SSGA Active Trust

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 SPDR Nuveen Municipal Bond ESG ETF has less than six months of operations as of June 30, 2022 and, therefore, the Management's Discussion of Fund Performance and Performance Summary are not included in this report.

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 DBIQ Optimum Yield Diversified Commodity Index Excess Return employs a rule based approach when it rolls from one futures contract to another for each commodity in the index. DBLCI Diversified Index represents 14 commodities drawn from the Energy, Precious Metals, Industrial Metals and Agriculture sectors.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the large and mid-cap equity market performance of developed markets.

The Bloomberg U.S. Long Government/Credit Index measures the investment return of all medium and larger public issues of U.S. Treasury, agency, investment-grade corporate, and investment-grade international dollar-denominated bonds with maturities longer than 10 years. The average maturity is approximately 20 years.

The MSCI ACWI IMI Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The index covers approximately 99% of the global equity markets.

The Bloomberg U.S. Aggregate Bond Index provides a measure of 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 Investor Service, Inc., Standard & Poor’s, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States.

The Bloomberg U.S. Treasury Bellwether 3 Month Index is a benchmark tracking the performance and attributes of the on-the-run U.S. Treasury that reflects the most recently issued three month security.

The Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index is designed to track the U.S. fully tax-exempt bond market. The index includes state and local general obligation bonds, revenue bonds, pre-refunded bonds, insured bonds and municipal lease obligations. The index is comprised of tax-exempt municipal securities issued by states, cities, counties, districts and their respective agencies, authorities and instrumentalities.

The S&P 500^® Index is composed of five hundred (500) selected stocks, all of which are listed on national stock exchanges and spans approximately 24 separate industry groups.

The JP Morgan Corporate Emerging Markets Bond Index Broad Diversified is a market capitalization weighted index consisting of U.S. dollar denominated emerging market corporate bonds.

The Bloomberg U.S. Aggregate 1-3 Year Index provides a measure of the performance of the U.S. dollar denominated investment grade bond market that have a remaining maturity of greater than or equal to 1 year and less than 3 years.

See accompanying notes to financial statements.

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SPDR SSGA Multi-Asset Real Return ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA Multi-Asset Real Return ETF (the “Fund”) seeks to achieve real return consisting of capital appreciation and current income. 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 10.57%, 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.

The allocations to commodities and global natural resource equities were primary drivers with global infrastructure equities providing additional support of Fund performance during the Reporting Period relative to the Index. For the one year lookback, the global growth recovery started to gain momentum. Multiple areas contributed to the reopening and recovery of the global economy, driven by increased vaccination rates, healthy manufacturing, and rising labor activity. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy constraints posed key risks to the continued recovery. Commodities initially experienced a decline in the early months of the Reporting Period amid the emergence of concerns related to economic growth generated by the pandemic Omicron variant. U.S. Real Estate investment trusts (REITs) finished 2021 as one of the best-performing asset classes for 2021. The year closed out with U.S. inflation at levels last observed almost 40 years ago and the U.S. central bank having pivoted to communications on reducing stimulus and projecting rate increases in 2022. At the start of 2022, inflation expectations remained elevated with continued strong consumption demand, supply and labor challenged, high commodity prices, and the specter of higher wage pressures. Further complications came into play amid the Russia-Ukraine war starting at the end of February. Increasing commodity prices accelerated the trend as western countries imposed strict sanctions on Russia’s economy. By the end of the first quarter of 2022, more defensive positioning was established in the Fund with increased exposure to global infrastructure equities as well as holding some cash. The Fund finished the first three months of the year with significant gains of nearly 12%, one of the strongest quarterly returns over its history. However, by the close of the most recent quarter, the Fund had retreated as continued elevated inflation levels and global central bank communication and actions stoked fears of a pending emerging global slowdown. Commodities, along with global natural resources and infrastructure equities came off of recent highs but managed to post better relative returns that most broad equity indexes. Broad commodities and specifically energy were the best performing assets with demand expectations for 2023 surpassing pre-pandemic levels offset with supply concerns. Real estate continued its lackluster trend, with U.S. assets holding up better than non-U.S. due to the strong U.S. dollar, as tightening of monetary policy and declining growth served as performance headwinds. Inflation-linked bonds struggled as well with rising real rates, again the non-U.S. significantly underperforming it U.S. peers.

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

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC), S&P Energy Select Sector SPDR Fund and SPDR S&P Global Infrastructure ETF (GII). The top negative contributor to the Fund’s performance on an absolute basis during the Reporting Period were the SPDR FTSE International Government Inflation-Protected Bond ETF (WIP), SPDR Dow Jones REIT ETF and SPDR Dow Jones International Real Estate ETF (RWX).

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.

* Prior to 8/24/2021, the Bloomberg U.S. Government Inflation-Linked Bond Index was known as the Bloomberg Barclays U.S. Government Inflation-Linked Bond Index.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA Multi-Asset Real Return 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. Government Inflation-Linked Bond Index	DBIQ Optimum Yield Diversified Commodity Index Excess Return	Net Asset Value	Market Value	Bloomberg U.S. Government Inflation-Linked Bond Index	DBIQ Optimum Yield Diversified Commodity Index Excess Return
ONE YEAR	10.57%	10.61%	(5.73)%	39.36%	10.57%	10.61%	(5.73)%	39.36%
FIVE YEARS	45.83%	46.00%	17.10%	87.41%	7.84%	7.86%	3.21%	13.39%
TEN YEARS	33.91%	34.07%	18.80%	10.88%	2.96%	2.98%	1.74%	1.04%

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 SSGA Multi-Asset Real Return ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. 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 SSGA Income Allocation ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA Income Allocation ETF (the “Fund”) seeks to provide total return by focusing on investments in income and yield-generating assets. The Fund’s benchmark is the MSCI World Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –10.41%, and the Index was –14.34%. 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.

Across global asset classes, allocations to U.S. Treasury and corporate bonds were primary drivers of Fund performance during the Reporting Period relative to the Index. Overall, Fund underperformance was largely driven by asset allocation positioning within the Fund, which detracted from performance. The Reporting Period saw an everchanging market landscape, as different headwinds came into play. Inflation was broad-based and proved stickier than anticipated, geopolitical risks from the war in Ukraine continue halfway through the period, and the Omicron COVID-19 variant exacerbated supply chain bottlenecks globally. Concerns surrounding economic growth momentum, peak earnings and supply chain delays led to a risk-off sentiment in the market. At the start of the Reporting Period, directionally our preference for equities relative to bonds dented returns, driving our consistent equity de-risk throughout the quarter. Our underweight REIT exposure also detracted from performance, as REITs benefitted from strong service sector activity and positive price momentum. Our fixed income positioning dented performance, as the magnitude of the U.S. yield curve flattening was far more severe than anticipated, causing a detraction from benchmark-relative performance as both long government bonds and long corporate bonds fell by more than nearly 10%. Our exposure to corporate bonds dented returns as increasing interest rates throughout the Reporting Period led to vulnerability within the bond markets. By the end of the Reporting Period, we held a defensive stance, as risks potentially outweighed the potential for a meaningful stock rebound, as valuations improved, but high inflation and slow manufacturing data turned cycle indicators in a less productive direction.

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

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period was the SPDR S&P Global Infrastructure ETF, the SPDR Portfolio S&P 500 High Dividend ETF and the Invesco KBW Premium Yield Equity REIT ETF. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were the SPDR Portfolio Long Term Treasury ETF, the SPDR Bloomberg Emerging Markets Local Bond ETF and the SPDR Bloomberg Convertible Securities ETF.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA Income Allocation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return				Average Annual Total Return
	Net Asset Value	Market Value	MSCI World Index	Bloomberg US Long Government /Credit Bond Index	Net Asset Value	Market Value	MSCI World Index	Bloomberg US Long Government /Credit Bond Index
ONE YEAR	(10.41)%	(10.42)%	(14.34)%	(20.14)%	(10.41)%	(10.42)%	(14.34)%	(20.14)%
FIVE YEARS	16.24%	16.23%	44.69%	5.24%	3.06%	3.05%	7.67%	1.03%
TEN YEARS	50.04%	50.01%	148.06%	29.67%	4.14%	4.14%	9.51%	2.63%

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 SSGA Income Allocation ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. 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 SSGA Global Allocation ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA Global Allocation ETF (the “Fund”) seeks to provide capital appreciation. The Fund’s benchmark is the MSCI ACWI IMI Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –11.58%, and the Index was –16.52%. 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.

Broad diversification across global asset classes as well as asset allocation positioning were primary drivers of Fund performance during the Reporting Period relative to the Index. The Reporting Period saw an everchanging market landscape, as different headwinds came into play. Inflation was broad-based and proved stickier than anticipated, geopolitical risks from the war in Ukraine continue halfway through the period, and the Omicron COVID-19 variant exacerbated supply chain bottlenecks globally. Directionally, our preference for commodities and our tail risk basket, both cash and gold, aided relative performance in the Reporting Period. Our targeted overweight to commodities held throughout the past year was the driver of outperformance. Commodities benefited from the fundamental backdrop of tight supply, low inventory and limited excess capacity in energy sectors due to the Russia-Ukraine conflict. A targeted allocation to U.S. equity energy sector also contributed to performance, as appealing valuations due to strong supply and demand fundamentals buoyed the sector. By the end of the Reporting Period, our healthy allocation to cash proved beneficial as both equities and bonds sold off. Offsetting some positive performance was our meaningful underweight to U.S. Real Estate Investment Trusts (REITs), as real estate continued to perform positively, benefitting from strong service sector activity and price momentum. Further, our fixed income positioning dented performance, as the magnitude of the U.S. yield curve flattening was far more severe than anticipated, causing a detraction from benchmark-relative performance as both long government bonds and long corporate bonds fell by more than nearly 10%. Therefore, our overweight positions to long bonds, both credit and Treasury, were headwinds to performance. While both the Fund and Index delivered negative returns for the Reporting Period, the Fund outperformed the Index.

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

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF, the Energy Select Sector SPDR Fund and the Consumer Staples Select Sector SPDR Fund. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were the SPDR Portfolio Developed World ex-US ETF, the SPDR Portfolio Emerging Markets ETF and the SPDR S&P 500 ETF Trust.

See accompanying notes to financial statements.

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SPDR SSGA Global Allocation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return				Average Annual Total Return
	Net Asset Value	Market Value	MSCI ACWI IMI Index	Bloomberg U.S. Aggregate Bond Index	Net Asset Value	Market Value	MSCI ACWI IMI Index	Bloomberg U.S. Aggregate Bond Index
ONE YEAR	(11.58)%	(11.58)%	(16.52)%	(10.29)%	(11.58)%	(11.58)%	(16.52)%	(10.29)%
FIVE YEARS	26.34%	26.34%	38.33%	4.46%	4.79%	4.79%	6.70%	0.88%
TEN YEARS	77.06%	77.30%	130.42%	16.54%	5.88%	5.89%	8.71%	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 SSGA Global Allocation ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

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SPDR SSGA Ultra Short Term Bond ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA Ultra Short Term Bond ETF (the “Fund”) seeks to maximize current income consistent with preservation of capital and daily liquidity. The Fund’s benchmark is the Bloomberg U.S. Treasury Bellwether 3 Month Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –1.05%, and the Index was 0.17%. 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.

The Fund’s over-weight allocation to duration, and allocation to investment grade corporate credit and commercial mortgage-backed securities (“CMBS”), were the primary drivers of the Fund’s under-performance relative to the Index during the Reporting Period. During the Reporting Period, improvements in economic activity in the context of COVID-19 led supply chain shortages and Russia’s invasion of Ukraine, which significantly impacted the commodity markets, led to a strong rebound in inflation. During the Reporting Period, the Federal Reserve (“the Fed”) increased the Fed Funds rate from a range of (0.00% - 0.25%) to (1.50% - 1.75%). Also during the Reporting Period, the Feds balance sheet grew from $8.1 trillion to $8.9 trillion. The above-mentioned strong rebound in inflation caused the Fed to tighten monetary policy at an accelerated pace, and are the key drivers to the significant increase in short-term interest rates and widening of investment grade corporate credit and CMBS spreads observed during the Reporting Period. The Fund maintained a duration profile in the range of 0.25 – 0.50 during the Reporting Period.

As of the June 30, 2022, the Fund’s asset allocation consisted of U.S. Treasuries (22.0%), Credit-Financial (22.6%), Credit-Industrial (28.1%), Credit-Non Corp (8.0%), ABS (7.9%), CMBS (7.1%) and Cash (4.3%).

The Fund used treasury futures in order to actively manage duration during the Reporting Period. The Fund’s use of treasury futures contributed positively to Fund performance relative to the Index.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA Ultra Short Term Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg US Treasury Bellwether 3 Month Index	Net Asset Value	Market Value	Bloomberg US Treasury Bellwether 3 Month Index
ONE YEAR	(1.05)%	(1.09)%	0.17%	(1.05)%	(1.09)%	0.17%
FIVE YEARS	6.68%	6.57%	5.72%	1.30%	1.28%	1.12%
SINCE INCEPTION⁽¹⁾	9.74%	9.74%	6.57%	1.07%	1.07%	0.73%

(1)

For the period October 9, 2013 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/9/13, 10/10/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR SSGA Ultra Short Term Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. 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 SSGA Ultra Short Term Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of June 30, 2022


	Description	% of Net Assets
	U.S. Treasury Notes 0.25% 9/30/2023	8.9%
	U.S. Treasury Bills Zero Coupon, 7/21/2022	8.3
	U.S. Treasury Bills Zero Coupon, 8/2/2022	5.6
	RPM International, Inc. 3.45% 11/15/2022	2.6
	Ford Credit Floorplan Master Owner Trust A ABS 1.82% 9/15/2025	2.5
	TOTAL	27.9%

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

Asset Allocation as of June 30, 2022


		% of Net Assets
	Corporate Bonds & Notes	58.7%
	U.S. Treasury Obligations	22.8
	Asset-Backed Securities	7.5
	Commercial Mortgage Backed Securities	3.7
	Mortgage-Backed Securities	3.4
	Short-Term Investment	9.7
	Liabilities in Excess of Other Assets	(5.8)
	TOTAL	100.0%

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Loomis Sayles Opportunistic Bond ETF (the “Fund”) seeks to maximize total return. The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).

For the since inception period ended June 30, 2022 (the “Reporting Period”), the net total return for the Fund was –11.25%, and the Index was –10.58%. 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.

High yield corporates, bank loans and securitized issues were the primary drivers of Fund’s negative performance during the Reporting Period relative to the Index. Our allocation to investment-grade corporates had a positive effect on excess performance.

During the Reporting Period, the Fund used index credit default swaps (“CDX”), forwards, and interest rate futures exposures for hedging credit beta, hedging currency exposure, duration/interest rate positioning respectively. On an absolute basis, the Fund’s net use of interest rate futures detracted from performance. Our use of forwards slightly contributed, while CDX use slightly detracted from Fund performance relative to the Index.

See accompanying notes to financial statements.

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SPDR Loomis Sayles Opportunistic 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
SINCE INCEPTION⁽¹⁾	(11.25)%	(11.19)%	(10.58)%	N/A	N/A	N/A

(1)

For the period September 27, 2021 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (9/27/21, 9/28/21, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR Loomis Sayles Opportunistic Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.55%. 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 Loomis Sayles Opportunistic Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of June 30, 2022


	Description	% of Net Assets
	U.S. Treasury Notes 1.88% 2/15/2032	3.0%
	OneMain Direct Auto Receivables Trust ABS 0.87% 7/14/2028	2.0
	E.W. Scripps Company (The) Senior Secured 2019 Term Loan B2 4.23% 5/1/2026	1.7
	DirecTV Financing, LLC Senior Secured Term Loan 6.67% 8/2/2027	1.4
	Caesars Resort Collection, LLC Senior Secured 2017 1st Lien Term Loan B 4.42% 12/23/2024	1.3
	TOTAL	9.4%

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

Industry Breakdown as of June 30, 2022


		% of Net Assets
	Asset-Backed Securities	10.3%
	U.S. Treasury Obligations	3.0
	Commercial Mortgage Backed Securities	0.3
	Foreign Government Obligations	0.2
	Banks	12.5
	Media	5.6
	Commercial Services	4.9
	Oil & Gas	4.3
	Retail	4.2
	Internet	4.1
	Diversified Financial Services	4.0
	Insurance	3.5
	Software	3.2
	Telecommunications	2.9
	Electric	2.7
	Investment Company Security	2.7
	Chemicals	2.6
	Entertainment	2.1
	Real Estate Investment Trusts	1.9
	Health Care Products	1.8
	Airlines	1.6
	Food	1.5
	Auto Manufacturers	1.4
	Semiconductors	1.3
	Computers	1.3
	Pipelines	1.2
	Energy-Alternate Sources	1.2
	Packaging & Containers	1.0
	Iron/Steel	1.0
	Health Care Services	0.9
	Building Materials	0.9
	Pharmaceuticals	0.8
	Electronics	0.7
	Engineering & Construction	0.7
	Advertising	0.7
	Auto Parts & Equipment	0.6
	Oil & Gas Services	0.6
	Aerospace & Defense	0.6
	Beverages	0.6
	Transportation	0.6
	Lodging	0.6
	Mining	0.5
	IT Services	0.5
	Coal	0.4
	Metal Fabricate & Hardware	0.4
	Electrical Components & Equipment	0.3
	Agriculture	0.3
	Forest Products & Paper	0.3
	Home Furnishings	0.3

See accompanying notes to financial statements.

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SPDR Nuveen Municipal Bond ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Nuveen Municipal Bond ETF (the “Fund”) seeks to provide current income that is exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The Fund’s benchmark is the Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index (the “Index”)*.

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –8.83% and the Index was –7.06%. 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.

Municipal interest rate changes, credit spread widening and the relative performance of certain individual securities were primary drivers of Fund performance during the Reporting Period. The municipal credit curve moved 176 basis points higher during the Reporting Period, which hurt performance as inflation expectations changed the interest rate environment.

Curve positioning was a detractor from performance this year, with duration longer than the benchmark. An overweight to bonds with durations longer than 6 years hurt performance, as did an underweight to bonds with durations less than 4 years. Rating allocation was a detractor from performance, with an overweight to bonds rated BBB and BB hurting performance. Bonds with longer curve positioning and lower coupons tended to underperform given the rising interest rate environment.

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

On an individual security level, the top contributors to the Fund’s performance during the Reporting Period were Washington State Various Purpose, Energy Northwest Columbia Electric Revenue and Salt Lake City Airport Revenue bonds. The largest detractors from the Fund’s performance during the Reporting Period were New York City general obligation, Medford Oregon Asante Health and New Jersey School Facility Construction bonds.

* Prior to 8/24/2021, the Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index was known as the Bloomberg Barclays 3-15 Year Blend (2-17) Municipal Bond Index.

See accompanying notes to financial statements.

Table of Contents

SPDR Nuveen Municipal Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index	Net Asset Value	Market Value	Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index
ONE YEAR	(8.83)%	(8.84)%	(7.06)%	(8.83)%	(8.84)%	(7.06)%
SINCE INCEPTION⁽¹⁾	(8.20)%	(8.15)%	(7.03)%	(5.92)%	(5.88)%	(5.06)%

(1)

For the period February 3, 2021 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (02/03/21, 02/04/21, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR Nuveen Municipal Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. 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 SSGA Fixed Income Sector Selection ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA Fixed Income Sector Selection ETF (the “Fund”) seeks to provide capital appreciation. The Fund’s benchmark is the Bloomberg Aggregate Bond Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –11.78%, 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.

Asset allocation positioning and active rotation across fixed income sectors were primary drivers of Fund performance during the Reporting Period relative to the Index. Economies experienced a material slowdown from strong economic growth driven by excess stimulus and the resumption of normal activity to something more fragile. A plethora of headwinds weighed on economies and markets alike over the past year. Supply chain troubles lingered which combined with surging energy prices pushed inflation higher. Russia invaded Ukraine in February and added to inflation pressures with inflation continuing to broaden out while remaining stickier than anticipated. In response, central banks become more hawkish with aggressive rate hikes in the U.S. and UK which raised fears of a recession and resulted in downgraded growth expectations. While underlying fundamentals remained strong, the combination of elevated inflation and higher rates sank markets, both equities and bonds. The fund finished lower and underperformed it’s benchmark largely due to targeted allocations to long bonds, both investment grade credit and Treasuries in 2022. A healthy allocation to cash aided performance with both credit and government bonds down on a one-year lookback. The acceleration of U.S. inflation combined with aggressive rate hikes offset growing recession fears and pushed yields across the curve significantly higher in 2022 which more negatively impacted longer duration assets.

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

On an individual security level, the top positive contributor to the Fund’s performance on an absolute basis during the Reporting Period were SPDR Bloomberg 1-3 Month T-Bill ETF, SPDR Bloomberg International Treasury Bond ETF and SPDR Bloomberg High Yield Bond ETF. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were SPDR Portfolio Long Term Treasury ETF, SPDR Portfolio Long Term Corporate Bond ETF and SDPR Portfolio Mortgage Backed Bond ETF.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA Fixed Income Sector Rotation 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	(11.78)%	(11.72)%	(10.29)%	(11.78)%	(11.72)%	(10.29)%
SINCE INCEPTION⁽¹⁾	(2.26)%	(2.23)%	0.51%	(0.70)%	(0.69)%	0.16%

(1)

For the period April 2, 2019 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/2/19, 4/3/19, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR SSGA Fixed Income Sector Rotation ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. 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 SSGA US Sector Rotation ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA US SECTOR ROTATION ETF (the “Fund”) seeks to provide capital appreciation. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –11.02%, and the Index was –10.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Asset allocation and select sector positioning were primary drivers of Fund performance during the Reporting Period. Poor sector selection in the third and fourth quarter of the Reporting Period offset outperformance in the early part of the Reporting Period and contributed to overall portfolio underperformance compared to the Index. Market valuations improved but high inflation and slow manufacturing data turned cycle indicators in a less productive direction. Price momentum weakened, but earnings and sales expectations reigned especially weak. With the riskier backdrop, we preferred a relatively defensive stance as it pertained to equity market exposure. Within the sectors, improvements in economic growth propelled energy up our sector rankings in July 2021. Additionally, the uptick in COVID-19 cases brought demand concerns which further pressured energy, resulting in a large source of negative performance. As the Reporting Period progressed, a targeted overweight to the energy sector was the largest contributor to outperformance, as strong demand and sticky inflation buoyed the sector. Our targeted technology allocation contributed to negative performance, as rising rates and further expectations of a hawkish U.S. Federal Reserve increased and impacted sector sensitivity. By the end of the Reporting Period, targeted allocations to energy and utilities supported relative performance and offset negative impacts from financials and technology. The defensive nature of utilities helped provide ballast to the otherwise more cyclical sectors, as utilities fared well due to relatively stable earnings and sales expectations.

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

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were the Consumer Staples Select Sector SPDR Fund (XLP), the Energy Select Sector SPDR Fund (XLE) and the Utilities Select Sector SPDR Fund (XLU). The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were the Consumer Discretionary Select Sector SPDR Fund (XLY), the Technology Select Sector SPDR Fund (XLK) and the Communication Services Select Sector SPDR Fund (XLC).

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA US Sector Rotation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P 500 Index	Net Asset Value	Market Value	S&P 500 Index
ONE YEAR	(11.02)%	(10.96)%	(10.62)%	(11.02)%	(10.96)%	(10.62)%
SINCE INCEPTION⁽¹⁾	35.08%	35.21%	39.49%	9.71%	9.74%	10.81%

(1)

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 SSGA US Sector Rotation ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.70%. 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 DoubleLine Emerging Markets Fixed Income ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR DoubleLine Emerging Markets Fixed Income ETF (the “Fund”) seeks to provide high total return from current income and capital appreciation. The Fund’s benchmark is the JP Morgan Corporate Emerging Market Bond Index Broad Diversified (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –14.57%, and the Index was –14.25%. 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.

The primary drivers of Fund performance during the Reporting Period were duration positioning and asset allocation. In terms of duration positioning, the Fund consistently maintained a longer duration than the Index, which hurt relative performance as U.S. Treasury yields rose during the period. In terms of asset allocation, the Fund benefitted from its underweight allocation to Europe, particularly Russia and Ukraine, as well as its overweight position to Latin America. Additionally, the Fund was overweight Emerging Market (“the EM”) Sovereign debt, which hurt performance as Emerging Market Sovereign debt underperformed Emerging Market Corporate debt.

The Fund successfully avoided the fallout of the Russia/Ukraine conflict by carrying no allocation to Emerging Market European debt. This benefit was offset by the Fund’s duration positioning versus the Index. The Fund maintains a longer duration than the index and is overweight Emerging Market Sovereigns versus the Index. Shorter duration Emerging Market Corporate credit tended to outperform longer duration Emerging Market Sovereigns as the U.S. Treasury curve rose significantly over the period, with 2-year yields increasing by 271 basis points (bps), 10-year yields increasing by 155 bps and the 30-year yields increasing by 110 bps.

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

On a sector level, the top contributor to the Fund’s performance during the Reporting Period was Emerging Market Corporate credit, which delivered a negative return but outperformed the benchmark. The top negative contributor to the Fund’s performance on an absolute basis during the Reporting Period was Emerging Market sovereign credit.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Emerging Markets Fixed Income ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	JP Morgan Corporate Emerging Markets Bond Index Broad Diversified	Net Asset Value	Market Value	JP Morgan Corporate Emerging Markets Bond Index Broad Diversified
ONE YEAR	(14.57)%	(14.50)%	(14.25)%	(14.57)%	(14.50)%	(14.25)%
FIVE YEARS	(0.07)%	0.21%	6.39%	(0.01)%	0.04%	1.25%
SINCE INCEPTION⁽¹⁾	11.41%	11.54%	17.03%	1.75%	1.77%	2.56%

(1)

For the period April 13, 2016 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/13/16, 4/14/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR DoubleLine Emerging Markets Fixed Income ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.65%. 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 DoubleLine Short Duration Total Return Tactical ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR DoubleLine Short Duration Total Return Tactical ETF (the “Fund”) seeks to maximize current income with a dollar-weighted average effective duration between one and three years. The Fund’s benchmark is the Bloomberg U.S. Aggregate 1-3 Year Index (the “Index”)*.

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –4.52%, and the Index was –3.58%. 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.

The primary driver of underperformance was asset allocation as the portfolio maintained a higher credit allocation than the Index. This detracted from performance as credit spreads widened significantly in the second half of the reporting period. In terms of asset allocation, the Fund maintained a roughly sixty-five percent weighting to credit risk sectors compared to approximately thirty percent in the Index. This contributed negatively to performance as spread widening outweighed the duration benefit of these sectors. In terms of duration positioning, the Fund consistently maintained a shorter duration position than the Index.

The best performing sector within the Fund was U.S. Treasuries as the bills held in the portfolio benefitted from their ultra-short duration and high credit quality. The shorter duration structured credit sectors Collateralized Loan Obligations (CLOs), Commercial MBS and Asset Backed Securities were the next best performers as they were less negatively impacted by the rise in U.S. Treasury yields. Agency MBS and Emerging Markets experienced some duration-related price declines and were subsequently the largest detractors from performance.

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

On a sector level, the top positive contributor to the Fund’s performance on an absolute basis during the Reporting Period was U.S. Treasuries. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Agency RMBS, Emerging Markets and Investment Grade Corporates.

* Prior to 8/24/2021, the Bloomberg U.S. Aggregate 1-3 Year Index was known as the Bloomberg Barclays U.S. Aggregate 1-3 Year Index.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Short Duration Total Return Tactical 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 1-3 Year Index	Net Asset Value	Market Value	Bloomberg U.S. Aggregate 1-3 Year Index
ONE YEAR	(4.52)%	(4.56)%	(3.58)%	(4.52)%	(4.56)%	(3.58)%
FIVE YEARS	4.07%	4.44%	5.18%	0.80%	0.87%	1.02%
SINCE INCEPTION⁽¹⁾	6.35%	6.44%	6.24%	0.99%	1.01%	0.98%

(1)

For the period April 13, 2016 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (04/13/16, 04/14/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR DoubleLine Short Duration Total Return Tactical ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. 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 DoubleLine Short Duration Total Return Tactical ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of June 30, 2022


	Description	% of Net Assets
	U.S. Treasury Bills Zero Coupon, 8/11/2022	20.3%
	Citigroup Mortgage Loan Trust 2007-AR8 CMO 3.33% 7/25/2037	2.4
	Luminent Mortgage Trust CMO 1.94% 11/25/2036	1.9
	Regatta XXIII Funding, Ltd. 2.21% 1/20/2035	1.7
	Marble Point CLO XXI, Ltd. ABS 2.28% 10/17/2034	1.5
	TOTAL	27.8%

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

Portfolio Composition as of June 30, 2022


		% of Net Assets
	Asset-Backed Securities	22.2%
	U.S. Treasury Obligations	20.3
	Mortgage-Backed Securities	16.4
	Corporate Bonds & Notes	15.7
	U.S. Government Agency Obligations	8.0
	Senior Floating Rate Loans	6.8
	Commercial Mortgage Backed Securities	2.8
	Foreign Government Obligations	1.8
	Short-Term Investment	5.9
	Other Assets in Excess of Liabilities	0.1
	TOTAL	100.0%

(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Total Return Tactical ETF

MANAGEMENT́S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR DoubleLine Total Return Tactical ETF (the “Fund”) seeks to maximize current income with a dollar-weighted average effective duration between one and three years. 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 –9.75%, 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.

The primary drivers of Fund performance were asset allocation and duration positioning. In terms of asset allocation, the Fund maintained a roughly forty-nine percent weighting to credit risk sectors compared to approximately thirty percent in the Index. This contributed positively to outperformance as the benefit of the shorter duration credit of the Fund outweighed spread widening. In terms of duration positioning, the Fund consistently maintained a shorter duration position than the Index, which bolstered relative performance as U.S. Treasury yields rose.

Speaking broadly, shorter duration credit sectors tended to outperform longer duration sectors as a result of the sharp rise in U.S. Treasury yields which occurred over the period. The best-performing sector within the Fund was Collateralized Loan Obligations (“the CLOs”), which generated only small, negative returns due to their low duration. Solid housing market fundamentals and short duration drove non-Agency MBS to be the second best performing sector, delivering a smaller negative return than the benchmark. The worst performing sectors were Emerging Markets and High Yield Corporates as increased risk-off sentiment drove spread widening towards the end of the period and the sectors’ longer duration detracted from returns.

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

On a sector level, every sector in the portfolio declined during the period. The top contributors to the Fund’s outperformance during the Reporting Period were the shorter duration credit sectors Collateralized Loan Obligations (“the CLOs”), Non-Agency MBS, and Bank Loans. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Investment Grade Corporates, High Yield Corporates and Emerging Markets.

* Prior to 8/24/2021, the Bloomberg U.S. Aggregate Bond Index was known as the Bloomberg Barclays U.S. Aggregate Bond Index.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Total Return Tactical 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	(9.75)%	(9.80)%	(10.29)%	(9.75)%	(9.80)%	(10.29)%
FIVE YEARS	0.98%	0.49%	4.46%	0.20%	0.10%	0.88%
SINCE INCEPTION⁽¹⁾	6.32%	6.18%	9.38%	0.84%	0.82%	1.23%

(1)

For the period February 23, 2015 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (02/23/15, 02/24/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR DoubleLine Total Return Tactical ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.55%. 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 DoubleLine Total Return Tactical ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of June 30, 2022


	Description	% of Net Assets
	Treasury Bonds 2.88% 5/15/2052	4.2%
	Treasury Bonds 2.25% 2/15/2052	2.9
	Federal Home Loan Mortgage Corp. CMO, REMIC 4.00% 7/15/2044	1.5
	Securitized Asset-Backed Receivables LLC Trust 1.80% 5/25/2037	1.3
	Treasury Notes 2.63% 4/15/2025	1.1
	TOTAL	11.0%

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

Industry Breakdown as of June 30, 2022


		% of Net Assets
	U.S. Government Agency Obligations	29.0%
	U.S. Treasury Obligations	16.1
	Mortgage-Backed Securities	14.2
	Asset-Backed Securities	12.3
	Commercial Mortgage Backed Securities	5.4
	Foreign Government Obligations	1.1
	Banks	1.8
	Oil & Gas	1.0
	Telecommunications	0.9
	Electric	0.9
	Retail	0.8
	Commercial Services	0.8
	Health Care Services	0.8
	Pipelines	0.8
	Software	0.7
	Diversified Financial Services	0.7
	Media	0.6
	Insurance	0.6
	Real Estate Investment Trusts	0.5
	Pharmaceuticals	0.5
	Chemicals	0.4
	Internet	0.4
	Food	0.4
	Entertainment	0.3
	Packaging & Containers	0.3
	Transportation	0.3
	Aerospace & Defense	0.3
	Mining	0.3
	Electronics	0.2
	Beverages	0.2
	Auto Manufacturers	0.2
	Semiconductors	0.2
	Leisure Time	0.2
	Investment Company Security	0.2
	Miscellaneous Manufacturer	0.2
	Lodging	0.2
	Machinery-Diversified	0.1
	Building Materials	0.1
	Airlines	0.1
	Health Care Products	0.1
	Auto Parts & Equipment	0.1
	Agriculture	0.1
	Biotechnology	0.1
	Advertising	0.1
	Oil & Gas Services	0.1
	Forest Products & Paper	0.1
	Environmental Control	0.1
	Water	0.1
	IT Services	0.1

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA MULTI-ASSET REAL RETURN ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 98.1%
COMMODITIES — 23.3%
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF	6,039,426	$ 108,951,244
DOMESTIC EQUITY — 4.1%
The Energy Select Sector SPDR Fund (a)	271,581	19,420,757
INFLATION LINKED — 8.5%
SPDR Bloomberg 1-10 Year TIPS ETF (a)	2,036,829	39,636,692
INTERNATIONAL EQUITY — 25.5%
SPDR S&P Global Infrastructure ETF (a)(b)	2,215,734	118,408,825
VanEck Vectors Agribusiness ETF (b)	13,364	1,155,719
		119,564,544
INTERNATIONAL FIXED INCOME — 0.5%
SPDR FTSE International Government Inflation-Protected Bond ETF (a)	55,737	2,521,542
NATURAL RESOURCES — 28.1%
SPDR S&P Global Natural Resources ETF (a)(b)	2,278,511	118,687,638
SPDR S&P Metals & Mining ETF (a)(b)	293,310	12,729,654
		131,417,292
REAL ESTATE — 8.1%
SPDR Dow Jones International Real Estate ETF (a)(b)	90,476	2,553,233
SPDR Dow Jones REIT ETF (a)	369,583	35,139,952
		37,693,185
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $476,765,762)		459,205,256

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 12.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.47% (c)(d)	8,773,651	$ 8,773,651
State Street Navigator Securities Lending Portfolio II (e)(f)	48,571,637	48,571,637
TOTAL SHORT-TERM INVESTMENTS (Cost $57,345,288)		$ 57,345,288
TOTAL INVESTMENTS — 110.4% (Cost $534,111,050)		516,550,544
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.4)%		(48,519,689)
NET ASSETS — 100.0%		$ 468,030,855

The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.

(a)	Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(b)	All or a portion of the shares of the security are on loan at June 30, 2022.
(c)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at June 30, 2022.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2022.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Mutual Funds and Exchange Traded Products	$459,205,256	$—	$—	$459,205,256
Short-Term Investments	57,345,288	—	—	57,345,288
TOTAL INVESTMENTS	$516,550,544	$—	$—	$516,550,544

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA MULTI-ASSET REAL RETURN ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

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 6/30/22	Value at 6/30/22	Dividend Income
SPDR Bloomberg 1-10 Year TIPS ETF	524,888	$ 11,093,508	$ 40,051,439	$ 9,019,062	$ (175,329)	$ (2,313,864)	2,036,829	$ 39,636,692	$1,271,279
SPDR Dow Jones International Real Estate ETF	70,066	2,572,824	7,839,472	6,699,439	(747,762)	(411,862)	90,476	2,553,233	170,316
SPDR Dow Jones REIT ETF	49,905	5,234,535	39,346,621	5,276,270	514,470	(4,679,404)	369,583	35,139,952	460,482
SPDR FTSE International Government Inflation-Protected Bond ETF	87,385	4,931,135	10,141,281	11,499,924	(724,261)	(326,689)	55,737	2,521,542	436,991
SPDR S&P Global Infrastructure ETF	542,787	28,338,909	113,434,636	20,462,441	874,013	(3,776,292)	2,215,734	118,408,825	1,934,870
SPDR S&P Global Natural Resources ETF	605,103	32,070,459	122,496,644	25,367,012	2,354,913	(12,867,366)	2,278,511	118,687,638	3,171,671
SPDR S&P Metals & Mining ETF	113,854	4,902,553	17,120,493	7,976,657	430,849	(1,747,584)	293,310	12,729,654	83,428
State Street Institutional U.S. Government Money Market Fund, Class G Shares	606,310	606,310	31,941,552	23,774,211	—	—	8,773,651	8,773,651	14,088
State Street Navigator Securities Lending Portfolio II	12,421,543	12,421,543	633,781,203	597,631,109	—	—	48,571,637	48,571,637	202,108
The Energy Select Sector SPDR Fund	95,477	5,143,346	20,694,283	8,438,203	989,095	1,032,236	271,581	19,420,757	479,162
Total		$107,315,122	$1,036,847,624	$716,144,328	$3,515,988	$(25,090,825)		$406,443,581	$8,224,395

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA INCOME ALLOCATION ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 96.0%
DOMESTIC EQUITY — 26.3%
Invesco KBW Premium Yield Equity REIT ETF	149,971	$ 3,312,860
iShares Mortgage Real Estate ETF (a)	170,436	4,557,459
SPDR ICE Preferred Securities ETF (a)(b)	135,451	4,855,918
SPDR Portfolio S&P 500 High Dividend ETF (a)(b)	309,596	12,355,976
		25,082,213
DOMESTIC FIXED INCOME — 42.5%
SPDR Blackstone Senior Loan ETF (a)(b)	478,391	19,920,201
SPDR Bloomberg Convertible Securities ETF (a)(b)	44,018	2,841,802
SPDR Bloomberg High Yield Bond ETF (b)	20,953	1,900,647
SPDR Portfolio Long Term Corporate Bond ETF (b)	99,847	2,405,314
SPDR Portfolio Long Term Treasury ETF (b)	410,560	13,577,219
		40,645,183
INTERNATIONAL EQUITY — 17.1%
SPDR S&P Global Infrastructure ETF (b)	144,598	7,727,317
SPDR S&P International Dividend ETF (b)	250,835	8,606,149
		16,333,466
INTERNATIONAL FIXED INCOME — 10.1%
SPDR Bloomberg Emerging Markets Local Bond ETF (b)	471,277	9,637,615
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $103,828,467)		91,698,477

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 35.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.47% (c)(d)	3,843,857	$ 3,843,857
State Street Navigator Securities Lending Portfolio II (e)(f)	30,179,720	30,179,720
TOTAL SHORT-TERM INVESTMENTS (Cost $34,023,577)		$ 34,023,577
TOTAL INVESTMENTS — 131.6% (Cost $137,852,044)		125,722,054
LIABILITIES IN EXCESS OF OTHER ASSETS — (31.6)%		(30,162,886)
NET ASSETS — 100.0%		$ 95,559,168

The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.

(a)	All or a portion of the shares of the security are on loan at June 30, 2022.
(b)	Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(c)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at June 30, 2022.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2022.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Mutual Funds and Exchange Traded Products	$ 91,698,477	$—	$—	$ 91,698,477
Short-Term Investments	34,023,577	—	—	34,023,577
TOTAL INVESTMENTS	$125,722,054	$—	$—	$125,722,054

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA INCOME ALLOCATION ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

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 6/30/22	Value at 6/30/22	Dividend Income
SPDR Blackstone Senior Loan ETF	549,297	$ 25,426,958	$ 9,742,738	$ 12,916,957	$ (178,862)	$ (2,153,676)	478,391	$ 19,920,201	$1,025,224
SPDR Bloomberg Convertible Securities ETF	76,343	6,621,229	2,123,253	4,759,752	445,923	(1,588,851)	44,018	2,841,802	102,279
SPDR Bloomberg Emerging Markets Local Bond ETF	468,207	12,374,711	5,573,041	5,656,371	(193,744)	(2,460,022)	471,277	9,637,615	409,195
SPDR Bloomberg High Yield Bond ETF	81,478	8,959,321	8,208,111	14,406,253	(395,584)	(464,948)	20,953	1,900,647	255,045
SPDR ICE Preferred Securities ETF	201,783	8,922,844	2,923,438	5,758,445	(294,724)	(937,195)	135,451	4,855,918	361,074
SPDR Portfolio Long Term Corporate Bond ETF	310,973	9,882,722	5,200,574	11,127,291	(742,570)	(808,121)	99,847	2,405,314	244,748
SPDR Portfolio Long Term Treasury ETF	216,247	8,931,001	15,920,764	8,451,148	(56,180)	(2,767,218)	410,560	13,577,219	198,087
SPDR Portfolio S&P 500 High Dividend ETF	480,228	19,252,341	19,443,881	26,133,856	1,021,106	(1,227,496)	309,596	12,355,976	573,392
SPDR S&P Global Infrastructure ETF	117,732	6,146,788	6,414,987	4,932,381	150,883	(52,960)	144,598	7,727,317	194,133
SPDR S&P International Dividend ETF	279,929	11,029,202	15,286,445	16,705,907	72,002	(1,075,593)	250,835	8,606,149	399,679
State Street Institutional U.S. Government Money Market Fund, Class G Shares	85,137	85,137	9,606,816	5,848,096	—	—	3,843,857	3,843,857	2,914
State Street Navigator Securities Lending Portfolio II	10,114,067	10,114,067	391,994,887	371,929,234	—	—	30,179,720	30,179,720	165,067
Total		$127,746,321	$492,438,935	$488,625,691	$ (171,750)	$(13,536,080)		$117,851,735	$3,930,837

See accompanying notes to financial statements.

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR SSGA Multi-Asset Real Return ETF (RLY)	2
SPDR SSGA Income Allocation ETF (INKM)	5
SPDR SSGA Global Allocation ETF (GAL)	8
SPDR SSGA Ultra Short Term Bond ETF (ULST)	11
SPDR Loomis Sayles Opportunistic Bond ETF (OBND)	14
SPDR Nuveen Municipal Bond ETF (MBND)	18
SPDR Nuveen Municipal Bond ESG ETF (MBNE)	21
SPDR SSGA Fixed Income Sector Rotation ETF (FISR)	22
SPDR SSGA US Sector Rotation ETF (ULST)	25
SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)	28
SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)	31
SPDR DoubleLine Total Return Tactical ETF (TOTL)	34
Schedules of Investments
SPDR SSGA Multi-Asset Real Return ETF (RLY)	38
SPDR SSGA Income Allocation ETF (INKM)	40
SPDR SSGA Global Allocation ETF (GAL)	42
SPDR SSGA Ultra Short Term Bond ETF (ULST)	44
SPDR Loomis Sayles Opportunistic Bond ETF (OBND)	50
SPDR Nuveen Municipal Bond ETF (MBND)	62
SPDR Nuveen Municipal Bond ESG ETF (MBNE)	66
SPDR SSGA Fixed Income Sector Rotation ETF (FISR)	70
SPDR SSGA US Sector Rotation ETF (ULST)	72
SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)	74
SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)	79
SPDR DoubleLine Total Return Tactical ETF (TOTL)	91
Financial Statements	132
Financial Highlights	145
Notes to Financial Statements	157
Report of Independent Registered Public Accounting Firm	171
Other Information (Unaudited)	173


	Description	% of Net Assets
	Los Angeles, CA, Unified School District, General Obligation	3.3%
	Fort Bend, TX, Independent School District, General Obligation	3.2
	New York, State Urban Development Corp., Revenue	3.1
	New Jersey Economic Development Authority Revenue	3.1
	State of Florida Department of Transportation	3.1
	TOTAL	15.8%


		% of Net Assets
	Domestic Fixed Income	99.9%
	Short Term Investments	17.7
	Liabilities in Excess of Other Assets	(17.6)
	TOTAL	100.0%


	Description	% of Net Assets
	The Technology Select Sector SPDR Fund	24.7%
	The Health Care Select Sector SPDR Fund	15.5
	The Financial Select Sector SPDR Fund	11.6
	The Materials Select Sector SPDR Fund	10.1
	The Industrial Select Sector SPDR Fund	9.9
	TOTAL	71.8%


		% of Net Assets
	Natural Resources	28.1%
	International Equity	25.5
	Commodities	23.3
	Inflation Linked	8.5
	Real Estate	8.1
	Domestic Equity	4.1
	International Fixed Income	0.5
	Short Term Investments	12.3
	Liabilities in Excess of Other Assets	(10.4)
	TOTAL	100.0%


		% of Net Assets
	Domestic Fixed Income	42.5%
	Domestic Equity	26.3
	International Equity	17.1
	International Fixed Income	10.1
	Short Term Investments	35.6
	Liabilities in Excess of Other Assets	(31.6)
	TOTAL	100.0%


	Description	% of Net Assets
	SPDR Portfolio Developed World ex-US ETF	20.8%
	SPDR S&P 500 ETF Trust	12.6
	SPDR Bloomberg 1-10 Year TIPS ETF	7.0
	SPDR Portfolio Emerging Markets ETF	6.1
	SPDR Portfolio Long Term Treasury ETF	6.1
	TOTAL	52.6%


		% of Net Assets
	International Equity	30.0%
	Domestic Equity	26.4
	Domestic Fixed Income	20.7
	Commodities	7.9
	Inflation Linked	7.0
	International Fixed Income	2.5
	Real Estate	0.5
	Short Term Investments	20.1
	Liabilities in Excess of Other Assets	(15.1)
	TOTAL	100.0%


		% of Net Assets
	Construction Materials	0.3%
	Miscellaneous Manufacturer	0.2
	Leisure Time	0.2
	Environmental Control	0.2
	Cosmetics/Personal Care	0.1
	Distribution & Wholesale	0.1
	Gas	0.0*
	Real Estate	0.0*
	Short-Term Investment	6.8
	Liabilities in Excess of Other Assets	(7.5)
	TOTAL	100.0%


		% of Net Assets
	Municipal Bonds & Notes	94.2%
	Short-Term Investment	4.6
	Other Assets in Excess of Liabilities	1.2
	TOTAL	100.0%


	Description	% of Net Assets
	Bexar County, TX, General Obligation	2.7%
	Energy Northwest, WA, Revenue Class A	2.6
	City of Charlotte NC Water & Sewer System Revenue	2.6
	California, State General Obligation	2.5
	District of Columbia Revenue Class A AMT	2.3
	TOTAL	12.7%


		% of Net Assets
	Domestic Equity	96.9%
	Real Estate	2.8
	Short Term Investments	17.5
	Liabilities in Excess of Other Assets	(17.2)
	TOTAL	100.0%


	Description	% of Net Assets
	Minejesa Capital B.V. 5.63% 8/10/2037	2.8%
	TNB Global Ventures Capital Bhd 3.24% 10/19/2026	2.6
	Galaxy Pipeline Assets Bidco, Ltd. 2.16% 3/31/2034	2.5
	Chile Electricity PEC SpA 0.01% 1/25/2028	2.5
	PSA Treasury Pte, Ltd. 2.13% 9/5/2029	2.4
	TOTAL	12.8%


		% of Net Assets
	Corporate Bonds & Notes	67.5%
	Foreign Government Obligations	30.3
	Short-Term Investment	0.9
	Other Assets in Excess of Liabilities	1.3
	TOTAL	100.0%


		% of Net Assets
	Home Builders	0.1%
	Household Products & Wares	0.1
	Construction Materials	0.1
	Computers	0.1
	Energy-Alternate Sources	0.1
	Iron/Steel	0.1
	Housewares	0.1
	Distribution & Wholesale	0.1
	Metal Fabricate & Hardware	0.0*
	Real Estate	0.0*
	Engineering & Construction	0.0*
	Coal	0.0*
	Cosmetics/Personal Care	0.0*
	Trucking & Leasing	0.0*
	Electrical Components & Equipment	0.0*
	Machinery, Construction & Mining	0.0*
	Household Products	0.0*
	Home Furnishings	0.0*
	Hand & Machine Tools	0.0*
	Short-Term Investment	3.5
	Other Assets in Excess of Liabilities	0.6
	TOTAL	100.0%