPDR S&P Retail ETF
SPDR S&P Semiconductor ETF
SPDR S&P Software & Services ETF
SPDR S&P Telecom ETF
SPDR S&P Transportation ETF
SPDR MSCI USA Gender Diversity ETF (Formerly, SPDR SSGA Gender Diversity Index ETF)
SPDR ICE Preferred Securities ETF
Each Fund is classified as a diversified investment company under the 1940 Act, with the exception of SPDR S&P Metals and Mining ETF and SPDR MSCI USA Gender Diversity ETF, each of which is a non-diversified investment company.
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•  Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they
124

Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2022, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
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Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid quarterly, . Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
Certain Fund may enter into futures contracts to meet the Fund's objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains
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or losses. The Fund recognizes a realized gain or loss when the contract is closed. 
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended December 31, 2022, the SPDR Global Dow ETF, SPDR S&P 500 Fossil Fuel Reserves Free ETF and SPDR MSCI USA Gender Diversity ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
The following tables summarize the value of the Fund's derivative instruments as of December 31, 2022, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Liability Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Global Dow ETF                      
Futures Contracts
 $—   $—   $—   $ 11,674   $—   $ 11,674
SPDR S&P 500 Fossil Fuel Reserves Free ETF                      
Futures Contracts
 —   —   —   65,089   —   65,089
SPDR MSCI USA Gender Diversity ETF                      
Futures Contracts
 —   —   —   35,370   —   35,370
  Net Realized Gain (Loss)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Global Dow ETF                      
Futures Contracts
 $—   $—   $—   $13,793   $—   $13,793
SPDR S&P 500 Fossil Fuel Reserves Free ETF                      
Futures Contracts
 —   —   —   96,926   —   96,926
SPDR MSCI USA Gender Diversity ETF                      
Futures Contracts
 —   —   —   (781)   —   (781)
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Global Dow ETF                      
Futures Contracts
 $—   $—   $—   $(13,353)   $—   $(13,353)
SPDR S&P 500 Fossil Fuel Reserves Free ETF                      
Futures Contracts
 —   —   —   (86,951)   —   (86,951)
SPDR MSCI USA Gender Diversity ETF                      
Futures Contracts
 —   —   —   (36,935)   —   (36,935)
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s
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average daily net assets as shown in the following table:
  Annual Rate
SPDR FactSet Innovative Technology ETF
 0.45%
SPDR Global Dow ETF
 0.50
SPDR MSCI USA StrategicFactorsSM ETF
 0.15
SPDR NYSE Technology ETF
 0.35
SPDR S&P 500 Fossil Fuel Reserves Free ETF
 0.20
SPDR S&P Capital Markets ETF
 0.35
SPDR S&P Health Care Equipment ETF
 0.35
SPDR S&P Health Care Services ETF
 0.35
SPDR S&P Insurance ETF
 0.35
SPDR S&P Internet ETF
 0.35
SPDR S&P Metals & Mining ETF
 0.35
SPDR S&P Oil & Gas Equipment & Services ETF
 0.35
SPDR S&P Pharmaceuticals ETF
 0.35
SPDR S&P Retail ETF
 0.35
SPDR S&P Semiconductor ETF
 0.35
SPDR S&P Software & Services ETF
 0.35
SPDR S&P Telecom ETF
 0.35
SPDR S&P Transportation ETF
 0.35
SPDR MSCI USA Gender Diversity ETF
 0.20
SPDR ICE Preferred Securities ETF
 0.45
From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2023. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue each waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and each waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2023. The waiver and/or reimbursement may not be terminated prior to October 31, 2023 except with the approval of the Board.
The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
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Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended December 31, 2022, are disclosed in the Funds' Schedules of Investments.
During the period ended December 31, 2022, the Adviser made a contribution of $85,506 to the SPDR FactSet Innovative Technology ETF related to a trade processing matter.
During the period ended December 31, 2022 the State Street made a contribution of $197,806 to the SPDR NYSE Technology ETF related to an accounting matter trade processing matter.
During the fiscal year ended June 30, 2022, the Adviser made a contribution of $109,350 to the SPDR S&P Software & Services ETF related to a trading matter.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5.    Trustees’ Fees
The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2022, were as follows:
  Purchases   Sales
SPDR FactSet Innovative Technology ETF
 $ 72,350,697   $ 72,195,235
SPDR Global Dow ETF
 7,475,412   7,058,983
SPDR MSCI USA StrategicFactorsSM ETF
 88,704,631   82,198,234
SPDR NYSE Technology ETF
 61,290,359   61,597,974
SPDR S&P 500 Fossil Fuel Reserves Free ETF
 19,092,659   16,437,688
SPDR S&P Capital Markets ETF
 31,882,531   32,108,232
SPDR S&P Health Care Equipment ETF
 103,681,570   103,609,098
SPDR S&P Health Care Services ETF
 31,111,326   31,123,052
SPDR S&P Insurance ETF
 66,897,859   67,299,993
SPDR S&P Internet ETF
 7,907,898   7,925,206
SPDR S&P Metals & Mining ETF
 358,653,825   359,809,086
SPDR S&P Oil & Gas Equipment & Services ETF
 52,405,123   52,221,859
SPDR S&P Pharmaceuticals ETF
 61,348,835   61,711,147
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  Purchases   Sales
SPDR S&P Retail ETF
 $ 51,275,914   $ 51,938,742
SPDR S&P Semiconductor ETF
 232,537,141   232,625,437
SPDR S&P Software & Services ETF
 53,908,806   53,973,654
SPDR S&P Telecom ETF
 17,051,899   14,876,325
SPDR S&P Transportation ETF
 69,030,149   68,944,856
SPDR MSCI USA Gender Diversity ETF
 227,026,815   227,159,628
SPDR ICE Preferred Securities ETF
 105,227,472   106,939,493
For the period ended December 31, 2022, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR FactSet Innovative Technology ETF
 $ 8,124,969   $ 29,324,320   $ (1,673,589)
SPDR Global Dow ETF
 7,135,938   7,229,989   3,822,959
SPDR MSCI USA StrategicFactorsSM ETF
 100,705,001   35,284,069   8,485,233
SPDR NYSE Technology ETF
 22,478,564   20,550,659   2,943,743
SPDR S&P 500 Fossil Fuel Reserves Free ETF
 82,158,521   45,279,952   17,990,631
SPDR S&P Capital Markets ETF
 8,104,628   3,956,514   175,608
SPDR S&P Health Care Equipment ETF
 29,643,739   50,232,863   8,046,327
SPDR S&P Health Care Services ETF
 61,492,023   38,155,612   5,569,986
SPDR S&P Insurance ETF
 1,028,094,119   1,084,302,640   26,240,211
SPDR S&P Internet ETF
 1,971,093   3,632,638   205,599
SPDR S&P Metals & Mining ETF
 1,605,140,244   1,865,668,571   58,871,713
SPDR S&P Oil & Gas Equipment & Services ETF
 220,983,879   218,838,390   29,524,732
SPDR S&P Pharmaceuticals ETF
 96,475,757   90,743,120   19,049,975
SPDR S&P Retail ETF
 2,642,930,006   2,754,862,512   41,632,854
SPDR S&P Semiconductor ETF
 151,297,354   130,077,328   10,182,969
SPDR S&P Software & Services ETF
 22,988,533   27,322,292   1,829,542
SPDR S&P Telecom ETF
 31,740,443   18,826,179   2,110,177
SPDR S&P Transportation ETF
 28,212,871   135,385,471   (9,133,716)
SPDR MSCI USA Gender Diversity ETF
 97,851,587   104,852,458   17,477,329
SPDR ICE Preferred Securities ETF
 87,807,204   74,986,128   706,079
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
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8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30,2022, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of December 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR FactSet Innovative Technology ETF
 $ 154,784,319   $ 807,675   $ 48,088,262   $ (47,280,587)
SPDR Global Dow ETF
 91,938,451   19,360,424   8,751,978   10,608,446
SPDR MSCI USA StrategicFactorsSM ETF
 874,752,857   101,584,997   73,078,266   28,506,731
SPDR NYSE Technology ETF
 418,737,101   24,521,507   79,894,409   (55,372,902)
SPDR S&P 500 Fossil Fuel Reserves Free ETF
 1,168,831,166   152,455,025   112,717,849   39,737,176
SPDR S&P Capital Markets ETF
 125,449,355   1,526,898   23,346,025   (21,819,127)
SPDR S&P Health Care Equipment ETF
 452,145,937   29,859,105   83,909,171   (54,050,066)
SPDR S&P Health Care Services ETF
 142,389,995   6,451,340   29,735,625   (23,284,285)
SPDR S&P Insurance ETF
 562,142,557   6,229,538   40,431,206   (34,201,668)
SPDR S&P Internet ETF
 40,920,447   31,592   18,705,556   (18,673,964)
SPDR S&P Metals & Mining ETF
 2,304,747,696   36,457,949   303,391,540   (266,933,591)
SPDR S&P Oil & Gas Equipment & Services ETF
 307,592,562   32,041,795   9,824,748   22,217,047
SPDR S&P Pharmaceuticals ETF
 218,849,869   37,572,922   33,292,879   4,280,043
SPDR S&P Retail ETF
 417,468,612   142,203   90,200,131   (90,057,928)
SPDR S&P Semiconductor ETF
 1,301,064,567   56,938,423   248,915,398   (191,976,975)
SPDR S&P Software & Services ETF
 323,447,277   3,974,080   106,534,237   (102,560,157)
SPDR S&P Telecom ETF
 79,655,930   2,594,994   11,031,602   (8,436,608)
SPDR S&P Transportation ETF
 556,303,039   2,169,723   145,778,222   (143,608,499)
SPDR MSCI USA Gender Diversity ETF
 201,377,589   6,256,141   4,759,447   1,496,694
SPDR ICE Preferred Securities ETF
 1,265,497,662   —   249,996,436   (249,996,436)
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal
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to a percentage of the market value of the loaned securities.
The market value of securities on loan as of December 31, 2022, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of December 31, 2022:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR FactSet Innovative Technology ETF
   $ 12,897,610   $ 9,349,456   $ 3,879,221   $ 13,228,677
SPDR Global Dow ETF
   2,049,505   1,681,736   462,600   2,144,336
SPDR MSCI USA StrategicFactorsSM ETF
   369,754   346,556   28,942   375,498
SPDR S&P 500 Fossil Fuel Reserves Free ETF
   264,674   270,914   —   270,914
SPDR S&P Capital Markets ETF
   3,128,588   3,212,102   27,665   3,239,767
SPDR S&P Health Care Equipment ETF
   17,926,108   11,919,949   6,678,376   18,598,325
SPDR S&P Health Care Services ETF
   9,548,627   7,141,749   3,023,496   10,165,245
SPDR S&P Insurance ETF
   9,431,093   9,871,594   —   9,871,594
SPDR S&P Internet ETF
   1,935,406   1,676,648   319,253   1,995,901
SPDR S&P Metals & Mining ETF
   100,214,569   72,102,723   30,526,132   102,628,855
SPDR S&P Oil & Gas Equipment & Services ETF
   17,858,955   17,769,713   658,646   18,428,359
SPDR S&P Pharmaceuticals ETF
   24,875,524   18,307,468   6,886,928   25,194,396
SPDR S&P Retail ETF
   33,614,466   26,642,109   8,458,602   35,100,711
SPDR S&P Semiconductor ETF
   76,822,792   67,393,148   11,724,535   79,117,683
SPDR S&P Software & Services ETF
   27,535,446   19,846,535   8,395,107   28,241,642
SPDR S&P Telecom ETF
   3,813,542   1,846,258   2,125,634   3,971,892
SPDR S&P Transportation ETF
   19,847,594   17,083,071   3,379,784   20,462,855
SPDR MSCI USA Gender Diversity ETF
   51,246   52,105   —   52,105
SPDR ICE Preferred Securities ETF
   49,460,060   45,782,750   5,132,029   50,914,779
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2022:
        Remaining Contractual Maturity of the Agreements
as of December 31, 2022
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Factset Innovative Technology ETF
   Common Stocks   $9,349,456   $—   $—   $—   $9,349,456   $9,349,456
SPDR Global Dow ETF
   Common Stocks   1,681,736   —   —   —   1,681,736   1,681,736
SPDR MSCI USA StrategicfactorsSM ETF
   Common Stocks   346,556   —   —   —   346,556   346,556
SPDR S&P 500 Fossil Fuel Reserves Free ETF
   Common Stocks   270,914   —   —   —   270,914   270,914
SPDR S&P Capital Markets ETF
   Common Stocks   3,212,102   —   —   —   3,212,102   3,212,102
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        Remaining Contractual Maturity of the Agreements
as of December 31, 2022
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR S&P Health Care Equipment ETF
   Common Stocks   $ 11,919,949   $—   $—   $—   $ 11,919,949   $ 11,919,949
SPDR S&P Health Care Services ETF
   Common Stocks   7,141,749   —   —   —   7,141,749   7,141,749
SPDR S&P Insurance ETF
   Common Stocks   9,871,594   —   —   —   9,871,594   9,871,594
SPDR S&P Internet ETF
   Common Stocks   1,676,648   —   —   —   1,676,648   1,676,648
SPDR S&P Metals & Mining ETF
   Common Stocks   72,102,723   —   —   —   72,102,723   72,102,723
SPDR S&P Oil & Gas Equipment & Services ETF
   Common Stocks   17,769,713   —   —   —   17,769,713   17,769,713
SPDR S&P Pharmaceuticals ETF
   Common Stocks   18,307,468   —   —   —   18,307,468   18,307,468
SPDR S&P Retail ETF
   Common Stocks   26,642,109   —   —   —   26,642,109   26,642,109
SPDR S&P Semiconductor ETF
   Common Stocks   67,393,148   —   —   —   67,393,148   67,393,148
SPDR S&P Software & Services ETF
   Common Stocks   19,846,535   —   —   —   19,846,535   19,846,535
SPDR S&P Telecom ETF
   Common Stocks   1,846,258   —   —   —   1,846,258   1,846,258
SPDR S&P Transportation ETF
   Common Stocks   17,083,071   —   —   —   17,083,071   17,083,071
SPDR MSCI USA Gender Diversity ETF
   Common Stocks   52,105   —   —   —   52,105   52,105
SPDR ICE Preferred Securities ETF
   Preferred Stocks   45,782,750   —   —   —   45,782,750   45,782,750
10.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the undefined invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the undefined invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk
Market prices of investments held by a Fund will go up or down, sometimes rapidly or unpredictably. A Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impairthe ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value. A reduction in liquidity of certain Fund holdings as a result of sanctions and related actions may cause a Fund to experience increased premiums or discounts to its NAV and/or wider bid-ask spreads. Additionally, if it becomes impracticable or unlawful for a Fund to hold securities subject to, or otherwise affected by, sanctions, or if deemed appropriate by the Fund’s investment adviser, the Fund may prohibit in-kind deposits of the affected securities in connection with creation transactions and instead require a cash deposit, which may also increase the Fund’s transaction costs.
11.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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SPDR SERIES TRUST
OTHER INFORMATION
December 31, 2022 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
      Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period(a) 		  Ending Account
Value 		  Expenses Paid
During Period(a)
SPDR FactSet Innovative Technology ETF
 0.46%   $ 929.30   $2.24   $1,022.90   $2.35
SPDR Global Dow ETF
 0.51   1,068.30   2.66   1,022.60   2.60
SPDR MSCI USA StrategicFactorsSM ETF
 0.16   1,031.50   0.82   1,024.40   0.82
SPDR NYSE Technology ETF
 0.36   944.50   1.76   1,023.40   1.84
SPDR S&P 500 Fossil Fuel Reserves Free ETF
 0.21   1,014.00   1.07   1,024.10   1.07
SPDR S&P Capital Markets ETF
 0.36   1,093.40   1.90   1,023.40   1.84
SPDR S&P Health Care Equipment ETF
 0.36   1,057.90   1.87   1,023.40   1.84
SPDR S&P Health Care Services ETF
 0.36   1,032.00   1.84   1,023.40   1.84
SPDR S&P Insurance ETF
 0.36   1,094.10   1.90   1,023.40   1.84
SPDR S&P Internet ETF
 0.36   830.60   1.66   1,023.40   1.84
SPDR S&P Metals & Mining ETF
 0.36   1,159.70   1.96   1,023.40   1.84
SPDR S&P Oil & Gas Equipment & Services ETF
 0.36   1,337.50   2.12   1,023.40   1.84
SPDR S&P Pharmaceuticals ETF
 0.36   983.00   1.80   1,023.40   1.84
SPDR S&P Retail ETF
 0.36   1,054.40   1.86   1,023.40   1.84
SPDR S&P Semiconductor ETF
 0.36   1,105.20   1.91   1,023.40   1.84
SPDR S&P Software & Services ETF
 0.36   979.60   1.80   1,023.40   1.84
SPDR S&P Telecom ETF
 0.36   1,051.40   1.86   1,023.40   1.84
SPDR S&P Transportation ETF
 0.36   995.40   1.81   1,023.40   1.84
SPDR MSCI USA Gender Diversity ETF
 0.21   1,048.60   1.08   1,024.10   1.07
SPDR ICE Preferred Securities ETF
 0.46   947.70   2.26   1,022.90   2.35
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
December 31, 2022 (Unaudited)
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust's proxy voting policies and procedures that are used by the Funds’ investment Adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website, at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Shareholder Meeting Results
A Special Meeting of the Shareholders of SPDR Series Trust (the “Shareholder Meeting”) was held on October 20, 2022. The purpose of the Shareholder Meeting was to ask shareholders to approve the election of Trustees. At the Shareholder Meeting, the shareholders of each Fund approved the election of Trustees. The results of the voting are as follows:
Trustee Nominee Name Shares For Shares Withheld
Clare S. Richer 458,963,922.211 3,805,311.071
Sandra G. Sponem 458,912,867.553 3,856,365.729
Kristi L. Rowsell 459,030,936.405 3,738,296.877
Gunjan Chauhan 458,827,846.171 3,941,387.111
Carolyn M. Clancy 459,042,164.143 3,727,069.139
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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SPDR Series Trust
Trustees
Gunjan Chauhan, Interested Trustee
Dwight D. Churchill
Carolyn M. Clancy
Clare S. Richer
James E. Ross, Interested Non-management Trustee
Kristi L. Rowsell
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

Table of Contents
SPDR® Series Trust - Equity Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
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Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
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