STANDARD AND POOR'S MIDCAP 400 DEPOSITARY RECEIPTSTM

SPDR® S&P MIDCAP 400® ETF TRUST

A UNIT INVESTMENT TRUST

ANNUAL REPORT

SEPTEMBER 30, 2021

"Standard & Poor's®," "S&P®," "SPDR®," "S&P MidCap 400®," "Standard & Poor's MidCap 400 IndexTM," "S&P MidCap400 IndexTM" and "Standard & Poor's MidCap 400 Depositary ReceiptsTM" are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC ("S&P") and sublicensed for use by State Street Global Advisors Funds Distributors, LLC. SPDR S&P MidCap 400 ETF Trust (the "Trust") is permitted to use these trademarks pursuant to a sublicense from State Street Advisors Funds Distributors, LLC. The Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.


SPDR S&P MidCap 400 ETF Trust
Trust Overview (unaudited)
September 30, 2021

INVESTMENT OBJECTIVE:

To replicate the total return of the S&P MidCap 400 IndexTM (the "Index").

INVESTMENT STRATEGY:

The SPDR S&P MidCap 400 ETF Trust (the "Trust") holdings are comprised of the 400 stocks in the Index. The Trust is designed to capture the price performance of the middle capitalization segment of the U.S. publicly traded stock market.

PERFORMANCE OVERVIEW:

The Trust seeks to match the total return of the Index. To accomplish its investment objective, the Trust utilizes a full replication approach. With this strategy, all 400 securities of the Index are owned by the Trust in their approximate market capitalization weight. This replication approach is intended to result in low expected tracking error of the Trust relative to the Index.

The Trust is not actively managed. Rather, the Trust attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Trust will hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Trust's return to be lower than if the Trust employed an active strategy.

While the Trust is intended to track the performance of the Index as closely as possible (i.e., to achieve a high degree of correlation with the Index), the Trust's return may not match or achieve a high degree of correlation with the return of the Index due to expenses and transaction costs incurred in adjusting the portfolio of all of the common stocks of the Index. In addition, it is possible that the Trust may not always fully replicate the performance of the Index due to the unavailability of certain component stocks of the Index in the secondary market or due to other extraordinary circumstances (e.g., if trading in a security has been halted).


1


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments
September 30, 2021

Common Stock

 

Shares

 

Value

 

Acadia Healthcare Co., Inc.*

   

785,382

   

$

50,091,664

   

ACI Worldwide, Inc.*

   

1,026,778

     

31,552,888

   

Acuity Brands, Inc.

   

312,075

     

54,104,443

   

Adient PLC*

   

823,440

     

34,131,588

   

AECOM*

   

1,259,065

     

79,509,955

   

Affiliated Managers Group, Inc.

   

360,132

     

54,412,344

   

AGCO Corp.

   

540,259

     

66,197,935

   

Alleghany Corp.*

   

121,221

     

75,691,605

   

ALLETE, Inc.

   

456,806

     

27,189,093

   

Alliance Data Systems Corp.

   

434,852

     

43,872,218

   

Amedisys, Inc.*

   

285,192

     

42,522,127

   

American Campus Communities, Inc.

   

1,215,752

     

58,903,184

   

American Eagle Outfitters, Inc.

   

1,333,872

     

34,413,898

   

American Financial Group, Inc.

   

577,729

     

72,695,640

   

Amkor Technology, Inc.

   

875,555

     

21,845,097

   

Antero Midstream Corp.

   

2,837,549

     

29,567,261

   

Apartment Income REIT Corp.

   

1,371,807

     

66,957,900

   

AptarGroup, Inc.

   

576,464

     

68,800,978

   

Arrow Electronics, Inc.*

   

627,674

     

70,481,513

   

Arrowhead Pharmaceuticals, Inc.*

   

911,198

     

56,886,091

   

ASGN, Inc.*

   

462,333

     

52,308,356

   

Ashland Global Holdings, Inc.

   

493,635

     

43,992,751

   

Aspen Technology, Inc.*

   

593,534

     

72,885,975

   

Associated Banc-Corp.

   

1,336,885

     

28,636,077

   

AutoNation, Inc.*

   

381,691

     

46,474,696

   

Avient Corp.

   

797,909

     

36,983,082

   

Avis Budget Group, Inc.*

   

412,914

     

48,108,610

   

Avnet, Inc.

   

869,633

     

32,150,332

   

Axon Enterprise, Inc.*

   

573,986

     

100,459,030

   

BancorpSouth Bank

   

949,141

     

28,265,419

   

Bank of Hawaii Corp.

   

353,762

     

29,068,624

   

Bank OZK

   

1,064,810

     

45,765,534

   

Belden, Inc.

   

392,006

     

22,838,270

   

BJ's Wholesale Club Holdings, Inc.*

   

1,198,516

     

65,822,499

   

Black Hills Corp.

   

554,799

     

34,819,185

   

Blackbaud, Inc.*

   

367,406

     

25,847,012

   

Boston Beer Co., Inc., Class A*

   

82,047

     

41,823,458

   

Boyd Gaming Corp.*

   

715,994

     

45,293,780

   

Brighthouse Financial, Inc.*

   

726,361

     

32,853,308

   

Brink's Co.

   

435,168

     

27,546,134

   

The accompanying notes are an integral part of these financial statements.
2


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Brixmor Property Group, Inc.

   

2,595,502

   

$

57,386,549

   

Brooks Automation, Inc.

   

649,330

     

66,458,926

   

Brunswick Corp.

   

677,321

     

64,528,372

   

Builders FirstSource, Inc.*

   

1,810,938

     

93,697,932

   

Cable One, Inc.

   

43,268

     

78,450,509

   

Cabot Corp.

   

495,752

     

24,847,090

   

CACI International, Inc., Class A*

   

205,824

     

53,946,470

   

Callaway Golf Co.*

   

1,023,774

     

28,286,876

   

Camden Property Trust

   

878,999

     

129,625,983

   

Capri Holdings Ltd.*

   

1,328,557

     

64,315,444

   

Carlisle Cos., Inc.

   

455,568

     

90,562,363

   

Carter's, Inc.

   

384,643

     

37,402,685

   

Casey's General Stores, Inc.

   

323,575

     

60,977,709

   

Cathay General Bancorp

   

683,101

     

28,273,550

   

CDK Global, Inc.

   

1,064,275

     

45,284,901

   

Cerence, Inc.*

   

332,159

     

31,923,802

   

ChampionX Corp.*

   

1,763,690

     

39,436,108

   

Chemed Corp.

   

137,483

     

63,946,093

   

Chemours Co.

   

1,443,488

     

41,947,761

   

Choice Hotels International, Inc.

   

286,852

     

36,249,487

   

Churchill Downs, Inc.

   

302,992

     

72,742,319

   

Ciena Corp.*

   

1,352,620

     

69,457,037

   

Cimarex Energy Co.

   

898,555

     

78,353,996

   

Cirrus Logic, Inc.*

   

503,386

     

41,453,837

   

CIT Group, Inc.

   

866,488

     

45,014,052

   

Clean Harbors, Inc.*

   

437,435

     

45,436,373

   

Cleveland-Cliffs, Inc.*

   

3,974,461

     

78,734,072

   

CMC Materials, Inc.

   

255,392

     

31,471,956

   

CNO Financial Group, Inc.

   

1,116,837

     

26,290,343

   

CNX Resources Corp.*

   

1,904,564

     

24,035,598

   

Cognex Corp.

   

1,544,371

     

123,889,442

   

Coherent, Inc.*

   

214,425

     

53,625,548

   

Colfax Corp.*

   

1,132,062

     

51,961,646

   

Columbia Sportswear Co.

   

305,565

     

29,285,350

   

Commerce Bancshares, Inc.

   

928,961

     

64,730,003

   

Commercial Metals Co.

   

1,053,899

     

32,101,764

   

CommVault Systems, Inc.*

   

400,896

     

30,191,478

   

Compass Minerals International, Inc.

   

297,492

     

19,158,485

   

Concentrix Corp.*

   

374,215

     

66,236,055

   

CoreSite Realty Corp.

   

386,339

     

53,523,405

   

The accompanying notes are an integral part of these financial statements.
3


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Corporate Office Properties Trust

   

981,780

   

$

26,488,424

   

Coty, Inc., Class A*

   

2,924,340

     

22,985,312

   

Cousins Properties, Inc.

   

1,299,486

     

48,457,833

   

Cracker Barrel Old Country Store, Inc.

   

207,363

     

28,997,642

   

Crane Co.

   

435,564

     

41,295,823

   

Cree, Inc.*

   

1,009,180

     

81,471,101

   

Crocs, Inc.*

   

545,231

     

78,229,744

   

Cullen/Frost Bankers, Inc.

   

495,093

     

58,727,932

   

Curtiss-Wright Corp.

   

357,311

     

45,085,502

   

CyrusOne, Inc.

   

1,083,892

     

83,904,080

   

Dana, Inc.

   

1,269,255

     

28,228,231

   

Darling Ingredients, Inc.*

   

1,416,447

     

101,842,539

   

Deckers Outdoor Corp.*

   

241,766

     

87,084,113

   

Dick's Sporting Goods, Inc.

   

572,748

     

68,598,028

   

Digital Turbine, Inc.*

   

764,261

     

52,542,944

   

Donaldson Co., Inc.

   

1,097,580

     

63,012,068

   

Douglas Emmett, Inc.

   

1,533,573

     

48,476,243

   

DT Midstream, Inc.

   

846,563

     

39,145,073

   

Dycom Industries, Inc.*

   

269,001

     

19,163,631

   

Eagle Materials, Inc.

   

366,035

     

48,009,151

   

East West Bancorp, Inc.

   

1,239,974

     

96,147,584

   

EastGroup Properties, Inc.

   

353,130

     

58,842,052

   

EMCOR Group, Inc.

   

469,791

     

54,204,486

   

Emergent BioSolutions, Inc.*

   

417,702

     

20,914,339

   

Encompass Health Corp.

   

869,633

     

65,257,260

   

Energizer Holdings, Inc.

   

549,748

     

21,467,659

   

EnerSys

   

371,535

     

27,657,065

   

Envestnet, Inc.*

   

476,441

     

38,229,626

   

Envista Holdings Corp.*

   

1,409,348

     

58,924,840

   

EPR Properties

   

653,767

     

32,283,014

   

EQT Corp.*

   

2,644,375

     

54,103,913

   

Equitrans Midstream Corp.

   

3,553,315

     

36,030,614

   

Essent Group Ltd

   

977,729

     

43,029,853

   

Essential Utilities, Inc.

   

1,954,545

     

90,065,434

   

Evercore, Inc., Class A

   

346,594

     

46,329,220

   

Exelixis, Inc.*

   

2,753,437

     

58,207,658

   

FactSet Research Systems, Inc.

   

330,182

     

130,349,250

   

Fair Isaac Corp.*

   

248,091

     

98,722,852

   

Federated Hermes, Inc.

   

852,607

     

27,709,728

   

First American Financial Corp.

   

960,668

     

64,412,789

   

The accompanying notes are an integral part of these financial statements.
4


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

First Financial Bankshares, Inc.

   

1,119,762

   

$

51,453,064

   

First Horizon Corp.

   

4,801,010

     

78,208,453

   

First Industrial Realty Trust, Inc.

   

1,128,566

     

58,775,717

   

First Solar, Inc.*

   

864,160

     

82,492,714

   

FirstCash, Inc.

   

353,543

     

30,935,013

   

Five Below, Inc.*

   

489,366

     

86,524,802

   

Flowers Foods, Inc.

   

1,739,626

     

41,107,362

   

Flowserve Corp.

   

1,138,458

     

39,470,339

   

Fluor Corp.*

   

1,235,932

     

19,737,834

   

FNB Corp.

   

2,792,506

     

32,448,920

   

Foot Locker, Inc.

   

787,296

     

35,947,935

   

Fox Factory Holding Corp.*

   

367,968

     

53,186,095

   

FTI Consulting, Inc.*

   

299,583

     

40,353,830

   

Fulton Financial Corp.

   

1,425,232

     

21,777,545

   

GameStop Corp., Class A*

   

543,782

     

95,417,428

   

GATX Corp.

   

310,257

     

27,786,617

   

Genpact Ltd.

   

1,509,501

     

71,716,393

   

Gentex Corp.

   

2,088,390

     

68,875,102

   

Glacier Bancorp, Inc.

   

947,632

     

52,451,431

   

Globus Medical, Inc., Class A*

   

684,349

     

52,434,820

   

Goodyear Tire & Rubber Co.*

   

2,455,682

     

43,465,571

   

Graco, Inc.

   

1,483,497

     

103,800,285

   

Graham Holdings Co., Class B

   

35,282

     

20,786,743

   

Grand Canyon Education, Inc.*

   

394,913

     

34,736,547

   

Greif, Inc., Class A

   

232,049

     

14,990,365

   

Grocery Outlet Holding Corp.*

   

762,864

     

16,454,976

   

GXO Logistics, Inc.*

   

861,542

     

67,579,354

   

H&R Block, Inc.

   

1,556,152

     

38,903,800

   

Haemonetics Corp.*

   

445,412

     

31,441,633

   

Hain Celestial Group, Inc.*

   

732,080

     

31,318,382

   

Halozyme Therapeutics, Inc.*

   

1,243,972

     

50,604,781

   

Hancock Whitney Corp.

   

759,051

     

35,766,483

   

Hanover Insurance Group, Inc.

   

312,040

     

40,446,625

   

Harley-Davidson, Inc.

   

1,344,573

     

49,224,818

   

Hawaiian Electric Industries, Inc.

   

955,343

     

39,006,655

   

Healthcare Realty Trust, Inc.

   

1,271,891

     

37,876,914

   

HealthEquity, Inc.*

   

728,794

     

47,196,699

   

Helen of Troy Ltd.*

   

210,622

     

47,322,551

   

Herman Miller, Inc.

   

658,203

     

24,787,925

   

Hexcel Corp.*

   

732,818

     

43,522,061

   

The accompanying notes are an integral part of these financial statements.
5


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Highwoods Properties, Inc.

   

910,767

   

$

39,946,241

   

Hill-Rom Holdings, Inc.

   

575,226

     

86,283,900

   

HollyFrontier Corp.

   

1,306,505

     

43,284,511

   

Home BancShares, Inc.

   

1,319,359

     

31,044,517

   

Hubbell, Inc.

   

475,265

     

85,866,128

   

Hudson Pacific Properties, Inc.

   

1,332,616

     

35,007,822

   

IAA, Inc.*

   

1,178,090

     

64,288,371

   

ICU Medical, Inc.*

   

174,232

     

40,662,264

   

IDACORP, Inc.

   

441,493

     

45,641,546

   

II-VI, Inc.*

   

916,652

     

54,412,463

   

Ingevity Corp.*

   

345,389

     

24,650,413

   

Ingredion, Inc.

   

585,600

     

52,124,256

   

Insperity, Inc.

   

313,762

     

34,746,004

   

Integra LifeSciences Holdings Corp.*

   

635,722

     

43,534,243

   

Interactive Brokers Group, Inc., Class A

   

763,392

     

47,589,857

   

International Bancshares Corp.

   

465,232

     

19,372,260

   

Iridium Communications, Inc.*

   

1,153,078

     

45,950,158

   

ITT, Inc.

   

752,488

     

64,593,570

   

J2 Global, Inc.*

   

421,287

     

57,556,230

   

Jabil, Inc.

   

1,274,509

     

74,393,090

   

Jack in the Box, Inc.

   

189,404

     

18,434,691

   

Janus Henderson Group PLC

   

1,506,286

     

62,254,800

   

Jazz Pharmaceuticals PLC*

   

534,426

     

69,587,609

   

JBG SMITH Properties

   

1,014,751

     

30,046,777

   

Jefferies Financial Group, Inc.

   

1,727,231

     

64,132,087

   

JetBlue Airways Corp.*

   

2,779,425

     

42,497,408

   

John Wiley & Sons, Inc., Class A

   

380,391

     

19,860,214

   

Jones Lang LaSalle, Inc.*

   

443,119

     

109,933,393

   

KAR Auction Services, Inc.*

   

1,041,634

     

17,072,381

   

KB Home

   

786,154

     

30,597,114

   

KBR, Inc.

   

1,230,416

     

48,478,390

   

Kemper Corp.

   

522,715

     

34,912,135

   

Kennametal, Inc.

   

730,771

     

25,014,291

   

Kilroy Realty Corp.

   

916,003

     

60,648,559

   

Kinsale Capital Group, Inc.

   

187,357

     

30,295,627

   

Kirby Corp.*

   

525,332

     

25,194,923

   

Knight-Swift Transportation Holdings, Inc.

   

1,450,587

     

74,197,525

   

Kohl's Corp.

   

1,365,429

     

64,298,052

   

Lamar Advertising Co., Class A

   

758,287

     

86,027,660

   

Lancaster Colony Corp.

   

173,328

     

29,259,500

   

The accompanying notes are an integral part of these financial statements.
6


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Landstar System, Inc.

   

334,522

   

$

52,794,262

   

Lattice Semiconductor Corp.*

   

1,191,961

     

77,060,279

   

Lear Corp.

   

522,117

     

81,700,868

   

LendingTree, Inc.*

   

100,074

     

13,993,347

   

Lennox International, Inc.

   

298,845

     

87,911,234

   

LHC Group, Inc.*

   

276,784

     

43,430,177

   

Life Storage, Inc.

   

684,464

     

78,535,399

   

Lincoln Electric Holdings, Inc.

   

519,025

     

66,845,230

   

Lithia Motors, Inc.

   

264,389

     

83,821,889

   

Littelfuse, Inc.

   

215,146

     

58,792,947

   

LivaNova PLC*

   

465,003

     

36,823,588

   

LiveRamp Holdings, Inc.*

   

593,622

     

28,036,767

   

Louisiana-Pacific Corp.

   

832,252

     

51,075,305

   

Lumentum Holdings, Inc.*

   

663,343

     

55,415,674

   

Macerich Co.

   

1,861,639

     

31,107,988

   

Manhattan Associates, Inc.*

   

554,096

     

84,793,311

   

ManpowerGroup, Inc.

   

473,982

     

51,322,771

   

Marriott Vacations Worldwide Corp.

   

373,249

     

58,723,265

   

Masimo Corp.*

   

442,679

     

119,837,632

   

MasTec, Inc.*

   

500,109

     

43,149,405

   

Mattel, Inc.*

   

3,049,902

     

56,606,181

   

Maximus, Inc.

   

537,246

     

44,698,867

   

MDU Resources Group, Inc.

   

1,769,190

     

52,491,867

   

Medical Properties Trust, Inc.

   

5,206,247

     

104,489,377

   

Medpace Holdings, Inc.*

   

250,437

     

47,402,715

   

Mercury General Corp.

   

232,287

     

12,931,417

   

Mercury Systems, Inc.*

   

490,833

     

23,275,301

   

MGIC Investment Corp.

   

2,965,579

     

44,365,062

   

Middleby Corp.*

   

486,168

     

82,896,506

   

Mimecast Ltd*

   

534,320

     

33,982,752

   

Minerals Technologies, Inc.

   

293,591

     

20,504,395

   

MKS Instruments, Inc.

   

484,639

     

73,136,872

   

Molina Healthcare, Inc.*

   

510,397

     

138,475,810

   

MSA Safety, Inc.

   

318,532

     

46,410,112

   

MSC Industrial Direct Co., Inc., Class A

   

410,710

     

32,934,835

   

Murphy Oil Corp.

   

1,268,737

     

31,680,363

   

Murphy USA, Inc.

   

207,801

     

34,756,795

   

National Fuel Gas Co.

   

796,899

     

41,853,135

   

National Instruments Corp.

   

1,162,214

     

45,593,655

   

National Retail Properties, Inc.

   

1,534,680

     

66,282,829

   

The accompanying notes are an integral part of these financial statements.
7


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

National Storage Affiliates Trust

   

712,805

   

$

37,628,976

   

Navient Corp.

   

1,466,875

     

28,941,444

   

NCR Corp.*

   

1,148,394

     

44,511,751

   

Nektar Therapeutics*

   

1,606,370

     

28,850,405

   

Neogen Corp.*

   

939,319

     

40,794,624

   

NetScout Systems, Inc.*

   

647,495

     

17,449,990

   

Neurocrine Biosciences, Inc.*

   

827,183

     

79,335,122

   

New Jersey Resources Corp.

   

842,802

     

29,337,938

   

New York Community Bancorp, Inc.

   

4,064,257

     

52,306,988

   

New York Times Co., Class A

   

1,460,339

     

71,950,903

   

NewMarket Corp.

   

63,026

     

21,351,318

   

Nordson Corp.

   

472,471

     

112,518,969

   

Nordstrom, Inc.*

   

972,106

     

25,712,204

   

NorthWestern Corp.

   

450,631

     

25,821,156

   

NOV, Inc.*

   

3,414,636

     

44,765,878

   

Nu Skin Enterprises, Inc., Class A

   

438,164

     

17,732,497

   

NuVasive, Inc.*

   

451,535

     

27,024,370

   

nVent Electric PLC

   

1,469,202

     

47,499,301

   

OGE Energy Corp.

   

1,749,467

     

57,662,432

   

Old Republic International Corp.

   

2,485,017

     

57,478,443

   

Olin Corp.

   

1,262,157

     

60,899,075

   

Ollie's Bargain Outlet Holdings, Inc.*

   

530,630

     

31,986,376

   

Omega Healthcare Investors, Inc.

   

2,087,696

     

62,547,372

   

ONE Gas, Inc.

   

467,587

     

29,630,988

   

Option Care Health, Inc.*

   

1,210,437

     

29,365,202

   

Oshkosh Corp.

   

599,860

     

61,407,668

   

Owens Corning

   

901,322

     

77,063,031

   

PacWest Bancorp

   

1,024,414

     

46,426,442

   

Papa John's International, Inc.

   

284,411

     

36,117,353

   

Park Hotels & Resorts, Inc.*

   

2,066,884

     

39,560,160

   

Patterson Cos., Inc.

   

753,560

     

22,712,298

   

Paylocity Holding Corp.*

   

343,579

     

96,339,552

   

Pebblebrook Hotel Trust

   

1,148,255

     

25,732,395

   

Penumbra, Inc.*

   

300,523

     

80,089,380

   

Performance Food Group Co.*

   

1,343,106

     

62,400,705

   

Perrigo Co. PLC

   

1,168,627

     

55,311,116

   

Physicians Realty Trust

   

1,900,066

     

33,479,163

   

Pilgrim's Pride Corp.*

   

425,925

     

12,385,899

   

Pinnacle Financial Partners, Inc.

   

665,161

     

62,578,347

   

PNM Resources, Inc.

   

750,169

     

37,118,362

   

The accompanying notes are an integral part of these financial statements.
8


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Polaris, Inc.

   

497,773

   

$

59,563,517

   

Post Holdings, Inc.*

   

512,234

     

56,427,697

   

PotlatchDeltic Corp.

   

585,952

     

30,223,404

   

Primerica, Inc.

   

344,960

     

52,996,205

   

PROG Holdings, Inc.

   

581,190

     

24,415,792

   

Progyny, Inc.*

   

601,582

     

33,688,592

   

Prosperity Bancshares, Inc.

   

812,186

     

57,770,790

   

PS Business Parks, Inc.

   

175,717

     

27,541,883

   

Qualys, Inc.*

   

292,722

     

32,577,031

   

Quidel Corp.*

   

331,114

     

46,736,741

   

R1 RCM, Inc.*

   

1,169,884

     

25,749,147

   

Rayonier, Inc.

   

1,235,142

     

44,069,867

   

Regal Beloit Corp.

   

355,677

     

53,472,480

   

Reinsurance Group of America, Inc.

   

594,272

     

66,118,703

   

Reliance Steel & Aluminum Co.

   

554,826

     

79,018,319

   

RenaissanceRe Holdings Ltd.

   

411,685

     

57,388,889

   

Repligen Corp.*

   

446,853

     

129,136,048

   

Rexford Industrial Realty, Inc.

   

1,203,804

     

68,315,877

   

RH*

   

148,868

     

99,281,558

   

RLI Corp.

   

347,832

     

34,877,115

   

Royal Gold, Inc.

   

573,389

     

54,752,916

   

RPM International, Inc.

   

1,134,189

     

88,069,776

   

Ryder System, Inc.

   

469,967

     

38,870,971

   

Sabra Health Care REIT, Inc.

   

1,929,936

     

28,408,658

   

Sabre Corp.*

   

2,819,925

     

33,387,912

   

Saia, Inc.*

   

230,160

     

54,784,985

   

Sailpoint Technologies Holdings, Inc.*

   

812,281

     

34,830,609

   

Sanderson Farms, Inc.

   

185,408

     

34,893,786

   

Science Applications International Corp.

   

506,540

     

43,339,562

   

Scientific Games Corp.*

   

842,250

     

69,965,708

   

Scotts Miracle-Gro Co.

   

356,011

     

52,105,770

   

SEI Investments Co.

   

937,061

     

55,567,717

   

Selective Insurance Group, Inc.

   

525,324

     

39,677,722

   

Semtech Corp.*

   

567,432

     

44,242,673

   

Sensient Technologies Corp.

   

368,434

     

33,556,969

   

Service Corp. International

   

1,464,590

     

88,256,193

   

Signature Bank

   

529,954

     

144,295,875

   

Silgan Holdings, Inc.

   

733,345

     

28,131,114

   

Silicon Laboratories, Inc.*

   

354,975

     

49,753,296

   

Simpson Manufacturing Co., Inc.

   

379,653

     

40,611,481

   

The accompanying notes are an integral part of these financial statements.
9


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Six Flags Entertainment Corp.*

   

675,458

   

$

28,706,965

   

Skechers U.S.A., Inc., Class A*

   

1,178,932

     

49,656,616

   

SL Green Realty Corp.

   

586,954

     

41,579,821

   

SLM Corp.

   

2,672,664

     

47,038,886

   

SolarEdge Technologies, Inc.*

   

456,824

     

121,158,861

   

Sonoco Products Co.

   

859,327

     

51,198,703

   

Southwest Gas Holdings, Inc.

   

516,460

     

34,540,845

   

Spire, Inc.

   

451,702

     

27,635,128

   

Spirit Realty Capital, Inc.

   

1,040,931

     

47,924,463

   

Sprouts Farmers Market, Inc.*

   

997,997

     

23,123,591

   

STAAR Surgical Co.*

   

414,223

     

53,240,082

   

Steel Dynamics, Inc.

   

1,694,698

     

99,105,939

   

Stericycle, Inc.*

   

802,776

     

54,564,685

   

Sterling Bancorp

   

1,684,103

     

42,035,211

   

Stifel Financial Corp.

   

915,818

     

62,238,991

   

STORE Capital Corp.

   

2,137,026

     

68,448,943

   

Sunrun, Inc.*

   

1,799,798

     

79,191,112

   

Synaptics, Inc.*

   

307,657

     

55,295,193

   

Syneos Health, Inc.*

   

904,415

     

79,118,224

   

SYNNEX Corp.

   

363,119

     

37,800,688

   

Synovus Financial Corp.

   

1,279,894

     

56,174,548

   

Tandem Diabetes Care, Inc.*

   

550,854

     

65,760,951

   

Targa Resources Corp.

   

1,998,374

     

98,339,985

   

Taylor Morrison Home Corp.*

   

1,094,988

     

28,228,791

   

TEGNA, Inc.

   

1,932,221

     

38,103,398

   

Telephone and Data Systems, Inc.

   

863,897

     

16,845,992

   

Tempur Sealy International, Inc.

   

1,717,330

     

79,701,285

   

Tenet Healthcare Corp.*

   

935,620

     

62,162,593

   

Teradata Corp.*

   

953,498

     

54,683,110

   

Terex Corp.

   

610,033

     

25,682,389

   

Tetra Tech, Inc.

   

472,568

     

70,573,305

   

Texas Capital Bancshares, Inc.*

   

442,214

     

26,541,684

   

Texas Roadhouse, Inc.

   

610,297

     

55,738,425

   

Thor Industries, Inc.

   

483,883

     

59,401,477

   

Timken Co.

   

606,501

     

39,677,295

   

Toll Brothers, Inc.

   

1,013,574

     

56,040,506

   

Tootsie Roll Industries, Inc.

   

152,664

     

4,645,566

   

TopBuild Corp.*

   

287,846

     

58,953,739

   

Toro Co.

   

935,700

     

91,146,537

   

The accompanying notes are an integral part of these financial statements.
10


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Travel + Leisure Co.

   

754,219

   

$

41,127,562

   

Trex Co., Inc.*

   

1,008,083

     

102,753,900

   

Tri Pointe Homes, Inc.*

   

994,483

     

20,904,033

   

Trinity Industries, Inc.

   

729,040

     

19,808,017

   

TripAdvisor, Inc.*

   

860,330

     

29,122,171

   

UGI Corp.

   

1,827,446

     

77,885,749

   

UMB Financial Corp.

   

376,068

     

36,369,536

   

Umpqua Holdings Corp.

   

1,923,901

     

38,958,995

   

United Bankshares, Inc.

   

1,129,207

     

41,080,551

   

United States Steel Corp.

   

2,360,853

     

51,867,940

   

United Therapeutics Corp.*

   

392,339

     

72,417,933

   

Univar Solutions, Inc.*

   

1,493,688

     

35,579,648

   

Universal Display Corp.

   

378,862

     

64,770,248

   

Unum Group

   

1,786,348

     

44,765,881

   

Urban Edge Properties

   

962,319

     

17,620,061

   

Urban Outfitters, Inc.*

   

575,849

     

17,096,957

   

Valley National Bancorp

   

3,553,649

     

47,299,068

   

Valmont Industries, Inc.

   

185,399

     

43,591,013

   

Valvoline, Inc.

   

1,579,803

     

49,258,258

   

Viasat, Inc.*

   

640,853

     

35,291,775

   

Victoria's Secret & Co.*

   

656,332

     

36,268,906

   

Vishay Intertechnology, Inc.

   

1,159,860

     

23,301,587

   

Visteon Corp.*

   

244,568

     

23,084,774

   

Vontier Corp.

   

1,476,354

     

49,605,494

   

Washington Federal, Inc.

   

593,833

     

20,374,410

   

Watsco, Inc.

   

288,152

     

76,250,782

   

Webster Financial Corp.

   

791,751

     

43,118,759

   

Wendy's Co.

   

1,557,681

     

33,770,524

   

Werner Enterprises, Inc.

   

540,267

     

23,917,620

   

WEX, Inc.*

   

391,522

     

68,962,685

   

Williams-Sonoma, Inc.

   

656,516

     

116,419,982

   

Wingstop, Inc.

   

259,960

     

42,615,243

   

Wintrust Financial Corp.

   

498,519

     

40,065,972

   

Woodward, Inc.

   

555,897

     

62,927,540

   

World Wrestling Entertainment, Inc., Class A

   

394,553

     

22,197,552

   

Worthington Industries, Inc.

   

289,418

     

15,252,329

   

Wyndham Hotels & Resorts, Inc.

   

817,359

     

63,091,941

   

Xerox Holdings Corp.

   

1,201,133

     

24,226,853

   

XPO Logistics, Inc.*

   

861,542

     

68,561,512

   

The accompanying notes are an integral part of these financial statements.
11


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Common Stock

 

Shares

 

Value

 

Yelp, Inc.*

   

604,357

   

$

22,506,255

   

YETI Holdings, Inc.*

   

764,208

     

65,484,984

   
Total Investments (Cost $19,587,936,403)      

$

20,195,889,783

   

*  Non-income producing security for the year ended September 30, 2021.

The securities of the Trust's investment portfolio categorized by industry group, as a percentage of net assets, are as follows:

Industry Classification

 

Value

 

Percentage

 

Real Estate Investment Trusts (REITs)

 

$

1,866,674,992

     

9.23

%

 

Banks

   

1,387,832,015

     

6.86

%

 

Retail

   

1,283,998,979

     

6.35

%

 

Healthcare - Products

   

935,437,414

     

4.63

%

 

Commercial Services

   

856,536,557

     

4.24

%

 

Insurance

   

831,227,361

     

4.11

%

 

Machinery - Diversified

   

758,262,983

     

3.75

%

 

Software

   

725,280,792

     

3.59

%

 

Electronics

   

637,657,340

     

3.15

%

 

Healthcare - Services

   

618,155,811

     

3.06

%

 

Diversified Financial Services

   

554,080,640

     

2.74

%

 

Building Materials

   

553,613,902

     

2.74

%

 

Semiconductors

   

542,189,229

     

2.68

%

 

Computers

   

412,134,130

     

2.04

%

 

Chemicals

   

409,077,806

     

2.02

%

 

Food

   

364,141,720

     

1.80

%

 

Apparel

   

363,070,909

     

1.80

%

 

Media

   

341,051,611

     

1.69

%

 

Iron / Steel

   

340,828,034

     

1.69

%

 

Miscellaneous Manufacturing

   

338,435,047

     

1.67

%

 

Transportation

   

338,321,798

     

1.67

%

 

Auto Parts & Equipment

   

332,672,229

     

1.65

%

 

Engineering & Construction

   

309,259,894

     

1.53

%

 

Biotechnology

   

287,881,207

     

1.42

%

 

Energy - Alternate Sources

   

282,842,687

     

1.40

%

 

Electric

   

267,258,430

     

1.32

%

 

Leisure Time

   

267,088,566

     

1.32

%

 

Electrical Components & Equipment

   

249,630,632

     

1.23

%

 

Pharmaceuticals

   

233,599,049

     

1.16

%

 

The accompanying notes are an integral part of these financial statements.
12


SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2021

Industry Classification

 

Value

 

Percentage

 

Oil & Gas

 

$

231,458,380

     

1.14

%

 

Distribution / Wholesale

   

230,174,265

     

1.14

%

 

Entertainment

   

230,138,257

     

1.14

%

 

Gas

   

206,342,938

     

1.02

%

 

Pipelines

   

203,082,932

     

1.00

%

 

Home Builders

   

195,171,921

     

0.96

%

 

Hand / Machine Tools

   

191,742,114

     

0.95

%

 

Lodging

   

185,762,771

     

0.92

%

 

Environmental Control

   

170,574,363

     

0.84

%

 

Telecommunications

   

167,544,962

     

0.83

%

 

Packaging & Containers

   

163,121,161

     

0.81

%

 

Savings & Loans

   

114,716,609

     

0.57

%

 

Real Estate

   

109,933,393

     

0.54

%

 

Home Furnishings

   

104,489,210

     

0.52

%

 

Agriculture

   

101,842,539

     

0.50

%

 

Metal Fabricate / Hardware

   

98,520,637

     

0.49

%

 

Water

   

90,065,434

     

0.45

%

 

Machinery - Construction & Mining

   

87,090,058

     

0.43

%

 

Internet

   

85,611,177

     

0.42

%

 

Oil & Gas Services

   

84,201,986

     

0.42

%

 

Mining

   

73,911,400

     

0.37

%

 

Aerospace / Defense

   

66,797,362

     

0.33

%

 

Toys / Games / Hobbies

   

56,606,181

     

0.28

%

 

Housewares

   

52,105,770

     

0.26

%

 

Household Products / Wares

   

47,322,551

     

0.23

%

 

Airlines

   

42,497,408

     

0.21

%

 

Beverages

   

41,823,458

     

0.21

%

 

Trucking & Leasing

   

27,786,617

     

0.14

%

 

Office / Business Equipment

   

24,226,853

     

0.12

%

 

Cosmetics / Personal Care

   

22,985,312

     

0.11

%

 

Total Investments

   

20,195,889,783

     

99.89

%

 

Other Assets in Excess of Liabilities

   

21,306,428

     

0.11

%

 

Net Assets

 

$

20,217,196,211

     

100.00

%

 

The accompanying notes are an integral part of these financial statements.
13


SPDR S&P MidCap 400 ETF Trust
Statement of Assets and Liabilities

   

September 30, 2021

 

Assets:

 
Investments in securities of unaffiliated issuers, at value
(cost $19,587,936,403)
 

$

20,195,889,783

   

Cash

   

61,741,318

   

Receivable from securities sold

   

240,990,039

   

Receivable from Units created

   

97,641,343

   

Dividend receivable

   

22,858,172

   

Total Assets

 

$

20,619,120,655

   

Liabilities:

 

Payable for Units redeemed

 

$

230,111,391

   

Payable for securities purchased

   

108,565,105

   

Distribution payable

   

54,883,622

   

Payable to Sponsor

   

3,695,457

   

License fee payable

   

2,497,419

   

Accrued Trustee fees

   

1,583,477

   

Other accrued expenses

   

587,973

   

Total Liabilities

   

401,924,444

   

Net Assets

 

$

20,217,196,211

   

Net assets presented by:

 
Interest in Unitholders (42,041,098 units of fractional
undivided interest (Units) outstanding;
unlimited units authorized)
 

Paid-in capital

 

$

20,636,248,738

   

Total distributable earnings (loss)

   

(419,052,527

)

 

Net Assets

 

$

20,217,196,211

   
Units of beneficial interest outstanding, no par value,
unlimited Units authorized:
   

42,041,098

   

Net asset value per Unit:

 

$

480.89

   

The accompanying notes are an integral part of these financial statements.
14


SPDR S&P MidCap 400 ETF Trust
Statements of Operations

   

Year Ended September 30,

 
   

2021

 

2020

 

2019

 

Investment Income

 

Dividend income from unaffiliated issuers

 

$

260,984,599

   

$

254,204,376

   

$

308,085,941

   

Expenses:

 

Trustee fees and expenses

   

19,917,620

     

15,996,907

     

19,095,862

   

Printing and distribution expenses

   

16,287,729

     

16,165,388

     

18,820,355

   

License fees

   

5,885,286

     

4,832,136

     

5,723,297

   

Legal fees

   

200,002

     

102,714

     

144,328

   

Audit fees

   

108,500

     

109,205

     

107,815

   

Other fees and expenses

   

138,948

     

139,497

     

111,127

   

Total expenses

   

42,538,085

     

37,345,847

     

44,002,784

   
Less: voluntary fee reduction
by the Trustee (see Note 3)
   

     

(447,483

)

   

(1,135,360

)

 

Net expenses

   

42,538,085

     

36,898,364

     

42,867,424

   

Net Investment Income

 

$

218,446,514

   

$

217,306,012

   

$

265,218,517

   
Realized and unrealized gains
(losses) on investments of
unaffiliated issuers:
 

Net realized gains (losses) from investments

 

$

212,824,313

   

$

(685,110,965

)

 

$

(797,368,830

)

 
Net realized gains from in-kind
redemptions
   

2,148,501,660

     

819,391,676

     

1,137,026,333

   

Net realized gains

   

2,361,325,973

     

134,280,711

     

339,657,503

   
Net increase (decrease) in unrealized
appreciation (depreciation) on
investments
   

3,678,301,319

     

(1,204,948,995

)

   

(1,363,625,832

)

 
Net realized and unrealized
gains (losses) on investments
   

6,039,627,292

     

(1,070,668,284

)

   

(1,023,968,329

)

 
Net increase (decrease) in
net assets resulting from
operations
 

$

6,258,073,806

   

$

(853,362,272

)

 

$

(758,749,812

)

 

The accompanying notes are an integral part of these financial statements.
15


SPDR S&P MidCap 400 ETF Trust
Statements of Changes in Net Assets

   

Year Ended September 30,

 
   

2021

 

2020

 

2019

 

Increase (Decrease) in Net Assets From:

 

Operations:

 

Net investment income

 

$

218,446,514

   

$

217,306,012

   

$

265,218,517

   

Net realized gains

   

2,361,325,973

     

134,280,711

     

339,657,503

   
Net increase (decrease) in unrealized
appreciation (depreciation)
   

3,678,301,319

     

(1,204,948,995

)

   

(1,363,625,832

)

 
Net increase (decrease) in net assets
resulting from operations
   

6,258,073,806

     

(853,362,272

)

   

(758,749,812

)

 
Net equalization credits and charges
(Note 2)
   

(18,661

)

   

(8,541,858

)

   

(1,716,018

)

 

Distributions to Unitholders

   

(209,292,825

)

   

(220,651,553

)

   

(270,906,411

)

 

Unitholder Transactions:

 
Proceeds from subscriptions of
Units
   

11,137,004,876

     

17,168,059,428

     

15,906,274,321

   
Reinvestment of dividends
and distributions
   

7,390

     

     

601,792

   

Less: Redemptions of Units

   

(11,450,017,466

)

   

(20,713,015,764

)

   

(17,243,824,204

)

 

Net income equalization (Note 2)

   

18,661

     

8,541,858

     

1,716,018

   
Decrease in net assets due to
Unitholder transactions
   

(312,986,539

)

   

(3,536,414,478

)

   

(1,335,232,073

)

 

Total increase (decrease)

   

5,735,775,781

     

(4,618,970,161

)

   

(2,366,604,314

)

 

Net Assets

 

Beginning of year

   

14,481,420,430

     

19,100,390,591

     

21,466,994,905

   

End of year

 

$

20,217,196,211

   

$

14,481,420,430

   

$

19,100,390,591

   

The accompanying notes are an integral part of these financial statements.
16


SPDR S&P MidCap 400 ETF Trust
Financial Highlights

   

Year Ended September 30,

 
   

2021

 

2020

 

2019

 

2018

 

2017

 
Net Asset Value, Beginning
of Year
 

$

339.02

   

$

352.30

   

$

367.34

   

$

326.43

   

$

282.20

   

Investment Operations:

 

Net investment income(1)

   

5.07

     

4.57

     

4.76

     

4.55

     

3.63

   
Net realized and
unrealized gain (loss)
on investments
   

141.71

     

(12.96

)