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.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 0.9%
General Dynamics Corp.	919,109	$ 191,606,653
AIR FREIGHT & LOGISTICS — 1.4%
C.H. Robinson Worldwide, Inc.	1,865,225	200,754,167
Expeditors International of Washington, Inc.	627,632	84,284,701
		285,038,868
BANKS — 6.5%
Bank OZK	4,713,202	219,305,289
Commerce Bancshares, Inc. (a)	1,738,927	119,533,842
Community Bank System, Inc.	1,700,014	126,617,043
Cullen/Frost Bankers, Inc.	1,527,503	192,572,303
People's United Financial, Inc.	17,702,315	315,455,253
Prosperity Bancshares, Inc.	2,876,874	207,997,990
United Bankshares, Inc.	4,638,793	168,295,410
		1,349,777,130
BEVERAGES — 2.9%
Brown-Forman Corp. Class B	1,222,835	89,095,758
Coca-Cola Co.	4,663,498	276,125,717
PepsiCo, Inc.	1,417,310	246,200,920
		611,422,395
BIOTECHNOLOGY — 2.3%
AbbVie, Inc.	3,502,897	474,292,254
BUILDING PRODUCTS — 1.3%
A.O. Smith Corp.	2,023,006	173,675,065
Carlisle Cos., Inc.	378,202	93,839,480
		267,514,545
CAPITAL MARKETS — 3.4%
FactSet Research Systems, Inc.	152,931	74,325,995
Franklin Resources, Inc.	9,725,558	325,708,938
S&P Global, Inc.	127,572	60,205,054
SEI Investments Co.	1,539,860	93,839,068
T Rowe Price Group, Inc.	842,324	165,634,591
		719,713,646
CHEMICALS — 4.9%
Air Products & Chemicals, Inc.	637,956	194,104,493
Albemarle Corp.	244,048	57,051,101

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Ecolab, Inc.	329,604	$ 77,321,803
HB Fuller Co.	1,180,613	95,629,653
Linde PLC	364,796	126,376,278
PPG Industries, Inc.	809,237	139,544,828
RPM International, Inc.	1,753,360	177,089,360
Sherwin-Williams Co.	203,371	71,619,131
Stepan Co.	710,808	88,346,326
		1,027,082,973
COMMERCIAL SERVICES & SUPPLIES — 1.9%
ABM Industries, Inc.	3,007,806	122,868,875
Brady Corp. Class A	1,855,546	100,013,929
Cintas Corp.	185,516	82,215,126
MSA Safety, Inc.	618,649	93,391,253
		398,489,183
CONTAINERS & PACKAGING — 3.1%
Amcor PLC	26,447,728	317,637,213
AptarGroup, Inc.	790,474	96,817,256
Sonoco Products Co.	4,024,757	232,993,183
		647,447,652
DISTRIBUTORS — 1.1%
Genuine Parts Co.	1,603,117	224,757,003
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.8%
AT&T, Inc.	23,959,435	589,402,101
ELECTRIC UTILITIES — 2.0%
Eversource Energy	2,702,461	245,869,902
NextEra Energy, Inc.	1,842,485	172,014,399
		417,884,301
ELECTRICAL EQUIPMENT — 0.8%
Emerson Electric Co.	1,759,738	163,602,842
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Badger Meter, Inc.	600,368	63,975,214
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 6.2%
Essex Property Trust, Inc. REIT	618,356	217,803,534
Federal Realty Investment Trust REIT	2,383,179	324,874,961
National Retail Properties, Inc. REIT	8,435,070	405,473,815
Orion Office REIT, Inc. (b)	481,658	8,992,555

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Realty Income Corp. REIT	4,826,071	$ 345,498,423
		1,302,643,288
FOOD & STAPLES RETAILING — 3.4%
Casey's General Stores, Inc.	306,988	60,584,082
Sysco Corp.	2,413,924	189,613,730
Walmart, Inc.	843,844	122,095,788
Walgreens Boots Alliance, Inc.	6,570,269	342,705,231
		714,998,831
FOOD PRODUCTS — 4.8%
Archer-Daniels-Midland Co.	2,953,599	199,633,756
Hormel Foods Corp.	4,512,322	220,246,437
J.M. Smucker Co.	2,127,702	288,984,486
Lancaster Colony Corp.	812,354	134,525,822
McCormick & Co., Inc. (a)	1,648,749	159,285,641
		1,002,676,142
GAS UTILITIES — 5.4%
Atmos Energy Corp.	2,390,350	250,436,970
National Fuel Gas Co. (a)	3,144,904	201,085,162
New Jersey Resources Corp.	4,701,036	193,024,538
South Jersey Industries, Inc. (a) (c)	8,378,117	218,836,416
UGI Corp.	5,792,577	265,937,210
		1,129,320,296
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%
Abbott Laboratories	953,645	134,215,997
Becton Dickinson and Co.	433,438	109,000,988
Medtronic PLC	1,295,250	133,993,613
		377,210,598
HEALTH CARE PROVIDERS & SERVICES — 1.6%
Cardinal Health, Inc.	6,350,347	326,979,367
HOTELS, RESTAURANTS & LEISURE — 1.0%
McDonald's Corp.	761,466	204,126,191
HOUSEHOLD DURABLES — 1.2%
Leggett & Platt, Inc. (a)	6,269,902	258,069,166
HOUSEHOLD PRODUCTS — 5.2%
Church & Dwight Co., Inc.	1,145,590	117,422,975
Clorox Co.	1,376,359	239,981,955

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Colgate-Palmolive Co.	2,501,607	$ 213,487,142
Kimberly-Clark Corp.	2,052,411	293,330,580
Procter & Gamble Co.	1,401,510	229,259,006
		1,093,481,658
INDUSTRIAL CONGLOMERATES — 1.5%
3M Co.	1,480,334	262,951,729
Roper Technologies, Inc.	82,098	40,380,722
		303,332,451
INSURANCE — 5.0%
Aflac, Inc.	3,551,706	207,384,113
Brown & Brown, Inc.	795,893	55,935,360
Chubb, Ltd.	777,649	150,327,328
Cincinnati Financial Corp.	1,432,009	163,148,786
Old Republic International Corp.	12,049,814	296,184,428
RenaissanceRe Holdings, Ltd.	555,031	93,983,399
RLI Corp. (a)	730,001	81,833,112
		1,048,796,526
IT SERVICES — 2.7%
Automatic Data Processing, Inc.	677,704	167,108,252
International Business Machines Corp.	2,928,245	391,389,227
Kyndryl Holdings, Inc. (b)	584,509	10,579,613
		569,077,092
LEISURE EQUIPMENT & PRODUCTS — 0.7%
Polaris, Inc. (a)	1,324,172	145,539,745
LIFE SCIENCES TOOLS & SERVICES — 0.1%
West Pharmaceutical Services, Inc.	30,198	14,163,164
MACHINERY — 5.8%
Caterpillar, Inc.	914,151	188,991,578
Donaldson Co., Inc.	2,033,819	120,524,114
Dover Corp.	602,831	109,474,110
Franklin Electric Co., Inc.	796,023	75,271,935
Graco, Inc.	1,126,331	90,804,805
Illinois Tool Works, Inc.	834,055	205,844,774
Lincoln Electric Holdings, Inc. (a)	869,288	121,239,597
Nordson Corp.	267,430	68,266,856
Pentair PLC	1,152,911	84,197,090
Stanley Black & Decker, Inc.	760,013	143,353,652
		1,207,968,511

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
MEDIA — 0.6%
John Wiley & Sons, Inc. Class A	2,197,556	$ 125,854,032
METALS & MINING — 0.7%
Nucor Corp.	1,274,742	145,511,799
MULTI-UTILITIES — 3.8%
Black Hills Corp.	2,689,823	189,820,809
Consolidated Edison, Inc.	4,451,112	379,768,876
MDU Resources Group, Inc.	7,284,419	224,651,482
		794,241,167
MULTILINE RETAIL — 0.5%
Target Corp.	487,641	112,859,633
OIL, GAS & CONSUMABLE FUELS — 4.3%
Chevron Corp.	3,714,597	435,907,958
Exxon Mobil Corp.	7,433,560	454,859,536
		890,767,494
PHARMACEUTICALS — 1.0%
Johnson & Johnson	1,271,770	217,561,694
SPECIALTY RETAIL — 0.7%
Lowe's Cos., Inc.	546,810	141,339,449
TEXTILES, APPAREL & LUXURY GOODS — 1.1%
VF Corp.	3,280,078	240,167,311
TRADING COMPANIES & DISTRIBUTORS — 1.7%
Fastenal Co.	3,070,567	196,700,522
W.W. Grainger, Inc.	299,204	155,059,481
		351,760,003
WATER UTILITIES — 2.4%
American States Water Co. (a)	1,513,953	156,603,299
California Water Service Group	1,885,877	135,519,121
Essential Utilities, Inc.	3,935,129	211,277,076
		503,399,496
WIRELESS TELECOMMUNICATION SERVICES — 0.9%
Telephone & Data Systems, Inc. (a) (c)	8,850,191	178,331,349
TOTAL COMMON STOCKS (Cost $17,413,943,468)		20,832,183,213

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d) (e)	34,215,586	$ 34,219,008
State Street Navigator Securities Lending Portfolio II (f) (g)	15,867,799	15,867,799
TOTAL SHORT-TERM INVESTMENTS (Cost $50,086,807)		50,086,807
TOTAL INVESTMENTS — 99.9% (Cost $17,464,030,275)		20,882,270,020
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		17,485,042
NET ASSETS — 100.0%		$20,899,755,062

(a)	All or a portion of the shares of the security are on loan at December 31, 2021.
(b)	Non-income producing security.
(c)	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.
(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.

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, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$20,832,183,213	$—	$—	$20,832,183,213
Short-Term Investments	50,086,807	—	—	50,086,807
TOTAL INVESTMENTS	$20,882,270,020	$—	$—	$20,882,270,020

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

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
Black Hills Corp.	3,480,006	$ 228,392,794	$ 31,057,146	$ 83,268,644	$ 10,003,130	$ —*	—	$ —*	$ 3,604,659
John Wiley & Sons, Inc.	3,192,082	192,099,495	23,347,644	77,106,156	11,695,565	—*	—	—*	2,990,590
New Jersey Resources Corp.	5,469,804	216,440,144	25,868,122	55,274,825	2,177,465	—*	—	—*	3,423,515
People's United Financial, Inc.	17,524,335	300,367,102	106,775,564	109,601,683	10,521,786	—*	—	—*	7,615,750
South Jersey Industries, Inc.	16,769,830	434,841,692	47,827,678	243,892,307	(43,812,271)	23,871,624	8,378,117	218,836,416	6,994,153
State Street Institutional Liquid Reserves Fund, Premier Class	16,585,140	16,590,115	653,650,878	636,020,065	(1,764)	(156)	34,215,586	34,219,008	8,964
State Street Navigator Securities Lending Portfolio II	150,200,340	150,200,340	366,744,692	501,077,233	—	—	15,867,799	15,867,799	42,087
Telephone & Data Systems, Inc.	9,998,382	226,563,336	35,067,800	53,733,136	(19,087,336)	(10,479,315)	8,850,191	178,331,349	3,435,069
Total		$1,765,495,018	$1,290,339,524	$1,759,974,049	$(28,503,425)	$ 13,392,153		$447,254,572	$28,114,787

(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.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021 (Unaudited)

	SPDR Dow Jones REIT ETF	SPDR S&P Biotech ETF	SPDR S&P Dividend ETF
ASSETS
Investments in unaffiliated issuers, at value*	$2,147,279,323	$ 6,336,595,303	$20,435,015,448
Investments in affiliated issuers, at value	4,512,826	1,265,586,653	447,254,572
Total Investments	2,151,792,149	7,602,181,956	20,882,270,020
Net cash at broker	198,858	—	—
Cash	—	50,079,125	—
Receivable from broker — accumulated variation margin on open futures contracts	282,548	—	—
Receivable for fund shares sold	—	—	6,295
Dividends receivable — unaffiliated issuers	6,504,414	4,416	39,366,815
Dividends receivable — affiliated issuers	334	113	1,393
Securities lending income receivable — unaffiliated issuers	95	98,449	15,342
Securities lending income receivable — affiliated issuers	1,264	212,987	1,630
TOTAL ASSETS	2,158,779,662	7,652,577,046	20,921,661,495
LIABILITIES
Payable upon return of securities loaned	527,137	527,517,118	15,867,799
Payable for investments purchased	—	49,929,573	—
Payable for fund shares repurchased	19,770	1,655	—
Advisory fee payable	439,459	2,003,202	6,016,769
Trustees’ fees and expenses payable	1,660	10,588	21,865
TOTAL LIABILITIES	988,026	579,462,136	21,906,433
NET ASSETS	$2,157,791,636	$ 7,073,114,910	$20,899,755,062
NET ASSETS CONSIST OF:
Paid-in Capital	$2,077,927,282	$13,664,922,277	$19,202,102,250
Total distributable earnings (loss)	79,864,354	(6,591,807,367)	1,697,652,812
NET ASSETS	$2,157,791,636	$ 7,073,114,910	$20,899,755,062
NET ASSET VALUE PER SHARE
Net asset value per share	$ 122.21	$ 111.87	$ 129.13
Shares outstanding (unlimited amount authorized, $0.01 par value)	17,656,617	63,225,000	161,853,658
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$1,866,739,093	$ 7,899,938,804	$ 17,004,273,116
Investments in affiliated issuers	4,512,826	1,788,014,206	459,757,159
Total cost of investments	$1,871,251,919	$ 9,687,953,010	$17,464,030,275
* Includes investments in securities on loan, at value	$ 1,681,842	$ 1,010,096,897	$ 161,334,424

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2021 (Unaudited)

	SPDR Dow Jones REIT ETF	SPDR S&P Biotech ETF	SPDR S&P Dividend ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 31,938,357	$ 2,992,017	$ 288,662,867
Dividend income — affiliated issuers	1,553	1,785	28,072,700
Unaffiliated securities lending income	7,089	955,882	95,857
Affiliated securities lending income	8,165	1,886,329	42,087
TOTAL INVESTMENT INCOME (LOSS)	31,955,164	5,836,013	316,873,511
EXPENSES
Advisory fee	2,449,105	12,449,014	34,952,206
Trustees’ fees and expenses	8,691	43,552	104,803
Miscellaneous expenses	24	87	242
TOTAL EXPENSES	2,457,820	12,492,653	35,057,251
NET INVESTMENT INCOME (LOSS)	$ 29,497,344	$ (6,656,640)	$ 281,816,260
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(8,042,949)	(627,673,589)	(33,741,444)
Investments — affiliated issuers	(1,014)	(355,925,796)	(72,412,949)
In-kind redemptions — unaffiliated issuers	111,708,635	527,365,148	767,525,689
In-kind redemptions — affiliated issuers	—	53,768,754	43,909,524
Futures contracts	847,050	—	—
Net realized gain (loss)	104,511,722	(402,465,483)	705,280,820
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	200,928,962	(724,502,715)	455,875,244
Investments — affiliated issuers	(65)	(243,091,400)	(44,440,388)
Futures contracts	381,040	—	—
Net change in unrealized appreciation/depreciation	201,309,937	(967,594,115)	411,434,856
NET REALIZED AND UNREALIZED GAIN (LOSS)	305,821,659	(1,370,059,598)	1,116,715,676
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$335,319,003	$(1,376,716,238)	$1,398,531,936

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Dow Jones REIT ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 29,497,344	$ 30,283,365
Net realized gain (loss)	104,511,722	91,064,262
Net change in unrealized appreciation/depreciation	201,309,937	359,095,645
Net increase (decrease) in net assets resulting from operations	335,319,003	480,443,272
Net equalization credits and charges	207,063	1,204,854
Distributions to shareholders	(33,935,335)	(54,876,892)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	557,426,342	783,226,916
Cost of shares redeemed	(539,592,513)	(723,381,833)
Net income equalization	(207,063)	(1,204,854)
Net increase (decrease) in net assets from beneficial interest transactions	17,626,766	58,640,229
Net increase (decrease) in net assets during the period	319,217,497	485,411,463
Net assets at beginning of period	1,838,574,139	1,353,162,676
NET ASSETS AT END OF PERIOD	$2,157,791,636	$1,838,574,139
SHARES OF BENEFICIAL INTEREST:
Shares sold	4,950,000	8,050,000
Shares redeemed	(4,825,000)	(7,850,000)
Net increase (decrease) from share transactions	125,000	200,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Biotech ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ (6,656,640)	$ 12,179,756
Net realized gain (loss)	(402,465,483)	2,028,256,333
Net change in unrealized appreciation/depreciation	(967,594,115)	(854,712,613)
Net increase (decrease) in net assets resulting from operations	(1,376,716,238)	1,185,723,476
Net equalization credits and charges	(1,296,524)	(53,142)
Distributions to shareholders	—	(15,283,987)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	10,044,820,110	26,873,805,345
Cost of shares redeemed	(8,849,723,190)	(26,192,159,617)
Net income equalization	1,296,524	53,142
Other Capital	1,691	—
Net increase (decrease) in net assets from beneficial interest transactions	1,196,395,135	681,698,870
Net increase (decrease) in net assets during the period	(181,617,627)	1,852,085,217
Net assets at beginning of period	7,254,732,537	5,402,647,320
NET ASSETS AT END OF PERIOD	$ 7,073,114,910	$ 7,254,732,537
SHARES OF BENEFICIAL INTEREST:
Shares sold	80,700,000	202,775,000
Shares redeemed	(71,000,000)	(197,475,000)
Net increase (decrease) from share transactions	9,700,000	5,300,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Dividend ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 281,816,260	$ 526,450,346
Net realized gain (loss)	705,280,820	1,423,016,936
Net change in unrealized appreciation/depreciation	411,434,856	3,453,397,010
Net increase (decrease) in net assets resulting from operations	1,398,531,936	5,402,864,292
Net equalization credits and charges	1,193,707	(1,159,957)
Distributions to shareholders	(293,400,222)	(521,149,557)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	2,720,301,188	7,407,582,758
Cost of shares redeemed	(2,596,634,815)	(7,816,206,352)
Net income equalization	(1,193,707)	1,159,957
Net increase (decrease) in net assets from beneficial interest transactions	122,472,666	(407,463,637)
Net increase (decrease) in net assets during the period	1,228,798,087	4,473,091,141
Net assets at beginning of period	19,670,956,975	15,197,865,834
NET ASSETS AT END OF PERIOD	$20,899,755,062	$19,670,956,975
SHARES OF BENEFICIAL INTEREST:
Shares sold	22,150,000	69,700,000
Shares redeemed	(21,100,000)	(75,450,000)
Net increase (decrease) from share transactions	1,050,000	(5,750,000)

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Dow Jones REIT ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17
Net asset value, beginning of period	$ 104.87	$ 78.07	$ 98.82	$ 93.80	$ 92.99	$ 99.44
Income (loss) from investment operations:
Net investment income (loss) (a)	1.70	1.89	2.50	2.74	2.47	1.62
Net realized and unrealized gain (loss) (b)	17.56	28.25	(19.84)	5.92	1.20	(4.28)
Total from investment operations	19.26	30.14	(17.34)	8.66	3.67	(2.66)
Net equalization credits and charges (a)	0.01	0.08	(0.10)	0.01	(0.04)	(0.09)
Distributions to shareholders from:
Net investment income	(1.93)	(3.42)	(3.31)	(3.65)	(2.82)	(3.70)
Net asset value, end of period	$ 122.21	$ 104.87	$ 78.07	$ 98.82	$ 93.80	$ 92.99
Total return (c)	18.50%	39.59%	(18.04)%	9.58%	4.03%	(2.73)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$2,157,792	$1,838,574	$1,353,163	$2,532,796	$2,563,630	$3,015,901
Ratios to average net assets:
Total expenses	0.25%(d)	0.25%	0.25%	0.25%	0.25%	0.25%
Net investment income (loss)	3.01%(d)	2.12%	2.61%	2.89%	2.72%	1.71%
Portfolio turnover rate (e)	3%(f)	6%	17%	9%	6%	9%

(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.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Biotech ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17
Net asset value, beginning of period	$ 135.54	$ 112.03	$ 87.82	$ 95.23	$ 77.15	$ 54.16
Income (loss) from investment operations:
Net investment income (loss) (a)	(0.12)	0.24	0.01	0.04	0.20	0.20
Net realized and unrealized gain (loss) (b)	(23.53)	23.57	24.22	(7.37)	18.06	22.97
Total from investment operations	(23.65)	23.81	24.23	(7.33)	18.26	23.17
Net equalization credits and charges (a)	(0.02)	(0.00)(c)	0.00(c)	0.00(c)	0.01	(0.00)(c)
Other capital	0.00(c)	—	—	—	—	—
Distributions to shareholders from:
Net investment income	—	(0.30)	(0.02)	(0.08)	(0.19)	(0.18)
Net asset value, end of period	$ 111.87	$ 135.54	$ 112.03	$ 87.82	$ 95.23	$ 77.15
Total return (d)	(17.46)%	21.27%	27.59%	(7.70)%	23.69%	42.80%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$7,073,115	$7,254,733	$5,402,647	$4,412,868	$5,232,982	$3,548,969
Ratios to average net assets:
Total expenses	0.35%(e)	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	(0.19)%(e)	0.18%	0.01%	0.05%	0.23%	0.30%
Portfolio turnover rate (f)	31%(g)	74%	66%	45%	62%	59%

(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.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Dividend ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17
Net asset value, beginning of period	$ 122.33	$ 91.25	$ 100.96	$ 92.65	$ 88.93	$ 83.91
Income (loss) from investment operations:
Net investment income (loss) (a)	1.76	3.28	2.84	2.41	2.31	1.81
Net realized and unrealized gain (loss) (b)	6.85	31.05	(9.68)	8.30	6.10	6.01
Total from investment operations	8.61	34.33	(6.84)	10.71	8.41	7.82
Net equalization credits and charges (a)	0.01	(0.01)	(0.04)	0.02	(0.03)	0.01
Distributions to shareholders from:
Net investment income	(1.82)	(3.24)	(2.83)	(2.42)	(2.33)	(2.22)
Net realized gains	—	—	—	—	(2.33)	(0.59)
Total distributions	(1.82)	(3.24)	(2.83)	(2.42)	(4.66)	(2.81)
Net asset value, end of period	$ 129.13	$ 122.33	$ 91.25	$ 100.96	$ 92.65	$ 88.93
Total return (c)	7.14%	38.17%	(6.82)%	11.76%	9.44%	9.46%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$20,899,755	$19,670,957	$15,197,866	$18,698,029	$15,351,950	$15,478,187
Ratios to average net assets:
Total expenses	0.35%(d)	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	2.82%(d)	3.06%	2.89%	2.49%	2.51%	2.10%
Portfolio turnover rate (e)	7%(f)	22%	31%	20%	24%	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.

Table of Contents

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2021 (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, 2021, the Trust consists of eighty-two (82) 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 Dow Jones REIT ETF

SPDR S&P Biotech ETF

SPDR S&P Dividend ETF

Each Fund is classified as a diversified investment company under the 1940 Act.

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

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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 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.

• 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 a Fund's underlying benchmarks Various inputs are used in determining the value of a Fund's 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.

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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, 2021, 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 Funds 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.

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.

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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 Fund within the Trust.

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 Fund and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2021, 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

The Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an

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amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the 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 or losses. The Funds recognize 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, 2021, the SPDR Dow Jones REIT ETF entered into futures contracts in order to gain exposure to the market for the cash and cash equivalents.

The following tables summarize the value of the Fund's derivative instruments as of December 31, 2021, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Equity Risk	Commodity Risk	Total
SPDR Dow Jones REIT ETF
Futures Contracts	$—	$—	$—	$282,548	$—	$282,548

	Net Realized Gain (Loss)
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Equity Risk	Commodity Risk	Total
SPDR Dow Jones REIT ETF
Futures Contracts	$—	$—	$—	$847,050	$—	$847,050

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	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Equity Risk	Commodity Risk	Total
SPDR Dow Jones REIT ETF
Futures Contracts	$—	$—	$—	$381,040	$—	$381,040

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 average daily net assets as shown in the following table:

	Annual Rate
SPDR Dow Jones REIT ETF	0.25%
SPDR S&P Biotech ETF	0.35
SPDR S&P Dividend ETF	0.35

From time to time, the Adviser may waive all or a portion of its 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, 2022. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2022 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.

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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.

Beginning on January 1, 2022 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. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedules of Investments.

5. Trustees’ Fees

The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

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6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:

	Purchases	Sales
SPDR Dow Jones REIT ETF	$ 62,189,851	$ 71,358,474
SPDR S&P Biotech ETF	2,220,433,122	2,228,200,299
SPDR S&P Dividend ETF	1,602,923,412	1,387,507,506

For the period ended December 31, 2021, 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 Dow Jones REIT ETF	$ 505,962,411	$ 487,843,570	$ 111,708,635
SPDR S&P Biotech ETF	7,535,928,738	6,340,013,513	581,133,902
SPDR S&P Dividend ETF	2,459,098,356	2,573,178,972	811,435,213

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.

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.

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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, 2021, 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, 2021, 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 Dow Jones REIT ETF	$ 1,874,015,565	$ 378,635,062	$ 100,575,930	$ 278,059,132
SPDR S&P Biotech ETF	9,700,543,505	181,000,020	2,279,361,569	(2,098,361,549)
SPDR S&P Dividend ETF	17,473,598,308	3,585,342,367	176,670,655	3,408,671,712

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 to a percentage of the market value of the loaned securities.

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The market value of securities on loan as of December 31, 2021, 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, 2021:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received *	Total Collateral Received
SPDR Dow Jones REIT ETF	$ 1,681,842	$ 527,137	$ 1,216,511	$ 1,743,648
SPDR S&P Biotech ETF	1,010,096,897	527,517,118	536,778,340	1,064,295,458
SPDR S&P Dividend ETF	161,334,424	15,867,799	149,207,639	165,075,438

*	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, 2021:

		Remaining Contractual Maturity of the Agreements as of December 31, 2021
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 Dow Jones REIT ETF	Common Stocks	$ 527,137	$—	$—	$—	$ 527,137	$ 527,137
SPDR S&P Biotech ETF	Common Stocks	527,517,118	—	—	—	527,517,118	527,517,118
SPDR S&P Dividend ETF	Common Stocks	15,867,799	—	—	—	15,867,799	15,867,799

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

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affect the value of the Funds' investments more than if the Funds were more broadly diversified.

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

Each 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, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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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OTHER INFORMATION

December 31, 2021 (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, 2021 to December 31, 2021.

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.

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OTHER INFORMATION (continued)

December 31, 2021 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund.

SSGA FM has been designated by the Board to administer the Funds' Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:

•	the Program supported each Fund's ability to honor redemption requests timely;
•	the Program supported SSGA FM's management of each Fund's liquidity profile, including during periods of market volatility and net redemptions;
•	no material liquidity issues were identified during the period;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage each Fund's liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

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.

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OTHER INFORMATION (continued)

December 31, 2021 (Unaudited)

Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).

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SPDR Series Trust

Trustees

Dwight D. Churchill

Clare S. Richer

James E. Ross

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

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SPDR^® Series Trust - Equity Funds

For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.

State Street Global Advisors
One Iron Street
Boston, MA 02210

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their

respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

SPDRTOPEQSAR