Notes to Performance Summaries (Unaudited)

The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Bloomberg U.S. Aggregate Bond Index is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Standard & Poor's Financial Services, LLC, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States. The securities in the index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable.

The Bloomberg U.S. Intermediate Corporate Bond Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 1 year and less than 10 years. The index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating- rate securities, and Eurobonds are excluded from the index.

The Bloomberg U.S. Long Term Corporate Bond Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 10 years. The index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar-denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating-rate securities, and Eurobonds are excluded from the index.

The Bloomberg Long U.S. Treasury Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of 10 years or more. The index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 years or more, are rated investment grade, and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non-convertible. Excluded from the index are certain special issues, such as flower bonds, targeted investor notes, state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as "TIPS," and coupon issues that have been stripped from bonds included in the index.

The Bloomberg U.S. 1-3 Year Corporate Bond Index is designed to measure the performance of the short term U.S. corporate bond market. The index includes publicly issued U.S. dollar denominated corporate issues that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC), and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and nonconvertible. The index includes only corporate sectors. The corporate sectors are Industrial, Utility, and Financial Institutions, which include both U.S. and non-U.S. corporations. The following instruments are excluded from the index: structured notes with embedded swaps or other special features; private placements; floating rate securities; and Eurobonds.

The Bloomberg 1-3 Year U.S. Treasury Index is designed to measure the performance of short term (1-3 years) public obligations of the U.S. Treasury. The index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as "TIPS," floating rate bonds and coupon issues that have been stripped from bonds included in the index. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

See accompanying notes to financial statements.

Table of Contents

Notes to Performance Summaries (Unaudited) (continued)

The Bloomberg U.S. Government Inflation-Linked Bond Index includes publicly issued, U.S. Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million. Bonds must be capital-indexed and linked to an eligible inflation index. The securities must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars. The notional coupon of a bond must be fixed or zero. Bonds must settle on or before the index rebalancing date.

The Bloomberg 3-10 Year U.S. Treasury Index is designed to measure the performance of intermediate term (3-10 years) public obligations of the U.S. Treasury. The index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 3 years and less than 10 years, are rated investment grade and have $300 million or more of outstanding face value.

The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as "junk") corporate debt publicly issued in the U.S. domestic market. The index includes securities rated below investment grade (based on an average of Moody's Investors Service, Inc., Fitch, Inc., and Standard & Poor's Financial Services, LLC) with at least 18 months remaining to final maturity at the time of issuance and at least one year remaining term to final maturity as of the index's rebalancing date. In addition, individual securities of qualifying issuers must have a fixed coupon schedule and a minimum amount outstanding of $250 million.

The Bloomberg U.S. Corporate Bond Index is designed to measure the performance of the investment grade corporate bond market. The index includes publicly issued, investment grade, fixed-rate, taxable, U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility, and financial institutions. Bonds included in the index must have $300 million or more of par amount outstanding and a remaining maturity of at least 1 year. The index considers investment grade securities to be rated Baa3/BBB- or higher, using the middle rating of Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC.

The Bloomberg U.S. MBS Index (the “MBS Index”) measures the performance of the U.S. agency mortgage pass-through segment of the U.S. investment grade bond market. The term “U.S. agency mortgage pass-through security” refers to a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government-sponsored enterprises: Government National Mortgage Association (“GNMA”); Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”).

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Aggregate Bond ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Aggregate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. dollar denominated investment grade bond market. The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –10.30% and the Index was –10.29%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV around $27. Further, the NAV was consistent around $29 through 2H21 and declined steadily to around $26 in the first half of 2022.

The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Fixed Income, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”) which called inflation transitionary in Q3 2021 turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, plummeting index returns. Global Aggregate yields widened by 179 bps during the Reporting Period. As inflation rose unabated, he Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.

The Fund did not invest in derivatives during the Reporting Period.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Aggregate Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. Aggregate Bond Index	Net Asset Value	Market Value	Bloomberg U.S. Aggregate Bond Index
ONE YEAR	(10.30)%	(10.33)%	(10.29)%	(10.30)%	(10.33)%	(10.29)%
FIVE YEARS	4.12%	4.08%	4.46%	0.81%	0.80%	0.88%
TEN YEARS	15.63%	15.56%	16.54%	1.46%	1.46%	1.54%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Aggregate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.

See accompanying notes to financial statements.

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SPDR Portfolio Intermediate Term Corporate Bond ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Intermediate Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the intermediate term (1-10 years) sector of the United States corporate bond market. The Fund’s benchmark is the Bloomberg U.S. Intermediate Corporate Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –9.54% and the Index was –9.41%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $34.5. The fund was steady around the $36 range in 2H21 and declined steadily to around $32 for the first half of this year.

The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Intermediate Term Corporate Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. Intermediate Corporate Bond Index	Net Asset Value	Market Value	Bloomberg U.S. Intermediate Corporate Bond Index
ONE YEAR	(9.54)%	(9.54)%	(9.41)%	(9.54)%	(9.54)%	(9.41)%
FIVE YEARS	7.40%	7.33%	7.72%	1.44%	1.42%	1.50%
TEN YEARS	25.36%	24.53%	26.67%	2.29%	2.22%	2.39%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Intermediate Term Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Long Term Corporate Bond ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Long Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long term (10+ years) sector of the United States corporate bond market. The Fund’s benchmark is the Bloomberg U.S. Long Term Corporate Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –21.79%, and the Index was –21.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $28. The fund was steady around the $31 value throughout 2H21 and steadily declined to $24 for the first half of this year.

The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Long Term Corporate Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. Long Term Corporate Bond Index	Net Asset Value	Market Value	Bloomberg U.S. Long Term Corporate Bond Index
ONE YEAR	(21.79)%	(21.75)%	(21.71)%	(21.79)%	(21.75)%	(21.71)%
FIVE YEARS	4.41%	4.27%	5.39%	0.87%	0.84%	1.06%
TEN YEARS	36.34%	33.68%	38.12%	3.15%	2.95%	3.28%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Long Term Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Long Term Treasury ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Long Term Treasury ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long term (10+ years) sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg Long U.S. Treasury Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –18.51%, and the Index was –18.45%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from between $41.23 to $33.07 for the same period.

Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. U.S. 30 year Treasury yields remained flat around 200 bps in 2021 and then increased dramatically in the first half of 2022 to around 318 bps amid fears of rising inflation, which contributed to low returns.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Long Term Treasury ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg Long U.S. Treasury Index	Net Asset Value	Market Value	Bloomberg Long U.S. Treasury Index
ONE YEAR	(18.51)%	(18.44)%	(18.45)%	(18.51)%	(18.44)%	(18.45)%
FIVE YEARS	2.33%	2.36%	2.56%	0.46%	0.47%	0.51%
TEN YEARS	16.64%	16.50%	17.54%	1.55%	1.54%	1.63%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Long Term Treasury ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.06%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Short Term Corporate Bond ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Short Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term U.S. corporate bond market. The Fund’s benchmark is the Bloomberg U.S. 1-3 Year Corporate Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –3.84% and the Index was –3.82%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Short Term Corporate Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. 1-3 Year Corporate Bond Index	Net Asset Value	Market Value	Bloomberg U.S. 1-3 Year Corporate Bond Index
ONE YEAR	(3.84)%	(3.82)%	(3.82)%	(3.84)%	(3.82)%	(3.82)%
FIVE YEARS	7.26%	7.29%	7.62%	1.41%	1.42%	1.48%
TEN YEARS	16.43%	16.13%	18.41%	1.53%	1.51%	1.70%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Short Term Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Short Term Treasury ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Short Term Treasury ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short term sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg 1-3 Year U.S. Treasury Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –3.55%, and the Index was –3.51%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. 2 year treasury yields increased from 73bps to 313 bps amid fears of rising inflation, which contributed to low returns.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Short Term Treasury ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg 1-3 Year U.S. Treasury Index	Net Asset Value	Market Value	Bloomberg 1-3 Year U.S. Treasury Index
ONE YEAR	(3.55)%	(3.52)%	(3.51)%	(3.55)%	(3.52)%	(3.51)%
FIVE YEARS^(1) (2)	3.84%	3.86%	4.05%	0.76%	0.76%	0.80%
TEN YEARS^(1) (2)	7.81%	8.09%	8.56%	0.75%	0.78%	0.82%

(1)	Effective April 30, 2018 the Fund changed its benchmark index from the Bloomberg 1-5 Year U.S. Treasury Index to the Bloomberg 1-3 Year U.S. Treasury Index. The Fund’s performance in the tables is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to April, 30, 2018.
(2)	Index returns represent the Fund’s prior benchmark index from November 30, 2011 through April 29, 2018 and the Bloomberg 1-3 Year U.S. Treasury Index from April 30, 2018 through June 30, 2022.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Short Term Treasury ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.06%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO TIPS ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio TIPS ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the inflation protected sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg U.S. Government Inflation-Linked Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –5.81%, and the Index was –5.73%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. The yield on U.S. 10 year TIPS increased from -87 bps to 67 bps for the Reporting Period, which negatively affected returns.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Intermediate Term Treasury ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNUADITED)

The SPDR Portfolio Intermediate Term Treasury ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the intermediate-term sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg 3-10 Year U.S. Treasury Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –8.34% and the Index was –8.31%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. The U.S. 10 year Treasury yields remained flat around 150bps in 2021 and then increased dramatically in the first half of 2022 to around 300bps amid fears of rising inflation, which contributed to low returns across the entirety of the curve.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Intermediate Term Treasury ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg 3-10 Year U.S. Treasury Index	Net Asset Value	Market Value	Bloomberg 3-10 Year U.S. Treasury Index
ONE YEAR	(8.34)%	(8.35)%	(8.31)%	(8.34)%	(8.35)%	(8.31)%
FIVE YEARS^(1) (2)	4.85%	4.88%	5.13%	0.95%	0.96%	1.01%
TEN YEARS^(1) (2)	9.91%	9.96%	10.80%	0.95%	0.95%	1.03%

(1)	Effective April 30, 2018, the Fund changed its benchmark from the Bloomberg Intermediate U.S. Treasury Index to the Bloomberg 3-10 Year U.S. Treasury Index. The Fund's performance is based on the Fund's prior investments strategy to track a different benchmark index for periods prior to April 30, 2018.
(2)	Index returns represent the Fund's prior benchmark index from June 30, 2011 through April 29, 2018 and the Bloomberg 3-10 Year U.S. Treasury Index from April 30, 2018 through June 30, 2022.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

The total expense ratio for SPDR Portfolio Intermediate Term Treasury ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.06%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio High Yield Bond ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the broad U.S. corporate high yield market. The Fund’s benchmark is the ICE BofA U.S. High Yield Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –12.19% and the Index was –12.66%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, the cumulative effect of security misweights and the impact from securities lending income contributed to the difference between the Fund’s performance and that of the Index.

Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $25. The fund was steady around the $26 mark in 2H21 and steadily declined towards $22 for the first half of this year.

The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. High Yield bonds were hit particularly hard as investors moved away from risky assets. As economies staggered from the pandemic lows, pent-up demand and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio High Yield Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	ICE BofA US High Yield Index	Net Asset Value	Market Value	ICE BofA US High Yield Index
ONE YEAR	(12.19)%	(12.08)%	(12.66)%	(12.19)%	(12.08)%	(12.66)%
FIVE YEARS^(1) (2)	9.63%	9.21%	8.85%	1.86%	1.78%	1.71%
TEN YEARS^(1) (2)	41.09%	39.03%	42.62%	3.50%	3.35%	3.61%

(1)	Effective April 1, 2019, the Fund changed its benchmark from the ICE BofAML US Diversified Crossover Corporate Index to the ICE BofAML US High Yield Index . The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to April 1, 2019.
(2)	Index returns represent the Fund’s prior benchmark index from June 30, 2012 until April 1, 2019 and the ICE BofA US High Yield Index from April 1, 2019 through June 30, 2022.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio High Yield Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.10%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Corporate Bond ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. corporate bond market. The Fund’s benchmark is the Bloomberg U.S. Corporate Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –14.17% and the Index was –14.19%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, the cumulative effect of security misweights and the impact from securities lending income contributed to the difference between the Fund’s performance and that of the Index.

Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $33. The fund remained steady around $34 in 2H21 and steadily declined to around $30 in the first half of 2022.

The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed’), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Corporate Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. Corporate Bond Index	Net Asset Value	Market Value	Bloomberg U.S. Corporate Bond Index
ONE YEAR	(14.17)%	(14.18)%	(14.19)%	(14.17)%	(14.18)%	(14.19)%
FIVE YEARS^(1) (2)	7.14%	7.07%	6.70%	1.39%	1.38%	1.31%
TEN YEARS^(1) (2)	27.30%	26.04%	28.41%	2.44%	2.34%	2.53%

(1)	Effective July 31, 2018, the Fund changed its benchmark from the Bloomberg Issuer Scored Corporate Index to the Bloomberg U.S. Corporate Bond Index. The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to July 31, 2018.
(2)	Index returns represent the Fund’s prior benchmark index from inception through July 30, 2018 and the Bloomberg U.S. Corporate Bond Index from July 31, 2018 through June 30, 2022.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

The total expense ratio for SPDR Portfolio Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Mortgage Backed Bond ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Portfolio Mortgage Backed Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. agency mortgage pass-through sector of the U.S. investment grade bond market. The Fund’s benchmark is the Bloomberg U.S. MBS Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –9.25% and the Index was –9.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and the Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. Agency Fixed Rate detracted from performance in both security selection and asset allocation by 24bps and 3bps respectively. The Fund NAV decreased from around $25.79 to around $22.84.

Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response, the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. Additionally the Fed is implementing quantitative tightening that includes a plan to reduce the size of its balance sheet by $30 billion in Treasuries and up to $17.5 billion in maturing agency mortgage backed securities per month that started.

June 1, 2022. Beginning September 1, 2022 those caps will rise to $60 billion and $35 billion, respectively, for a maximum potential monthly balance sheet roll-off of $95 billion. 30 year mortgage rates remained at around 3% in the last half of 2021, and increased to 5.8% in the first half of 2022.

The Fund did not invest in derivatives during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR Portfolio Mortgage Backed Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. MBS Index	Net Asset Value	Market Value	Bloomberg U.S. MBS Index
ONE YEAR	(9.25)%	(9.23)%	(9.03)%	(9.25)%	(9.23)%	(9.03)%
FIVE YEARS	1.11%	1.20%	1.83%	0.22%	0.24%	0.36%
TEN YEARS	9.95%	9.98%	12.42%	0.95%	0.96%	1.18%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Portfolio Mortgage Backed Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.05%(0.04% after fee waiver). Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 23.9%
ADVERTISING — 0.0% (a)
Interpublic Group of Cos., Inc.:
2.40%, 3/1/2031	$ 200,000	$ 161,814
3.38%, 3/1/2041	302,000	225,718
4.65%, 10/1/2028	250,000	247,155
Omnicom Group, Inc. 2.45%, 4/30/2030	327,000	275,377
Omnicom Group, Inc./Omnicom Capital, Inc.:
3.60%, 4/15/2026	599,000	582,599
3.65%, 11/1/2024	331,000	328,001
WPP Finance 2010 3.75%, 9/19/2024	141,000	137,820
		1,958,484
AEROSPACE & DEFENSE — 0.5%
Boeing Co.:
1.43%, 2/4/2024	335,000	320,478
1.95%, 2/1/2024	166,000	160,344
2.20%, 2/4/2026	1,341,000	1,210,212
2.25%, 6/15/2026	260,000	234,515
2.70%, 2/1/2027	244,000	217,167
2.75%, 2/1/2026	307,000	285,043
2.80%, 3/1/2024	147,000	144,073
2.85%, 10/30/2024 (b)	100,000	97,047
3.10%, 5/1/2026 (b)	285,000	266,743
3.20%, 3/1/2029	234,000	202,894
3.25%, 2/1/2028	200,000	179,372
3.25%, 2/1/2035	137,000	104,284
3.45%, 11/1/2028	225,000	200,833
3.60%, 5/1/2034	171,000	136,097
3.63%, 2/1/2031	405,000	350,519
3.63%, 3/1/2048	265,000	177,449
3.83%, 3/1/2059	250,000	160,875
3.85%, 11/1/2048	132,000	93,826
4.88%, 5/1/2025	902,000	898,627
5.04%, 5/1/2027	525,000	518,627
5.15%, 5/1/2030	1,089,000	1,044,776
5.71%, 5/1/2040	910,000	850,158
5.81%, 5/1/2050	1,106,000	1,018,438
5.88%, 2/15/2040	435,000	407,673
5.93%, 5/1/2060	1,255,000	1,148,112
6.13%, 2/15/2033	505,000	515,514
6.88%, 3/15/2039	465,000	482,921
General Dynamics Corp.:
1.88%, 8/15/2023	200,000	197,362
2.13%, 8/15/2026	121,000	113,481
2.38%, 11/15/2024	95,000	92,493
3.25%, 4/1/2025	200,000	198,346
3.50%, 5/15/2025	309,000	308,181
3.63%, 4/1/2030 (b)	235,000	227,673
3.75%, 5/15/2028	315,000	309,969
4.25%, 4/1/2040	811,000	775,940

Security Description	Principal Amount	Value
L3Harris Technologies, Inc.:
1.80%, 1/15/2031	$ 130,000	$ 103,718
3.85%, 12/15/2026	345,000	338,348
3.95%, 5/28/2024	124,000	124,321
4.40%, 6/15/2028	492,000	483,237
5.05%, 4/27/2045	120,000	116,726
6.15%, 12/15/2040	168,000	184,928
Lockheed Martin Corp.:
1.85%, 6/15/2030	740,000	631,620
2.80%, 6/15/2050	145,000	108,328
3.55%, 1/15/2026 (b)	147,000	147,250
3.60%, 3/1/2035	220,000	202,422
3.80%, 3/1/2045	639,000	564,033
4.07%, 12/15/2042	300,000	278,442
4.70%, 5/15/2046	402,000	405,819
Northrop Grumman Corp.:
2.93%, 1/15/2025	430,000	420,996
3.20%, 2/1/2027	257,000	246,867
3.25%, 8/1/2023	319,000	318,936
3.25%, 1/15/2028	259,000	246,055
3.85%, 4/15/2045	200,000	168,934
4.40%, 5/1/2030	495,000	494,673
4.75%, 6/1/2043	299,000	286,615
5.05%, 11/15/2040	192,000	191,977
5.15%, 5/1/2040	60,000	60,795
5.25%, 5/1/2050	452,000	477,375
Raytheon Technologies Corp.:
1.90%, 9/1/2031	280,000	229,348
2.25%, 7/1/2030	817,000	704,385
2.38%, 3/15/2032	1,365,000	1,156,292
2.82%, 9/1/2051	405,000	289,223
3.03%, 3/15/2052	680,000	508,871
3.13%, 7/1/2050	269,000	206,199
3.20%, 3/15/2024 (b)	520,000	518,617
3.50%, 3/15/2027	375,000	366,465
3.75%, 11/1/2046	336,000	285,738
3.95%, 8/16/2025	642,000	644,690
4.05%, 5/4/2047	261,000	231,674
4.13%, 11/16/2028	254,000	250,937
4.15%, 5/15/2045	200,000	177,714
4.35%, 4/15/2047	330,000	305,006
4.45%, 11/16/2038	346,000	332,873
4.50%, 6/1/2042	918,000	874,643
4.63%, 11/16/2048	203,000	197,826
4.80%, 12/15/2043	105,000	103,092
Teledyne Technologies, Inc.:
0.95%, 4/1/2024	200,000	189,172
1.60%, 4/1/2026	200,000	179,240
2.25%, 4/1/2028	150,000	129,986
2.75%, 4/1/2031	240,000	200,710
		28,335,178
AGRICULTURE — 0.3%
Altria Group, Inc.:
2.35%, 5/6/2025	400,000	377,224
2.45%, 2/4/2032	724,000	545,244

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Principal Amount	Value
3.40%, 5/6/2030	$ 193,000	$ 164,473
3.40%, 2/4/2041	515,000	342,207
3.88%, 9/16/2046	16,000	10,777
4.00%, 2/4/2061	258,000	170,308
4.25%, 8/9/2042	217,000	159,491
4.40%, 2/14/2026	362,000	354,384
4.45%, 5/6/2050	210,000	150,854
4.50%, 5/2/2043	398,000	294,874
4.80%, 2/14/2029	831,000	787,547
5.38%, 1/31/2044 (b)	444,000	382,550
5.80%, 2/14/2039	154,000	140,511
5.95%, 2/14/2049	761,000	667,892
6.20%, 2/14/2059	1,000	933
Archer-Daniels-Midland Co.:
2.50%, 8/11/2026	460,000	440,537
2.70%, 9/15/2051	407,000	298,416
2.90%, 3/1/2032	183,000	165,467
BAT Capital Corp.:
2.26%, 3/25/2028	279,000	233,492
2.73%, 3/25/2031 (b)	844,000	664,777
2.79%, 9/6/2024	184,000	177,595
3.22%, 8/15/2024	455,000	442,597
3.22%, 9/6/2026	166,000	155,011
3.46%, 9/6/2029	267,000	228,637
3.73%, 9/25/2040	375,000	263,891
3.98%, 9/25/2050	265,000	180,232
4.39%, 8/15/2037	757,000	601,603
4.54%, 8/15/2047	632,000	464,394
4.70%, 4/2/2027	1,006,000	983,516
4.76%, 9/6/2049	522,000	393,536
5.28%, 4/2/2050 (b)	325,000	267,631
BAT International Finance PLC 1.67%, 3/25/2026	667,000	591,596
Bunge, Ltd. Finance Corp.:
1.63%, 8/17/2025	143,000	131,664
3.25%, 8/15/2026 (b)	217,000	206,258
3.75%, 9/25/2027 (b)	238,000	228,889
Philip Morris International, Inc.:
0.88%, 5/1/2026 (b)	200,000	177,092
1.50%, 5/1/2025	207,000	193,700
1.75%, 11/1/2030	100,000	77,523
2.10%, 5/1/2030	370,000	302,253
2.75%, 2/25/2026 (b)	340,000	324,819
2.88%, 5/1/2024	106,000	104,758
3.13%, 3/2/2028 (b)	265,000	242,282
3.38%, 8/11/2025 (b)	515,000	506,662
3.38%, 8/15/2029 (b)	200,000	180,278
3.60%, 11/15/2023	775,000	778,108
4.13%, 3/4/2043	249,000	200,552
4.38%, 11/15/2041	250,000	208,742
4.88%, 11/15/2043	340,000	303,151
Reynolds American, Inc.:
4.45%, 6/12/2025	587,000	584,746

Security Description	Principal Amount	Value
5.85%, 8/15/2045	$ 596,000	$ 501,379
6.15%, 9/15/2043	475,000	431,799
		16,786,852
AIRLINES — 0.1%
American Airlines 2015-2 Pass Through Trust Series 2015-2, Class AA, 3.60%, 3/22/2029	142,442	130,368
American Airlines 2016-1 Pass Through Trust Series AA, Class AA, 3.58%, 7/15/2029	95,218	87,109
American Airlines 2016-2 Pass Through Trust Series AA, Class AA, 3.20%, 12/15/2029	273,798	246,517
American Airlines 2016-3 Pass Through Trust Series 2016-3, Class AA, 3.00%, 4/15/2030	115,752	102,743
American Airlines 2019-1 Pass Through Trust Series AA, Class AA, 3.15%, 8/15/2033	80,242	70,316
American Airlines 2021-1 Class A Pass Through Trust Series A, Class A, 2.88%, 1/11/2036	100,000	84,858
Continental Airlines 2012-2 Pass Through Trust Series 2-A, Class A, 4.00%, 4/29/2026	24,204	23,054
Delta Air Lines 2019-1 Class AA Pass Through Trust Series AA, 3.20%, 10/25/2025	118,000	113,928
JetBlue 2019-1 Pass Through Trust Series 2019, Class AA, 2.75%, 11/15/2033	102,380	86,781
JetBlue 2020-1 Pass Through Trust Series 1A, 4.00%, 5/15/2034	225,461	207,108
Southwest Airlines Co.:
2.63%, 2/10/2030	272,000	229,435
3.00%, 11/15/2026	105,000	98,128
5.13%, 6/15/2027	410,000	413,633
5.25%, 5/4/2025	195,000	198,912
Spirit Airlines Pass Through Trust Series A, Class A, 4.10%, 10/1/2029	230,745	215,567

See accompanying notes to financial statements.

Table of Contents

SPDR PORTFOLIO AGGREGATE BOND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Principal Amount	Value
United Airlines 2012-1 Pass Through Trust Series A, Class A, 4.15%, 10/11/2025	$ 55,703	$ 53,959
United Airlines 2013-1 Pass Through Trust Series A, Class A, 4.30%, 2/15/2027	78,504	74,608
United Airlines 2014-2 Pass Through Trust Series A, Class A, 3.75%, 3/3/2028	246,521	231,500
United Airlines 2016-1 Pass Through Trust Series AA, Class AA, 3.10%, 1/7/2030	141,072	126,890
United Airlines 2018-1 Pass Through Trust Series AA, Class AA, 3.50%, 9/1/2031	37,525	33,757
United Airlines 2019-1 Pass Through Trust Series AA, Class AA, 4.15%, 2/25/2033	95,560	88,999
United Airlines 2019-2 Pass Through Trust Series AA, Class AA, 2.70%, 11/1/2033	186,666	157,025
United Airlines 2020-1 Class B Pass Through Trust Series 2020-1, Class B, 4.88%, 7/15/2027	249,600	236,204
United Airlines 2020-1 Pass Through Trust Series 20-1, Class A, 5.88%, 4/15/2029	494,556	486,049
		3,797,448
APPAREL — 0.1%
NIKE, Inc.:
2.38%, 11/1/2026	540,000	513,799
2.75%, 3/27/2027	175,000	168,394
2.85%, 3/27/2030	623,000	572,026
3.25%, 3/27/2040	254,000	217,548
3.38%, 3/27/2050	103,000	87,594
3.63%, 5/1/2043 (b)	105,000	92,694
3.88%, 11/1/2045	317,000	291,142
PVH Corp. 4.63%, 7/10/2025	315,000	314,471
Ralph Lauren Corp.:
2.95%, 6/15/2030 (b)	457,000	401,767
3.75%, 9/15/2025 (b)	189,000	188,250
Tapestry, Inc. 3.05%, 3/15/2032	325,000	264,641

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR Portfolio Aggregate Bond ETF (SPAB)	3
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB)	6
SPDR Portfolio Long Term Corporate Bond ETF (SPLB)	9
SPDR Portfolio Long Term Treasury ETF (SPTL)	12
SPDR Portfolio Short Term Corporate Bond ETF (SPSB)	15
SPDR Portfolio Short Term Treasury ETF (SPTS)	18
SPDR Portfolio TIPS ETF (SPIP)	21
SPDR Portfolio Intermediate Term Treasury ETF (SPTI)	24
SPDR Portfolio High Yield Bond ETF (SPHY)	27
SPDR Portfolio Corporate Bond ETF (SPBO)	30
SPDR Portfolio Mortgage Backed Bond ETF (SPMB)	33
Schedules of Investments
SPDR Portfolio Aggregate Bond ETF (SPAB)	36
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB)	125
SPDR Portfolio Long Term Corporate Bond ETF (SPLB)	185
SPDR Portfolio Long Term Treasury ETF (SPTL)	223
SPDR Portfolio Short Term Corporate Bond ETF (SPSB)	225
SPDR Portfolio Short Term Treasury ETF (SPTS)	247
SPDR Portfolio TIPS ETF (SPIP)	249
SPDR Portfolio Intermediate Term Treasury ETF (SPTI)	251
SPDR Portfolio High Yield Bond ETF (SPHY)	253
SPDR Portfolio Corporate Bond ETF (SPBO)	288
SPDR Portfolio Mortgage Backed Bond ETF (SPMB)	330
Financial Statements	344
Financial Highlights	357
Notes to Financial Statements	368
Report of Independent Registered Public Accounting Firm	381
Other Information (Unaudited)	382


	Description	% of Net Assets
	Treasury Notes 1.13% 8/31/2028	1.4%
	Treasury Notes 0.75% 12/31/2023	1.3
	Treasury Notes 1.88% 2/28/2029	0.9
	Treasury Bonds 4.63% 2/15/2040	0.9
	Treasury Notes 0.75% 8/31/2026	0.6
	TOTAL	5.1%


		% of Net Assets
	U.S. Treasury Obligations	40.3%
	U.S. Government Agency Obligations	29.8
	Corporate Bonds & Notes	23.9
	Foreign Government Obligations	3.2
	Mortgage-Backed Securities	1.0
	Municipal Bonds & Notes	0.4
	Asset-Backed Securities	0.3
	Commercial Mortgage Backed Securities	0.1
	Short-Term Investments	7.7
	Liabilities in Excess of Other Assets	(6.7)
	TOTAL	100.0%


	Description	% of Net Assets
	Apple, Inc. 1.13% 5/11/2025	0.2%
	Goldman Sachs Group, Inc. 1.95% 10/21/2027	0.2
	T-Mobile USA, Inc. 3.88% 4/15/2030	0.2
	JPMorgan Chase & Co. 2.01% 3/13/2026	0.2
	Bank of America Corp. 3.38% 4/2/2026	0.2
	TOTAL	1.0%


		% of Net Assets
	Corporate Bonds & Notes	98.4%
	Foreign Government Obligations	0.1
	Short-Term Investments	3.8
	Liabilities in Excess of Other Assets	(2.3)
	TOTAL	100.0%


		% of Total Investments
	Financial	41.8%
	Consumer, Non-cyclical	13.3
	Industrial	7.2
	Technology	7.1
	Consumer, Cyclical	6.5
	Communications	6.4
	Utilities	6.2
	Energy	5.9
	Basic Materials	1.8
	Short-Term Investments	3.8
	TOTAL	100.0%


	Description	% of Net Assets
	Magallanes, Inc. 5.39% 3/15/2062	0.4%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.90% 2/1/2046	0.4
	CVS Health Corp. 5.05% 3/25/2048	0.3
	AT&T, Inc. 3.55% 9/15/2055	0.3
	GE Capital International Funding Co. Unlimited Co. 4.42% 11/15/2035	0.3
	TOTAL	1.7%


		% of Total Investments
	Consumer, Non-cyclical	23.2%
	Financial	15.4
	Communications	13.5
	Utilities	11.8
	Industrial	9.1
	Energy	8.4
	Technology	8.0
	Consumer, Cyclical	4.9
	Basic Materials	3.8
	Short-Term Investments	1.9
	TOTAL	100.0%


	Description	% of Net Assets
	Treasury Bonds 2.38% 5/15/2051	3.5%
	Treasury Bonds 3.00% 8/15/2048	3.3
	Treasury Bonds 1.88% 2/15/2051	3.0
	Treasury Bonds 1.75% 8/15/2041	3.0
	Treasury Bonds 2.00% 11/15/2041	2.9
	TOTAL	15.7%


		% of Net Assets
	U.S. Treasury Obligations	99.0%
	Short-Term Investments	9.9
	Liabilities in Excess of Other Assets	(8.9)
	TOTAL	100.0%


	Description	% of Net Assets
	Boeing Co. 1.43% 2/4/2024	0.5%
	Credit Suisse AG 3.63% 9/9/2024	0.5
	Natwest Group PLC 4.27% 3/22/2025	0.4
	Bristol-Myers Squibb Co. 2.90% 7/26/2024	0.4
	Citigroup, Inc. 4.40% 6/10/2025	0.4
	TOTAL	2.2%


		% of Net Assets
	Corporate Bonds & Notes	98.3%
	Foreign Government Obligations	0.2
	Short-Term Investments	6.8
	Liabilities in Excess of Other Assets	(5.3)
	TOTAL	100.0%


		% of Net Assets
	Financial	47.3%
	Consumer, Non-cyclical	12.6
	Consumer, Cyclical	7.4
	Energy	7.1
	Industrial	6.9
	Technology	6.3
	Utilities	5.4
	Communications	4.3
	Basic Materials	1.2
	Short-Term Investments	6.8
	Liabilities in Excess of Other Assets	(5.3)
	TOTAL	100.0%


	Description	% of Net Assets
	Treasury Notes 0.38% 9/15/2024	2.1%
	Treasury Notes 2.63% 4/15/2025	1.9
	Treasury Notes 2.38% 8/15/2024	1.8
	Treasury Notes 2.25% 11/15/2024	1.7
	Treasury Notes 0.13% 7/31/2023	1.6
	TOTAL	9.1%


		% of Net Assets
	U.S. Treasury Obligations	99.6%
	Short-Term Investments	8.8
	Liabilities in Excess of Other Assets	(8.4)
	TOTAL	100.0%


	Description	% of Net Assets
	Treasury Inflation Protected Indexed Notes 0.63% 1/15/2026	3.3%
	Treasury Inflation Protected Indexed Notes 0.63% 1/15/2024	3.2
	Treasury Inflation Protected Indexed Notes 0.13% 7/15/2024	3.2
	Treasury Inflation Protected Indexed Notes 0.38% 7/15/2025	3.1
	Treasury Inflation Protected Indexed Notes 0.38% 7/15/2027	3.0
	TOTAL	15.8%


	Description	% of Net Assets
	Sprint Corp. 7.88% 9/15/2023	0.4%
	TransDigm, Inc. 6.25% 3/15/2026	0.3
	Medline Borrower LP 3.88% 4/1/2029	0.3
	Centene Corp. 4.63% 12/15/2029	0.3
	American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026	0.3
	TOTAL	1.6%


		% of Net Assets
	U.S. Treasury Obligations	99.2%
	Short-Term Investments	0.6
	Other Assets in Excess of Liabilities	0.2
	TOTAL	100.0%


	Description	% of Net Assets
	U.S. Treasury Notes 1.88% 2/15/2032	2.2%
	Treasury Notes 1.38% 11/15/2031	2.1
	Treasury Notes 1.25% 8/15/2031	2.0
	Treasury Notes 0.88% 11/15/2030	1.9
	Treasury Notes 1.63% 5/15/2031	1.9
	TOTAL	10.1%


		% of Net Assets
	U.S. Treasury Obligations	99.5%
	Short-Term Investments	7.1
	Liabilities in Excess of Other Assets	(6.6)
	TOTAL	100.0%


		% of Net Assets
	Corporate Bonds & Notes	97.9%
	Foreign Government Obligations	0.1
	Common Stocks	0.0 *
	Preferred Stocks	0.0 *
	Short-Term Investments	9.3
	Liabilities in Excess of Other Assets	(7.3)
	TOTAL	100.0%


		% of Total Investments
	Consumer, Cyclical	20.1%
	Communications	16.2
	Consumer, Non-cyclical	13.9
	Energy	12.2
	Financial	9.8
	Industrial	8.9
	Basic Materials	4.3
	Technology	3.4
	Utilities	2.5
	Diversified	0.1
	Short-Term Investments	8.6
	TOTAL	100.0%


	Description	% of Net Assets
	Goldman Sachs Group, Inc. 3.75% 5/22/2025	0.3%
	Citigroup, Inc. 3.67% 7/24/2028	0.2
	Bank of America Corp. 3.97% 3/5/2029	0.2
	Wells Fargo & Co. 2.19% 4/30/2026	0.2
	Goldman Sachs Group, Inc. 4.22% 5/1/2029	0.2
	TOTAL	1.1%


		% of Net Assets
	Corporate Bonds & Notes	98.2%
	Short-Term Investments	4.7
	Liabilities in Excess of Other Assets	(2.9)
	TOTAL	100.0%


		% of Total Investments
	Financial	31.2%
	Consumer, Non-cyclical	17.0
	Communications	9.3
	Utilities	8.2
	Industrial	7.7
	Technology	7.1
	Energy	6.6
	Consumer, Cyclical	5.8
	Basic Materials	2.5
	Short-Term Investments	4.6
	TOTAL	100.0%


	Description	% of Net Assets
	Federal Home Loan Mortgage Corp. 2.00% 11/1/2051	1.1%
	Federal Home Loan Mortgage Corp. 2.50% 9/1/2051	1.0
	Federal National Mortgage Association 2.50% 10/1/2051	1.0
	Federal National Mortgage Association 1.50% 1/1/2037	0.9
	Federal National Mortgage Association 2.50% 1/1/2052	0.9
	TOTAL	4.9%


	Description	% of Total Investments
	Federal National Mortgage Association	51.8%
	Federal Home Loan Mortgage Corp.	24.5
	Government National Mortgage Association	21.1
	TOTAL	97.4%