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 FactSet Innovative Technology Index is designed to represent the performance of U.S.-listed stock and American Depository Receipts of Technology companies and Technology related companies (including Electronic Media companies) within the most innovative segments of the Technology sector and Electronic Media sub-sector of the Media sector, as defined by FactSet Research Systems, Inc.

The Global Dow Index is made up of 150 companies from around the world. The 150 companies are selected not just based on size and reputation, but also on their promise of future growth. The index has been designed to cover both developed and emerging countries. The index is equal weighted and will be reset to equal weights annually each September.

The MSCI USA Factor Mix A-Series Capped Index is designed to measure the equity market performance of large-and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low volatility. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index and the MSCI USA Minimum Volatility Index.

The NYSE Technology Index is composed of 35 leading U.S.-listed technology-related companies. The investible universe of the index comprises all stocks in the Information Technology sector and technology-related stocks in the Customer Discretionary sector, as defined by the Index Provider.

The S&P 500 Fossil Fuel Free Index is designed to measure the performance of companies in the S&P 500 Index that are “fossil fuel free”, which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the index, fossil fuel reserves are defined as economically and technically recoverable sources of crude oil, natural gas and thermal coal but do not include metallurgical or coking coal, which are used in connection with steel production.

The S&P Capital Markets Select Industry Index represents the capital markets segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The capital markets segment of the S&P TMI comprises the following sub-industries: Asset Management & Custody Banks, Diversified Capital Markets, Financial Exchanges & Data and Investment Banking & Brokerage.

The S&P Health Care Equipment Select Industry represents the health care equipment segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The health care equipment segment of the S&P TMI comprises the following sub-industries: Health Care Equipment and Health Care Supplies.

The S&P Health Care Services Select Industry^® Index represents the health care services segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The health care services segment of the S&P TMI comprises the following sub-industries: Health Care Distributors, Health Care Facilities, Health Care Services and Managed Health Care.

The S&P Insurance Select Industry Index represents the insurance segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The insurance segment of the S&P TMI comprises the following sub-industries: Insurance Brokers, Life & Health Insurance, Multi-Line Insurance, Property & Casualty Insurance and Reinsurance.

The S&P Internet Select Industry Index represents the internet segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The internet segment of the S&P TMI comprises the Internet and Direct Marketing Retail, Internet Services & Infrastructure and Interactive Media & Services sub-industry.

The S&P Metals & Mining Select Industry Index represents the metals and mining segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The metals & mining segment of the S&P TMI comprises the following sub-industries: Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver and Steel.

The S&P Oil & Gas Equipment & Services Select Industry Index represents the oil and gas equipment and services segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The oil and gas equipment and services segment of the S&P TMI comprises the Oil & Gas Drilling sub-industry and the Oil & Gas Equipment & Services sub-industry.

The S&P Pharmaceuticals Select Industry Index represents the pharmaceuticals segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The pharmaceuticals segment of the S&P TMI comprises the Pharmaceuticals sub-industry.

See accompanying notes to financial statements.

Table of Contents

Notes to Performance Summaries (Unaudited) (continued)

The S&P Retail Select Industry Index represents the retail segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The retail segment of the S&P TMI comprises the following sub-industries: Apparel Retail, Automotive Retail, Computer & Electronic Retail, Department Stores, Drug Retail, Food Retailers, General Merchandise Stores, Hypermarkets & Super Centers, Internet & Direct Marketing Retail and Specialty Stores.

The S&P Semiconductor Select Industry Index represents the semiconductors segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The semiconductors segment of the S&P TMI comprises the Semiconductors sub-industry.

The S&P Software & Services Select Industry Index represents the software and services segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The software and services segment of the S&P TMI comprises the following sub-industries: Application Software, Data Processing & Outsourced Services, Home Entertainment Software, IT Consulting & Other Services and Systems Software.

The S&P Telecom Select Industry Index represents the telecommunications segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The telecommunications segment of the S& P TMI comprises the following sub-industries: Alternative Carriers, Communications Equipment, Integrated Telecommunication Services and Wireless Telecommunication Services.

The S&P Transportation Select Industry Index represents the transportation segment of the S&P Total Market Index ("S&P TMI"). The S&P TMI is designed to track the broad U.S. equity market. The transportation segment of the S& P TMI comprises the following sub-industries: Air Freight & Logistics, Airlines, Airport Services, Highways & Rail Tracks, Marine, Marine Ports & Services, Railroads and Trucking.

The SSGA Gender Diversity Index is designed to measure the performance of U.S. large capitalization companies that are “gender diverse,” which are defined as companies that exhibit gender diversity in their senior leadership positions.

ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index is a modified market capitalization weighted index composed of preferred stock and securities that are functionally equivalent to preferred stock including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain securities issued by banks and other financial institutions that are eligible for capital treatment with respect to such instruments akin to that received for issuance of straight preferred stock.

See accompanying notes to financial statements.

Table of Contents

SPDR FactSet Innovative Technology ETF

Management's Discussion of Fund Performance (Unaudited)

The SPDR FactSet Innovative Technology ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the FactSet Innovative Technology Index. The Fund’s benchmark is the FactSet Innovative Technology Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –52.30%, and the Index was –52.14%. 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. Fees and expenses/cash drag/cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The SPDR FactSet Innovative Technology ETF had a disappointing fiscal year, giving back almost all of the positive 55% return that was generated last fiscal Reporting Period. The Index lost over 52% and significantly outpaced the broader struggling S&P 500 Index, this is a far cry from the impressive performance the space generated a year prior. Economic growth was strong to start the Reporting Period, as the manufacturing and services sector contributed toward the economic progress. The Job market improved with approximately 943,000 jobs being added in July which is the largest addition since August 2020. Sectors like travel and tourism that were impacted by reopening had a strong contribution during the last half of 2021.

At the start of 2022, concerns over the Russia-Ukraine War and tighter monetary policy weighed on equity markets. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the United States and China over Taiwan. U.S. consumer sentiment was negatively impacted by higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve (the “Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Markets remained volatile in the second quarter of 2022 and equities and bonds posted sharp declines.

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 during the Reporting Period were Pure Storage, Inc. Class A , Anaplan, Inc. and Arista Networks, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were LendingTree, Inc., DocuSign, Inc. and Digital Turbine, Inc..

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 FactSet Innovative Technology ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	FactSet Innovative Technology Index	Net Asset Value	Market Value	FactSet Innovative Technology Index
ONE YEAR	(52.30)%	(52.30)%	(52.14)%	(52.30)%	(52.30)%	(52.14)%
FIVE YEARS	59.85%	59.75%	63.03%	9.84%	9.82%	10.27%
SINCE INCEPTION⁽¹⁾	127.35%	127.33%	133.13%	13.54%	13.54%	14.00%

(1)

For the period January 13, 2016 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/13/16, 1/14/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR FactSet Innovative Technology ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

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 www.ssga.com 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.

Table of Contents

SPDR FactSet Innovative Technology ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of June 30, 2022


	Description	% of Net Assets
	Mandiant, Inc.	2.5%
	Check Point Software Technologies, Ltd.	2.1
	Qualys, Inc.	1.9
	Tenable Holdings, Inc.	1.8
	Duolingo, Inc.	1.8
	SolarEdge Technologies, Inc.	1.7
	Crowdstrike Holdings, Inc. Class A	1.6
	Ubiquiti, Inc.	1.6
	Advanced Energy Industries, Inc.	1.6
	CyberArk Software, Ltd.	1.6
	TOTAL	18.2%

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

Industry Breakdown as of June 30, 2022


		% of Net Assets
	Software	47.1%
	Interactive Media & Services	14.6
	Semiconductors & Semiconductor Equipment	9.6
	Entertainment	7.4
	Health Care Technology	5.2
	IT Services	3.2
	Communications Equipment	2.2
	Diversified Consumer Services	1.8
	Real Estate Management & Development	1.7
	Electronic Equipment, Instruments & Components	1.6
	Household Durables	1.4
	Internet & Direct Marketing Retail	1.3
	Consumer Finance	1.1
	Media	1.0
	Commercial Services & Supplies	0.6
	Short-Term Investments	8.6
	Liabilities in Excess of Other Assets	(8.4)
	TOTAL	100.0%

(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR Global Dow ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Global Dow ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of multinational blue-chip issuers. The Fund’s benchmark is the Global Dow Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –10.22%, and the Index was –10.00%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The primary drivers of fund performance over the period were supply chain disruptions and inflationary fears. At the start of the Reporting Period, the global growth recovery regained momentum, but multiple headwinds fueled concerns regarding the outlook. Reopening of the economy — driven by increased vaccination rate, healthy manufacturing, and labor activity — continued to provide support to recovery in the third quarter of 2021. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with the global energy crunch pose key risks to recovery momentum. This led to a weak start to the final quarter of 2021, but equity markets recovered amid strong earnings growth. The emergence of the highly infectious Omicron variant led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. However, the recovery was quick as data from South Africa and the U.K. indicated a lower risk of severe disease and the equity markets continued with its momentum through the last quarter of 2021 with many stocks reaching new highs.

Heading into 2022, concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine War weighed heavily on sentiment, resulting in the worst first half of the year for developed markets equities in over 50 years. Global economic growth and equity markets faced multiple headwinds. The Russia-Ukraine War created major supply chain disruption and exacerbated inflation problems over the period. The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs.

The Fund used equity index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of these contracts helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were BAE Systems, ConocoPhillips, and Chevron. The top negative contributors to the Fund’s performance during the Reporting Period were Carnival, PayPal, and Gazprom.

See accompanying notes to financial statements.

Table of Contents

SPDR Global Dow ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Global Dow Index	Net Asset Value	Market Value	Global Dow Index
ONE YEAR	(10.22)%	(10.05)%	(10.00)%	(10.22)%	(10.05)%	(10.00)%
FIVE YEARS	42.43%	42.60%	42.69%	7.33%	7.36%	7.37%
TEN YEARS	140.38%	141.22%	141.21%	9.17%	9.20%	9.20%

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 Global Dow ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA StrategicFactors ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI USA StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index designed to measure the equity market performance of large and mid-cap companies across the U.S. equity market that have exposure to value, quality and momentum factors. The Fund’s benchmark is the MSCI USA Factor Mix A-Series Capped Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –8.28%, and the Index was –8.15%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The Reporting Period was dominated by pandemic, war and inflation. It began amidst the continued global rollout of the COVID-19 vaccine, but it was also accompanied by GDP growth expectations that were blunted by concern about the Delta variant and the continuation of pandemic conditions. Amidst a tight labor market, concern about inflation began to intensify, despite assurances that higher inflation would be transitory. In September 2021, markets broke their long run of gains for the year and sold off on some of these concerns.

As the fourth quarter of 2021 began, markets were able to rebound and turn in strong performances for October. But market confidence continued to be shaken as inflation persisted, disruptions continued to plague the global supply chain, and the Federal Reserve (the “Fed”) provided indications that stronger measures would be necessary to fight higher inflation that would no longer be described as “transitory”. The emergence of a new Omicron variant also rattled markets and added to the uncertainty.

Inflation numbers continued to accelerate in the new year, and so did investors’ worries not just about more hawkish central bank actions but also about the length of time they would have to be in place. Markets began to sell off in earnest, but this time, economic concerns were compounded by geopolitical ones. Russia’s late February invasion of Ukraine sent markets reeling, particularly in Europe. Gas prices that were already climbing, particularly in the U.S., only climbed higher. Relief only came from a COVID-19 pandemic that appeared to be dwindling on an Omicron variant that was more contagious but much weaker.

There was no relief from inflation, however, as numbers continued to accelerate in the second quarter of 2022 and hit levels not seen for 40 years. In response, markets continued to decline and push into official bear market territory, with first-half of 2022 losses also not seen in 40 years. Inflation continued to share headlines with war in Ukraine, COVID-19 resurgence and lockdowns in China, and confirmation that first quarter U.S. GDP growth was indeed negative.

The Fund’s exposure to the value factor during the Reporting Period contributed to the Fund’s outperformance when compared to the broader U.S. market. At the beginning of the Reporting Period, the value premium had been underperforming for several years, and it continued this underperformance into the end of 2021. But as U.S. markets began their declines in 2022, value stocks were able to outperform. Value’s outperformance was particularly strong in the last quarter of the Reporting Period.

The performance of the quality and momentum factors during the Reporting Period were mixed, but the Fund’s combined exposure to higher quality names and stronger momentum names had a positive impact on relative performance compared to the broader U.S. market.

On a combined basis, the Fund’s exposure to quality, value and momentum factors helped drive the Fund’s –8.28% return during the Reporting Period, which represented stronger performance than the MSCI USA Index’s –13.17% return over the same Reporting Period.

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 during the Reporting Period were UnitedHealth Group Inc, Eli Lilly and Company and Merck & Co Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Meta Platforms Inc Class A, PayPal Holdings Inc and Adobe Incorporated.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA StrategicFactors^SM ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	MSCI USA Factor Mix A-Series Capped Index	Net Asset Value	Market Value	MSCI USA Factor Mix A-Series Capped Index
ONE YEAR	(8.28)%	(8.23)%	(8.15)%	(8.28)%	(8.23)%	(8.15)%
FIVE YEARS	69.10%	69.20%	70.72%	11.08%	11.09%	11.29%
SINCE INCEPTION⁽¹⁾	105.90%	106.04%	108.41%	10.53%	10.54%	10.72%

(1)

For the period April 15, 2015 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/15/15, 4/16/15, 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 MSCI USA StrategicFactors^SM ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR NYSE Technology ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR NYSE Technology ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded technology companies. The Fund’s benchmark is the NYSE Technology Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –34.86%, and the Index was –34.63%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Economic growth was strong to start the reporting period, as the manufacturing and services sector contributed towards the economic progress. The job market improved with approximately 943,000 jobs were added in July 2021 which was the largest addition since August 2020. Sectors like travel and tourism that were impacted by reopening had a strong contribution during the last half of 2021.

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 during the Reporting Period were IBM, Kyndryl, and Oracle. The top negative contributors to the Fund’s performance during the Reporting Period were Snap, Sea Ltd., and Uber Technologies.

See accompanying notes to financial statements.

Table of Contents

SPDR NYSE Technology ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	NYSE Technology Index	Net Asset Value	Market Value	NYSE Technology Index
ONE YEAR	(34.86)%	(34.82)%	(34.63)%	(34.86)%	(34.82)%	(34.63)%
FIVE YEARS	88.65%	88.60%	93.85%	13.53%	13.53%	14.15%
TEN YEARS	349.48%	349.53%	371.11%	16.22%	16.22%	16.76%

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 NYSE Technology ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P 500 Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of companies in the S&P 500 Index. The Fund’s benchmark is the S&P 500 Fossil Fuel Free Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –12.01%, and the Index was –11.83%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Inflation numbers shared headlines with war in Ukraine, COVID-19 resurgence and lockdowns in China, and confirmation that first quarter U.S. GDP growth was indeed negative. There was no relief from inflation, however, as numbers continued to accelerate in the second quarter of 2022 and hit levels not seen for 40 years. In response, markets continued to decline and push into official bear market territory, with first-half losses also not seen in 40 years.

During the Reporting Period, the price of oil increased rapidly. This was particularly true in the first quarter of 2022, which was a direct response to Russia’s invasion of Ukraine, the resulting sanctions placed on Russia by the international community and the concern about the disruptions all of this would cause in the oil and gas market. Persistent global inflationary pressures were also a contributor to the run up in the price of oil. Ultimately, fossil fuel companies’ stock prices rose along with the price of oil, and the Energy sector was the strongest performing sector in the S&P 500 for the Reporting Period. The Fund’s exclusion of certain securities due to related fossil fuel criteria contributed to the Fund’s –12.01% underperformance of the broader S&P 500 Index’s –11.01% return.

The Fund used S&P 500 Index futures in order to equitize cash and receivables during the Reporting Period, which helps the Fund to track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were UnitedHealth Group Inc, Eli Lilly and Company and Pfizer Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Amazon.com Inc, Meta Platforms Inc Class A and PayPal Holdings Inc.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 Fossil Fuel Reserves Free ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P 500 Fossil Fuel Free Index	Net Asset Value	Market Value	S&P 500 Fossil Fuel Free Index
ONE YEAR	(12.01)%	(12.01)%	(11.83)%	(12.01)%	(12.01)%	(11.83)%
FIVE YEARS	69.84%	69.79%	71.78%	11.18%	11.17%	11.43%
SINCE INCEPTION⁽¹⁾	105.49%	105.63%	108.56%	11.56%	11.57%	11.82%

(1)

For the period November 30, 2015 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/30/15, 12/1/15, 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 S& P 500 Fossil Fuel Reserves Free ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Capital Markets ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Capital Markets ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded companies that do business as broker-dealers, asset managers, trust and custody banks or exchanges. The Fund’s benchmark is the S&P Capital Markets Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –20.82%, and the Index was –20.56%. 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. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

Capital Markets started off slowly but still in positive territory during the first half of the Reporting Period. Hopes of economic recovery and higher interest rates following the distribution of COVID-19 vaccines helped many companies stay in the black. Unfortunately, another surge in cases during the beginning of 2022, as well as the developing war in Ukraine caused major disruptions in the market. Supply chain bottlenecks continued to persist and U.S. consumer sentiment was hit due to higher prices and an additional looming hike in interest rates. Capital Markets fell by over 30% during the final six months of the Reporting Period, causing the index to end in negative territory.

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 during the Reporting Period were LPL Financial Holdings, Inc., FactSet Research Systems Inc. and PJT Partners, Inc. Class A. The top negative contributors to the Fund’s performance during the Reporting Period were MarketAxess Holdings Inc., Open Lending Corporation Class A and Coinbase Global, Inc. Class A.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Capital Markets ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Capital Markets Select Industry Index	Net Asset Value	Market Value	S&P Capital Markets Select Industry Index
ONE YEAR	(20.82)%	(20.80)%	(20.56)%	(20.82)%	(20.80)%	(20.56)%
FIVE YEARS	66.53%	66.50%	67.36%	10.74%	10.74%	10.85%
TEN YEARS	198.34%	198.72%	203.82%	11.55%	11.56%	11.75%

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 S& P Capital Markets ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Health Care Equipment ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Health Care Equipment ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the healthcare equipment and supplies segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Health Care Equipment Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –34.18%, and the Index was –34.06%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The Healthcare Equipment Index suffered negative returns all four quarters in the Reporting period as uncertainty of COVID-19 continued to weigh heavily and cases began to surge once again. Despite previous gains due to COVID-19, related to a rise Healthcare Equipment needs, many companies suffered due to numerous supply chain disruptions. In addition, the higher costs of product design and development and overall cost of healthcare itself, caused further declines. Finally, increased cases of cybersecurity failures only furthered the continued decline over the Reporting Period, resulting in negative returns of over –34%.

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 during the Reporting Period were Lantheus Holdings Inc., iRhythm Technologies, Inc. and Meridian Bioscience, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Pulmonx Corp., Butterfly Network Inc. Class A and Nevro Corp..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Health Care Equipment ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Health Care Equipment Select Industry Index	Net Asset Value	Market Value	S&P Health Care Equipment Select Industry Index
ONE YEAR	(34.18)%	(34.20)%	(34.06)%	(34.18)%	(34.20)%	(34.06)%
FIVE YEARS	39.88%	39.83%	41.85%	6.94%	6.94%	7.24%
TEN YEARS	233.89%	234.46%	243.55%	12.81%	12.83%	13.14%

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 S& P Health Care Equipment ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Health Care Services ETF

Management's Discussion of Fund Performance (Unaudited)

The SPDR S&P Health Care Services ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the health care providers and services segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Health Care Services Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –27.91%, and the Index was –27.83%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses contributed to the difference between the Fund’s performance and that of the Index.

Technology trends and poor profits across the industry were primary drivers of Fund performance during the Reporting Period.

As services shifted to a virtual model during the pandemic, traditional healthcare providers received a boost in stock returns due to these type of activities. Virtual healthcare continued its strong trend during the Reporting Period.

The industry struggled, however, due to poor profits that were seen by many of the companies in the Index. Healthcare equipment stocks have been a drag on the industry’s performance due to COVID-19 related issues. These companies experienced modest losses during the Reporting Period.

During the Reporting Period, Tech stocks took a hit and companies in other industries who lean more towards tech based products and solutions also suffered. The upstart companies in the industry who are trying to deliver primarily tech driven health care services experienced business losses during the Reporting Period.

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 during the Reporting Period were McKesson Corporation, UnitedHealth Group Incorporated, and Option Care Health Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Clover Health Investments Corp. Class A, Accolade, Inc., and Joint Corp.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Health Care Services ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Health Care Services Select Industry Index	Net Asset Value	Market Value	S&P Health Care Services Select Industry Index
ONE YEAR	(27.91)%	(27.88)%	(27.83)%	(27.91)%	(27.88)%	(27.83)%
FIVE YEARS	32.18%	32.25%	34.16%	5.74%	5.75%	6.05%
TEN YEARS	193.43%	193.61%	203.15%	11.37%	11.37%	11.73%

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 S& P Health Care Services ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Insurance ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Insurance ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded companies in the insurance industry. The Fund’s benchmark is the S&P Insurance Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –0.01%, and the Index was 0.39%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Federal Reserve Bank monetary policies, Inflationary fears, and the technology bear market were primary drivers of Fund performance during the Reporting Period.

Insurance companies benefited from the Federal Reserve Bank monetary policies during the Reporting Period. Increased rates help insurance companies become more profitable through higher premiums charges to customers.

Investor’s concern over the rising inflation trickled down into the insurance industry, as stocks fell sharply in the second quarter of 2022.

More recently, the industry has seen a rise in internet-based Insurance companies as an alternative way for customers to shop for coverage. During the Reporting Period, Technology companies have taken a performance hit and this was evident in the technology/internet based insurance companies.

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 during the Reporting Period were W. R. Berkley Corporation, W. R. Berkley Corporation, and Kinsale Capital Group, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were eHealth, Inc., Goosehead Insurance, Inc. Class A, and Lemonade Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Insurance ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Insurance Select Industry Index	Net Asset Value	Market Value	S&P Insurance Select Industry Index
ONE YEAR	(0.01)%	0.08%	0.39%	(0.01)%	0.08%	0.39%
FIVE YEARS	41.71%	41.78%	44.38%	7.22%	7.23%	7.62%
TEN YEARS	235.15%	235.43%	248.06%	12.86%	12.87%	13.28%

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Insurance ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Internet ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Internet ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the internet segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Internet Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –58.98%, and the Index was –58.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees/ expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Global recovery regained momentum at the start of the Reporting Period, driven by increased vaccination rate, healthy manufacturing, and labor activity. While this all signaled the reopening of the economy, internet companies were not seeing the same positive movement. Eleven of the twelve months in the Reporting Period posted negative returns. After being home throughout the pandemic, shoppers were eager to head back to brick-and-mortar stores. Inflation also drove consumers to curb non-discretionary spending. All three sub-industries were down significantly over the 12-month period. Internet and Direct Marketing Retail was down 67.7%, Interactive Media and Services was down 57.8% and Internet Services and Infrastructure was down 47.4%.

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 during the Reporting Period were: Switch, Inc, Stamps.com Inc, and BARK, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were: Stitch Fix, Inc, RealReal, Inc, and fuboTV, Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Internet ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Internet Select Industry Index	Net Asset Value	Market Value	S&P Internet Select Industry Index
ONE YEAR	(58.98)%	(59.01)%	(58.92)%	(58.98)%	(59.01)%	(58.92)%
FIVE YEARS	26.11%	26.03%	27.43%	4.75%	4.74%	4.97%
SINCE INCEPTION⁽¹⁾	73.10%	73.04%	75.69%	9.56%	9.56%	9.83%

(1)

For the period June 27, 2016 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 (6/27/16, 6/28/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

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

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Internet ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Metals & Mining ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Metals & Mining ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the metals and mining segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Metals & Mining Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was 1.87%, and the Index was 2.20%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Consumer spending, gas prices, and the war between Russia and Ukraine were primary drivers of Fund performance during the Reporting Period.

Although most U.S. equities were down during the Reporting Period, Metals and Mining stocks saw modest positive returns over that time.

When the global pandemic first emerged, consumer spending stalled as people stayed home and saved their money. Now, as people continue to re-enter the world, Metals & Mining companies have benefited from the increased spending on homes, travel, etc.

Metals, such as coal, steel, and aluminum have experienced increases in demand, which has benefited the industry.

The Russian-Ukraine war has increased the price of natural gas and because of this, demand for coal has amplified. As coal has come more in favor, coal mining companies and steel manufacturing companies have also profited.

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 during the Reporting Period were Peabody Energy Corporation, Arch Resources, Inc. Class A, and Alcoa Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Coeur Mining, Inc., Hecla Mining Company, and Piedmont Lithium Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Metals & Mining ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Metals & Mining Select Industry Index	Net Asset Value	Market Value	S&P Metals & Mining Select Industry Index
ONE YEAR	1.87%	1.81%	2.20%	1.87%	1.81%	2.20%
FIVE YEARS	56.97%	56.93%	59.65%	9.44%	9.43%	9.81%
TEN YEARS	22.62%	22.63%	23.23%	2.06%	2.06%	2.11%

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 S& P Metals & Mining ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Oil & Gas Equipment & Services ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Oil & Gas Equipment & Services ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the oil and gas equipment and services segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Oil & Gas Equipment & Services Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –3.18%, and the Index was –2.85%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index contributed to the difference between the Fund’s performance and that of the Index.

The Fund retreated around 20% during the first 6 months of the Reporting Period under review. During the first quarter under review, risk assets across developed markets were flat whereas emerging markets underperformed amid sell-off in China. On the fiscal front, U.S. congress narrowly avoided a government shutdown in September, setting a stage for debt ceiling struggle in the fourth quarter. A bi-partisan Infrastructure bill was delayed as its fate was now linked to broader social spending negotiations in congress Rising COVID-19 cases toward the end of 2021 triggered disruption to services and created further bottlenecks related to labor, transportation and goods. Commodities (as measured by the Bloomberg Commodities Total Return Index) declined 1.6% during the 4th quarter of 2021, amid the emergence of the Omicron variant and the energy sector lost 13%.

Conversely, in the second half of the Reporting Period under review, the Fund returned over 21%. Commodity prices accelerated the trend as western countries imposed strict sanctions on Russia’s economy. The Russia-Ukraine War further exacerbated the supply chain and inflation problems at the end of February. Commodities (as measured by the Bloomberg Commodities Total Return Index) registered a solid return of 25.6% in the first quarter of 2022 as the Russia-Ukraine War supercharged a rally in commodity markets. The energy sector continued to lead the way, up 47.9%, with the Bloomberg Natural Gas Sub-Index returning over 58% for the quarter. The West Texas Intermediate crude oil index climbed over 38% for the quarter ending Mar 31 2022, while energy prices rose sharply amid increasing global demand and tighter global supplies as sanctions mounted on Russia, a significant player in global energy markets. This trend somewhat cooled for the quarter ending June 30, 2022, as while energy sector continued to lead the way, up 7.0%, the Natural Gas Sub-Index fell by 6.0% as prices contracted by more than 33% in June, wiping out all gains made during April and May. The oil and gas market reversed its upward trend in June on anticipations of a global slowdown, while OPEC, China and the U.S. desperately tried to ease the supply-demand imbalance.

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 during the Reporting Period were NexTier Oilfield Solutions, Inc., Patterson-UTI Energy, Inc. and Halliburton Company. The top negative contributors to the Fund’s performance during the Reporting Period were Core Laboratories NV, Helix Energy Solutions Group, Inc., and DMC Global Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Oil & Gas Equipment & Services ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Oil & Gas Equipment & Services Select Industry Index	Net Asset Value	Market Value	S&P Oil & Gas Equipment & Services Select Industry Index
ONE YEAR	(3.18)%	(3.13)%	(2.85)%	(3.18)%	(3.13)%	(2.85)%
FIVE YEARS	(58.47)%	(58.44)%	(58.12)%	(16.12)%	(16.10)%	(15.98)%
TEN YEARS	(77.90)%	(77.89)%	(77.58)%	(14.01)%	(14.01)%	(13.89)%

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 S& P Oil & Gas Equipment & Services ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Pharmaceuticals ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Pharmaceuticals ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index comprised of the Pharmaceuticals sub-industry . The Fund’s benchmark is the S&P Pharmaceuticals Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –17.67%, and the Index was –17.79%. 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. Positive cash drag and class action proceeds contributed to the difference between the Fund’s performance and that of the Index.

The Pharmaceutical Industry Index lost value in each of the four quarters during the period essentially giving back the almost exact 18% that it gained during the previous fiscal year. That only tells half of the story, however. After a disappointing first half of the fiscal year in which the Index trailed the S&P 500 by close to 22%, the industry rallied in the second half outpacing the broader market by over 11.5% and salvaging the disparity a bit as the S&P 500’s final tally was –10.62% for the period. COVID-19 continued to dominate the industry headlines during the period as companies such as Pfizer and Johnson & Johnson produced vaccines at a rapid rate while trying to combat the different variants of the virus. Pfizer also developed an oral treatment for COVID-19 patients towards the end of the period. Elsewhere in the industry, M&A began to trend upwards again back to pre-pandemic levels. Companies such as Bristol Myers Squibb (Turning Point Therapeutics), GlaxoSmithKline (Sierra Oncology), and Pfizer (Biohaven Pharmaceuticals) acquired smaller drug companies during the period. Each of those deals, some still pending, exceeded $1 Billion.

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 during the Reporting Period were Pfizer, Inc., Eli Lilly and Co, and Merck & Co. The top negative contributors to the Fund’s performance during the Reporting Period were Cassava Sciences, Endo International and Reata Pharmaceuticals, Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Pharmaceuticals ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Pharmaceuticals Select Industry Index	Net Asset Value	Market Value	S&P Pharmaceuticals Select Industry Index
ONE YEAR	(17.67)%	(17.64)%	(17.79)%	(17.67)%	(17.64)%	(17.79)%
FIVE YEARS	1.60%	1.65%	2.17%	0.32%	0.33%	0.43%
TEN YEARS	74.10%	74.12%	76.63%	5.70%	5.70%	5.85%

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 S& P Pharmaceuticals ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Retail ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Retail ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the retail segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Retail Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –39.02%, and the Index was –38.91%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Over the last year, the S&P Retail Select Industry Index struggled to generate positive returns, with only August and October 2021 generating positive returns. The retail markets struggled particularly in Q1 and Q2 2022 with –35.2% returns over these 6 months. Despite rebounding labor markets, inflation, interest rate hikes, and concerns over a recession weighted on the minds of many investors in retail stocks driving down prices.

In Q3 2021, the S&P Retail Select Industry Index returned –6.8% for the quarter in the U.S. Economic growth remained strong during the quarter as the manufacturing and services sector contributed towards the economic progress. The Job market improved with approximately 943,000 jobs being added in July which was the largest additions since August 2020. Sectors like travel and tourism that were impacted by reopening had a strong contribution during the quarter. The consumer price index (CPI) stayed at the decade highs of 5.4% year over year.

During the 4th quarter of 2021, U.S. President Joe Biden made progress on his infrastructure spending proposals by signing the long-awaited Infrastructure Investment and Jobs Act, which is a US$1.2 trillion bipartisan infrastructure bill. The bill includes US$550 billion of additional spending in order to upgrade roads, bridges and railways and deploy electric vehicle charging stations across the U.S.. Despite the announcement of a sizeable injection of capital into the U.S. markets, the S&P Retail Select Industry Index only returned 1.1% for the quarter.

For the 1st quarter of 2022, concerns over the Russia-Ukraine War and tighter monetary policy negatively affected U.S. equity markets during the quarter. The U.S. consumer sentiment was hit due to higher prices, as inflation rose to 7.9%, reaching a 40-year high. The Federal Reserve (the ”Fed”) announced its first rate hike since 2018, raising the target rate by 0.25%, and clarified that further increases would be appropriate. On the positive side, the U.S. labor market remained robust, with the February jobs report coming in much better than expected and wage growth increasing by 5.1% year-over-year. Total nonfarm payrolls surpassed consensus forecasts, and the unemployment rate dropped to 3.8%, despite the labor force participation rate moving up to 62.3%. Earnings growth for U.S. companies stood at 30% year-over-year, beating expectations. However, labor markets couldn’t help the S&P Retail Select Industry Index and it dropped –16.3% for the quarter.

In the U.S., equities declined over the 2nd quarter of 2022. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. However, as an aftereffect, unemployment rates were also likely to rise, which was an area of concern for market participants.

Signs of higher interest rates weighing on economic activity could be observed from 40% higher house prices compared with the start of 2020. Economic data also confirmed a decline in the number of home sales.

The S&P Retail Select Industry Index returned –22.6% for the quarter. The S&P 500 index also declined by 16.10% during the quarter. All sectors in the U.S. posted negative returns. Consumer discretionary (–26.16%) and communication services (–20.71%) were the weakest.

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 during the Reporting Period were Stamps.com, Murphy USA, and Grocery Outlet Holdings. The top negative contributors to the Fund’s performance during the Reporting Period were Vroom Inc, Stitch Fix, and RealReal Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Retail ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Retail Select Industry Index	Net Asset Value	Market Value	S&P Retail Select Industry Index
ONE YEAR	(39.02)%	(38.98)%	(38.91)%	(39.02)%	(38.98)%	(38.91)%
FIVE YEARS	53.95%	54.07%	54.36%	9.01%	9.03%	9.07%
TEN YEARS	125.52%	125.53%	128.00%	8.47%	8.47%	8.59%

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 S& P Retail ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Semiconductor ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Semiconductor ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the semiconductor segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Semiconductor Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –20.86%, and the Index was –20.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The Semiconductor Industry was able to enjoy strong, consistent earnings and growth as demand for computer processing continued to rise during the first half of this Reporting Period with returns over 25%. Continued social distancing practices and a remote workforce across the globe meant continued demand for cloud-based solutions and video communications software. The COVID-19 pandemic has made it very clear that IT infrastructure and reliable networks and software with adequate speed and reliability were paramount. Unfortunately, as students returned to the classrooms and more and more employees returned to the office, there was a large decline in demand. This decline, coupled with continued chip supply chain woes, wiped out earlier gains with negative returns of over 40% during the first six months of 2022 which negatively impacted the Fund during the Reporting Period.

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 during the Reporting Period were SiTime Corporation, Xilinx, Inc. and ON Semiconductor Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Skyworks Solutions, Inc., Meta Materials Inc. and Navitas Semiconductor Corporation.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Semiconductor ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Semiconductor Select Industry Index	Net Asset Value	Market Value	S&P Semiconductor Select Industry Index
ONE YEAR	(20.86)%	(20.84)%	(20.71)%	(20.86)%	(20.84)%	(20.71)%
FIVE YEARS	152.64%	152.78%	155.53%	20.36%	20.38%	20.64%
TEN YEARS	620.78%	621.38%	639.67%	21.84%	21.85%	22.15%

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 S& P Semiconductor ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Software & Services ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Software & Services ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the computer software segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Software & Services Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –35.16%, and the Index was –35.00%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Most of the Fund’s underperformance in the first half of the fiscal year occurred in the last quarter of 2021, when supply chain bottlenecks continued to persist and sapped growth momentum. Rising COVID-19 cases toward the end of the quarter triggered disruption to services and created further bottlenecks related to labor, transportation and goods. On the monetary policy front, global central banks, led by the U.S. Fed, turned mostly hawkish by varying degrees. The U.S. Federal Reserve (the “Fed”) abandoned its notion of ‘transitory inflation, and announced that it would double the pace of tapering, paving the way for a rate hike in early 2022. On the economic front, inflation levels remained elevated with the U.S. consumer price index (CPI) surging by 6.8% year-over-year, the highest rate since June 1982.

The Fund significantly underperformed in the second half of the fiscal year. During the first quarter of 2022, equity markets faced multiple headwinds as commodity prices accelerated the trend as western countries imposed strict sanctions on Russia’s economy. Hawkish pivot by western central banks amid rising inflation also weighed on stocks and bonds. The Russia-Ukraine War further exacerbated the supply chain and inflation problems at the end of February. The S&P500 Index declined by 4.60% during the quarter. Value significantly outperformed growth and Information Technology (–8.36%) was one of the worst-performing sectors.

During the last quarter of the Reporting Period under review, persistent inflation pressure forced central banks to accelerate tightening, risking a hard landing. Incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine War weighed heavily on sentiment. Consumer sentiment dropped sharply despite lower levels of unemployment and stronger wage growth over the quarter. The Fed indicated its commitment toward bringing inflation under control by raising interest rates further. The S&P 500 index declined by 16.10% during the quarter. Information Technology was once again one of the worst performing sectors, retreating over –20% for the 3 months ending June 30, 2022.

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 during the Reporting Period were Bottomline Technologies (de), Inc. International Money Express, Inc. and Mimecast Limited. The top negative contributors to the Fund’s performance during the Reporting Period were Riot Blockchain Inc, Avaya Holdings Corp. and Skillz Inc. Class A.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Software & Services ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Software & Services Select Industry Index	Net Asset Value	Market Value	S&P Software & Services Select Industry Index
ONE YEAR	(35.16)%	(35.16)%	(35.00)%	(35.16)%	(35.16)%	(35.00)%
FIVE YEARS	79.82%	79.87%	82.53%	12.45%	12.46%	12.79%
TEN YEARS	294.53%	294.61%	305.59%	14.71%	14.71%	15.03%

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 S& P Software & Services ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Telecom ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Telecom ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the telecommunications segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Telecom Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –22.87%, and the Index was –22.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The SPDR S&P Telecom ETF had a disappointing fiscal year giving back almost half of the positive performance that was generated last fiscal year. The Index lost almost 23% and lagged the broader struggling S&P 500 Index by almost 13% on the Reporting Period. While the COVID-19 variant seems to have increased the need for expansion in the telecommunications space, the global pandemic has also created havoc for these companies and their opportunity to grow. There are ongoing challenges associated with global supply chains along with increased costs in materials as well as increased rates in freight. Additionally, the global semi-conductor shortage that has disrupted many different industries has specifically created challenges within the Telecom space. Finally, Telecom companies have seen increases in demand for hardware and mobile solutions, yet the tailwinds from the pandemic are winding down. The move from 4G to 5G gives Telecom companies the opportunity for growth, yet they will also have to navigate declining demand for 4G products which some companies are currently struggling with.

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 during the Reporting Period were Gogo Inc., NetScout Systems, Inc. and Arista Networks, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Inseego Corp, CommScope Holding Co. and Bandwidth Inc. Class A.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Telecom ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Telecom Select Industry Index	Net Asset Value	Market Value	S&P Telecom Select Industry Index
ONE YEAR	(22.87)%	(22.82)%	(22.67)%	(22.87)%	(22.82)%	(22.67)%
FIVE YEARS	18.15%	18.25%	18.16%	3.39%	3.41%	3.39%
TEN YEARS	117.89%	117.86%	120.52%	8.10%	8.10%	8.23%

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 S& P Telecom ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2022.

See accompanying notes to financial statements.

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR FactSet Innovative Technology ETF (XITK)	3
SPDR Global Dow ETF (DGT)	6
SPDR MSCI USA StrategicFactors^SM ETF (QUS)	9
SPDR NYSE Technology ETF (XNTK)	12
SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX)	15
SPDR S&P Capital Markets ETF (KCE)	18
SPDR S&P Health Care Equipment ETF (XHE)	21
SPDR S&P Health Care Services ETF (XHS)	24
SPDR S&P Insurance ETF (KIE)	27
SPDR S&P Internet ETF (XWEB)	30
SPDR S&P Metals & Mining ETF (XME)	33
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	36
SPDR S&P Pharmaceuticals ETF (XPH)	39
SPDR S&P Retail ETF (XRT)	42
SPDR S&P Semiconductor ETF (XSD)	45
SPDR S&P Software & Services ETF (XSW)	48
SPDR S&P Telecom ETF (XTL)	51
SPDR S&P Transportation ETF (XTN)	54
SPDR SSGA Gender Diversity Index ETF (SHE)	57
SPDR ICE Preferred Securities ETF (PSK)	60
Schedules of Investments
SPDR FactSet Innovative Technology ETF (XITK)	63
SPDR Global Dow ETF (DGT)	66
SPDR MSCI USA StrategicFactors^SM ETF (QUS)	70
SPDR NYSE Technology ETF (XNTK)	79
SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX)	81
SPDR S&P Capital Markets ETF (KCE)	89
SPDR S&P Health Care Equipment ETF (XHE)	91
SPDR S&P Health Care Services ETF (XHS)	93
SPDR S&P Insurance ETF (KIE)	95
SPDR S&P Internet ETF (XWEB)	97
SPDR S&P Metals & Mining ETF (XME)	99
SPDR S&P Oil & Gas Equipment & Services ETF (XES)	101
SPDR S&P Pharmaceuticals ETF (XPH)	103
SPDR S&P Retail ETF (XRT)	105
SPDR S&P Semiconductor ETF (XSD)	107
SPDR S&P Software & Services ETF (XSW)	109
SPDR S&P Telecom ETF (XTL)	112
SPDR S&P Transportation ETF (XTN)	114
SPDR SSGA Gender Diversity Index ETF (SHE)	116
SPDR ICE Preferred Securities ETF (PSK)	121
Financial Statements	126
Financial Highlights	146
Notes to Financial Statements	166
Report of Independent Registered Public Accounting Firm	179
Other Information (Unaudited)	180


	Description	% of Net Assets
	International Business Machines Corp.	5.3%
	Alibaba Group Holding, Ltd. ADR	4.2
	JD.com, Inc. ADR	3.8
	Texas Instruments, Inc.	3.7
	Booking Holdings, Inc.	3.6
	Broadcom, Inc.	3.6
	Apple, Inc.	3.5
	Microsoft Corp.	3.5
	Intel Corp.	3.5
	Alphabet, Inc. Class A	3.4
	TOTAL	38.1%


	Description	% of Net Assets
	Impinj, Inc.	3.3%
	Silicon Laboratories, Inc.	3.0
	First Solar, Inc.	2.9
	Lattice Semiconductor Corp.	2.9
	Texas Instruments, Inc.	2.9
	QUALCOMM, Inc.	2.8
	Power Integrations, Inc.	2.8
	Intel Corp.	2.8
	Cirrus Logic, Inc.	2.8
	Semtech Corp.	2.8
	TOTAL	29.0%


	Description	% of Net Assets
	ConocoPhillips	1.2%
	Exxon Mobil Corp.	1.2
	Chevron Corp.	1.1
	Schlumberger NV	1.0
	BAE Systems PLC	1.0
	Williams Cos., Inc.	1.0
	Nutrien, Ltd.	1.0
	UnitedHealth Group, Inc.	1.0
	HSBC Holdings PLC	1.0
	Merck & Co., Inc.	0.9
	TOTAL	10.4%


		% of Net Assets
	Information Technology	26.2%
	Health Care	19.1
	Financials	12.0
	Communication Services	9.5
	Industrials	8.5
	Consumer Staples	8.4
	Consumer Discretionary	6.3
	Utilities	4.0
	Materials	2.4
	Real Estate	1.8
	Energy	1.7
	Short-Term Investments	0.1
	Other Assets in Excess of Liabilities	0.0 *
	TOTAL	100.0%
*	Amount shown represents less than 0.05% of net assets.


		% of Net Assets
	Semiconductors & Semiconductor Equipment	33.4%
	Software	18.2
	Internet & Direct Marketing Retail	10.9
	IT Services	8.0
	Interactive Media & Services	6.9
	Hotels, Restaurants & Leisure	5.9
	Entertainment	4.0
	Technology Hardware, Storage & Peripherals	3.5
	Communications Equipment	3.4
	Automobiles	3.1
	Road & Rail	2.6
	Other Assets in Excess of Liabilities	0.1
	TOTAL	100.0%


		% of Net Assets
	Information Technology	27.7%
	Health Care	15.7
	Financials	11.2
	Consumer Discretionary	10.9
	Communication Services	9.2
	Industrials	8.1
	Consumer Staples	7.1
	Utilities	3.2
	Real Estate	2.9
	Materials	2.7
	Energy	1.1
	Short-Term Investments	0.2
	Liabilities in Excess of Other Assets	(0.0) *
	TOTAL	100.0%
*	Amount shown represents less than 0.05% of net assets.


	Description	% of Net Assets
	FactSet Research Systems, Inc.	1.8%
	Morningstar, Inc.	1.8
	Goldman Sachs Group, Inc.	1.8
	Cboe Global Markets, Inc.	1.8
	CME Group, Inc.	1.8
	Nasdaq, Inc.	1.8
	Charles Schwab Corp.	1.7
	S&P Global, Inc.	1.7
	Cowen, Inc. Class A	1.7
	Hamilton Lane, Inc. Class A	1.7
	TOTAL	17.6%


		% of Net Assets
	Asset Management & Custody Banks	44.8%
	Investment Banking & Brokerage	31.6
	Financial Exchanges & Data	23.4
	Short-Term Investments	3.5
	Liabilities in Excess of Other Assets	(3.3)
	TOTAL	100.0%


	Description	% of Net Assets
	CryoPort, Inc.	1.7%
	Figs, Inc. Class A	1.6
	Cerus Corp.	1.5
	Meridian Bioscience, Inc.	1.5
	Inari Medical, Inc.	1.5
	STAAR Surgical Co.	1.5
	Axonics, Inc.	1.5
	AtriCure, Inc.	1.5
	Glaukos Corp.	1.4
	Lantheus Holdings, Inc.	1.4
	TOTAL	15.1%


		% of Net Assets
	Health Care Equipment	74.1%
	Health Care Supplies	25.8
	Short-Term Investments	5.7
	Liabilities in Excess of Other Assets	(5.6)
	TOTAL	100.0%


	Description	% of Net Assets
	Accolade, Inc.	1.9%
	Hims & Hers Health, Inc.	1.9
	Signify Health, Inc. Class A	1.9
	23andMe Holding Co. Class A	1.8
	agilon health, Inc.	1.8
	Privia Health Group, Inc.	1.8
	Apollo Medical Holdings, Inc.	1.8
	MEDNAX, Inc.	1.8
	AMN Healthcare Services, Inc.	1.8
	Fulgent Genetics, Inc.	1.7
	TOTAL	18.2%


		% of Net Assets
	Health Care Services	54.1%
	Health Care Facilities	18.4
	Health Care Distributors	14.2
	Managed Health Care	13.2
	Short-Term Investments	9.8
	Liabilities in Excess of Other Assets	(9.7)
	TOTAL	100.0%


	Description	% of Net Assets
	Trupanion, Inc.	2.3%
	Selective Insurance Group, Inc.	2.2
	Arthur J Gallagher & Co.	2.2
	Aon PLC Class A	2.2
	Globe Life, Inc.	2.2
	Brown & Brown, Inc.	2.1
	Marsh & McLennan Cos., Inc.	2.1
	Hanover Insurance Group, Inc.	2.1
	Kinsale Capital Group, Inc.	2.1
	American Financial Group, Inc.	2.1
	TOTAL	21.6%


		% of Net Assets
	Property & Casualty Insurance	45.1%
	Life & Health Insurance	25.6
	Insurance Brokers	14.0
	Reinsurance	9.1
	Multi-line Insurance	6.0
	Short-Term Investments	2.1
	Liabilities in Excess of Other Assets	(1.9)
	TOTAL	100.0%


	Description	% of Net Assets
	Chewy, Inc. Class A	2.5%
	Snowflake, Inc. Class A	2.3
	DoorDash, Inc. Class A	2.1
	Ziff Davis, Inc.	2.1
	Squarespace, Inc. Class A	2.1
	Shutterstock, Inc.	2.1
	Fastly, Inc. Class A	2.1
	Okta, Inc.	2.1
	Switch, Inc. Class A	2.1
	VeriSign, Inc.	2.0
	TOTAL	21.5%


		% of Net Assets
	Interactive Media & Services	34.0%
	Internet Services & Infrastructure	33.4
	Internet & Direct Marketing Retail	32.6
	Short-Term Investments	9.7
	Liabilities in Excess of Other Assets	(9.7)
	TOTAL	100.0%


	Description	% of Net Assets
	Royal Gold, Inc.	4.6%
	Reliance Steel & Aluminum Co.	4.5
	Newmont Corp.	4.4
	Steel Dynamics, Inc.	4.4
	Allegheny Technologies, Inc.	4.4
	Nucor Corp.	4.3
	MP Materials Corp.	4.3
	Alcoa Corp.	4.2
	Commercial Metals Co.	4.2
	Arch Resources, Inc.	4.1
	TOTAL	43.4%


		% of Net Assets
	Steel	41.5%
	Coal & Consumable Fuels	17.8
	Aluminum	12.7
	Gold	11.3
	Diversified Metals & Mining	9.0
	Silver	3.9
	Copper	3.6
	Short-Term Investments	4.5
	Liabilities in Excess of Other Assets	(4.3)
	TOTAL	100.0%


	Description	% of Net Assets
	Helmerich & Payne, Inc.	4.9%
	Patterson-UTI Energy, Inc.	4.9
	TechnipFMC PLC	4.9
	NexTier Oilfield Solutions, Inc.	4.8
	Nov, Inc.	4.8
	Baker Hughes Co.	4.6
	ChampionX Corp.	4.6
	Cactus, Inc. Class A	4.6
	Halliburton Co.	4.4
	Nabors Industries, Ltd.	4.4
	TOTAL	46.9%


		% of Net Assets
	Oil & Gas Equipment & Services	73.3%
	Oil & Gas Drilling	26.6
	Short-Term Investments	1.4
	Liabilities in Excess of Other Assets	(1.3)
	TOTAL	100.0%


	Description	% of Net Assets
	Axsome Therapeutics, Inc.	5.1%
	Nektar Therapeutics	3.7
	Amphastar Pharmaceuticals, Inc.	3.6
	Corcept Therapeutics, Inc.	3.6
	Eli Lilly & Co.	3.5
	Intra-Cellular Therapies, Inc.	3.5
	Harmony Biosciences Holdings, Inc.	3.4
	Zoetis, Inc.	3.4
	Jazz Pharmaceuticals PLC	3.4
	Pfizer, Inc.	3.4
	TOTAL	36.6%


		% of Net Assets
	Pharmaceuticals	99.8%
	Short-Term Investments	2.6
	Liabilities in Excess of Other Assets	(2.4)
	TOTAL	100.0%


		% of Net Assets
	Apparel Retail	19.3%
	Automotive Retail	19.0
	Internet & Direct Marketing Retail	18.1
	Specialty Stores	15.8
	Food Retail	7.5
	General Merchandise Stores	6.8
	Hypermarkets & Super Centers	4.5
	Department Stores	3.6
	Computer & Electronics Retail	3.0
	Drug Retail	2.3
	Short-Term Investment	7.6
	Liabilities in Excess of Other Assets	(7.5)
	TOTAL	100.0%


		% of Net Assets
	Semiconductors	99.9%
	Short-Term Investments	5.2
	Liabilities in Excess of Other Assets	(5.1)
	TOTAL	100.0%


	Description	% of Net Assets
	ForgeRock, Inc. Class A	0.6%
	Gitlab, Inc. Class A	0.6
	Paya Holdings, Inc.	0.6
	Agilysys, Inc.	0.6
	Zendesk, Inc.	0.6
	Sprout Social, Inc. Class A	0.6
	Confluent, Inc. Class A	0.6
	Informatica, Inc. Class A	0.6
	Palantir Technologies, Inc. Class A	0.6
	Repay Holdings Corp.	0.6
	TOTAL	6.0%


		% of Net Assets
	Application Software	54.7%
	Data Processing & Outsourced Services	20.0
	Systems Software	15.8
	IT Consulting & Other Services	6.1
	Interactive Home Entertainment	3.3
	Short-Term Investments	9.5
	Liabilities in Excess of Other Assets	(9.4)
	TOTAL	100.0%


	Description	% of Net Assets
	Iridium Communications, Inc.	3.4%
	T-Mobile US, Inc.	3.3
	Cogent Communications Holdings, Inc.	3.3
	AT&T, Inc.	3.3
	Ciena Corp.	3.3
	Motorola Solutions, Inc.	3.2
	Plantronics, Inc.	3.2
	Verizon Communications, Inc.	3.2
	Telephone & Data Systems, Inc.	3.2
	Juniper Networks, Inc.	3.2
	TOTAL	32.6%


		% of Net Assets
	Communications Equipment	54.0%
	Diversified Telecommunication Services	34.9
	Wireless Telecommunication Services	11.0