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 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. 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 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 Investor Service, Inc., Standard & Poor’s, 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 SPDR Loomis Sayles Opportunistic Bond Composite Index is a composite benchmark comprising 50% investment grade corporate bonds, 25% high yield corporate bonds, and 25% senior loans. The investment grade corporate bond portion of the composite benchmark is represented by the Bloomberg U.S. Corporate Bond Index, the high yield corporate bond portion is represented by the Bloomberg U.S. High Yield 2% Issuer Capped Index, and the senior loan portion is represented by the Morningstar LSTA U.S. Leveraged Loan Index.

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

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the total return for the Fund was 0.78%, and the Index was –1.33%. 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 global natural resource and infrastructure equities were the primary drivers, with tactical use of cash providing added support, of Fund performance during the Reporting Period relative to the Index.

The performance of financial markets during the Reporting Period continued to be heavily influenced by inflation trends and the related impact on monetary policy and messaging from central banks. While equity markets got off to a good start in mid-2022 from lows reached in June, supported by overly depressed sentiment, stocks would turn lower amidst hawkish central bank messaging and turmoil in long-end UK bonds brought forth by the announcement of that country’s “mini-budget.” The outlook for commodities deteriorated as the U.S. dollar rose and demand destruction fears gripped investors, sending oil and other broad commodities tumbling. Further, real estate came under pressure against the backdrop of higher interest rates and weaker economic growth. The portfolio reduced the overweight to commodities and natural resource equities, moved to a further underweight in real estate, and started building a cash position, By the turn to the fourth quarter of 2022 equity markets began a steady recovery with resilient earnings for the rest of the Reporting Period as longer-term interest rates stabilized. At the close of 2022, the cash was allocated to natural resource equities, both core and energy, and infrastructure. Additionally, the underweight to inflation-linked bonds was reduced as real yields fell and inflation expectations, as measured by break-evens, rose by the end of the year. This recovery progressed in the first half of 2023, despite meaningful risk events including the regional bank crisis in the United States at the end of the first quarter. The inflationary environment shifted from a high and rising regime to a moderating one that might be higher for longer. Commodities faced headwinds and struggled to find a bottom with a short-lived metals rally on hopes of a Chinas recovery and Europe’s uncharacteristically mild winter that sent natural gas priced plummeting. The overweight position to global infrastructure equities, underweight to real estate, cash holdings, and the addition of gold in March helped to buffer the portfolio. Throughout this period, real estate has ranked poorly in our quantitative framework but followed the broader surge in equities and prospects for the successful execution of a soft landing in the US. The underweight to real estate proved to be a drag, compounding the lackluster support from commodity and natural resources. Again, the defensive overweight holdings in global infrastructure equity and cash help to soften the impact. The Reporting Period closed with the portfolio positioned with larger weights in global infrastructure equity, gold, and cash along with holdings in global natural resource equities based on what we believe is a structurally bullish fundamental backdrop that may be unfolding in the second half of 2023 and 2024 for the energy and metals assets.

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 SPDR S&P Global Natural Resources ETF (GNR), 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 Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC), SPDR Dow Jones US REIT ETF (RWR) and SPDR Bloomberg 1-10 Year TIPS ETF (TIPX).

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 SSGA Multi-Asset Real Return ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	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	0.78%	0.78%	(1.33)%	(16.63)%	0.78%	0.78%	(1.33)%	(16.63)%
FIVE YEARS	29.78%	29.95%	12.99%	28.14%	5.35%	5.38%	2.47%	5.08%
TEN YEARS	37.25%	37.26%	23.59%	(6.06)%	3.22%	3.22%	2.14%	(0.62)%

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, 2023.

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

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the total return for the Fund was 3.79%, and the Index was 18.51%. 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.

Broad diversification across global asset classes, allocations to several high dividend equity markets as well as underlying ETF performance were primary drivers of Fund performance during the Reporting Period relative to the Index. The performance of financial markets during the Reporting Period continued to be heavily influenced by inflation trends and the related impact on monetary policy and messaging from central banks. While equity markets got off to a good start in mid-2022, likely supported by overly depressed sentiment, stocks would turn lower amidst hawkish central bank messaging and turmoil in long-end UK bonds brought forth by the announcement of that country’s “mini-budget.” But by the turn to the fourth quarter of 2022 equity markets began a steady recovery for the remainder of the Reporting Period as longer-term interest rates stabilized. This recovery progressed despite meaningful risk events including the regional bank crisis in the United States in early 2023. With that context, the multi-asset exposure and broad diversification of the Fund was the primary driver of underperformance relative to the Index (which represents the global developed equity market). Additionally, given the Fund’s focus on both income and total return, its emphasis on dividend paying equity ETFs led to underperformance as dividend equities did not rise as sharply as other equity market strategies – particularly those with more exposure to the technology sector.

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 investments in the SPDR Bloomberg Emerging Markets Local Bond ETF, the SPDR Blackstone Senior Loan ETF and the SPDR S&P International Dividend 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 Invesco KBW Premium Yield Equity REIT ETF and the Schwab U.S. Dividend Equity ETF.

See accompanying notes to financial statements.

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SPDR SSGA Income Allocation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return				Average Annual Total Return
	Net Asset Value	Market Value	MSCI World Index	Bloomberg U.S. Long Government /Credit Bond Index	Net Asset Value	Market Value	MSCI World Index	Bloomberg U.S. Long Government /Credit Bond Index
ONE YEAR	3.79%	3.77%	18.51%	(2.56)%	3.79%	3.77%	18.51%	(2.56)%
FIVE YEARS	16.75%	16.77%	54.36%	3.35%	3.15%	3.15%	9.07%	0.66%
TEN YEARS	49.43%	49.41%	147.92%	32.56%	4.10%	4.10%	9.50%	2.86%

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, 2023.

See accompanying notes to financial statements.

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SPDR SSGA Global Allocation ETF

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the total return for the Fund was 9.15%, and the Index was 16.14%. 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, asset allocation positioning as well as underlying ETF performance were primary drivers of Fund performance during the Reporting Period relative to the Index. The performance of financial markets during the Reporting Period continued to be heavily influenced by inflation trends and the related impact on monetary policy and messaging from central banks. While equity markets got off to a good start in mid-2022, likely supported by overly depressed sentiment, stocks would turn lower amidst hawkish central bank messaging and turmoil in long-end UK bonds brought forth by the announcement of that country’s “mini-budget.” But by the turn to the fourth quarter of 2022 equity markets began a steady recovery for the remainder of the Reporting Period as longer-term interest rates stabilized. This recovery progressed despite meaningful risk events including the regional bank crisis in the United States in early 2023. Directionally, our preference for equities relative to bonds aided performance. Additionally, positioning within equity, a preference for Europe and Pacific with funding from REITs, proved beneficial. After rolling over in October 2022, equities have marched higher on better risk appetite, helped by optimism of peak inflation and near peak interest rates. The resilient consumer and strong labor market have contributed to the positive risk sentiment. REITs have recovered YTD, but rising yields and growth concerns weighed on the asset class in 2022 which lead to underperformance relative to traditional equities. Offsetting some positive performance was our targeted allocations to gold, cash and long government bonds. The speed and magnitude of rate hikes in 2022 along with the repricing of Federal Reserve monetary policy expectations in 2023 have weighed on bonds, including our allocation to long government bonds. Cash offers an attractive yield and provided some downside protection given the numerous risks overhanging markets, but the equity rally has left cash to underperform despite providing a positive absolute return.

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 SPDR S&P 500 ETF, the SPDR Portfolio Developed World ex-US ETF and the SPDR Portfolio Europe 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 Invesco Optimum Yield Diversified Commodity ETF and the Invesco DB Gold ETF.

See accompanying notes to financial statements.

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SPDR SSGA Global Allocation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	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	9.15%	9.10%	16.14%	(0.94)%	9.15%	9.10%	16.14%	(0.94)%
FIVE YEARS	27.14%	26.99%	44.55%	3.89%	4.92%	4.90%	7.65%	0.77%
TEN YEARS	75.83%	75.83%	128.56%	16.24%	5.81%	5.81%	8.62%	1.52%

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, 2023.

See accompanying notes to financial statements.

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SPDR SSGA Ultra Short Term Bond ETF

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the total return for the Fund was 4.24%, and the Index was 3.74%. 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 investment grade corporate credit and commercial mortgage-backed securities were primary drivers of Fund outperformance during the Reporting Period relative to the Index, whereas the Fund’s over-weight allocation to duration detracted from performance. During the Reporting Period, continued strength in the labor market and the economy, in the context of supply-chain disruptions, led to inflation well-above the U.S. Federal Reserve (the “Fed”) inflation target of 2%. During the Reporting Period, the Fed increased the Fed Funds rate from a range of (1.50% - 1.75%) to (5.00% - 5.25%). Also, during the Reporting Period, the Fed’s balance sheet declined from $8.9 trillion to $8.4 trillion. The labor market and the economy’s continued strength in the context of an accelerated pace of monetary policy tightening are the key drivers to the significant increase in short-term interest rates and tightening of investment grade corporate credit spreads observed during the Reporting Period. The Fund maintained a duration profile in the range of 0.25 – 0.65 during the Reporting Period.

As of the June 30, 2023, the Fund’s asset allocation consisted of U.S. Treasuries (19.5%), Credit-Financial (22.6%), Credit-Industrial (32.9%), Credit-Non-Corp (6.6%), ABS (5.6%), CMBS (4.3%) and Cash (8.5%).

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.

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SPDR SSGA Ultra Short Term Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. Treasury Bellwether 3 Month Index	Net Asset Value	Market Value	Bloomberg U.S. Treasury Bellwether 3 Month Index
ONE YEAR	4.24%	4.27%	3.74%	4.24%	4.27%	3.74%
FIVE YEARS	9.46%	9.43%	8.20%	1.82%	1.82%	1.59%
SINCE INCEPTION⁽¹⁾	14.40%	14.43%	10.56%	1.39%	1.40%	1.04%

(1)

For the period October 9, 2013 to June 30, 2023. 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, 2023.

See accompanying notes to financial statements.

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SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

MANAGEMENT'S 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 12-month period ended June 30, 2023 (the “Reporting Period”), the net total return for the Fund was 3.58%, and the Index was –0.94%. 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, investment grade corporates, and securitized issues were the primary drivers of Fund’s positive performance during the Reporting Period relative to the Index. Our allocation to FX, duration management, and cash instruments had a negative effect on excess performance.

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

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Unicredit SPA 144A RTS 7.296 USD 4/2/2034, HSBC Holdings PLC 8.113 USD 11/3/2033, and CHG Healthcare TLB L+325 FL50 8.443 USD 9/29/2028. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lloyds Banking Group PLC 8.0 USD 6/27/2172, Apple Inc 3.95 USD 8/8/2052 and Kohl’s Corporation 4.625 USD 5/1/2031.

See accompanying notes to financial statements.

Table of Contents

SPDR Loomis Sayles Opportunistic Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	Cumulative Total Return				Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg U.S. Aggregate Bond Index	SPDR Loomis Sayles Opportunistic Bond Composite Index	Net Asset Value	Market Value	Bloomberg U.S. Aggregate Bond Index	SPDR Loomis Sayles Opportunistic Bond Composite Index
ONE YEAR	3.58%	3.54%	(0.94)%	5.68%	3.58%	3.54%	(0.94)%	5.68%
SINCE INCEPTION⁽¹⁾	(8.08)%	(8.05)%	(11.42)%	(6.74)%	(4.68)%	(4.67)%	(6.67)%	(3.89)%

(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, 2023.

See accompanying notes to financial statements.

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SPDR Loomis Sayles Opportunistic Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of June 30, 2023


	Description	% of Net Assets
	SPDR Blackstone Senior Loan ETF	3.3%
	OneMain Direct Auto Receivables Trust ABS 0.87% 7/14/2028	1.9
	Credit Suisse AG 4.75% 8/9/2024	1.4
	UniCredit SpA 7.30% 4/2/2034	1.3
	Standard Chartered PLC 6.17% 1/9/2027	1.1
	TOTAL	9.0%

(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, 2023


		% of Net Assets
	Banks	16.9%
	Asset-Backed Securities	11.3
	Commercial Services	3.9
	Media	3.5
	Money Market Fund	3.3
	Telecommunications	3.3
	Internet	3.1
	Software	2.7
	Investment Company Security	2.7
	Semiconductors	2.7
	Auto Manufacturers	2.6
	Electric	2.4
	Retail	2.3
	Pipelines	2.2
	Pharmaceuticals	2.1
	Leisure Time	2.1
	Insurance	2.1
	Diversified Financial Services	1.9
	Home Builders	1.8
	Airlines	1.8
	Food	1.7
	Oil & Gas	1.7
	Chemicals	1.5
	Real Estate Investment Trusts	1.3
	Advertising	1.1
	Construction Materials	1.0
	Transportation	0.9
	Energy-Alternate Sources	0.9
	Mining	0.8
	Health Care Products	0.8
	Entertainment	0.8
	Auto Parts & Equipment	0.7
	IT Services	0.6
	Oil & Gas Services	0.5
	Health Care Services	0.5
	Iron/Steel	0.5
	Packaging & Containers	0.4
	Computers	0.4
	Aerospace & Defense	0.4
	Machinery, Construction & Mining	0.4
	Biotechnology	0.4
	Household Products	0.4
	Environmental Control	0.3
	Beverages	0.3
	Engineering & Construction	0.3
	Miscellaneous Manufacturer	0.3
	Electrical Components & Equipment	0.3
	Commercial Mortgage Backed Securities	0.3
	Electronics	0.3
	Office & Business Equipment	0.2

See accompanying notes to financial statements.

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SPDR Nuveen Municipal Bond ETF

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the total return for the Fund was 2.10%, and the Index was 2.97%. 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.

Selection was the primary drivers of Fund performance during the Reporting Period. The Reporting Period consists of widely different market environments, with the first four months continuing the historic sell off before a considerable rally and remaining volatility throughout the Reporting Period.

Overall, longer positioned bonds outperformed as interest expectations stabilized and additional income was additive to returns. The Fund was hurt from an overweight in bonds maturing in less than two years and underweight in 8 to 17 years. This was somewhat offset by an underweight in bonds maturing in 2 to 4 years and an overweight to bonds maturing in 17 to 22 years.

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 New Jersey Economic Development Authority School Facility Construction, Medford HFA Asante Health and New York City General Obligation bonds. The largest detractors from the Fund’s performance during the Reporting Period were New Hope Sanctuary Long Term Care, New York State Personal Income Tax, and Idaho Housing & Sales Tax bonds.

See accompanying notes to financial statements.

Table of Contents

SPDR Nuveen Municipal Bond ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	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	2.10%	1.99%	2.97%	2.10%	1.99%	2.97%
SINCE INCEPTION⁽¹⁾	(6.27)%	(6.32)%	(4.27)%	(2.66)%	(2.68)%	(1.80)%

(1)

For the period February 3, 2021 to June 30, 2023. 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, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN MUNICIPAL BOND ESG ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Nuveen Municipal Bond ESG ETF (the “Fund”) seeks to provide current income that is exempt from regular federal income taxes by investing in municipal bonds that exhibit certain environmental, social and governance (“ESG”) characteristics. 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, 2023 (the “Reporting Period”), the total return for the Fund was 2.53%, and the Index was 2.97%. 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.

Curve positioning was the primary driver of fund performance during the Reporting Period. The Reporting Period consists of widely different market environments, with the first four months continuing the historic sell off before a considerable rally and remaining volatility throughout the remainder of the Reporting Period.

Overall, longer positioned bonds outperformed as interest expectations stabilized and additional income was additive to returns. The portfolio did benefit from an overweight allocation to bonds maturing in 17 to 22 years and an underweight to 4 to 6 years, however was more than offset by the overweight to bonds maturing in less than 2 years, and the underweight to bonds maturing in 8 to 12 years. Curve positioning was the largest detractor from performance. Rating allocation and sector allocation were both positive contributors to performance. An overweight to bonds rated single-A and underweight in bonds rated triple-A aided performance. An underweight in state general obligation and industrial development revenue bonds aided performance. An underweight in local general obligation bonds hurt performance.

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 Connecticut Special Tax Transportation, Medford HFA Asante Health and New York City general obligation bonds. The largest detractors from the Fund’s performance during the Reporting Period were Raleigh Durham Airport Revenue, Idaho Housing & Finance Association Sales Tax, and Bexar County Refunding bonds.

See accompanying notes to financial statements.

Table of Contents

SPDR Nuveen Municipal Bond ESG ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	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	2.53%	2.36%	2.97%	2.53%	2.36%	2.97%
SINCE INCEPTION⁽¹⁾	1.18%	1.26%	1.11%	0.96%	1.02%	0.90%

(1)

For the period April 5, 2022 to June 30, 2023. 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 (04/05/22, 04/06/22, 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 ESG ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.43%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR SSGA Fixed Income Sector Rotation ETF (the “Fund”) seeks to provide total return by focusing on investments in income and yield-generating assets. The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was –2.12%, and the Index was –0.94%. 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 was the primary driver of Fund performance during the Reporting Period relative to the Index.

The performance of financial markets during the Reporting Period continued to be heavily influenced by inflation trends and the related impact on monetary policy and messaging from central banks. The U.S. Federal Reserve (the “Fed”) raised rates at the fastest pace in recent history pushing treasury yields steadily higher throughout much of 2002 pausing their climb as the fiscal year came to a close. While rates were moving higher the yield curve was flattening and high yield spreads were volatile moving sharply tighter to start the third quarter of 2022 before widening back out to end it. The regional bank crisis in the United States in early 2023 provided one last bout of instability pushing treasury yields lower and spreads wider before the Fed stepped in to prevent further contagion.

The Fund finished lower and underperformed its benchmark largely due to an overweight to long duration U.S. Treasury bonds. While the curve did flatten significantly over the period, the overall move higher in rates across the curve proved detrimental to the Fund’s results. The Fund’s allocation to intermediate-term corporate and high-yield bonds also benefited from tightening of credit spreads over the full Reporting Period as risk appetite gradually improved and the corporate sector continued to demonstrate resilient earnings. As headline inflation abated in the first half of 2023, the market reassessed and lowered the Fed terminal rate. The FX market reacted accordingly and the Fund’s position in the international treasury bond had positive contribution to the relative performance on the backdrop of a weakening U.S. Dollar.

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 SPDR Portfolio Intermediate Term Corporate Bond ETF, SPDR Bloomberg International Treasury Bond ETF and SPDR Bloomberg 1-3 Month T-Bill 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 Intermediate Term Treasury ETF and SPDR 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, 2023

	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	(2.12)%	(2.20)%	(0.94)%	(2.12)%	(2.20)%	(0.94)%
SINCE INCEPTION⁽¹⁾	(4.34)%	(4.38)%	(0.43)%	(1.04)%	(1.05)%	(0.10)%

(1)

For the period April 2, 2019 to June 30, 2023. 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, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA US Sector Rotation ETF

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the total return for the Fund was 15.91%, and the Index was 19.59%. 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.

Active allocation across U.S. sectors was the primary driver of Fund performance during the Reporting Period relative to the Index. The performance of financial markets during the Reporting Period continued to be heavily influenced by inflation trends and the related impact on monetary policy and messaging from central banks. While equity markets got off to a good start in mid-2022, likely supported by overly depressed sentiment, stocks would turn lower amidst hawkish central bank messaging and turmoil in long-end UK bonds brought forth by the announcement of that country’s “mini-budget.” But by the turn to the fourth quarter of 2022 equity markets began a steady recovery for the remainder of the Reporting Period as longer-term interest rates stabilized. This recovery progressed despite meaningful risk events including the regional bank crisis in the United States in early 2023. The Fund got off to a good start and outperformed its Index during the second half of 2022 in large part due to an overweight allocation to the energy sector and an underweight allocation to the communication services sector. The energy sector rallied as oil prices recovered and energy firms delivered strong third quarter (2022) earnings results. Meanwhile, heavyweight firms in the communications services meaningfully underperformed amidst weaker than expected earnings. However, the Fund underperformed during the first half of 2023 due to overweight positions in the consumer staples, materials and industrial sectors. Our investment research favored consumer staples due to compelling quality and sentiment characteristics, but the relatively defensive sector was not able to keep pace during the swift technology-led rally. Similarly, materials and industrials exhibited a variety of attractive attributes but lagged the large technology sector and weighed on Fund performance overall.

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 Technology Select Sector SPDR Fund, the Industrial Select Sector SPDR Fund and the Financial Select Sector SPDR Fund. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were the Consumer Staples Select Sector SPDR Fund, the Utilities Select Sector SPDR Fund and the Materials Select Sector SPDR Fund.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA US Sector Rotation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	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	15.91%	15.80%	19.59%	15.91%	15.80%	19.59%
SINCE INCEPTION⁽¹⁾	56.57%	56.56%	66.83%	11.14%	11.14%	12.82%

(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, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Emerging Markets Fixed Income ETF

MANAGEMENT'S 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 Markets Bond Index Broad Diversified (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 3.63%, and the Index was 5.66%. 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.

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 continued to rise. Over the period, U.S. Treasury yields increased across the curve, with 2-year yields higher by 194 bps and 10-year yields higher by 82 bps. In terms of asset allocation, the Fund was hurt by its underweight allocation to Europe. Europe was the best performing region in the Index after experiencing a rebound off the Q1 2022, lows following Russia's invasion of Ukraine and Russia's exclusion from the Index early last year. Additionally, the Fund maintained a large overweight to investment grade credits over the period, which significantly underperformed its high yield counterparts. In contrast, the Fund's overweight to Latin America, the second strongest region in the Index, and overweight Emerging Markets sovereigns contributed to relative performance.

The Fund maintains a longer duration than that of the Index and is overweight Emerging Markets sovereigns versus the Index. Emerging Markets Sovereigns outperformed Emerging Markets Corporate credit despite the longer duration driven in part by significant spread tightening over the 12-month period.

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 sovereign credit, which delivered a strong return and outperformed the Index. In contract, the largest detractor of the Fund’s performance on an absolute basis during the Reporting Period was Emerging Market Corporate 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, 2023

	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	3.63%	3.88%	5.66%	3.63%	3.88%	5.66%
FIVE YEARS	4.23%	4.31%	12.57%	0.83%	0.85%	2.40%
SINCE INCEPTION⁽¹⁾	15.45%	15.87%	23.66%	2.01%	2.06%	2.99%

(1)

For the period April 13, 2016 to June 30, 2023. 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.

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, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Short Duration Total Return Tactical ETF

MANAGEMENT'S 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, 2023 (the “Reporting Period”), the Fund outperformed the Index by 272 basis points(bps) with a total return of 3.24% versus the 0.52% returned by the Index. 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 outperformance was asset allocation as the portfolio maintained a higher credit allocation than the Index, with a roughly sixty-five percent weighting to credit risk sectors compared to approximately thirty percent in the Index. This contributed positively to performance as credit spreads tightened materially during the Reporting Period. The Fund maintained a slightly shorter duration position than the Index.

The Fund’s best-performing sectors were collateralized loan obligations (CLOs) and bank loans as spreads tightened and the floating-rate nature of these sectors insulated them from rising rates. The shorter duration structured credit sectors commercial MBS, non-Agency MBS, and asset backed securities also outperformed the Index as they were less negatively impacted by the rise in U.S. Treasury yields. Agency MBS naturally experienced some duration-related price declines during the period and was subsequently the worst performing sector in the portfolio.

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

Every credit sector within the portfolio generated a positive return. The top positive contributor to the Fund’s performance on an absolute basis during the Reporting Period was CLOs. Agency MBS was the only detractor from performance on an absolute basis during the Reporting Period.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Short Duration Total Return Tactical ETF

Performance Summary (Unaudited)

	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	3.24%	3.23%	0.52%	3.24%	3.23%	0.52%
FIVE YEARS	6.98%	6.93%	5.50%	1.36%	1.35%	1.08%
SINCE INCEPTION⁽¹⁾	9.80%	9.88%	6.80%	1.30%	1.31%	0.92%

(1)

For the period April 13, 2016 to June 30, 2023. 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.

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, 2023.

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, 2023


	Description	% of Net Assets
	U.S. Treasury Bill 5.07% 8/10/2023	11.7%
	U.S. Treasury Notes 4.25% 10/15/2025	9.3
	U.S. Treasury Notes 3.00% 7/15/2025	3.8
	U.S. Treasury Bill 4.85% 7/25/2023	2.9
	Citigroup Mortgage Loan Trust, Inc. CMO 4.29% 7/25/2037	1.9
	TOTAL	29.6%

(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, 2023


		% of Net Assets
	U.S. Treasury Obligations	27.7%
	Asset-Backed Securities	25.4
	Corporate Bonds & Notes	15.2
	Mortgage-Backed Securities	9.5
	U.S. Government Agency Obligations	6.4
	Commercial Mortgage Backed Securities	6.1
	Senior Floating Rate Loans	5.6
	Foreign Government Obligations	0.6
	Short-Term Investment	3.0
	Other Assets in Excess of Liabilities	0.5
	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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR DoubleLine Total Return Tactical ETF (the “Fund”) seeks to maximize total return. The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).

For the 12-month period ended June 30, 2023 (the “Reporting Period”), the Fund outperformed the Index by 143 basis points(bps), with a total return 0.49% versus the –0.94% returned by the Index. 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. The Fund maintained a roughly forty-eight percent weighting to credit risk sectors compared to approximately thirty percent in the Index, which contributed positively to outperformance as credit spreads tightened materially over the Reporting Period. In terms of duration positioning, the Fund maintained a slightly shorter duration than the Index, which bolstered relative performance as U.S. Treasury yields rose significantly during the Reporting Period.

Speaking broadly, shorter duration credit sectors tended to outperform longer duration sectors due to the sharp rise in U.S. Treasury yields. The Fund’s best-performing sector was high-yield corporates as the perceived risk of defaults fell during the period and equity markets rallied, causing spread tightening. Collateralized loan obligations (CLOs) and bank loans also performed well as spreads tightened and the floating-rate nature of these sectors insulated them from rising rates. The Agency MBS and U.S. Treasurys in the Fund naturally experienced some duration-related price declines and were subsequently the worst performing sectors over the period.

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

Every credit sector in the portfolio generated a positive return. The top contributors to the Fund’s outperformance during the Reporting Period were the shorter duration credit sectors non-Agency MBS, high yield corporates, and bank loans. The only detractors from the Fund’s performance during the Reporting Period were U.S. Treasurys and Agency MBS.

See accompanying notes to financial statements.

Table of Contents

SPDR DoubleLine Total Return Tactical ETF

Performance Summary (Unaudited)

Performance as of June 30, 2023

	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	0.49%	0.88%	(0.94)%	0.49%	0.88%	(0.94)%
FIVE YEARS	1.42%	1.70%	3.89%	0.28%	0.34%	0.77%
SINCE INCEPTION⁽¹⁾	6.84%	7.12%	8.35%	0.80%	0.83%	0.97%

(1)

For the period February 23, 2015 to June 30, 2023. 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, 2023.

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, 2023


	Description	% of Net Assets
	U.S. Treasury Bonds 3.63% 2/15/2053	11.2%
	U.S. Treasury Bonds 3.63% 5/15/2053	5.3
	U.S. Treasury Notes 3.38% 5/15/2033	2.4
	Federal National Mortgage Association REMICS 3.00% 1/25/2043	1.0
	Federal Home Loan Mortgage Corp. REMICS CMO, REMIC 4.00% 7/15/2044	0.9
	TOTAL	20.8%

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

Industry Breakdown as of June 30, 2023


		% of Net Assets
	U.S. Government Agency Obligations	31.7%
	U.S. Treasury Obligations	23.6
	Mortgage-Backed Securities	13.7
	Asset-Backed Securities	11.7
	Commercial Mortgage Backed Securities	3.2
	Banks	2.2
	Electric	1.0
	Pipelines	0.7
	Retail	0.7
	Oil & Gas	0.7
	Telecommunications	0.6
	Diversified Financial Services	0.5
	Commercial Services	0.5
	Insurance	0.5
	Health Care Services	0.5
	Real Estate Investment Trusts	0.5
	Media	0.5
	Pharmaceuticals	0.5
	Software	0.4
	Foreign Government Obligations	0.4
	Internet	0.4
	Entertainment	0.3
	Chemicals	0.3
	Food	0.3
	Semiconductors	0.2
	Beverages	0.2
	Auto Manufacturers	0.2
	Aerospace & Defense	0.2
	Mining	0.2
	Transportation	0.2
	Packaging & Containers	0.2
	Leisure Time	0.2
	Biotechnology	0.1
	Agriculture	0.1
	Computers	0.1
	Construction Materials	0.1
	Lodging	0.1
	Airlines	0.1
	Engineering & Construction	0.1
	Advertising	0.1
	Water	0.1
	Oil & Gas Services	0.1
	Electronics	0.1
	Auto Parts & Equipment	0.1
	Forest Products & Paper	0.1
	Environmental Control	0.1
	Machinery-Diversified	0.1
	Home Builders	0.1
	Household Products	0.1

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA MULTI-ASSET REAL RETURN ETF

SCHEDULE OF INVESTMENTS

June 30, 2023

Security Description	Shares	Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 95.9%
COMMODITIES — 19.4%
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF	7,633,585	$ 103,854,924
DOMESTIC EQUITY — 6.0%
The Energy Select Sector SPDR Fund (a)(b)	395,864	32,132,281
INFLATION LINKED — 7.3%
SPDR Bloomberg 1-10 Year TIPS ETF (a)	2,108,232	38,917,963
INTERNATIONAL EQUITY — 25.3%
SPDR S&P Global Infrastructure ETF (a)	2,501,429	133,501,265
VanEck Agribusiness ETF (b)	16,145	1,319,531
		134,820,796
INTERNATIONAL FIXED INCOME — 2.6%
SPDR FTSE International Government Inflation-Protected Bond ETF (a)	327,586	13,679,991
NATURAL RESOURCES — 32.8%
SPDR Gold MiniShares Trust (a)	276,756	10,541,636
SPDR S&P Global Natural Resources ETF (a)(b)	2,741,886	147,815,074
SPDR S&P Metals & Mining ETF (a)(b)	332,119	16,878,288
		175,234,998
REAL ESTATE — 2.5%
SPDR Dow Jones International Real Estate ETF (a)(b)	106,095	2,627,973
SPDR Dow Jones REIT ETF REIT (a)(b)	118,899	10,753,226
		13,381,199
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $551,256,420)		512,022,152

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 10.2%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (c)(d)	21,584,135	$ 21,584,135
State Street Navigator Securities Lending Portfolio II (e)(f)	32,724,798	32,724,798
TOTAL SHORT-TERM INVESTMENTS (Cost $54,308,933)		$ 54,308,933
TOTAL INVESTMENTS — 106.1% (Cost $605,565,353)		566,331,085
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.1)%		(32,697,649)
NET ASSETS — 100.0%		$ 533,633,436

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, 2023 are shown in the Affiliate Table below.
(b)	All or a portion of the shares of the security are on loan at June 30, 2023.
(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, 2023 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at June 30, 2023.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 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, 2023.

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	$512,022,152	$—	$—	$512,022,152
Short-Term Investments	54,308,933	—	—	54,308,933
TOTAL INVESTMENTS	$566,331,085	$—	$—	$566,331,085

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA MULTI-ASSET REAL RETURN ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2023

Affiliate Table

	Number of Shares Held at 6/30/22	Value at 6/30/22	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/23	Value at 6/30/23	Dividend Income
SPDR Bloomberg 1-10 Year TIPS ETF	2,036,829	$ 39,636,692	$ 49,527,671	$ 47,868,832	$(2,780,809)	$ 403,241	2,108,232	$ 38,917,963	$ 1,937,053
SPDR Dow Jones International Real Estate ETF	90,476	2,553,233	1,583,278	1,197,822	(6,866)	(303,850)	106,095	2,627,973	136,943
SPDR Dow Jones REIT ETF	369,583	35,139,952	10,137,022	33,367,130	(4,715,237)	3,558,619	118,899	10,753,226	541,244
SPDR FTSE International Government Inflation-Protected Bond ETF	55,737	2,521,542	22,815,619	10,964,547	(623,060)	(69,563)	327,586	13,679,991	672,703
SPDR Gold MiniShares Trust	—	—	12,139,296	1,583,434	85,700	(99,926)	276,756	10,541,636	—
SPDR S&P Global Infrastructure ETF	2,215,734	118,408,825	86,872,866	73,472,279	764,947	926,906	2,501,429	133,501,265	4,497,546
SPDR S&P Global Natural Resources ETF	2,278,511	118,687,638	93,577,929	68,137,211	1,679,122	2,007,596	2,741,886	147,815,074	6,205,094
SPDR S&P Metals & Mining ETF	293,310	12,729,654	11,979,503	10,492,617	992,882	1,668,866	332,119	16,878,288	299,223
State Street Institutional U.S. Government Money Market Fund, Class G Shares	8,773,651	8,773,651	75,446,529	62,636,045	—	—	21,584,135	21,584,135	933,845
State Street Navigator Securities Lending Portfolio II	48,571,637	48,571,637	1,020,126,667	1,035,973,506	—	—	32,724,798	32,724,798	199,469
The Energy Select Sector SPDR Fund	271,581	19,420,757	29,077,978	18,971,643	3,343,262	(738,073)	395,864	32,132,281	1,190,855
Total		$406,443,581	$1,413,284,358	$1,364,665,066	$(1,260,059)	$7,353,816		$461,156,630	$16,613,975

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA INCOME ALLOCATION ETF

SCHEDULE OF INVESTMENTS

June 30, 2023

Security Description	Shares	Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 98.8%
DOMESTIC EQUITY — 26.3%
Invesco KBW Premium Yield Equity REIT ETF	78,526	$ 1,410,327
iShares Mortgage Real Estate ETF (a)	127,025	2,997,790
Schwab U.S. Dividend Equity ETF (a)	69,677	5,059,944
SPDR ICE Preferred Securities ETF (b)	127,166	4,256,246
SPDR Portfolio S&P 500 High Dividend ETF (a)(b)	134,956	5,004,168
		18,728,475
DOMESTIC FIXED INCOME — 40.4%
SPDR Blackstone Senior Loan ETF (a)(b)	173,309	7,256,448
SPDR Bloomberg Convertible Securities ETF (a)(b)	52,305	3,658,735
SPDR Bloomberg High Yield Bond ETF (a)(b)	93,779	8,630,481
SPDR Portfolio Long Term Treasury ETF (b)	307,978	9,208,542
		28,754,206
INTERNATIONAL EQUITY — 16.0%
SPDR S&P Global Infrastructure ETF (a)(b)	107,500	5,737,275
SPDR S&P International Dividend ETF (b)	163,925	5,637,381
		11,374,656
INTERNATIONAL FIXED INCOME — 14.1%
SPDR Bloomberg Emerging Markets Local Bond ETF (a)(b)	406,911	8,610,237
SPDR Bloomberg International Corporate Bond ETF (b)	50,932	1,445,450
		10,055,687
REAL ESTATE — 2.0%
SPDR Dow Jones REIT ETF REIT (a)(b)	15,848	1,433,293
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $76,093,340)		70,346,317

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 9.6%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (c)(d)	814,508	$ 814,508
State Street Navigator Securities Lending Portfolio II (e)(f)	5,978,695	5,978,695
TOTAL SHORT-TERM INVESTMENTS (Cost $6,793,203)		$ 6,793,203
TOTAL INVESTMENTS — 108.4% (Cost $82,886,543)		77,139,520
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.4)%		(5,965,973)
NET ASSETS — 100.0%		$ 71,173,547

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, 2023.
(b)	Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 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, 2023 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at June 30, 2023.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA INCOME ALLOCATION ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.

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	$70,346,317	$—	$—	$70,346,317
Short-Term Investments	6,793,203	—	—	6,793,203
TOTAL INVESTMENTS	$77,139,520	$—	$—	$77,139,520

Affiliate Table

	Number of Shares Held at 6/30/22	Value at 6/30/22	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation		Number of Shares Held at 6/30/23	Value at 6/30/23	Dividend Income
SPDR Blackstone Senior Loan ETF	478,391	$ 19,920,201	$ 5,923,945	$ 18,433,189	$(1,708,631)	$1,554,122		173,309	$ 7,256,448	$ 917,371
SPDR Bloomberg 1-10 Year TIPS ETF	—	—	2,813,734	2,856,252	42,518	—		—	—	11,361
SPDR Bloomberg Convertible Securities ETF	44,018	2,841,802	2,665,982	2,187,797	74,672	264,076	&nbs

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)	24
SPDR SSGA US Sector Rotation ETF (XLSR)	27
SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)	30
SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)	33
SPDR DoubleLine Total Return Tactical ETF (TOTL)	36
Schedules of Investments
SPDR SSGA Multi-Asset Real Return ETF (RLY)	40
SPDR SSGA Income Allocation ETF (INKM)	42
SPDR SSGA Global Allocation ETF (GAL)	44
SPDR SSGA Ultra Short Term Bond ETF (ULST)	46
SPDR Loomis Sayles Opportunistic Bond ETF (OBND)	53
SPDR Nuveen Municipal Bond ETF (MBND)	66
SPDR Nuveen Municipal Bond ESG ETF (MBNE)	71
SPDR SSGA Fixed Income Sector Rotation ETF (FISR)	75
SPDR SSGA US Sector Rotation ETF (XLSR)	77
SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL)	79
SPDR DoubleLine Short Duration Total Return Tactical ETF (STOT)	84
SPDR DoubleLine Total Return Tactical ETF (TOTL)	95
Financial Statements	138
Financial Highlights	151
Notes to Financial Statements	163
Report of Independent Registered Public Accounting Firm	176
Other Information (Unaudited)	178


		% of Net Assets
	Domestic Equity	37.9%
	International Equity	32.1
	Domestic Fixed Income	13.5
	International Fixed Income	6.0
	Inflation Linked	5.9
	Short Term Investments	22.5
	Liabilities in Excess of Other Assets	(17.9)
	TOTAL	100.0%


		% of Net Assets
	Domestic Fixed Income	99.8%
	Short Term Investments	27.1
	Liabilities in Excess of Other Assets	(26.9)
	TOTAL	100.0%


	Description	% of Net Assets
	The Industrial Select Sector SPDR Fund	23.3%
	The Technology Select Sector SPDR Fund	22.2
	The Health Care Select Sector SPDR Fund	20.5
	The Consumer Discretionary Select Sector SPDR Fund	16.8
	The Consumer Staples Select Sector SPDR Fund	10.5
	TOTAL	93.3%


		% of Net Assets
	Domestic Equity	99.9%
	Short Term Investments	30.7
	Liabilities in Excess of Other Assets	(30.6)
	TOTAL	100.0%


		% of Net Assets
	Natural Resources	32.8%
	International Equity	25.3
	Commodities	19.4
	Inflation Linked	7.3
	Domestic Equity	6.0
	International Fixed Income	2.6
	Real Estate	2.5
	Short Term Investments	10.2
	Liabilities in Excess of Other Assets	(6.1)
	TOTAL	100.0%


	Description	% of Net Assets
	SPDR Portfolio Long Term Treasury ETF	12.9%
	SPDR Bloomberg High Yield Bond ETF	12.1
	SPDR Bloomberg Emerging Markets Local Bond ETF	12.1
	SPDR Blackstone Senior Loan ETF	10.2
	SPDR S&P Global Infrastructure ETF	8.1
	TOTAL	55.4%


		% of Net Assets
	Domestic Fixed Income	40.4%
	Domestic Equity	26.3
	International Equity	16.0
	International Fixed Income	14.1
	Real Estate	2.0
	Short Term Investments	9.6
	Liabilities in Excess of Other Assets	(8.4)
	TOTAL	100.0%


	Description	% of Net Assets
	SPDR S&P 500 ETF Trust	24.2%
	SPDR Portfolio Developed World ex-U.S. ETF	15.8
	SPDR Portfolio Emerging Markets ETF	6.9
	SPDR Portfolio Europe ETF	6.5
	SPDR Bloomberg 1-10 Year TIPS ETF	5.9
	TOTAL	59.3%


		% of Net Assets
	Corporate Bonds & Notes	61.2%
	U.S. Treasury Obligations	19.4
	Asset-Backed Securities	5.6
	Commercial Mortgage Backed Securities	2.2
	Mortgage-Backed Securities	2.1
	Short-Term Investment	9.0
	Other Assets in Excess of Liabilities	0.5
	TOTAL	100.0%


		% of Net Assets
	Home Furnishings	0.2%
	Lodging	0.2
	Housewares	0.1
	Apparel	0.1
	Coal	0.1
	Forest Products & Paper	0.1
	Short-Term Investment	2.0
	Other Assets in Excess of Liabilities	2.5
	TOTAL	100.0%


	Description	% of Net Assets
	New Jersey Economic Development Authority Revenue, NJ	2.6%
	Southfield Public Schools, General Obligation, MI	2.5
	State of Florida Department of Transportation Revenue, FL	2.4
	City of New York, General Obligation, NY	2.4
	Medford Hospital Facilities Authority Revenue, OR	2.3
	TOTAL	12.2%


		% of Net Assets
	Municipal Bonds & Notes	98.5%
	Short-Term Investment	0.4
	Other Assets in Excess of Liabilities	1.1
	TOTAL	100.0%


	Description	% of Net Assets
	Idaho Housing & Finance Association Revenue, ID	2.6%
	City of Dallas, General Obligation, TX AGM	2.4
	Medford Hospital Facilities Authority Revenue, OR	2.2
	Port of Seattle Revenue, WA AMT	2.1
	Michigan State Housing Development Authority Revenue, MI	2.1
	TOTAL	11.4%


		% of Net Assets
	Municipal Bonds & Notes	98.8%
	Short-Term Investment	0.7
	Other Assets in Excess of Liabilities	0.5
	TOTAL	100.0%


	Description	% of Net Assets
	Chile Electricity PEC SpA 0.01% 1/25/2028	2.4%
	Minejesa Capital BV 5.63% 8/10/2037	2.3
	Banco Internacional del Peru SAA Interbank VRN 4.00% 7/8/2030	2.2
	Galaxy Pipeline Assets Bidco Ltd. 2.16% 3/31/2034	2.2
	Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.38% 6/1/2028	1.9
	TOTAL	11.0%


	Description	% of Net Assets
	SPDR Portfolio Intermediate Term Treasury ETF	30.8%
	SPDR Portfolio Mortgage-Backed Bond ETF	28.9
	SPDR Portfolio Long Term Treasury ETF	10.4
	SPDR Portfolio Intermediate Term Corporate Bond ETF	7.8
	SPDR Bloomberg International Treasury Bond ETF	7.0
	TOTAL	84.9%


		% of Net Assets
	Corporate Bonds & Notes	80.4%
	Foreign Government Obligations	15.2
	Short-Term Investment	3.1
	Other Assets in Excess of Liabilities	1.3
	TOTAL	100.0%


		% of Net Assets
	Trucking & Leasing	0.1%
	Health Care Products	0.0*
	Investment Company Security	0.0*
	Household Products & Wares	0.0*
	Metal Fabricate & Hardware	0.0*
	Distribution & Wholesale	0.0*
	Iron/Steel	0.0*
	Housewares	0.0*
	Holding Companies-Diversified	0.0*
	Miscellaneous Manufacturer	0.0*
	Energy-Alternate Sources	0.0*
	Coal	0.0*
	Machinery, Construction & Mining	0.0*
	Electrical Components & Equipment	0.0*
	Home Furnishings	0.0*
	Real Estate	0.0*
	Short-Term Investment	1.0
	Other Assets in Excess of Liabilities	0.2
	TOTAL	100.0%