TABLE OF CONTENTS (Unaudited)

Portfolio Statistics (Unaudited)
SPDR Dow Jones REIT ETF (RWR)	1
SPDR S&P Biotech ETF (XBI)	2
SPDR S&P Dividend ETF (SDY)	3
Schedules of Investments (Unaudited)
SPDR Dow Jones REIT ETF (RWR)	4
SPDR S&P Biotech ETF (XBI)	9
SPDR S&P Dividend ETF (SDY)	16
Financial Statements (Unaudited)	23
Financial Highlights (Unaudited)	28
Notes to Financial Statements (Unaudited)	31
Other Information (Unaudited)	42

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.

SPDR Dow Jones REIT ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of December 31, 2021


	Description	% of Net Assets
	Prologis, Inc. REIT	10.9%
	Public Storage REIT	5.0
	Simon Property Group, Inc. REIT	4.6
	Digital Realty Trust, Inc. REIT	4.4
	Realty Income Corp. REIT	3.5
	Welltower, Inc. REIT	3.3
	AvalonBay Communities, Inc. REIT	3.1
	Alexandria Real Estate Equities, Inc. REIT	2.7
	Equity Residential REIT	2.7
	Extra Space Storage, Inc. REIT	2.6
	TOTAL	42.8%

(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, 2021


		% of Net Assets
	Residential REITs	22.2%
	Industrial REITs	19.2
	Retail REITs	15.6
	Specialized REITs	15.3
	Health Care REITs	10.5
	Office REITs	9.5
	Hotel & Resort REITs	3.6
	Diversified REITs	3.6
	Short-Term Investments	0.2
	Other Assets in Excess of Liabilities	0.3
	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.

Table of Contents

SPDR S&P Biotech ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of December 31, 2021


	Description	% of Net Assets
	Arena Pharmaceuticals, Inc.	1.4%
	Biohaven Pharmaceutical Holding Co., Ltd.	1.1
	Cytokinetics, Inc.	1.0
	Turning Point Therapeutics, Inc.	0.9
	Fate Therapeutics, Inc.	0.9
	BioCryst Pharmaceuticals, Inc.	0.9
	Halozyme Therapeutics, Inc.	0.9
	Kymera Therapeutics, Inc.	0.9
	TG Therapeutics, Inc.	0.9
	IVERIC bio, Inc.	0.9
	TOTAL	9.8%

(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, 2021


		% of Net Assets
	Biotechnology	99.9%
	Short Term Investments	7.6
	Liabilities in Excess of Other Assets	(7.5)
	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.

Table of Contents

SPDR S&P Dividend ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of December 31, 2021


	Description	% of Net Assets
	AT&T, Inc.	2.8%
	AbbVie, Inc.	2.3
	Exxon Mobil Corp.	2.2
	Chevron Corp.	2.1
	National Retail Properties, Inc. REIT	1.9
	International Business Machines Corp.	1.9
	Consolidated Edison, Inc.	1.8
	Realty Income Corp. REIT	1.6
	Walgreens Boots Alliance, Inc.	1.6
	Cardinal Health, Inc.	1.6
	TOTAL	19.8%

(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Sector Breakdown as of December 31, 2021


		% of Net Assets
	Consumer Staples	16.4%
	Industrials	15.2
	Financials	14.9
	Utilities	13.6
	Materials	8.7
	Health Care	6.7
	Consumer Discretionary	6.4
	Real Estate	6.2
	Communication Services	4.3
	Energy	4.3
	Information Technology	3.0
	Short-Term Investments	0.2
	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.

Table of Contents

SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 99.5%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 99.5%
Acadia Realty Trust REIT	166,789	$ 3,641,004
Agree Realty Corp. REIT	131,613	9,391,904
Alexandria Real Estate Equities, Inc. REIT	265,898	59,284,618
American Assets Trust, Inc. REIT	99,237	3,724,365
American Campus Communities, Inc. REIT	262,386	15,032,094
American Finance Trust, Inc. REIT	232,867	2,126,076
American Homes 4 Rent Class A REIT	534,853	23,324,939
Americold Realty Trust REIT	502,966	16,492,255
Apartment Income REIT Corp.	295,974	16,180,899
Apartment Investment & Management Co. Class A REIT (a)	287,045	2,215,987
Apple Hospitality REIT, Inc.	400,446	6,467,203
Ashford Hospitality Trust, Inc. REIT (a) (b)	61,162	587,155
AvalonBay Communities, Inc. REIT	263,526	66,564,032
Boston Properties, Inc. REIT	268,077	30,877,109
Brandywine Realty Trust REIT	322,717	4,330,862
Brixmor Property Group, Inc. REIT	560,001	14,229,625
Broadstone Net Lease, Inc. REIT	304,083	7,547,340
Camden Property Trust REIT	192,674	34,426,990
CareTrust REIT, Inc.	182,911	4,175,858
Centerspace REIT	26,925	2,985,983
Chatham Lodging Trust REIT (a) (b)	91,999	1,262,226
City Office REIT, Inc.	82,102	1,619,051
Community Healthcare Trust, Inc. REIT	44,263	2,092,312
Corporate Office Properties Trust REIT	211,780	5,923,487
Cousins Properties, Inc. REIT	280,349	11,292,458
CubeSmart REIT	408,731	23,260,881
DiamondRock Hospitality Co. REIT (a)	397,097	3,816,102
Digital Realty Trust, Inc. REIT	535,085	94,640,484
Diversified Healthcare Trust REIT	450,656	1,392,527
Douglas Emmett, Inc. REIT	330,891	11,084,849
Duke Realty Corp. REIT	718,105	47,136,412
Easterly Government Properties, Inc. REIT	162,418	3,722,621
EastGroup Properties, Inc. REIT	76,742	17,485,665
Empire State Realty Trust, Inc. Class A REIT	266,685	2,373,497
EPR Properties REIT	141,030	6,697,515
Equity Commonwealth REIT (a)	228,017	5,905,640
Equity LifeStyle Properties, Inc. REIT	322,336	28,255,974
Equity Residential REIT	643,528	58,239,284
Essential Properties Realty Trust, Inc. REIT	229,201	6,607,865
Essex Property Trust, Inc. REIT	122,761	43,240,107

See accompanying notes to financial statements.

Table of Contents

SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Extra Space Storage, Inc. REIT	252,440	$ 57,235,721
Federal Realty Investment Trust REIT	132,056	18,001,874
First Industrial Realty Trust, Inc. REIT	245,630	16,260,706
Four Corners Property Trust, Inc. REIT	145,864	4,289,860
Franklin Street Properties Corp. REIT	179,259	1,066,591
Getty Realty Corp. REIT	74,339	2,385,539
Global Medical REIT, Inc.	113,771	2,019,435
Global Net Lease, Inc. REIT	195,353	2,984,994
Healthcare Realty Trust, Inc. REIT	278,166	8,801,172
Healthcare Trust of America, Inc. Class A REIT	416,420	13,904,264
Healthpeak Properties, Inc. REIT	1,016,491	36,685,160
Hersha Hospitality Trust REIT (a) (b)	61,608	564,945
Highwoods Properties, Inc. REIT	196,822	8,776,293
Host Hotels & Resorts, Inc. REIT (a)	1,346,387	23,413,670
Hudson Pacific Properties, Inc. REIT	287,458	7,103,087
Independence Realty Trust, Inc. REIT	197,195	5,093,547
Industrial Logistics Properties Trust REIT	123,321	3,089,191
Innovative Industrial Properties, Inc. REIT	45,133	11,865,917
Invitation Homes, Inc. REIT	1,125,114	51,012,669
JBG SMITH Properties REIT	215,277	6,180,603
Kilroy Realty Corp. REIT	197,580	13,131,167
Kimco Realty Corp. REIT	1,162,343	28,651,755
Kite Realty Group Trust REIT	412,962	8,994,312
Life Storage, Inc. REIT	154,657	23,690,359
LTC Properties, Inc. REIT	74,287	2,536,158
LXP Industrial Trust REIT	533,291	8,330,005
Macerich Co. REIT	401,713	6,941,601
Medical Properties Trust, Inc. REIT	1,121,108	26,491,782
Mid-America Apartment Communities, Inc. REIT	217,125	49,817,160
Monmouth Real Estate Investment Corp. REIT	185,458	3,896,473
National Health Investors, Inc. REIT	86,470	4,969,431
National Retail Properties, Inc. REIT	331,100	15,915,977
National Storage Affiliates Trust REIT	154,525	10,693,130
NETSTREIT Corp.	74,681	1,710,195
NexPoint Residential Trust, Inc. REIT	42,848	3,591,948
Office Properties Income Trust REIT	91,350	2,269,134
Omega Healthcare Investors, Inc. REIT	450,630	13,334,142
Orion Office REIT, Inc. (a)	102,181	1,907,719
Paramount Group, Inc. REIT	309,649	2,582,473
Park Hotels & Resorts, Inc. REIT (a)	445,851	8,417,667
Pebblebrook Hotel Trust REIT	247,687	5,540,758
Piedmont Office Realty Trust, Inc. Class A REIT	234,049	4,301,821

See accompanying notes to financial statements.

Table of Contents

SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Prologis, Inc. REIT	1,394,007	$ 234,695,019
PS Business Parks, Inc. REIT	37,960	6,991,093
Public Storage REIT	287,643	107,739,562
Realty Income Corp. REIT	1,066,724	76,366,771
Regency Centers Corp. REIT	290,570	21,894,449
Retail Opportunity Investments Corp. REIT	228,995	4,488,302
Rexford Industrial Realty, Inc. REIT	285,592	23,164,367
RLJ Lodging Trust REIT	314,107	4,375,511
RPT Realty REIT	158,883	2,125,855
Ryman Hospitality Properties, Inc. REIT (a)	103,799	9,545,356
Seritage Growth Properties Class A REIT (a) (b)	68,657	911,078
Service Properties Trust REIT	311,308	2,736,397
Simon Property Group, Inc. REIT	619,640	98,999,883
SITE Centers Corp. REIT	338,518	5,358,740
SL Green Realty Corp. REIT	125,777	9,018,211
Spirit Realty Capital, Inc. REIT	232,460	11,202,247
STAG Industrial, Inc. REIT	329,968	15,825,265
STORE Capital Corp. REIT	462,716	15,917,430
Summit Hotel Properties, Inc. REIT (a)	200,699	1,958,822
Sun Communities, Inc. REIT	218,631	45,905,951
Sunstone Hotel Investors, Inc. REIT (a)	413,536	4,850,777
Tanger Factory Outlet Centers, Inc. REIT	196,025	3,779,362
Terreno Realty Corp. REIT	141,019	12,027,511
UDR, Inc. REIT	547,909	32,869,061
Universal Health Realty Income Trust REIT	24,218	1,440,244
Urban Edge Properties REIT	207,615	3,944,685
Ventas, Inc. REIT	752,685	38,477,257
Veris Residential, Inc. REIT (a)	150,900	2,773,542
Vornado Realty Trust REIT	299,819	12,550,423
Washington Real Estate Investment Trust	159,579	4,125,117
Welltower, Inc. REIT	820,716	70,392,811
WP Carey, Inc. REIT	351,274	28,822,032
Xenia Hotels & Resorts, Inc. REIT (a)	215,380	3,900,532
TOTAL COMMON STOCKS (Cost $1,866,739,093)		2,147,279,323
SHORT-TERM INVESTMENTS — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c) (d)	3,985,290	3,985,689

See accompanying notes to financial statements.

Table of Contents

SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (e) (f)	527,137	$ 527,137
TOTAL SHORT-TERM INVESTMENTS (Cost $4,512,826)		4,512,826
TOTAL INVESTMENTS — 99.7% (Cost $1,871,251,919)		2,151,792,149
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%		5,999,487
NET ASSETS — 100.0%		$ 2,157,791,636

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at December 31, 2021.
(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, 2021 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at December 31, 2021.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

REIT	Real Estate Investment Trust

At December 31, 2021, open futures contracts were as follows:

Description		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
DJ US Real Estate Index (long)		204		03/18/2022		$8,946,412		$9,228,960		$282,548

During the period ended December 31, 2021, average notional value related to futures contracts was $8,472,767.

See accompanying notes to financial statements.

Table of Contents

SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$2,147,279,323	$—	$—	$2,147,279,323
Short-Term Investments	4,512,826	—	—	4,512,826
TOTAL INVESTMENTS	$2,151,792,149	$—	$—	$2,151,792,149
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(a)	282,548	—	—	282,548
TOTAL OTHER FINANCIAL INSTRUMENTS:	$ 282,548	$—	$—	$ 282,548
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$2,152,074,697	$—	$—	$2,152,074,697

(a)	Futures Contracts are valued at unrealized appreciation (depreciation).

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/21	Value at 12/31/21	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	3,631,274	$3,632,363	$ 55,894,729	$ 55,540,324	$(1,014)	$(65)	3,985,290	$3,985,689	$1,553
State Street Navigator Securities Lending Portfolio II	6,259,134	6,259,134	108,075,532	113,807,529	—	—	527,137	527,137	8,165
Total		$9,891,497	$163,970,261	$169,347,853	$(1,014)	$(65)		$4,512,826	$9,718

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 99.9%
BIOTECHNOLOGY — 99.9%
2seventy bio, Inc. (a) (b) (c)	1,875,534	$ 48,069,936
4D Molecular Therapeutics, Inc. (b)	785,458	17,232,949
Aadi Bioscience, Inc. (b)	290,106	7,006,060
AbbVie, Inc.	435,966	59,029,796
ACADIA Pharmaceuticals, Inc. (b)	2,457,684	57,362,345
Achillion Pharmaceuticals, Inc. (c)	51,865	75,464
Adagio Therapeutics, Inc. (b)	1,272,401	9,237,631
Agenus, Inc. (a) (b)	16,990,191	54,708,415
Agios Pharmaceuticals, Inc. (b) (c)	1,849,478	60,792,342
Akebia Therapeutics, Inc. (b) (c)	7,657,422	17,305,774
Akero Therapeutics, Inc. (b) (c)	582,546	12,320,848
Albireo Pharma, Inc. (b) (c)	666,968	15,533,685
Aldeyra Therapeutics, Inc. (b) (c)	2,209,535	8,838,140
Alector, Inc. (b) (c)	1,863,241	38,475,927
Alkermes PLC (b) (c)	2,506,155	58,293,165
Allakos, Inc. (b)	751,485	7,357,038
Allogene Therapeutics, Inc. (b)	3,034,342	45,272,383
Allovir, Inc. (b) (c)	654,287	8,466,474
Alnylam Pharmaceuticals, Inc. (b)	315,073	53,430,079
Altimmune, Inc. (a) (b)	3,765,499	34,491,971
ALX Oncology Holdings, Inc. (b) (c)	1,109,898	23,851,708
Amgen, Inc.	259,450	58,368,466
Amicus Therapeutics, Inc. (b) (c)	5,321,831	61,467,148
AnaptysBio, Inc. (b) (c)	449,892	15,633,747
Anavex Life Sciences Corp. (b) (c)	2,520,127	43,699,002
Anika Therapeutics, Inc. (b)	241,472	8,651,942
Annexon, Inc. (b)	743,736	8,545,527
Apellis Pharmaceuticals, Inc. (b)	1,306,355	61,764,464
Arcturus Therapeutics Holdings, Inc. (a) (b) (c)	1,582,529	58,569,398
Arcus Biosciences, Inc. (b) (c)	1,310,469	53,034,680
Arcutis Biotherapeutics, Inc. (b) (c)	589,816	12,232,784
Arena Pharmaceuticals, Inc. (b)	1,095,433	101,809,543
Arrowhead Pharmaceuticals, Inc. (b) (c)	780,762	51,764,521
Atara Biotherapeutics, Inc. (b) (c)	2,624,110	41,355,974
Avid Bioservices, Inc. (b) (c)	1,867,030	54,479,935
Avidity Biosciences, Inc. (b) (c)	666,083	15,832,793
Avita Medical, Inc. (b) (c)	375,290	4,495,974
Beam Therapeutics, Inc. (b) (c)	742,301	59,153,967
BioAtla, Inc. (b)	861,878	16,918,665
BioCryst Pharmaceuticals, Inc. (b) (c)	4,696,006	65,039,683

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Biogen, Inc. (b)	235,178	$ 56,423,906
Biohaven Pharmaceutical Holding Co., Ltd. (b) (c)	548,553	75,596,089
BioMarin Pharmaceutical, Inc. (b)	644,499	56,941,487
Bioxcel Therapeutics, Inc. (b) (c)	1,023,397	20,805,661
Bluebird Bio, Inc. (a) (b) (c)	6,105,800	60,996,942
Blueprint Medicines Corp. (b)	564,566	60,470,664
Bridgebio Pharma, Inc. (b) (c)	1,511,730	25,215,656
C4 Therapeutics, Inc. (b)	954,525	30,735,705
CareDx, Inc. (b)	1,273,521	57,919,735
Catalyst Pharmaceuticals, Inc. (b)	2,371,551	16,055,400
Celldex Therapeutics, Inc. (b)	1,495,116	57,771,282
CEL-SCI Corp. (a) (b) (c)	2,510,195	17,822,384
Cerevel Therapeutics Holdings, Inc. (b)	1,402,633	45,473,362
ChemoCentryx, Inc. (b)	1,631,160	59,390,536
Chimerix, Inc. (b) (c)	2,434,299	15,652,543
Chinook Therapeutics, Inc. (b)	678,139	11,060,447
Clovis Oncology, Inc. (a) (b) (c)	13,832,578	37,486,286
Coherus Biosciences, Inc. (b) (c)	1,849,799	29,522,792
Crinetics Pharmaceuticals, Inc. (b) (c)	540,686	15,360,889
Cue Biopharma, Inc. (b)	1,006,937	11,388,457
Cullinan Oncology, Inc. (b) (c)	738,004	11,387,402
Curis, Inc. (a) (b) (c)	6,215,478	29,585,675
Cytokinetics, Inc. (b) (c)	1,515,454	69,074,393
CytomX Therapeutics, Inc. (b)	1,580,750	6,844,647
Deciphera Pharmaceuticals, Inc. (a) (b) (c)	5,685,355	55,545,918
Denali Therapeutics, Inc. (b) (c)	1,263,223	56,339,746
Dermtech, Inc. (a) (b) (c)	2,364,064	37,352,211
Dynavax Technologies Corp. (b) (c)	4,104,130	57,745,109
Eagle Pharmaceuticals, Inc. (b)	335,062	17,061,357
Editas Medicine, Inc. (b) (c)	1,885,831	50,068,813
Emergent BioSolutions, Inc. (b)	1,365,979	59,379,107
Enanta Pharmaceuticals, Inc. (b)	497,974	37,238,496
Exact Sciences Corp. (b) (c)	689,855	53,691,415
Exelixis, Inc. (b)	3,285,779	60,064,040
Fate Therapeutics, Inc. (b) (c)	1,112,914	65,116,598
FibroGen, Inc. (b)	2,810,728	39,631,265
Forma Therapeutics Holdings, Inc. (b)	1,195,166	16,995,261
G1 Therapeutics, Inc. (a) (b) (c)	3,590,987	36,663,977
Generation Bio Co. (b) (c)	1,124,508	7,961,517
Geron Corp. (b) (c)	5,906,416	7,205,828
Gilead Sciences, Inc.	778,793	56,548,160
Global Blood Therapeutics, Inc. (b) (c)	1,982,937	58,040,566

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Gossamer Bio, Inc. (b) (c)	1,882,348	$ 21,289,356
Gritstone bio, Inc. (b)	2,768,110	35,597,895
Halozyme Therapeutics, Inc. (b) (c)	1,585,714	63,761,560
Heron Therapeutics, Inc. (a) (b) (c)	5,823,105	53,164,949
Horizon Therapeutics Plc (b)	543,834	58,603,552
Ideaya Biosciences, Inc. (b) (c)	1,107,031	26,170,213
IGM Biosciences, Inc. (b) (c)	581,629	17,059,179
ImmunityBio, Inc. (b) (c)	4,742,297	28,833,166
ImmunoGen, Inc. (b) (c)	4,285,178	31,796,021
Immunovant, Inc. (b) (c)	1,970,379	16,787,629
Incyte Corp. (b)	836,524	61,400,862
Inhibrx, Inc. (b) (c)	403,776	17,632,898
Inovio Pharmaceuticals, Inc. (b) (c)	9,057,699	45,197,918
Insmed, Inc. (b) (c)	2,073,037	56,469,528
Intellia Therapeutics, Inc. (b) (c)	479,818	56,733,680
Intercept Pharmaceuticals, Inc. (a) (b) (c)	2,695,824	43,914,973
Invitae Corp. (b) (c)	3,417,194	52,180,552
Ionis Pharmaceuticals, Inc. (b) (c)	1,856,415	56,490,708
Iovance Biotherapeutics, Inc. (b) (c)	2,962,009	56,544,752
Ironwood Pharmaceuticals, Inc. (b) (c)	4,946,471	57,675,852
iTeos Therapeutics, Inc. (b)	406,242	18,914,628
IVERIC bio, Inc. (b)	3,749,756	62,695,920
KalVista Pharmaceuticals, Inc. (b) (c)	665,903	8,809,897
Karuna Therapeutics, Inc. (b) (c)	421,177	55,174,187
Karyopharm Therapeutics, Inc. (a) (b) (c)	3,948,326	25,387,736
Keros Therapeutics, Inc. (b) (c)	381,869	22,343,155
Kezar Life Sciences, Inc. (b)	703,664	11,765,262
Kiniksa Pharmaceuticals Ltd. Class A (b) (c)	913,231	10,748,729
Kodiak Sciences, Inc. (b) (c)	661,480	56,080,274
Kronos Bio, Inc. (b) (c)	793,256	10,780,349
Krystal Biotech, Inc. (b)	337,145	23,583,293
Kura Oncology, Inc. (b)	2,140,045	29,960,630
Kymera Therapeutics, Inc. (b)	993,699	63,089,949
Ligand Pharmaceuticals, Inc. (b) (c)	380,082	58,707,466
MacroGenics, Inc. (b) (c)	1,782,205	28,604,390
Madrigal Pharmaceuticals, Inc. (b) (c)	379,212	32,134,425
MannKind Corp. (b) (c)	8,385,938	36,646,549
Mersana Therapeutics, Inc. (b)	2,892,550	17,991,661
MiMedx Group, Inc. (b)	2,237,198	13,512,676
Mirati Therapeutics, Inc. (b)	405,884	59,539,124
Moderna, Inc. (b)	212,799	54,046,690
Morphic Holding, Inc. (b) (c)	559,095	26,489,921

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Myovant Sciences, Ltd. (b) (c)	2,616,496	$ 40,738,843
Myriad Genetics, Inc. (b)	1,835,492	50,659,579
Natera, Inc. (b)	611,931	57,148,236
Neurocrine Biosciences, Inc. (b)	686,846	58,498,674
Novavax, Inc. (b) (c)	328,502	46,998,781
Nurix Therapeutics, Inc. (b) (c)	941,175	27,247,016
Ocugen, Inc. (a) (b) (c)	10,225,834	46,527,545
OPKO Health, Inc. (b) (c)	8,889,427	42,758,144
Organogenesis Holdings, Inc. (b) (c)	3,978,338	36,759,843
ORIC Pharmaceuticals, Inc. (b)	696,335	10,236,124
PMV Pharmaceuticals, Inc. (b) (c)	1,226,208	28,325,405
Praxis Precision Medicines, Inc. (b)	700,214	13,794,216
Precigen, Inc. (b) (c)	4,918,658	18,248,221
Precision BioSciences, Inc. (b) (c)	1,670,630	12,362,662
Protagonist Therapeutics, Inc. (b) (c)	1,719,814	58,817,639
Prothena Corp. PLC (b) (c)	1,251,917	61,844,700
PTC Therapeutics, Inc. (b) (c)	1,443,685	57,501,974
Radius Health, Inc. (a) (b) (c)	3,427,800	23,720,376
Rapt Therapeutics, Inc. (b) (c)	872,902	32,061,690
Recursion Pharmaceuticals, Inc. Class A (b) (c)	2,882,440	49,376,197
Regeneron Pharmaceuticals, Inc. (b)	81,722	51,609,077
REGENXBIO, Inc. (b)	1,204,167	39,376,261
Relay Therapeutics, Inc. (b)	1,938,616	59,534,897
Replimenu Group, Inc. (b) (c)	709,506	19,227,613
REVOLUTION Medicines, Inc. (b) (c)	1,634,410	41,138,100
Rhythm Pharmaceuticals, Inc. (b) (c)	1,157,781	11,554,654
Rigel Pharmaceuticals, Inc. (b)	5,045,188	13,369,748
Rocket Pharmaceuticals, Inc. (b) (c)	1,498,262	32,707,059
Rubius Therapeutics, Inc. (b) (c)	1,241,572	12,018,417
Sage Therapeutics, Inc. (b)	1,416,225	60,246,211
Sana Biotechnology, Inc. (b) (c)	2,045,299	31,661,229
Sangamo Therapeutics, Inc. (b)	3,733,821	28,003,657
Sarepta Therapeutics, Inc. (b)	639,937	57,626,327
Scholar Rock Holding Corp. (b) (c)	690,435	17,150,405
Seagen, Inc. (b)	383,675	59,316,155
Seres Therapeutics, Inc. (b) (c)	3,423,477	28,517,563
Sorrento Therapeutics, Inc. (b) (c)	8,823,917	41,031,214
Spero Therapeutics, Inc. (b) (c)	362,651	5,806,043
SpringWorks Therapeutics, Inc. (b)	781,149	48,415,615
Stoke Therapeutics, Inc. (b)	436,004	10,459,736
Sutro Biopharma, Inc. (b)	841,725	12,524,868
Syndax Pharmaceuticals, Inc. (b)	1,637,507	35,845,028

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
TG Therapeutics, Inc. (b) (c)	3,301,660	$ 62,731,540
Travere Therapeutics, Inc. (b)	1,771,491	54,987,081
Turning Point Therapeutics, Inc. (b)	1,377,361	65,700,120
Twist Bioscience Corp. (b) (c)	658,297	50,945,605
Ultragenyx Pharmaceutical, Inc. (b)	702,275	59,054,305
uniQure NV (b) (c)	1,525,675	31,642,499
United Therapeutics Corp. (b)	290,127	62,690,642
Vanda Pharmaceuticals, Inc. (b)	1,350,756	21,193,362
Vaxart, Inc. (a) (b) (c)	8,795,577	55,148,268
Vaxcyte, Inc. (b)	479,872	11,416,155
VBI Vaccines, Inc. (b) (c)	8,420,452	19,703,858
Veracyte, Inc. (b) (c)	1,394,874	57,468,809
Verastem, Inc. (b)	5,867,650	12,028,682
Vericel Corp. (b) (c)	1,353,608	53,196,794
Vertex Pharmaceuticals, Inc. (b)	262,917	57,736,573
Verve Therapeutics, Inc. (b) (c)	1,487,511	54,844,531
Viking Therapeutics, Inc. (b) (c)	2,377,127	10,934,784
Vir Biotechnology, Inc. (b)	1,254,731	52,535,587
VistaGen Therapeutics, Inc. (b) (c)	5,086,864	9,919,385
Xencor, Inc. (b) (c)	672,304	26,972,836
Y-mAbs Therapeutics, Inc. (b) (c)	794,551	12,879,672
Zentalis Pharmaceuticals, Inc. (b) (c)	676,441	56,861,630
ZIOPHARM Oncology, Inc. (b) (c)	8,466,340	9,228,311
TOTAL COMMON STOCKS (Cost $9,152,272,012)		7,066,500,992
SHORT-TERM INVESTMENTS — 7.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d) (e)	8,163,030	8,163,846
State Street Navigator Securities Lending Portfolio II (f) (g)	527,517,118	527,517,118
TOTAL SHORT-TERM INVESTMENTS (Cost $535,680,998)		535,680,964
TOTAL INVESTMENTS — 107.5% (Cost $9,687,953,010)		7,602,181,956
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.5)%		(529,067,046)
NET ASSETS — 100.0%		$ 7,073,114,910

(a)	These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(b)	Non-income producing security.
(c)	All or a portion of the shares of the security are on loan at December 31, 2021.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

(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, 2021 are shown in the Affiliate Table below.
(e)	The rate shown is the annualized seven-day yield at December 31, 2021.
(f)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 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, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$7,066,425,528	$75,464	$—	$7,066,500,992
Short-Term Investments	535,680,964	—	—	535,680,964
TOTAL INVESTMENTS	$7,602,106,492	$75,464	$—	$7,602,181,956

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation(a)	Number of Shares Held at 12/31/21	Value at 12/31/21	Dividend Income
2seventy bio, Inc.	—	$ —	$ 37,683,271	$ 11,502,052	$ 3,443,199	$ 18,445,519	1,875,534	$ 48,069,937	$ —
Agenus, Inc.	7,286,825	40,004,669	74,277,790	37,409,697	7,795,514	(29,959,861)	16,990,191	54,708,415	—
Akebia Therapeutics, Inc.	10,330,349	39,152,023	34,486,831	40,214,096	(5,011,987)	—*	—	—*	—
Altimmune, Inc.	3,151,954	31,046,747	44,189,807	41,422,773	(94,287)	772,477	3,765,499	34,491,971	—
Arcturus Therapeutics Holdings, Inc.	1,317,004	44,567,415	78,415,928	69,351,810	(2,357,801)	7,295,666	1,582,529	58,569,398	—
Athenex, Inc.	7,074,314	32,683,331	11,288,962	35,924,436	(11,379,617)	—*	—	—*	—
Bluebird Bio, Inc.	1,328,245	42,477,275	101,961,053	34,235,219	(3,954,386)	(45,251,781)	6,105,800	60,996,942	—
CEL-SCI Corp.	2,039,362	17,701,662	49,631,200	39,080,913	(20,674,230)	10,244,665	2,510,195	17,822,384	—
ChemoCentryx, Inc.	3,718,648	49,792,697	90,339,798	155,034,396	6,550,295	—*	—	—*	—
Clovis Oncology, Inc.	7,836,192	45,449,914	67,098,154	39,440,050	(2,730,941)	(32,890,791)	13,832,578	37,486,286	—
Curis, Inc.	5,654,541	45,632,146	46,290,734	41,792,883	(6,882,977)	(13,661,345)	6,215,478	29,585,675	—
CytomX Therapeutics, Inc.	3,390,843	21,464,036	17,637,617	28,576,366	(5,037,673)	—*	—	—*	—
Deciphera Pharmaceuticals, Inc.	1,278,719	46,813,903	79,715,159	37,518,474	(9,284,311)	(24,180,359)	5,685,355	55,545,918	—
Dermtech, Inc.	1,116,978	46,432,775	67,483,415	36,337,314	(2,044,158)	(38,182,507)	2,364,064	37,352,211	—
FibroGen, Inc.	1,738,067	46,284,724	78,103,191	71,451,863	(47,716,702)	—*	—	—*	—
G1 Therapeutics, Inc.	2,094,965	45,963,532	67,288,357	42,420,840	(9,965,256)	(24,201,816)	3,590,987	36,663,977	—
Heron Therapeutics, Inc.	2,941,073	45,645,453	72,115,008	39,442,808	(1,386,575)	(23,766,129)	5,823,105	53,164,949	—
Humanigen, Inc.	2,145,544	37,289,555	75,053,538	68,478,648	(41,107,397)	—*	—	—*	—
Intercept Pharmaceuticals, Inc.	2,100,790	41,952,776	48,644,906	38,471,094	(19,359,621)	11,148,006	2,695,824	43,914,973	—
Karyopharm Therapeutics, Inc.	4,388,848	45,292,911	48,678,711	51,088,278	(36,042,637)	18,547,029	3,948,326	25,387,736	—
Kiniksa Pharmaceuticals Ltd.	1,789,862	24,932,778	21,541,714	32,839,646	(6,495,891)	3,609,774	913,231	10,748,729	—

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation(a)	Number of Shares Held at 12/31/21	Value at 12/31/21	Dividend Income
Ocugen, Inc.	7,144,072	$ 57,366,898	$ 71,809,388	$ 50,628,227	$ 1,846,995	$ (33,867,510)	10,225,834	$ 46,527,544	$ —
Radius Health, Inc.	1,393,055	25,409,323	36,021,120	20,328,323	(1,808,294)	(15,573,450)	3,427,800	23,720,376	—
Seres Therapeutics, Inc.	2,205,129	52,592,327	88,905,345	86,501,620	(30,404,836)	—*	—	—*	—
Sesen Bio, Inc.	10,657,136	49,235,968	10,585,339	18,984,753	(38,020,678)	—*	—	—*	—
Spectrum Pharmaceuticals, Inc.	6,290,510	23,589,413	31,369,340	35,133,436	(22,513,477)	—*	—	—*	—
State Street Institutional Liquid Reserves Fund, Premier Class	6,614,369	6,616,353	229,903,386	228,354,923	(512)	(458)	8,163,030	8,163,846	1,785
State Street Navigator Securities Lending Portfolio II	827,025,040	827,025,040	1,296,979,825	1,596,487,747	—	—	527,517,118	527,517,118	1,886,329
Vaxart, Inc.	5,182,265	38,815,165	68,550,365	41,403,226	2,481,199	(13,295,235)	8,795,577	55,148,268	—
Total		$1,871,230,809	$3,046,049,252	$ 3,069,855,911	$(302,157,042)	$(224,768,106)		$1,265,586,653	$ 1,888,114

(a)	Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2021.
*	As of December 31, 2021, no longer an affiliate.

See accompanying notes to financial statements.

Security Description

COMMON STOCKS — 99.7%

AEROSPACE & DEFENSE — 0.9%

General Dynamics Corp.

$ 191,606,653

AIR FREIGHT & LOGISTICS — 1.4%