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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

Table of Contents

SPDR S&P Transportation ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR S&P Transportation 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 transportation segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Transportation Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –19.57%, and the Index was –19.30%. 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 Transportation ETF had a disappointing fiscal year, giving back almost 30% of the positive 63% return that was generated last fiscal reporting period. The Index lost almost 20% and lagged the broader struggling S&P 500 Index by over 13%, this is a far cry from the impressive performance the space generated a year prior. The transportation space is generally considered an indicator of economic health. Companies in this area have weaker quarterly results that correspond to spikes in area lockdowns and coronavirus cases while increased profits fall inline with times of greater normalcy and a decrease in the coronavirus surge. Unfortunately for many companies in this space, the Russian invasion of Ukraine has also had a major impact on profitability. Surging gas prices in recent months have decreased profitability as well as significantly reducing the labor force and limiting corporate ability to operate at the demand levels that are necessary.

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 Avis Budget Group, Inc., Matson, Inc. and ArcBest Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Uber Technologies, Inc., Lyft, Inc. Class A and TuSimple Holdings, Inc. Class A.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Transportation ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Transportation Select Industry Index	Net Asset Value	Market Value	S&P Transportation Select Industry Index
ONE YEAR	(19.57)%	(19.55)%	(19.30)%	(19.57)%	(19.55)%	(19.30)%
FIVE YEARS	28.66%	28.73%	30.89%	5.17%	5.18%	5.53%
TEN YEARS	198.24%	198.38%	208.68%	11.55%	11.55%	11.93%

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 Transportation 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 SSGA Gender Diversity Index ETF

Management's Discussion of Fund Performance (Unaudited)

The SPDR SSGA Gender Diversity Index 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 U.S. companies that are leaders in advancing women through gender diversity on their boards of directors and in management. The Fund’s benchmark is the SSGA Gender Diversity Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –24.47%, and the Index was –24.34%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses contributed to the difference between the Fund’s performance and that of the Index.

Economic activity continued to expand in the first half of the Reporting Period, albeit at a measurably moderate pace, with several factors contributing to multiple headwinds. Supply chain bottlenecks continued to persist and sapped growth momentum during the quarter. The Index, which seeks to track U.S. large-cap companies that are leaders within their sectors in advancing women through gender diversity on their boards of directors and in senior leadership positions, advanced a modest 1.05% over this Reporting Period. In the second half of the Reporting Period, concerns over the Russia-Ukraine War and tighter monetary policy negatively affected equity markets. U.S. consumer sentiment was hit due to higher prices, as inflation reached a 40-year high.

Energy was the top performing sector as commodity prices rallied due to the Russia-Ukraine War. Communication Services was the worst performing sector. Netflix, Inc. reported financial results that were well below market expectations and the stock traded at pre-pandemic levels. Shares of Walt Disney Company also came under pressure as the company reported disappointing earnings and concerns that subscriber growth would slow after two years of robust growth.

The Fund used index equity futures in order to equitize cash and dividend receivables during the Reporting Period. The Fund’s use futures of 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 UnitedHealth Group Incorporated, Merck & Co. Inc, and Bristol-Myers Squibb Company. The top negative contributors to the Fund’s performance during the Reporting Period were PayPal Holdings Inc., Walt Disney Company and Netflix, Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA Gender Diversity Index ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	SSGA Gender Diversity Index	Net Asset Value	Market Value	SSGA Gender Diversity Index
ONE YEAR	(24.47)%	(24.42)%	(24.34)%	(24.47)%	(24.42)%	(24.34)%
FIVE YEARS	33.89%	33.98%	34.83%	6.01%	6.02%	6.16%
SINCE INCEPTION⁽¹⁾	60.44%	60.58%	62.04%	7.77%	7.79%	7.94%

(1)

For the period March 7, 2016 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/7/16, 3/8/16, 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 SSGA Gender Diversity Index 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 ICE Preferred Securities ETF

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

SPDR ICE Preferred Securities ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of preferred securities that are non-convertible. The Fund’s benchmark is the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index (the “Index”).

For the 12-month period ended June 30, 2022 (the “Reporting Period”), the total return for the Fund was –14.52%, and the Index was –14.34%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Over the 12-month Reporting Period, the Fund posted negative returns in eight of the months. Banks (–17.0%) contributed most to the negative performance, followed by Diversified Financials (–15.5%) and then Insurance (–13.2%). These industries make up the bulk of the preferred securities in the Index. Preferred stocks are less volatile than common stocks and offer a higher yield with a preference over common stock shareholders in receiving dividends. A hybrid between traditional equities and bonds, preferred stocks provide unique benefits in any market climate.

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: Citigroup Capital XIII Tr Pfd Secs, PNC Financial Services Group, Inc. and Charles Schwab Corp Depositary Shs. The top negative contributors to the Fund’s performance during the Reporting Period were: Capital One Financial Corp Depositary Shs Repr 1/40th 5%, Capital One Financial Corp Depositary Shs Repr 1/40th 4.8%, and First Republic Bank Depositary Shs Repr 1/40.

See accompanying notes to financial statements.

Table of Contents

SPDR ICE Preferred Securities ETF

Performance Summary (Unaudited)

Performance as of June 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value⁽¹⁾	Market Value⁽¹⁾	ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index⁽²⁾	Net Asset Value⁽¹⁾	Market Value⁽¹⁾	ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index⁽²⁾
ONE YEAR	(14.52)%	(14.47)%	(14.34)%	(14.52)%	(14.47)%	(14.34)%
FIVE YEARS	4.44%	4.57%	5.96%	0.87%	0.90%	1.16%
TEN YEARS	40.00%	39.95%	43.84%	3.42%	3.42%	3.70%

(1)	Effective May 1, 2021, the Fund changed its investment strategy and its benchmark index to the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index. The Fund’s performance in the table above and the line graph below is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to May 1, 2021.
(2)	The ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index inception date is May 1, 2021. Index returns in the table above and the line graph below represent the Fund’s prior benchmark index from June 30, 2011 until May 1, 2021 and the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index from May 1, 2021 through June 30, 2021.

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

See accompanying notes to financial statements.

Table of Contents

SPDR FACTSET INNOVATIVE TECHNOLOGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
COMMERCIAL SERVICES & SUPPLIES — 0.6%
ACV Auctions, Inc. Class A (a)	123,218	$ 805,846
COMMUNICATIONS EQUIPMENT — 2.2%
Inseego Corp. (a) (b)	383,170	724,191
Ubiquiti, Inc. (b)	8,305	2,061,384
		2,785,575
CONSUMER FINANCE — 1.1%
LendingTree, Inc. (a)	21,631	947,870
Upstart Holdings, Inc. (a) (b)	15,063	476,292
		1,424,162
DIVERSIFIED CONSUMER SERVICES — 1.8%
Duolingo, Inc. (a)	25,352	2,219,568
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.6%
Advanced Energy Industries, Inc.	27,938	2,038,915
ENTERTAINMENT — 7.4%
DouYu International Holdings, Ltd. ADR (a) (b)	906,981	1,088,377
HUYA, Inc. ADR (a)	317,005	1,229,979
iQIYI, Inc. ADR (a) (b)	473,952	1,990,598
Netflix, Inc. (a)	3,926	686,540
ROBLOX Corp. Class A (a) (b)	20,881	686,150
Roku, Inc. (a)	10,554	866,906
Spotify Technology SA (a)	10,400	975,832
Tencent Music Entertainment Group ADR (a)	357,156	1,792,923
		9,317,305
HEALTH CARE TECHNOLOGY — 5.2%
American Well Corp. Class A (a)	388,120	1,676,678
Doximity, Inc. Class A (a) (b)	44,923	1,564,219
GoodRx Holdings, Inc. Class A (a)	60,650	359,048
OptimizeRx Corp. (a)	42,232	1,156,734
Veeva Systems, Inc. Class A (a)	9,113	1,804,739
		6,561,418
HOUSEHOLD DURABLES — 1.4%
Vuzix Corp. (a) (b)	253,282	1,798,302
INTERACTIVE MEDIA & SERVICES — 14.6%
Alphabet, Inc. Class A (a)	782	1,704,181
Angi, Inc. (a)	253,615	1,161,557
Cargurus, Inc. (a)	67,846	1,458,011
fuboTV, Inc. (a) (b)	136,013	335,952
Hello Group, Inc. ADR	270,083	1,363,919
JOYY, Inc. ADR (b)	47,588	1,420,978
Meta Platforms, Inc. Class A (a)	7,392	1,191,960
Pinterest, Inc. Class A (a)	64,960	1,179,674
Snap, Inc. Class A (a)	47,634	625,434
Twitter, Inc. (a)	53,170	1,988,026
VTEX Class A (a)	153,232	471,955
Yandex NV Class A (a) (c)	41,307	—
Yelp, Inc. (a)	67,185	1,865,727

Security Description	Shares	Value
Zhihu, Inc. ADR (a) (b)	379,562	$ 679,416
Ziff Davis, Inc. (a)	22,737	1,694,589
ZoomInfo Technologies, Inc. (a)	38,023	1,263,884
		18,405,263
INTERNET & DIRECT MARKETING RETAIL — 1.3%
Fiverr International, Ltd. (a) (b)	19,028	654,373
Quotient Technology, Inc. (a)	331,695	985,134
		1,639,507
IT SERVICES — 3.2%
Okta, Inc. (a)	10,829	978,942
Shopify, Inc. Class A (a)	16,808	525,082
SS&C Technologies Holdings, Inc.	31,011	1,800,809
Twilio, Inc. Class A (a)	9,120	764,347
		4,069,180
MEDIA — 1.0%
Magnite, Inc. (a)	139,506	1,238,813
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.7%
Compass, Inc. Class A (a) (b)	234,423	846,267
Zillow Group, Inc. Class C (a) (b)	40,227	1,277,207
		2,123,474
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.6%
ACM Research, Inc. Class A (a)	94,470	1,589,930
Advanced Micro Devices, Inc. (a)	17,527	1,340,290
Ichor Holdings, Ltd. (a)	54,168	1,407,285
MaxLinear, Inc. (a)	32,317	1,098,132
NVIDIA Corp.	8,005	1,213,478
Onto Innovation, Inc. (a)	26,221	1,828,652
SolarEdge Technologies, Inc. (a)	7,789	2,131,693
Universal Display Corp.	15,361	1,553,612
		12,163,072
SOFTWARE — 47.1%
Agora, Inc. ADR (a)	129,673	851,952
Alkami Technology, Inc. (a) (b)	110,222	1,530,984
Appfolio, Inc. Class A (a)	19,796	1,794,309
AppLovin Corp. Class A (a) (b)	26,699	919,514
Asana, Inc. Class A (a) (b)	35,648	626,692
Avalara, Inc. (a)	16,822	1,187,633
Bill.Com Holdings, Inc. (a)	9,472	1,041,352
Blackline, Inc. (a) (b)	22,879	1,523,741
Blend Labs, Inc. Class A (a) (b)	294,944	696,068
Check Point Software Technologies, Ltd. (a)	21,860	2,662,111
Cleanspark, Inc. (a) (b)	180,430	707,286
Coupa Software, Inc. (a)	15,540	887,334
Crowdstrike Holdings, Inc. Class A (a)	12,230	2,061,489
CyberArk Software, Ltd. (a)	15,814	2,023,559
Datadog, Inc. Class A (a)	13,841	1,318,217
Digital Turbine, Inc. (a)	45,437	793,784
DocuSign, Inc. (a)	16,759	961,631
Everbridge, Inc. (a)	38,428	1,071,757

See accompanying notes to financial statements.

Table of Contents

SPDR FACTSET INNOVATIVE TECHNOLOGY ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
ironSource, Ltd. Class A (a)	297,843	$ 708,866
JFrog, Ltd. (a)	79,235	1,669,481
Mandiant, Inc. (a)	145,361	3,171,777
Monday.com, Ltd. (a)	7,835	808,259
nCino, Inc. (a) (b)	44,077	1,362,861
ON24, Inc. (a)	144,297	1,369,379
OneConnect Financial Technology Co., Ltd. (a)	927,803	1,586,543
Pagerduty, Inc. (a)	70,224	1,740,151
Palantir Technologies, Inc. Class A (a)	127,868	1,159,763
Paycom Software, Inc. (a)	5,748	1,610,130
Qualys, Inc. (a)	18,372	2,317,444
Rapid7, Inc. (a)	20,903	1,396,320
SentinelOne, Inc. Class A (a)	48,150	1,123,340
Smartsheet, Inc. Class A (a)	34,105	1,071,920
Sumo Logic, Inc. (a)	176,266	1,320,232
Tenable Holdings, Inc. (a)	50,999	2,315,865
Trade Desk, Inc. Class A (a)	25,714	1,077,159
UiPath, Inc. Class A (a)	55,007	1,000,577
Upland Software, Inc. (a)	124,233	1,803,863
Varonis Systems, Inc. (a)	48,442	1,420,319
Workday, Inc. Class A (a)	8,658	1,208,484
Xperi Holding Corp.	121,013	1,746,218
Yext, Inc. (a)	234,850	1,122,583
Zoom Video Communications, Inc. Class A (a)	13,054	1,409,440
Zscaler, Inc. (a)	7,887	1,179,185
		59,359,572
TOTAL COMMON STOCKS (Cost $250,486,354)		125,949,972
SHORT-TERM INVESTMENTS — 8.6%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (d) (e)	182,667	182,649

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (f) (g)	10,604,316	$ 10,604,316
TOTAL SHORT-TERM INVESTMENTS (Cost $10,786,965)		10,786,965
TOTAL INVESTMENTS — 108.4% (Cost $261,273,319)		136,736,937
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.4)%		(10,585,705)
NET ASSETS — 100.0%		$ 126,151,232

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at June 30, 2022.
(c)	Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(e)	The rate shown is the annualized seven-day yield at June 30, 2022.
(f)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(g)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$125,949,972	$—	$ 0(a)	$125,949,972
Short-Term Investments	10,786,965	—	—	10,786,965
TOTAL INVESTMENTS	$136,736,937	$—	$ 0	$136,736,937

(a)	The Fund held a Level 3 security that was valued at $0 at June 30, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR GLOBAL DOW ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.3%
AUSTRALIA — 2.1%
BHP Group, Ltd.	26,935	$ 764,027
National Australia Bank, Ltd.	34,858	656,541
Rio Tinto PLC	10,154	606,279
		2,026,847
BELGIUM — 0.7%
Anheuser-Busch InBev SA/NV	12,678	680,736
BRAZIL — 0.8%
Petroleo Brasileiro SA Preference Shares ADR	41,523	441,390
Petroleo Brasileiro SA Preference Shares	67,978	363,064
		804,454
CANADA — 1.7%
Nutrien, Ltd.	11,765	934,943
Royal Bank of Canada	7,091	685,160
		1,620,103
CHINA — 4.1%
Alibaba Group Holding, Ltd. ADR (a)	4,390	499,055
China Construction Bank Corp. Class H	986,288	662,389
China Petroleum & Chemical Corp. Class H	1,482,147	666,753
Industrial & Commercial Bank of China, Ltd. Class H	1,273,110	756,051
PetroChina Co., Ltd. Class H	1,670,458	796,171
Tencent Holdings, Ltd.	11,606	524,174
		3,904,593
DENMARK — 0.4%
Vestas Wind Systems A/S	18,555	391,011
FINLAND — 0.6%
Sampo Oyj Class A	14,045	609,652
FRANCE — 5.8%
Air Liquide SA	4,546	608,905
BNP Paribas SA	11,903	564,521
Carrefour SA	40,553	715,859
Cie de Saint-Gobain	10,095	432,126
Engie SA	52,568	602,661
LVMH Moet Hennessy Louis Vuitton SE	931	566,177
Societe Generale SA	23,787	519,495
TotalEnergies SE	16,892	889,521
Vinci SA	7,028	624,237
		5,523,502
GERMANY — 3.7%
Allianz SE	3,197	608,700
BASF SE	9,664	419,537
Deutsche Bank AG	57,124	496,753
E.ON SE	56,249	470,915
Mercedes-Benz Group AG	10,862	627,060

Security Description	Shares	Value
SAP SE	5,063	$ 460,130
Siemens AG	4,226	428,951
		3,512,046
HONG KONG — 0.6%
CLP Holdings, Ltd.	74,327	616,633
INDIA — 1.4%
Infosys, Ltd. ADR	33,093	612,551
Reliance Industries, Ltd. GDR (a)(b)	2,071	134,719
Reliance Industries, Ltd.	18,019	592,244
		1,339,514
ITALY — 1.2%
Assicurazioni Generali SpA	35,980	572,693
UniCredit SpA	57,440	544,359
		1,117,052
JAPAN — 9.2%
Bridgestone Corp. (c)	15,367	559,911
Canon, Inc. (c)	29,681	673,997
Honda Motor Co., Ltd.	23,805	577,011
Komatsu, Ltd.	28,747	636,495
Mitsubishi Corp.	22,380	665,033
Mitsubishi UFJ Financial Group, Inc.	127,048	682,115
Mitsui & Co., Ltd.	31,373	691,520
Mizuho Financial Group, Inc.	49,722	564,727
Nippon Steel Corp.	35,318	493,680
Panasonic Holdings Corp.	57,164	461,377
Seven & i Holdings Co., Ltd.	15,684	608,057
SoftBank Group Corp.	11,356	437,589
Sony Group Corp.	6,596	538,682
Takeda Pharmaceutical Co., Ltd.	21,701	609,874
Toyota Motor Corp.	40,900	632,218
		8,832,286
LUXEMBOURG — 0.5%
ArcelorMittal SA (c)	22,109	497,179
MEXICO — 0.8%
America Movil SAB de CV Series L (c)	772,787	787,122
NETHERLANDS — 0.5%
Shell PLC (d)	760	19,696
Shell PLC (d)	18,731	486,523
		506,219
RUSSIA — 0.0%
Gazprom PJSC ADR (e)	78,668	—
SOUTH AFRICA — 2.0%
Anglo American PLC	17,439	622,021
MTN Group, Ltd.	84,331	679,693
Naspers, Ltd. Class N	4,323	624,792
		1,926,506

See accompanying notes to financial statements.

Table of Contents

SPDR GLOBAL DOW ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
SOUTH KOREA — 0.5%
Samsung Electronics Co., Ltd. GDR	395	$ 430,945
Samsung Electronics Co., Ltd.	1,917	84,157
		515,102
SPAIN — 1.9%
Banco Bilbao Vizcaya Argentaria SA (c)	114,111	516,617
Banco Santander SA	202,970	570,380
Telefonica SA	150,069	762,796
		1,849,793
SWEDEN — 0.5%
Telefonaktiebolaget LM Ericsson Class B	62,122	462,366
SWITZERLAND — 2.5%
ABB, Ltd.	19,887	528,880
Credit Suisse Group AG (a)	70,224	397,570
Novartis AG	8,530	720,375
UBS Group AG	44,759	719,529
		2,366,354
TAIWAN — 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	6,435	526,061
UNITED KINGDOM — 5.9%
AstraZeneca PLC	6,463	847,691
BAE Systems PLC	95,314	960,990
BP PLC	178,752	842,943
HSBC Holdings PLC	142,581	927,432
National Grid PLC	57,235	731,235
Tesco PLC	210,620	653,537
Vodafone Group PLC	457,739	704,104
		5,667,932
UNITED STATES — 51.3%
3M Co.	4,028	521,263
Abbott Laboratories	5,679	617,023
Accenture PLC Class A	2,167	601,668
Adobe, Inc. (a)	1,133	414,746
Alphabet, Inc. Class A (a)	134	292,021
Alphabet, Inc. Class C (a)	125	273,431
Amazon.com, Inc. (a)	4,160	441,834
American Express Co.	4,670	647,355
American International Group, Inc.	13,461	688,261
Amgen, Inc.	3,425	833,302
Apple, Inc.	4,978	680,593
AT&T, Inc.	35,146	736,660
Bank of America Corp.	18,151	565,041
Bank of New York Mellon Corp.	14,122	589,029
Baxter International, Inc.	8,999	578,006
Berkshire Hathaway, Inc. Class B (a)	2,671	729,236
Boeing Co. (a)	3,510	479,887
Booking Holdings, Inc. (a)	322	563,175

Security Description	Shares	Value
Carnival Corp. (a)(c)	32,673	$ 282,621
Caterpillar, Inc.	3,619	646,932
Chevron Corp.	7,639	1,105,974
Cisco Systems, Inc.	12,659	539,780
Coca-Cola Co.	13,189	829,720
Colgate-Palmolive Co.	9,462	758,285
ConocoPhillips	13,127	1,178,936
CVS Health Corp.	8,710	807,069
Deere & Co.	2,042	611,518
Duke Energy Corp.	7,121	763,442
DuPont de Nemours, Inc.	10,374	576,587
eBay, Inc.	10,173	423,909
Exxon Mobil Corp.	13,563	1,161,535
FedEx Corp.	2,817	638,642
General Electric Co.	7,291	464,218
Gilead Sciences, Inc.	10,303	636,828
Goldman Sachs Group, Inc.	1,840	546,517
GSK PLC	37,740	809,234
Home Depot, Inc.	2,234	612,719
Honeywell International, Inc.	3,268	568,011
Howmet Aerospace, Inc.	23,448	737,440
HP, Inc.	26,166	857,721
Intel Corp.	13,611	509,188
International Business Machines Corp.	5,579	787,699
Johnson & Johnson	4,443	788,677
JPMorgan Chase & Co.	4,596	517,556
McDonald's Corp.	3,101	765,575
Medtronic PLC	5,528	496,138
Merck & Co., Inc.	9,949	907,050
Meta Platforms, Inc. Class A (a)	1,950	314,438
Microsoft Corp.	2,509	644,386
Mondelez International, Inc. Class A	12,160	755,014
Nestle SA	5,921	689,232
Netflix, Inc. (a)	1,212	211,942
NextEra Energy, Inc.	8,613	667,163
NIKE, Inc. Class B	4,491	458,980
PayPal Holdings, Inc. (a)	2,596	181,305
Pfizer, Inc.	16,019	839,876
Philip Morris International, Inc.	7,028	693,945
Procter & Gamble Co.	5,071	729,159
QUALCOMM, Inc.	5,196	663,737
Raytheon Technologies Corp.	8,860	851,535
Roche Holding AG	1,978	658,163
Schlumberger NV	27,336	977,535
Simon Property Group, Inc. REIT	5,822	552,624
Southwest Airlines Co. (a)	15,507	560,113
Starbucks Corp.	6,085	464,833
Tesla, Inc. (a)	1,006	677,461
Travelers Cos., Inc.	4,743	802,184
Union Pacific Corp.	3,570	761,410
United Parcel Service, Inc. Class B	3,836	700,223
UnitedHealth Group, Inc.	1,813	931,211
Verizon Communications, Inc.	13,515	685,886

See accompanying notes to financial statements.

Table of Contents

SPDR GLOBAL DOW ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Visa, Inc. Class A	3,299	$ 649,540
Walmart, Inc.	5,007	608,751
Walt Disney Co. (a)	4,011	378,638
Wells Fargo & Co.	16,459	644,699
Williams Cos., Inc.	30,212	942,917
		49,278,952
TOTAL COMMON STOCKS (Cost $87,585,843)		95,362,015


SHORT-TERM INVESTMENTS — 1.3%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 1.47% (f)(g)	66,021	66,021
State Street Navigator Securities Lending Portfolio II (h)(i)	1,204,785	1,204,785
TOTAL SHORT-TERM INVESTMENTS (Cost $1,270,806)		1,270,806
TOTAL INVESTMENTS — 100.6% (Cost $88,856,649)		96,632,821
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%		(622,825)
NET ASSETS — 100.0%		$ 96,009,996

(a)	Non-income producing security.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.1% of net assets as of June 30, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	All or a portion of the shares of the security are on loan at June 30, 2022.

(d)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(e)	Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2022, total aggregate fair value of this security is $0, representing less than 0.05% of the Fund's net assets.
(f)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(g)	The rate shown is the annualized seven-day yield at June 30, 2022.
(h)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(i)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust

At June 30, 2022, open futures contracts were as follows:

Description	Number of Contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Index (long)	2	09/16/2022	$374,036	$378,950	$ 4,914
MSCI EAFE Index (long)	3	09/16/2022	281,733	278,490	(3,243)
					$ 1,671

During the period ended June 30, 2022, average notional value related to futures contracts was $483,927.

See accompanying notes to financial statements.

Table of Contents

SPDR GLOBAL DOW ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$95,362,015	$—	$ 0(a)	$95,362,015
Short-Term Investments	1,270,806	—	—	1,270,806
TOTAL INVESTMENTS	$96,632,821	$—	$ 0	$96,632,821
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(b)	$ 1,671	$—	$—	$ 1,671
TOTAL OTHER FINANCIAL INSTRUMENTS:	$ 1,671	$—	$—	$ 1,671
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$96,634,492	$—	$ 0	$96,634,492

(a)	The Fund held a Level 3 security that was valued at $0 at June 30, 2022.
(b)	Futures Contracts are valued at unrealized appreciation (depreciation).

Sector Breakdown as of June 30, 2022


		% of Net Assets
	Financials	17.5%
	Industrials	13.4
	Health Care	11.5
	Energy	11.0
	Information Technology	10.2
	Consumer Discretionary	10.2
	Consumer Staples	8.0
	Communication Services	7.1
	Materials	5.8
	Utilities	4.0
	Real Estate	0.6
	Short-Term Investments	1.3
	Liabilities in Excess of Other Assets	(0.6)
	TOTAL	100.0%

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

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares	99,094	$ 99,094	$ 5,538,323	$ 5,571,396	$—	$—	66,021	$ 66,021	$ 281
State Street Navigator Securities Lending Portfolio II	4,114,813	4,114,813	12,761,708	15,671,736	—	—	1,204,785	1,204,785	5,112
Total		$4,213,907	$18,300,031	$21,243,132	$—	$—		$1,270,806	$5,393

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.3%
Boeing Co. (a)	2,610	$ 356,839
General Dynamics Corp.	2,461	544,496
HEICO Corp.	270	35,403
HEICO Corp. Class A	486	51,215
Howmet Aerospace, Inc.	2,994	94,161
Huntington Ingalls Industries, Inc.	622	135,484
L3Harris Technologies, Inc.	1,764	426,359
Lockheed Martin Corp.	10,967	4,715,371
Northrop Grumman Corp.	5,983	2,863,284
Raytheon Technologies Corp.	15,029	1,444,437
Textron, Inc.	3,358	205,073
TransDigm Group, Inc. (a)	179	96,064
		10,968,186
AIR FREIGHT & LOGISTICS — 1.5%
C.H. Robinson Worldwide, Inc.	23,999	2,432,778
Expeditors International of Washington, Inc.	33,582	3,272,902
FedEx Corp.	4,573	1,036,745
United Parcel Service, Inc. Class B	31,011	5,660,748
		12,403,173
AIRLINES — 0.0% (b)
Delta Air Lines, Inc. (a)	1,604	46,468
Southwest Airlines Co. (a)	1,119	40,418
		86,886
AUTO COMPONENTS — 0.1%
Aptiv PLC (a)	2,424	215,906
BorgWarner, Inc.	4,342	144,892
Lear Corp.	1,420	178,764
		539,562
AUTOMOBILES — 0.5%
Ford Motor Co.	137,298	1,528,127
General Motors Co. (a)	59,580	1,892,261
Lucid Group, Inc. (a) (c)	371	6,366
Rivian Automotive, Inc. Class A (a) (c)	1,422	36,602
Tesla, Inc. (a)	755	508,432
		3,971,788
BANKS — 3.6%
Bank of America Corp.	168,859	5,256,581
Citigroup, Inc.	89,180	4,101,388
Citizens Financial Group, Inc.	14,537	518,826
Fifth Third Bancorp	15,294	513,878
First Citizens BancShares, Inc. Class A	261	170,637
First Republic Bank	2,056	296,475
Huntington Bancshares, Inc.	32,057	385,646
JPMorgan Chase & Co.	64,166	7,225,733
KeyCorp.	23,398	403,148
M&T Bank Corp.	3,078	490,602
PNC Financial Services Group, Inc.	8,355	1,318,168
Regions Financial Corp.	20,762	389,288

Security Description	Shares	Value
Signature Bank	1,000	$ 179,210
SVB Financial Group (a)	2,166	855,548
Truist Financial Corp.	34,063	1,615,608
US Bancorp	25,492	1,173,142
Webster Financial Corp.	2,884	121,561
Wells Fargo & Co.	102,367	4,009,715
		29,025,154
BEVERAGES — 2.2%
Brown-Forman Corp. Class B	8,883	623,231
Coca-Cola Co.	122,657	7,716,352
Constellation Brands, Inc. Class A	1,111	258,930
Keurig Dr. Pepper, Inc.	71,342	2,524,793
Molson Coors Beverage Co. Class B	4,182	227,961
Monster Beverage Corp. (a)	12,169	1,128,066
PepsiCo, Inc.	30,937	5,155,961
		17,635,294
BIOTECHNOLOGY — 3.5%
AbbVie, Inc.	13,595	2,082,210
Alnylam Pharmaceuticals, Inc. (a)	57	8,314
Amgen, Inc.	9,359	2,277,045
Biogen, Inc. (a)	2,595	529,224
BioMarin Pharmaceutical, Inc. (a)	13,076	1,083,608
Exact Sciences Corp. (a)	362	14,259
Gilead Sciences, Inc.	70,678	4,368,607
Horizon Therapeutics Plc (a)	20,718	1,652,468
Incyte Corp. (a)	17,692	1,344,061
Moderna, Inc. (a)	2,657	379,553
Neurocrine Biosciences, Inc. (a)	6,394	623,287
Regeneron Pharmaceuticals, Inc. (a)	9,173	5,422,436
Seagen, Inc. (a)	8,929	1,579,897
Vertex Pharmaceuticals, Inc. (a)	23,803	6,707,447
		28,072,416
BUILDING PRODUCTS — 0.2%
A.O. Smith Corp.	5,076	277,556
Allegion PLC	3,347	327,671
Carrier Global Corp.	7,533	268,627
Fortune Brands Home & Security, Inc.	1,792	107,305
Johnson Controls International PLC	8,143	389,887
Lennox International, Inc.	181	37,393
Masco Corp.	2,065	104,489
Owens Corning	1,388	103,142
Trane Technologies PLC	1,897	246,363
		1,862,433
CAPITAL MARKETS — 3.4%
Ameriprise Financial, Inc.	4,340	1,031,531
Bank of New York Mellon Corp.	15,987	666,818
BlackRock, Inc.	5,103	3,107,931
Blackstone, Inc.	23,863	2,177,021
Carlyle Group, Inc.	3,327	105,333
Cboe Global Markets, Inc.	12,892	1,459,245
Charles Schwab Corp.	10,331	652,713

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
CME Group, Inc.	9,459	$ 1,936,257
Coinbase Global, Inc. Class A (a) (c)	8,464	397,977
FactSet Research Systems, Inc.	1,215	467,253
Franklin Resources, Inc.	6,024	140,419
Goldman Sachs Group, Inc.	7,801	2,317,053
Intercontinental Exchange, Inc.	20,160	1,895,846
Invesco, Ltd.	9,595	154,767
KKR & Co., Inc.	7,668	354,952
LPL Financial Holdings, Inc.	543	100,173
MarketAxess Holdings, Inc.	2,409	616,728
Moody's Corp.	5,679	1,544,518
Morgan Stanley	20,183	1,535,119
MSCI, Inc.	179	73,775
Nasdaq, Inc.	694	105,863
Northern Trust Corp.	2,414	232,903
Raymond James Financial, Inc.	2,259	201,977
S&P Global, Inc.	12,616	4,252,349
SEI Investments Co.	5,035	271,991
State Street Corp. (d)	7,481	461,204
T Rowe Price Group, Inc.	9,615	1,092,360
Tradeweb Markets, Inc. Class A	9,617	656,360
		28,010,436
CHEMICALS — 1.1%
Air Products & Chemicals, Inc.	4,742	1,140,356
Albemarle Corp.	556	116,193
Celanese Corp.	4,118	484,318
CF Industries Holdings, Inc.	1,358	116,421
Corteva, Inc.	28,930	1,566,270
Dow, Inc.	10,389	536,176
DuPont de Nemours, Inc.	7,147	397,230
Eastman Chemical Co.	2,115	189,864
Ecolab, Inc.	1,584	243,556
FMC Corp.	1,082	115,785
International Flavors & Fragrances, Inc.	1,884	224,422
Linde PLC	3,624	1,042,009
LyondellBasell Industries NV Class A	11,638	1,017,860
Mosaic Co.	3,815	180,182
PPG Industries, Inc.	1,980	226,393
RPM International, Inc.	972	76,516
Sherwin-Williams Co.	4,420	989,682
Westlake Corp.	482	47,246
		8,710,479
COMMERCIAL SERVICES & SUPPLIES — 1.9%
Cintas Corp.	2,940	1,098,178
Copart, Inc. (a)	6,889	748,559
Republic Services, Inc.	33,478	4,381,266
Rollins, Inc.	32,771	1,144,363
Waste Connections, Inc.	32,028	3,970,191
Waste Management, Inc.	29,295	4,481,549
		15,824,106

Security Description	Shares	Value
COMMUNICATIONS EQUIPMENT — 1.9%
Arista Networks, Inc. (a)	11,770	$ 1,103,320
Cisco Systems, Inc.	254,736	10,861,943
F5, Inc. (a)	2,076	317,711
Juniper Networks, Inc.	14,244	405,954
Motorola Solutions, Inc.	14,531	3,045,697
		15,734,625
CONSTRUCTION & ENGINEERING — 0.0% (b)
Quanta Services, Inc.	1,286	161,187
CONSTRUCTION MATERIALS — 0.0% (b)
Martin Marietta Materials, Inc.	435	130,170
Vulcan Materials Co.	843	119,790
		249,960
CONSUMER FINANCE — 0.4%
Ally Financial, Inc.	10,252	343,544
American Express Co.	5,443	754,509
Capital One Financial Corp.	11,833	1,232,880
Discover Financial Services	4,053	383,333
Synchrony Financial	14,091	389,193
Upstart Holdings, Inc. (a) (c)	335	10,593
		3,114,052
CONTAINERS & PACKAGING — 0.5%
Amcor PLC	132,439	1,646,217
Avery Dennison Corp.	2,624	424,747
Ball Corp.	5,484	377,134
Crown Holdings, Inc.	1,522	140,283
International Paper Co.	13,866	580,015
Packaging Corp. of America	3,778	519,475
Sealed Air Corp.	1,415	81,674
Westrock Co.	6,367	253,661
		4,023,206
DISTRIBUTORS — 0.1%
Genuine Parts Co.	1,685	224,105
LKQ Corp.	3,650	179,178
Pool Corp.	1,465	514,552
		917,835
DIVERSIFIED FINANCIAL SERVICES — 1.3%
Apollo Global Management, Inc.	3,353	162,553
Berkshire Hathaway, Inc. Class B (a)	36,035	9,838,276
Equitable Holdings, Inc.	6,055	157,854
		10,158,683
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%
AT&T, Inc.	274,869	5,761,254
Liberty Global PLC Class A (a)	4,293	90,368
Liberty Global PLC Class C (a)	17,401	384,388
Lumen Technologies, Inc.	33,480	365,267
Verizon Communications, Inc.	155,738	7,903,703
		14,504,980
ELECTRIC UTILITIES — 2.5%
Alliant Energy Corp.	7,722	452,586

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
American Electric Power Co., Inc.	19,103	$ 1,832,742
Constellation Energy Corp.	6,380	365,319
Duke Energy Corp.	40,436	4,335,143
Edison International	6,063	383,424
Entergy Corp.	2,858	321,925
Evergy, Inc.	5,924	386,541
Eversource Energy	11,405	963,380
Exelon Corp.	16,846	763,461
FirstEnergy Corp.	6,015	230,916
NextEra Energy, Inc.	27,110	2,099,941
NRG Energy, Inc.	11,025	420,824
PG&E Corp. (a)	30,061	300,009
PPL Corp.	9,314	252,689
Southern Co.	54,445	3,882,473
Xcel Energy, Inc.	45,725	3,235,501
		20,226,874
ELECTRICAL EQUIPMENT — 0.3%
AMETEK, Inc.	1,447	159,011
Eaton Corp. PLC	2,943	370,789
Emerson Electric Co.	20,088	1,597,800
Generac Holdings, Inc. (a)	1,999	420,949
Plug Power, Inc. (a) (c)	934	15,476
Rockwell Automation, Inc.	715	142,507
Sensata Technologies Holding PLC	1,649	68,120
		2,774,652
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0%
Amphenol Corp. Class A	47,053	3,029,272
Arrow Electronics, Inc. (a)	8,477	950,187
CDW Corp.	1,102	173,631
Cognex Corp.	5,609	238,495
Corning, Inc.	8,856	279,052
Keysight Technologies, Inc. (a)	17,868	2,463,104
TE Connectivity, Ltd.	2,655	300,413
Teledyne Technologies, Inc. (a)	308	115,534
Trimble, Inc. (a)	1,200	69,876
Zebra Technologies Corp. Class A (a)	1,802	529,698
		8,149,262
ENERGY EQUIPMENT & SERVICES — 0.1%
Baker Hughes Co.	10,488	302,789
Halliburton Co.	4,587	143,848
Schlumberger NV	7,521	268,951
		715,588
ENTERTAINMENT — 1.3%
Activision Blizzard, Inc.	39,465	3,072,745
AMC Entertainment Holdings, Inc. Class A (a) (c)	879	11,910
Electronic Arts, Inc.	19,804	2,409,157
Liberty Media Corp.-Liberty Formula One Class C (a)	1,202	76,291
Live Nation Entertainment, Inc. (a)	404	33,362
Netflix, Inc. (a)	4,800	839,376
ROBLOX Corp. Class A (a)	261	8,576

Security Description	Shares	Value
Roku, Inc. (a)	426	$ 34,992
Take-Two Interactive Software, Inc. (a)	16,010	1,961,705
Walt Disney Co. (a)	16,240	1,533,056
Warner Bros Discovery, Inc. (a)	33,175	445,209
		10,426,379
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.7%
Alexandria Real Estate Equities, Inc. REIT	1,089	157,938
American Homes 4 Rent Class A REIT	1,697	60,142
American Tower Corp. REIT	4,846	1,238,589
AvalonBay Communities, Inc. REIT	938	182,206
Boston Properties, Inc. REIT	1,477	131,423
Camden Property Trust REIT	467	62,802
Crown Castle International Corp. REIT	11,326	1,907,072
Digital Realty Trust, Inc. REIT	2,171	281,861
Duke Realty Corp. REIT	2,045	112,373
Equinix, Inc. REIT	705	463,199
Equity LifeStyle Properties, Inc. REIT	587	41,366
Equity Residential REIT	2,864	206,838
Essex Property Trust, Inc. REIT	419	109,573
Extra Space Storage, Inc. REIT	3,061	520,737
Healthpeak Properties, Inc. REIT	4,285	111,024
Host Hotels & Resorts, Inc. REIT	3,959	62,077
Invitation Homes, Inc. REIT	3,210	114,212
Iron Mountain, Inc. REIT	2,339	113,886
Kimco Realty Corp. REIT	5,906	116,762
Medical Properties Trust, Inc. REIT	8,026	122,557
Mid-America Apartment Communities, Inc. REIT	629	109,867
Prologis, Inc. REIT	4,134	486,365
Public Storage REIT	14,901	4,659,096
Realty Income Corp. REIT	3,857	263,279
Regency Centers Corp. REIT	1,317	78,111
SBA Communications Corp. REIT	3,743	1,197,947
Simon Property Group, Inc. REIT	2,190	207,875
Sun Communities, Inc. REIT	514	81,911
UDR, Inc. REIT	1,326	61,049
Ventas, Inc. REIT	3,121	160,513
VICI Properties, Inc. REIT	5,642	168,075
Vornado Realty Trust REIT	1,424	40,712
Welltower, Inc. REIT	2,403	197,887
Weyerhaeuser Co. REIT	6,405	212,134
WP Carey, Inc. REIT	1,366	113,187
		14,154,645
FOOD & STAPLES RETAILING — 2.3%
Costco Wholesale Corp.	14,806	7,096,220
Kroger Co.	79,394	3,757,718
Sysco Corp.	5,083	430,581
Walgreens Boots Alliance, Inc.	26,254	995,026
Walmart, Inc.	53,269	6,476,445
		18,755,990

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
FOOD PRODUCTS — 2.1%
Archer-Daniels-Midland Co.	8,698	$ 674,965
Bunge, Ltd.	3,478	315,420
Campbell Soup Co.	12,687	609,610
Conagra Brands, Inc.	7,115	243,617
General Mills, Inc.	23,035	1,737,991
Hershey Co.	20,462	4,402,604
Hormel Foods Corp.	45,083	2,135,131
J.M. Smucker Co.	7,282	932,169
Kellogg Co.	21,573	1,539,018
Kraft Heinz Co.	11,927	454,896
McCormick & Co., Inc.	10,676	888,777
Mondelez International, Inc. Class A	35,978	2,233,874
Tyson Foods, Inc. Class A	13,539	1,165,166
		17,333,238
GAS UTILITIES — 0.0% (b)
Atmos Energy Corp.	1,246	139,677
UGI Corp.	3,618	139,691
		279,368
HEALTH CARE EQUIPMENT & SUPPLIES — 2.1%
Abbott Laboratories	19,090	2,074,128
ABIOMED, Inc. (a)	1,244	307,902
Align Technology, Inc. (a)	437	103,425
Baxter International, Inc.	22,608	1,452,112
Becton Dickinson & Co.	10,767	2,654,389
Boston Scientific Corp. (a)	7,773	289,700
Cooper Cos., Inc.	2,418	757,124
DENTSPLY SIRONA, Inc.	2,467	88,146
DexCom, Inc. (a)	448	33,389
Edwards Lifesciences Corp. (a)	18,944	1,801,385
Hologic, Inc. (a)	17,072	1,183,090
IDEXX Laboratories, Inc. (a)	3,355	1,176,699
Insulet Corp. (a)	33	7,192
Intuitive Surgical, Inc. (a)	9,634	1,933,640
Masimo Corp. (a)	1,565	204,499
Medtronic PLC	15,522	1,393,100
Novocure, Ltd. (a)	26	1,807
ResMed, Inc.	4,092	857,806
STERIS PLC	568	117,093
Stryker Corp.	1,638	325,847
Teleflex, Inc.	268	65,888
Zimmer Biomet Holdings, Inc.	2,288	240,377
		17,068,738
HEALTH CARE PROVIDERS & SERVICES — 4.2%
AmerisourceBergen Corp.	8,762	1,239,648
Cardinal Health, Inc.	23,311	1,218,466
Centene Corp. (a)	11,658	986,384
Cigna Corp.	6,812	1,795,098
CVS Health Corp.	29,754	2,757,006
DaVita, Inc. (a)	1,226	98,031
Elevance Health, Inc.	2,822	1,361,841
HCA Healthcare, Inc.	2,821	474,097
Henry Schein, Inc. (a)	4,946	379,556

Security Description	Shares	Value
Humana, Inc.	2,459	$ 1,150,984
Laboratory Corp. of America Holdings	4,833	1,132,662
McKesson Corp.	3,939	1,284,941
Molina Healthcare, Inc. (a)	612	171,121
Quest Diagnostics, Inc.	11,095	1,475,413
UnitedHealth Group, Inc.	35,754	18,364,327
Universal Health Services, Inc. Class B	1,859	187,220
		34,076,795
HEALTH CARE TECHNOLOGY — 0.1%
Teladoc Health, Inc. (a) (c)	3,888	129,121
Veeva Systems, Inc. Class A (a)	3,826	757,701
		886,822
HOTELS, RESTAURANTS & LEISURE — 0.9%
Airbnb, Inc. Class A (a)	243	21,646
Aramark	3,302	101,140
Booking Holdings, Inc. (a)	150	262,349
Caesars Entertainment, Inc. (a)	1,507	57,718
Carnival Corp. (a) (c)	6,393	55,299
Chipotle Mexican Grill, Inc. (a)	70	91,508
Darden Restaurants, Inc.	1,080	122,170
Domino's Pizza, Inc.	3,501	1,364,375
Expedia Group, Inc. (a)	545	51,682
Hilton Worldwide Holdings, Inc.	524	58,395
Las Vegas Sands Corp. (a)	1,144	38,427
Marriott International, Inc. Class A	638	86,774
McDonald's Corp.	17,352	4,283,862
MGM Resorts International	2,856	82,681
Royal Caribbean Cruises, Ltd. (a)	1,501	52,400
Starbucks Corp.	5,732	437,868
Vail Resorts, Inc.	226	49,279
Wynn Resorts, Ltd. (a)	427	24,330
Yum! Brands, Inc.	1,537	174,465
		7,416,368
HOUSEHOLD DURABLES — 0.5%
D.R. Horton, Inc.	15,554	1,029,519
Garmin, Ltd.	12,180	1,196,685
Lennar Corp. Class A	6,385	450,589
Mohawk Industries, Inc. (a)	1,266	157,098
Newell Brands, Inc.	7,238	137,812
NVR, Inc. (a)	129	516,534
PulteGroup, Inc.	12,058	477,859
Whirlpool Corp.	1,613	249,805
		4,215,901
HOUSEHOLD PRODUCTS — 1.4%
Church & Dwight Co., Inc.	19,703	1,825,680
Clorox Co.	12,286	1,732,080
Colgate-Palmolive Co.	16,574	1,328,241
Kimberly-Clark Corp.	8,713	1,177,562
Procter & Gamble Co.	36,033	5,181,185
		11,244,748

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.0% (b)
AES Corp.	10,229	$ 214,911
Vistra Corp.	7,092	162,052
		376,963
INDUSTRIAL CONGLOMERATES — 0.7%
3M Co.	26,217	3,392,742
General Electric Co.	12,798	814,849
Honeywell International, Inc.	7,900	1,373,099
		5,580,690
INSURANCE — 3.3%
Aflac, Inc.	26,388	1,460,048
Alleghany Corp. (a)	269	224,104
Allstate Corp.	13,683	1,734,047
American Financial Group, Inc.	1,147	159,215
American International Group, Inc.	18,283	934,810
Aon PLC Class A	5,015	1,352,445
Arch Capital Group, Ltd. (a)	6,497	295,549
Arthur J Gallagher & Co.	16,116	2,627,553
Assurant, Inc.	5,520	954,132
Brown & Brown, Inc.	1,465	85,468
Chubb, Ltd.	5,877	1,155,301
Cincinnati Financial Corp.	2,465	293,286
Erie Indemnity Co. Class A	4,640	891,762
Everest Re Group, Ltd.	809	226,747
Fidelity National Financial, Inc.	13,090	483,806
Globe Life, Inc.	1,379	134,411
Hartford Financial Services Group, Inc.	6,247	408,741
Lincoln National Corp.	5,664	264,905
Loews Corp.	4,876	288,952
Markel Corp. (a)	222	287,101
Marsh & McLennan Cos., Inc.	19,869	3,084,662
MetLife, Inc.	15,393	966,526
Principal Financial Group, Inc.	3,904	260,748
Progressive Corp.	44,678	5,194,711
Prudential Financial, Inc.	8,359	799,789
Travelers Cos., Inc.	4,984	842,944
Willis Towers Watson PLC	5,027	992,280
WR Berkley Corp.	1,940	132,424
		26,536,467
INTERACTIVE MEDIA & SERVICES — 4.6%
Alphabet, Inc. Class A (a)	4,656	10,146,635
Alphabet, Inc. Class C (a)	5,865	12,829,394
IAC/InterActiveCorp. (a)	1,225	93,063
Match Group, Inc. (a)	775	54,010
Meta Platforms, Inc. Class A (a)	85,955	13,860,244
Pinterest, Inc. Class A (a)	447	8,117
Snap, Inc. Class A (a)	299	3,926
Twitter, Inc. (a)	2,467	92,241
ZoomInfo Technologies, Inc. (a)	484	16,088
		37,103,718
INTERNET & DIRECT MARKETING RETAIL — 0.8%
Amazon.com, Inc. (a)	55,664	5,912,074

Security Description	Shares	Value
Chewy, Inc. Class A (a) (c)	43	$ 1,493
DoorDash, Inc. Class A (a)	434	27,850
eBay, Inc.	9,296	387,364
Etsy, Inc. (a)	528	38,655
MercadoLibre, Inc. (a)	17	10,827
Wayfair, Inc. Class A (a) (c)	849	36,982
		6,415,245
IT SERVICES — 7.8%
Accenture PLC Class A	34,162	9,485,079
Affirm Holdings, Inc. (a)	544	9,825
Akamai Technologies, Inc. (a)	16,684	1,523,750
Automatic Data Processing, Inc.	24,734	5,195,129
Block, Inc. (a)	1,116	68,589
Broadridge Financial Solutions, Inc.	8,993	1,281,952
Cloudflare, Inc. Class A (a)	104	4,550
Cognizant Technology Solutions Corp. Class A	35,171	2,373,691
EPAM Systems, Inc. (a)	201	59,251
Fidelity National Information Services, Inc.	11,166	1,023,587
Fiserv, Inc. (a)	16,703	1,486,066
FleetCor Technologies, Inc. (a)	492	103,374
Gartner, Inc. (a)	285	68,922
Global Payments, Inc.	3,100	342,984
GoDaddy, Inc. Class A (a)	459	31,928
International Business Machines Corp.	19,924	2,813,070
Jack Henry & Associates, Inc.	12,974	2,335,579
Mastercard, Inc. Class A	37,222	11,742,797
MongoDB, Inc. (a)	5	1,298
Okta, Inc. (a)	646	58,398
Paychex, Inc.	44,882	5,110,713
PayPal Holdings, Inc. (a)	33,595	2,346,275
Snowflake, Inc. Class A (a)	56	7,787
SS&C Technologies Holdings, Inc.	1,888	109,636
Twilio, Inc. Class A (a)	807	67,635
VeriSign, Inc. (a)	11,620	1,944,375
Visa, Inc. Class A	64,188	12,637,975
Western Union Co.	64,102	1,055,760
		63,289,975
LEISURE EQUIPMENT & PRODUCTS — 0.0% (b)
Hasbro, Inc.	1,212	99,239
Peloton Interactive, Inc. Class A (a)	1,656	15,202
		114,441
LIFE SCIENCES TOOLS & SERVICES — 1.1%
Agilent Technologies, Inc.	8,841	1,050,046
Avantor, Inc. (a)	3,194	99,333
Bio-Rad Laboratories, Inc. Class A (a)	563	278,685
Bio-Techne Corp.	97	33,624
Charles River Laboratories International, Inc. (a)	230	49,213
Danaher Corp.	15,738	3,989,898
Illumina, Inc. (a)	628	115,778
IQVIA Holdings, Inc. (a)	994	215,688

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Mettler-Toledo International, Inc. (a)	69	$ 79,265
PerkinElmer, Inc.	966	137,384
Thermo Fisher Scientific, Inc.	3,249	1,765,117
Waters Corp. (a)	270	89,365
West Pharmaceutical Services, Inc.	3,621	1,094,882
		8,998,278
MACHINERY — 1.0%
Caterpillar, Inc.	4,112	735,061
Cummins, Inc.	5,461	1,056,867
Deere & Co.	1,942	581,571
Dover Corp.	960	116,467
Fortive Corp.	2,133	115,993
IDEX Corp.	2,428	440,998
Illinois Tool Works, Inc.	12,880	2,347,380
Ingersoll Rand, Inc.	3,248	136,676
Nordson Corp.	1,592	322,284
Otis Worldwide Corp.	4,822	340,771
PACCAR, Inc.	4,737	390,045
Parker-Hannifin Corp.	981	241,375
Pentair PLC	5,639	258,097
Snap-on, Inc.	1,881	370,613
Stanley Black & Decker, Inc.	2,646	277,460
Westinghouse Air Brake Technologies Corp.	2,085	171,137
Xylem, Inc.	1,047	81,854
		7,984,649
MEDIA — 1.2%
Cable One, Inc.	32	41,258
Charter Communications, Inc. Class A (a)	4,862	2,277,993
Comcast Corp. Class A	95,933	3,764,411
DISH Network Corp. Class A (a)	8,653	155,148
Fox Corp. Class A	5,309	170,738
Fox Corp. Class B	8,203	243,629
Interpublic Group of Cos., Inc.	5,292	145,689
Liberty Broadband Corp. Class C (a)	18,822	2,176,576
Liberty Media Corp.-Liberty SiriusXM Class A (a)	1,103	39,752
Liberty Media Corp.-Liberty SiriusXM Class C (a)	1,981	71,415
News Corp. Class A	5,414	84,350
Omnicom Group, Inc.	2,799	178,045
Paramount Global Class B	16,606	409,836
Sirius XM Holdings, Inc. (c)	7,201	44,142
		9,802,982
METALS & MINING — 0.8%
Alcoa Corp.	1,966	89,610
Cleveland-Cliffs, Inc. (a)	30,993	476,363
Freeport-McMoRan, Inc.	9,191	268,929
Newmont Corp.	69,276	4,133,699
Nucor Corp.	11,291	1,178,893
Steel Dynamics, Inc.	8,169	540,379
		6,687,873

Security Description	Shares	Value
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%
Annaly Capital Management, Inc. REIT	142,408	$ 841,631
MULTI-UTILITIES — 1.4%
Ameren Corp.	8,732	789,024
CenterPoint Energy, Inc.	5,442	160,974
CMS Energy Corp.	12,238	826,065
Consolidated Edison, Inc.	36,687	3,488,934
Dominion Energy, Inc.	21,009	1,676,728
DTE Energy Co.	2,139	271,118
NiSource, Inc.	5,344	157,595
Public Service Enterprise Group, Inc.	4,954	313,489
Sempra Energy	2,953	443,747
WEC Energy Group, Inc.	29,344	2,953,180
		11,080,854
MULTILINE RETAIL — 1.2%
Dollar General Corp.	13,439	3,298,468
Dollar Tree, Inc. (a)	8,321	1,296,828
Target Corp.	35,011	4,944,604
		9,539,900
OIL, GAS & CONSUMABLE FUELS — 1.6%
APA Corp.	761	26,559
Cheniere Energy, Inc.	7,366	979,899
Chevron Corp.	16,685	2,415,654
ConocoPhillips	9,546	857,326
Coterra Energy, Inc.	6,715	173,180
Devon Energy Corp.	2,714	149,569
Diamondback Energy, Inc.	1,074	130,115
EOG Resources, Inc.	4,582	506,036
EQT Corp.	2,670	91,848
Exxon Mobil Corp.	41,755	3,575,898
Hess Corp.	1,112	117,805
Kinder Morgan, Inc.	23,470	393,357
Marathon Oil Corp.	6,819	153,291
Marathon Petroleum Corp.	11,124	914,504
Occidental Petroleum Corp.	5,012	295,107
ONEOK, Inc.	3,421	189,866
Phillips 66	7,560	619,845
Pioneer Natural Resources Co.	1,512	337,297
Targa Resources Corp.	1,117	66,651
Valero Energy Corp.	6,175	656,279
Williams Cos., Inc.	20,135	628,413
		13,278,499
PERSONAL PRODUCTS — 0.2%
Estee Lauder Cos., Inc. Class A	7,894	2,010,365
PHARMACEUTICALS — 8.2%
Bristol-Myers Squibb Co.	53,199	4,096,323
Catalent, Inc. (a)	798	85,617
Elanco Animal Health, Inc. (a)	3,323	65,230
Eli Lilly & Co.	39,721	12,878,740
Jazz Pharmaceuticals PLC (a)	500	78,005
Johnson & Johnson	113,360	20,122,534

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Merck & Co., Inc.	132,043	$ 12,038,360
Pfizer, Inc.	250,362	13,126,480
Royalty Pharma PLC Class A	2,379	100,013
Viatris, Inc.	39,949	418,266
Zoetis, Inc.	20,941	3,599,549
		66,609,117
PROFESSIONAL SERVICES — 0.4%
Booz Allen Hamilton Holding Corp.	14,238	1,286,546
Clarivate PLC (a)	2,083	28,870
CoStar Group, Inc. (a)	1,516	91,581
Equifax, Inc.	459	83,896
Jacobs Engineering Group, Inc.	1,468	186,627
Leidos Holdings, Inc.	1,522	153,280
Robert Half International, Inc.	4,256	318,732
TransUnion	822	65,752
Verisk Analytics, Inc.	5,808	1,005,307
		3,220,591
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (b)
CBRE Group, Inc. Class A (a)	3,829	281,853
Zillow Group, Inc. Class C (a) (c)	1,243	39,465
		321,318
ROAD & RAIL — 0.8%
AMERCO	1,563	747,474
CSX Corp.	15,220	442,293
JB Hunt Transport Services, Inc.	2,981	469,418
Knight-Swift Transportation Holdings, Inc.	2,679	124,011
Lyft, Inc. Class A (a)	555	7,370
Norfolk Southern Corp.	4,504	1,023,714
Old Dominion Freight Line, Inc.	10,621	2,721,950
Uber Technologies, Inc. (a)	6,017	123,108
Union Pacific Corp.	3,580	763,542
		6,422,880
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.1%
Advanced Micro Devices, Inc. (a)	47,072	3,599,596
Analog Devices, Inc.	2,915	425,852
Applied Materials, Inc.	34,505	3,139,265
Broadcom, Inc.	3,280	1,593,457
Enphase Energy, Inc. (a)	122	23,819
Entegris, Inc.	418	38,510
Intel Corp.	189,110	7,074,605
KLA Corp.	6,119	1,952,450
Lam Research Corp.	5,758	2,453,772
Marvell Technology, Inc.	2,352	102,383
Microchip Technology, Inc.	2,373	137,824
Micron Technology, Inc.	15,788	872,761
Monolithic Power Systems, Inc.	1,196	459,312
NVIDIA Corp.	75,960	11,514,776
NXP Semiconductors NV	1,092	161,649
ON Semiconductor Corp. (a)	2,524	126,982
Qorvo, Inc. (a)	1,070	100,922
QUALCOMM, Inc.	43,963	5,615,834
Skyworks Solutions, Inc.	6,037	559,268

Security Description	Shares	Value
SolarEdge Technologies, Inc. (a)	151	$ 41,326
Teradyne, Inc.	6,125	548,494
Texas Instruments, Inc.	60,105	9,235,133
		49,777,990
SOFTWARE — 6.1%
Adobe, Inc. (a)	19,314	7,070,083
ANSYS, Inc. (a)	301	72,026
AppLovin Corp. Class A (a) (c)	374	12,880
Autodesk, Inc. (a)	452	77,726
Avalara, Inc. (a)	63	4,448
Bentley Systems, Inc. Class B	456	15,185
Bill.Com Holdings, Inc. (a)	246	27,045
Black Knight, Inc. (a)	11,039	721,840
Cadence Design Systems, Inc. (a)	8,488	1,273,455
Ceridian HCM Holding, Inc. (a)	261	12,288
Citrix Systems, Inc. (a)	18,514	1,799,005
Coupa Software, Inc. (a)	17	971
Crowdstrike Holdings, Inc. Class A (a)	35	5,900
Datadog, Inc. Class A (a)	44	4,190
DocuSign, Inc. (a)	40	2,295
Dropbox, Inc. Class A (a)	376	7,892
Dynatrace, Inc. (a)	113	4,457
Fair Isaac Corp. (a)	78	31,270
Fortinet, Inc. (a)	22,515	1,273,899
Guidewire Software, Inc. (a)	196	13,914
HubSpot, Inc. (a)	23	6,915
Intuit, Inc.	7,384	2,846,089
Microsoft Corp.	92,348	23,717,737
NortonLifeLock, Inc.	59,700	1,311,012
Oracle Corp.	53,807	3,759,495
Palantir Technologies, Inc. Class A (a)	318	2,884
Palo Alto Networks, Inc. (a)	55	27,167
Paycom Software, Inc. (a)	1,465	410,376
PTC, Inc. (a)	251	26,691
RingCentral, Inc. Class A (a)	24	1,254
Roper Technologies, Inc.	4,777	1,885,243
Salesforce, Inc. (a)	4,438	732,447
ServiceNow, Inc. (a)	182	86,545
Splunk, Inc. (a)	183	16,188
Synopsys, Inc. (a)	436	132,413
Trade Desk, Inc. Class A (a)	364	15,248
Tyler Technologies, Inc. (a)	3,227	1,072,913
Unity Software, Inc. (a) (c)	361	13,292
VMware, Inc. Class A	2,011	229,214
Workday, Inc. Class A (a)	134	18,704
Zendesk, Inc. (a)	55	4,074
Zoom Video Communications, Inc. Class A (a)	5,500	593,835
Zscaler, Inc. (a)	29	4,336
		49,344,841
SPECIALTY RETAIL — 1.6%
Advance Auto Parts, Inc.	752	130,164
AutoZone, Inc. (a)	1,205	2,589,690

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI USA STRATEGICFACTORS^SM ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Bath & Body Works, Inc.	3,019	$ 81,271
Best Buy Co., Inc.	13,350	870,286
Burlington Stores, Inc. (a)	458	62,393
CarMax, Inc. (a)	2,686	243,029
Carvana Co. (a) (c)	1,698	38,341
Home Depot, Inc.	13,537	3,712,793
Lowe's Cos., Inc.	7,927	1,384,609
O'Reilly Automotive, Inc. (a)	2,293	1,448,626
Ross Stores, Inc.	2,557	179,578
TJX Cos., Inc.	7,763	433,564
Tractor Supply Co.	3,694	716,082
Ulta Beauty, Inc. (a)	1,906	734,725
		12,625,151
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.4%
Apple, Inc.	173,247	23,686,330
Dell Technologies, Inc. Class C	39,609	1,830,332
Hewlett Packard Enterprise Co.	34,977	463,795
HP, Inc.	18,386	602,693
NetApp, Inc.	7,507	489,757
Seagate Technology Holdings PLC	2,210	157,882
Western Digital Corp. (a)	3,938	176,540
		27,407,329
TEXTILES, APPAREL & LUXURY GOODS — 0.6%
Lululemon Athletica, Inc. (a)	3,985	1,086,351
NIKE, Inc. Class B	38,879	3,973,434
VF Corp.	3,417	150,929
		5,210,714
TOBACCO — 0.1%
Altria Group, Inc.	7,103	296,692
Philip Morris International, Inc.	8,687	857,755
		1,154,447
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co.	19,412	969,047
United Rentals, Inc. (a)	841	204,287
W.W. Grainger, Inc.	1,684	765,260
		1,938,594

Security Description	Shares	Value
WATER UTILITIES — 0.1%
American Water Works Co., Inc.	2,527	$ 375,942
Essential Utilities, Inc.	1,830	83,905
		459,847
WIRELESS TELECOMMUNICATION SERVICES — 0.7%
T-Mobile US, Inc. (a)	40,243	5,414,293
TOTAL COMMON STOCKS (Cost $805,297,184)		813,249,451
SHORT-TERM INVESTMENTS — 0.1%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (e) (f)	606,676	606,615
State Street Navigator Securities Lending Portfolio II (d) (g)	297,165	297,165
TOTAL SHORT-TERM INVESTMENTS (Cost $903,790)		903,780
TOTAL INVESTMENTS — 100.0% (Cost $806,200,974)		814,153,231
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (b)		234,402
NET ASSETS — 100.0%		$ 814,387,633

(a)	Non-income producing security.
(b)	Amount is less than 0.05% of net assets.
(c)	All or a portion of the shares of the security are on loan at June 30, 2022.
(d)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at June 30, 2022.
(g)	Investment of cash collateral for securities loaned.

REIT	Real Estate Investment Trust

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$813,249,451	$—	$—	$813,249,451
Short-Term Investments	903,780	—	—	903,780
TOTAL INVESTMENTS	$814,153,231	$—	$—	$814,153,231

See accompanying notes to financial statements.

Table of Contents

SPDR NYSE TECHNOLOGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
AUTOMOBILES — 3.1%
Tesla, Inc. (a)	17,572	$ 11,833,336
COMMUNICATIONS EQUIPMENT — 3.4%
Cisco Systems, Inc.	300,911	12,830,845
ENTERTAINMENT — 4.0%
Netflix, Inc. (a)	29,214	5,108,652
ROBLOX Corp. Class A (a)	154,458	5,075,490
Sea, Ltd. ADR (a)	74,986	5,013,564
		15,197,706
HOTELS, RESTAURANTS & LEISURE — 5.9%
Airbnb, Inc. Class A (a)	98,808	8,801,817
Booking Holdings, Inc. (a)	7,983	13,962,187
		22,764,004
INTERACTIVE MEDIA & SERVICES — 6.9%
Alphabet, Inc. Class A (a)	6,035	13,151,834
Meta Platforms, Inc. Class A (a)	54,142	8,730,397
Snap, Inc. Class A (a)	351,159	4,610,718
		26,492,949
INTERNET & DIRECT MARKETING RETAIL — 10.9%
Alibaba Group Holding, Ltd. ADR (a)	142,744	16,227,138
Amazon.com, Inc. (a)	103,470	10,989,549
JD.com, Inc. ADR	229,196	14,718,967
		41,935,654
IT SERVICES — 8.0%
International Business Machines Corp.	143,689	20,287,450
Shopify, Inc. Class A (a)	122,680	3,832,523
Snowflake, Inc. Class A (a)	48,188	6,701,023
		30,820,996
ROAD & RAIL — 2.6%
Uber Technologies, Inc. (a)	486,704	9,957,964
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 33.4%
Advanced Micro Devices, Inc. (a)	128,810	9,850,101

Security Description	Shares	Value
Applied Materials, Inc.	116,883	$ 10,634,015
ASML Holding NV	22,788	10,844,353
Broadcom, Inc.	28,206	13,702,757
Intel Corp.	353,468	13,223,238
Lam Research Corp.	25,272	10,769,663
Micron Technology, Inc.	209,019	11,554,570
NVIDIA Corp.	59,093	8,957,908
QUALCOMM, Inc.	97,078	12,400,744
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	150,084	12,269,367
Texas Instruments, Inc.	90,936	13,972,316
		128,179,032
SOFTWARE — 18.2%
Adobe, Inc. (a)	27,321	10,001,125
Intuit, Inc.	26,336	10,150,948
Microsoft Corp.	52,174	13,399,848
Oracle Corp.	173,912	12,151,232
Salesforce, Inc. (a)	67,102	11,074,514
ServiceNow, Inc. (a)	27,551	13,101,052
		69,878,719
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.5%
Apple, Inc.	99,333	13,580,808
TOTAL COMMON STOCKS (Cost $462,104,409)		383,472,013
TOTAL INVESTMENTS — 99.9% (Cost $462,104,409)		383,472,013
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		369,098
NET ASSETS — 100.0%		$ 383,841,111

(a)	Non-income producing security.

ADR	American Depositary Receipt

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$383,472,013	$—	$—	$383,472,013
TOTAL INVESTMENTS	$383,472,013	$—	$—	$383,472,013

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.8%
Boeing Co. (a)	20,942	$ 2,863,190
General Dynamics Corp.	8,631	1,909,609
Howmet Aerospace, Inc.	14,619	459,768
Huntington Ingalls Industries, Inc.	1,441	313,879
L3Harris Technologies, Inc.	7,356	1,777,945
Lockheed Martin Corp.	8,921	3,835,673
Northrop Grumman Corp.	5,534	2,648,406
Raytheon Technologies Corp.	55,881	5,370,723
Textron, Inc.	8,507	519,523
TransDigm Group, Inc. (a)	1,975	1,059,923
		20,758,639
AIR FREIGHT & LOGISTICS — 0.7%
C.H. Robinson Worldwide, Inc.	5,041	511,006
Expeditors International of Washington, Inc.	6,367	620,528
FedEx Corp.	9,088	2,060,340
United Parcel Service, Inc. Class B	27,661	5,049,239
		8,241,113
AIRLINES — 0.2%
Alaska Air Group, Inc. (a)	4,743	189,957
American Airlines Group, Inc. (a)	24,073	305,246
Delta Air Lines, Inc. (a)	24,026	696,033
Southwest Airlines Co. (a)	22,329	806,523
United Airlines Holdings, Inc. (a)	12,104	428,724
		2,426,483
AUTO COMPONENTS — 0.1%
Aptiv PLC (a)	10,157	904,684
BorgWarner, Inc.	8,973	299,429
		1,204,113
AUTOMOBILES — 2.1%
Ford Motor Co.	146,254	1,627,807
General Motors Co. (a)	54,197	1,721,297
Tesla, Inc. (a)	31,606	21,284,112
		24,633,216
BANKS — 3.8%
Bank of America Corp.	266,184	8,286,308
Citigroup, Inc.	73,139	3,363,663
Citizens Financial Group, Inc.	18,570	662,763
Comerica, Inc.	5,005	367,267
Fifth Third Bancorp	25,787	866,443
First Republic Bank	6,573	947,827
Huntington Bancshares, Inc.	55,400	666,462
JPMorgan Chase & Co.	110,938	12,492,728
KeyCorp.	35,657	614,370
M&T Bank Corp.	6,781	1,080,824
PNC Financial Services Group, Inc.	15,738	2,482,984
Regions Financial Corp.	36,092	676,725
Signature Bank	2,349	420,964
SVB Financial Group (a)	2,243	885,963

Security Description	Shares	Value
Truist Financial Corp.	50,166	$ 2,379,373
US Bancorp	50,514	2,324,654
Wells Fargo & Co.	142,748	5,591,439
Zions Bancorp NA	5,679	289,061
		44,399,818
BEVERAGES — 1.9%
Brown-Forman Corp. Class B	6,781	475,755
Coca-Cola Co.	146,939	9,243,932
Constellation Brands, Inc. Class A	6,156	1,434,717
Molson Coors Beverage Co. Class B	7,174	391,055
Monster Beverage Corp. (a)	13,917	1,290,106
PepsiCo, Inc.	51,886	8,647,321
		21,482,886
BIOTECHNOLOGY — 2.3%
AbbVie, Inc.	66,385	10,167,527
Amgen, Inc.	20,119	4,894,953
Biogen, Inc. (a)	5,497	1,121,058
Gilead Sciences, Inc.	46,746	2,889,370
Incyte Corp. (a)	7,131	541,742
Moderna, Inc. (a)	13,134	1,876,192
Regeneron Pharmaceuticals, Inc. (a)	4,096	2,421,268
Vertex Pharmaceuticals, Inc. (a)	9,549	2,690,813
		26,602,923
BUILDING PRODUCTS — 0.4%
A.O. Smith Corp.	5,092	278,431
Allegion PLC	3,481	340,790
Carrier Global Corp.	32,454	1,157,310
Fortune Brands Home & Security, Inc.	5,192	310,897
Johnson Controls International PLC	26,575	1,272,411
Masco Corp.	9,175	464,255
Trane Technologies PLC	8,865	1,151,297
		4,975,391
CAPITAL MARKETS — 3.0%
Ameriprise Financial, Inc.	4,226	1,004,436
Bank of New York Mellon Corp.	27,701	1,155,409
BlackRock, Inc.	5,326	3,243,747
Cboe Global Markets, Inc.	3,994	452,081
Charles Schwab Corp.	57,045	3,604,103
CME Group, Inc.	13,457	2,754,648
FactSet Research Systems, Inc.	1,415	544,166
Franklin Resources, Inc.	10,248	238,881
Goldman Sachs Group, Inc.	12,992	3,858,884
Intercontinental Exchange, Inc.	21,036	1,978,225
Invesco, Ltd.	12,729	205,319
MarketAxess Holdings, Inc.	1,395	357,134
Moody's Corp.	6,042	1,643,243
Morgan Stanley	53,079	4,037,189
MSCI, Inc.	3,006	1,238,923
Nasdaq, Inc.	4,262	650,125
Northern Trust Corp.	7,799	752,447

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Raymond James Financial, Inc.	7,291	$ 651,888
S&P Global, Inc.	13,077	4,407,733
State Street Corp. (b)	13,655	841,831
T Rowe Price Group, Inc.	8,529	968,980
		34,589,392
CHEMICALS — 1.9%
Air Products & Chemicals, Inc.	8,332	2,003,679
Albemarle Corp.	4,292	896,942
Celanese Corp.	4,107	483,024
CF Industries Holdings, Inc.	7,976	683,782
Corteva, Inc.	27,680	1,498,595
Dow, Inc.	27,549	1,421,804
DuPont de Nemours, Inc.	19,532	1,085,589
Eastman Chemical Co.	4,831	433,679
Ecolab, Inc.	9,257	1,423,356
FMC Corp.	4,903	524,670
International Flavors & Fragrances, Inc.	9,354	1,114,249
Linde PLC	18,955	5,450,131
LyondellBasell Industries NV Class A	9,761	853,697
Mosaic Co.	13,846	653,947
PPG Industries, Inc.	8,820	1,008,479
Sherwin-Williams Co.	9,068	2,030,416
		21,566,039
COMMERCIAL SERVICES & SUPPLIES — 0.5%
Cintas Corp.	3,353	1,252,446
Copart, Inc. (a)	8,121	882,428
Republic Services, Inc.	7,866	1,029,423
Rollins, Inc.	8,368	292,211
Waste Management, Inc.	14,495	2,217,445
		5,673,953
COMMUNICATIONS EQUIPMENT — 0.8%
Arista Networks, Inc. (a)	8,325	780,386
Cisco Systems, Inc.	156,459	6,671,412
F5, Inc. (a)	2,257	345,411
Juniper Networks, Inc.	12,406	353,571
Motorola Solutions, Inc.	6,357	1,332,427
		9,483,207
CONSTRUCTION & ENGINEERING — 0.1%
Quanta Services, Inc.	5,183	649,637
CONSTRUCTION MATERIALS — 0.1%
Martin Marietta Materials, Inc.	2,377	711,294
Vulcan Materials Co.	5,002	710,784
		1,422,078
CONSUMER FINANCE — 0.5%
American Express Co.	23,029	3,192,280
Capital One Financial Corp.	14,801	1,542,116
Discover Financial Services	10,795	1,020,991
Synchrony Financial	19,530	539,419
		6,294,806

Security Description	Shares	Value
CONTAINERS & PACKAGING — 0.3%
Amcor PLC	58,024	$ 721,238
Avery Dennison Corp.	3,022	489,171
Ball Corp.	12,398	852,611
International Paper Co.	14,774	617,996
Packaging Corp. of America	3,609	496,238
Sealed Air Corp.	5,654	326,349
Westrock Co.	9,955	396,607
		3,900,210
DISTRIBUTORS — 0.2%
Genuine Parts Co.	5,383	715,939
LKQ Corp.	10,093	495,465
Pool Corp.	1,451	509,635
		1,721,039
DIVERSIFIED FINANCIAL SERVICES — 1.6%
Berkshire Hathaway, Inc. Class B (a)	68,139	18,603,310
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.2%
AT&T, Inc.	270,461	5,668,863
Lumen Technologies, Inc.	34,492	376,308
Verizon Communications, Inc.	158,559	8,046,869
		14,092,040
ELECTRIC UTILITIES — 2.0%
Alliant Energy Corp.	9,301	545,132
American Electric Power Co., Inc.	19,491	1,869,967
Constellation Energy Corp.	12,152	695,824
Duke Energy Corp.	28,721	3,079,178
Edison International	14,216	899,020
Entergy Corp.	7,555	850,995
Evergy, Inc.	8,597	560,954
Eversource Energy	12,867	1,086,875
Exelon Corp.	36,393	1,649,331
FirstEnergy Corp.	21,678	832,218
NextEra Energy, Inc.	74,214	5,748,616
NRG Energy, Inc.	9,150	349,256
Pinnacle West Capital Corp.	4,165	304,545
PPL Corp.	28,895	783,921
Southern Co.	39,564	2,821,309
Xcel Energy, Inc.	20,240	1,432,182
		23,509,323
ELECTRICAL EQUIPMENT — 0.5%
AMETEK, Inc.	8,710	957,142
Eaton Corp. PLC	14,884	1,875,235
Emerson Electric Co.	22,387	1,780,662
Generac Holdings, Inc. (a)	2,362	497,390
Rockwell Automation, Inc.	4,273	851,652
		5,962,081
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%
Amphenol Corp. Class A	22,493	1,448,099
CDW Corp.	5,176	815,531
Corning, Inc.	27,959	880,988
Keysight Technologies, Inc. (a)	6,857	945,237

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
TE Connectivity, Ltd.	12,335	$ 1,395,705
Teledyne Technologies, Inc. (a)	1,782	668,446
Trimble, Inc. (a)	9,333	543,461
Zebra Technologies Corp. Class A (a)	1,989	584,667
		7,282,134
ENERGY EQUIPMENT & SERVICES — 0.3%
Baker Hughes Co.	35,227	1,017,004
Halliburton Co.	33,565	1,052,598
Schlumberger NV	52,624	1,881,834
		3,951,436
ENTERTAINMENT — 1.3%
Activision Blizzard, Inc.	28,963	2,255,059
Electronic Arts, Inc.	10,555	1,284,016
Live Nation Entertainment, Inc. (a)	4,935	407,532
Netflix, Inc. (a)	16,618	2,905,990
Take-Two Interactive Software, Inc. (a)	5,934	727,093
Walt Disney Co. (a)	68,787	6,493,493
Warner Bros Discovery, Inc. (a)	81,681	1,096,159
		15,169,342
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.8%
Alexandria Real Estate Equities, Inc. REIT	5,341	774,605
American Tower Corp. REIT	17,501	4,473,081
AvalonBay Communities, Inc. REIT	5,219	1,013,791
Boston Properties, Inc. REIT	5,290	470,704
Camden Property Trust REIT	4,014	539,803
Crown Castle International Corp. REIT	16,154	2,720,010
Digital Realty Trust, Inc. REIT	10,493	1,362,306
Duke Realty Corp. REIT	14,046	771,828
Equinix, Inc. REIT	3,404	2,236,496
Equity Residential REIT	12,862	928,894
Essex Property Trust, Inc. REIT	2,461	643,576
Extra Space Storage, Inc. REIT	4,986	848,218
Federal Realty OP LP, REIT	2,638	252,562
Healthpeak Properties, Inc. REIT	20,273	525,273
Host Hotels & Resorts, Inc. REIT	26,556	416,398
Iron Mountain, Inc. REIT	10,949	533,107
Kimco Realty Corp. REIT	22,503	444,884
Mid-America Apartment Communities, Inc. REIT	4,394	767,500
Prologis, Inc. REIT	27,606	3,247,846
Public Storage REIT	5,760	1,800,979
Realty Income Corp. REIT	22,658	1,546,635
Regency Centers Corp. REIT	5,968	353,962
SBA Communications Corp. REIT	4,060	1,299,403
Simon Property Group, Inc. REIT	12,280	1,165,618
UDR, Inc. REIT	11,455	527,388
Ventas, Inc. REIT	14,746	758,387
Vornado Realty Trust REIT	5,979	170,940
Welltower, Inc. REIT	17,251	1,420,620

Security Description	Shares	Value
Weyerhaeuser Co. REIT	28,095	$ 930,506
		32,945,320
FOOD & STAPLES RETAILING — 1.6%
Costco Wholesale Corp.	16,656	7,982,888
Kroger Co.	25,364	1,200,478
Sysco Corp.	19,173	1,624,145
Walgreens Boots Alliance, Inc.	26,923	1,020,382
Walmart, Inc.	52,970	6,440,092
		18,267,985
FOOD PRODUCTS — 1.2%
Archer-Daniels-Midland Co.	20,865	1,619,124
Campbell Soup Co.	7,620	366,141
Conagra Brands, Inc.	18,007	616,560
General Mills, Inc.	22,875	1,725,919
Hershey Co.	5,438	1,170,040
Hormel Foods Corp.	10,495	497,043
J.M. Smucker Co.	4,068	520,745
Kellogg Co.	9,575	683,080
Kraft Heinz Co.	26,528	1,011,778
Lamb Weston Holdings, Inc.	5,417	387,099
McCormick & Co., Inc.	9,282	772,726
Mondelez International, Inc. Class A	51,999	3,228,618
Tyson Foods, Inc. Class A	11,145	959,139
		13,558,012
GAS UTILITIES — 0.1%
Atmos Energy Corp.	5,192	582,023
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%
Abbott Laboratories	66,277	7,200,996
ABIOMED, Inc. (a)	1,754	434,132
Align Technology, Inc. (a)	2,740	648,476
Baxter International, Inc.	18,695	1,200,780
Becton Dickinson & Co.	10,655	2,626,777
Boston Scientific Corp. (a)	52,995	1,975,124
Cooper Cos., Inc.	1,888	591,171
DENTSPLY SIRONA, Inc.	8,358	298,631
DexCom, Inc. (a)	14,604	1,088,436
Edwards Lifesciences Corp. (a)	23,276	2,213,315
Hologic, Inc. (a)	9,669	670,062
IDEXX Laboratories, Inc. (a)	3,177	1,114,269
Intuitive Surgical, Inc. (a)	13,378	2,685,098
Medtronic PLC	50,205	4,505,899
ResMed, Inc.	5,405	1,133,050
STERIS PLC	3,812	785,844
Stryker Corp.	12,540	2,494,582
Teleflex, Inc.	1,805	443,759
Zimmer Biomet Holdings, Inc.	7,784	817,787
		32,928,188
HEALTH CARE PROVIDERS & SERVICES — 3.6%
AmerisourceBergen Corp.	5,749	813,368
Cardinal Health, Inc.	10,373	542,197
Centene Corp. (a)	21,817	1,845,936
Cigna Corp.	12,094	3,187,011

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
CVS Health Corp.	49,145	$ 4,553,776
DaVita, Inc. (a)	2,308	184,548
Elevance Health, Inc.	9,067	4,375,553
HCA Healthcare, Inc.	8,567	1,439,770
Henry Schein, Inc. (a)	5,279	405,110
Humana, Inc.	4,840	2,265,459
Laboratory Corp. of America Holdings	3,487	817,213
McKesson Corp.	5,607	1,829,059
Molina Healthcare, Inc. (a)	2,208	617,379
Quest Diagnostics, Inc.	4,624	614,900
UnitedHealth Group, Inc.	35,348	18,155,793
Universal Health Services, Inc. Class B	2,845	286,520
		41,933,592
HOTELS, RESTAURANTS & LEISURE — 1.9%
Booking Holdings, Inc. (a)	1,548	2,707,437
Caesars Entertainment, Inc. (a)	8,046	308,162
Carnival Corp. (a) (c)	30,091	260,287
Chipotle Mexican Grill, Inc. (a)	1,054	1,377,852
Darden Restaurants, Inc.	4,933	558,021
Domino's Pizza, Inc.	1,361	530,395
Expedia Group, Inc. (a)	5,701	540,626
Hilton Worldwide Holdings, Inc.	10,394	1,158,307
Las Vegas Sands Corp. (a)	12,414	416,986
Marriott International, Inc. Class A	10,286	1,398,999
McDonald's Corp.	28,041	6,922,762
MGM Resorts International	14,103	408,282
Norwegian Cruise Line Holdings, Ltd. (a)	16,265	180,867
Penn National Gaming, Inc. (a)	6,212	188,969
Royal Caribbean Cruises, Ltd. (a)	8,348	291,429
Starbucks Corp.	43,070	3,290,117
Wynn Resorts, Ltd. (a)	3,932	224,045
Yum! Brands, Inc.	10,823	1,228,519
		21,992,062
HOUSEHOLD DURABLES — 0.3%
D.R. Horton, Inc.	12,225	809,173
Garmin, Ltd.	5,690	559,042
Lennar Corp. Class A	9,788	690,739
Mohawk Industries, Inc. (a)	2,144	266,049
Newell Brands, Inc.	14,172	269,835
NVR, Inc. (a)	119	476,492
PulteGroup, Inc.	9,309	368,916
Whirlpool Corp.	2,210	342,263
		3,782,509
HOUSEHOLD PRODUCTS — 1.6%
Church & Dwight Co., Inc.	9,162	848,951
Clorox Co.	4,692	661,478
Colgate-Palmolive Co.	31,523	2,526,253
Kimberly-Clark Corp.	12,563	1,697,890
Procter & Gamble Co.	90,361	12,993,008
		18,727,580

Security Description	Shares	Value
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%
AES Corp.	25,077	$ 526,868
INDUSTRIAL CONGLOMERATES — 0.9%
3M Co.	21,384	2,767,304
General Electric Co.	41,029	2,612,316
Honeywell International, Inc.	25,694	4,465,874
		9,845,494
INSURANCE — 2.3%
Aflac, Inc.	22,465	1,242,989
Allstate Corp.	10,505	1,331,299
American International Group, Inc.	29,833	1,525,361
Aon PLC Class A	8,041	2,168,497
Arthur J Gallagher & Co.	7,688	1,253,452
Assurant, Inc.	2,240	387,184
Brown & Brown, Inc.	8,774	511,875
Chubb, Ltd.	16,133	3,171,425
Cincinnati Financial Corp.	5,543	659,506
Everest Re Group, Ltd.	1,440	403,603
Globe Life, Inc.	3,615	352,354
Hartford Financial Services Group, Inc.	12,916	845,094
Lincoln National Corp.	6,237	291,705
Loews Corp.	7,585	449,487
Marsh & McLennan Cos., Inc.	18,944	2,941,056
MetLife, Inc.	26,274	1,649,744
Principal Financial Group, Inc.	9,255	618,141
Progressive Corp.	21,726	2,526,082
Prudential Financial, Inc.	14,126	1,351,576
Travelers Cos., Inc.	9,031	1,527,413
Willis Towers Watson PLC	4,202	829,433
WR Berkley Corp.	7,857	536,319
		26,573,595
INTERACTIVE MEDIA & SERVICES — 5.4%
Alphabet, Inc. Class A (a)	11,328	24,686,657
Alphabet, Inc. Class C (a)	10,389	22,725,418
Match Group, Inc. (a)	10,550	735,230
Meta Platforms, Inc. Class A (a)	86,659	13,973,764
Twitter, Inc. (a)	29,800	1,114,222
		63,235,291
INTERNET & DIRECT MARKETING RETAIL — 3.1%
Amazon.com, Inc. (a)	329,544	35,000,868
eBay, Inc.	21,083	878,529
Etsy, Inc. (a)	4,800	351,408
		36,230,805
IT SERVICES — 4.5%
Accenture PLC Class A	23,921	6,641,666
Akamai Technologies, Inc. (a)	6,176	564,054
Automatic Data Processing, Inc.	15,805	3,319,682
Broadridge Financial Solutions, Inc.	4,252	606,123
Cognizant Technology Solutions Corp. Class A	19,692	1,329,013

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
DXC Technology Co. (a)	9,618	$ 291,522
EPAM Systems, Inc. (a)	2,125	626,408
Fidelity National Information Services, Inc.	23,013	2,109,602
Fiserv, Inc. (a)	22,275	1,981,807
FleetCor Technologies, Inc. (a)	3,035	637,684
Gartner, Inc. (a)	3,045	736,372
Global Payments, Inc.	10,664	1,179,865
International Business Machines Corp.	33,727	4,761,915
Jack Henry & Associates, Inc.	2,714	488,574
Mastercard, Inc. Class A	32,317	10,195,367
Paychex, Inc.	12,021	1,368,831
PayPal Holdings, Inc. (a)	43,623	3,046,630
VeriSign, Inc. (a)	3,689	617,280
Visa, Inc. Class A	62,100	12,226,869
		52,729,264
LEISURE EQUIPMENT & PRODUCTS — 0.0% (d)
Hasbro, Inc.	4,852	397,282
LIFE SCIENCES TOOLS & SERVICES — 2.0%
Agilent Technologies, Inc.	11,356	1,348,752
Bio-Rad Laboratories, Inc. Class A (a)	810	400,950
Bio-Techne Corp.	1,457	505,054
Charles River Laboratories International, Inc. (a)	1,930	412,962
Danaher Corp.	24,375	6,179,550
Illumina, Inc. (a)	5,877	1,083,484
IQVIA Holdings, Inc. (a)	7,197	1,561,677
Mettler-Toledo International, Inc. (a)	862	990,240
PerkinElmer, Inc.	4,742	674,407
Thermo Fisher Scientific, Inc.	14,745	8,010,664
Waters Corp. (a)	2,321	768,204
West Pharmaceutical Services, Inc.	2,745	830,006
		22,765,950
MACHINERY — 1.6%
Caterpillar, Inc.	20,235	3,617,209
Cummins, Inc.	5,320	1,029,580
Deere & Co.	10,531	3,153,719
Dover Corp.	5,348	648,819
Fortive Corp.	13,614	740,329
IDEX Corp.	2,762	501,662
Illinois Tool Works, Inc.	10,814	1,970,851
Ingersoll Rand, Inc.	15,369	646,727
Nordson Corp.	2,028	410,548
Otis Worldwide Corp.	15,992	1,130,155
PACCAR, Inc.	12,990	1,069,597
Parker-Hannifin Corp.	4,835	1,189,652
Pentair PLC	6,264	286,703
Snap-on, Inc.	2,125	418,689
Stanley Black & Decker, Inc.	6,103	639,961
Westinghouse Air Brake Technologies Corp.	7,269	596,639

Security Description	Shares	Value
Xylem, Inc.	6,709	$ 524,510
		18,575,350
MEDIA — 1.0%
Charter Communications, Inc. Class A (a)	4,475	2,096,672
Comcast Corp. Class A	169,398	6,647,177
DISH Network Corp. Class A (a)	9,226	165,422
Fox Corp. Class A	12,294	395,375
Fox Corp. Class B	5,617	166,825
Interpublic Group of Cos., Inc.	14,789	407,141
News Corp. Class A	14,802	230,615
News Corp. Class B	4,667	74,159
Omnicom Group, Inc.	8,007	509,325
Paramount Global Class B	22,495	555,177
		11,247,888
METALS & MINING — 0.4%
Freeport-McMoRan, Inc.	55,046	1,610,646
Newmont Corp.	29,891	1,783,596
Nucor Corp.	10,184	1,063,311
		4,457,553
MULTI-UTILITIES — 1.0%
Ameren Corp.	9,639	870,980
CenterPoint Energy, Inc.	24,061	711,724
CMS Energy Corp.	10,965	740,138
Consolidated Edison, Inc.	13,012	1,237,441
Dominion Energy, Inc.	30,535	2,436,998
DTE Energy Co.	7,346	931,106
NiSource, Inc.	14,826	437,219
Public Service Enterprise Group, Inc.	19,008	1,202,826
Sempra Energy	12,120	1,821,272
WEC Energy Group, Inc.	11,790	1,186,546
		11,576,250
MULTILINE RETAIL — 0.5%
Dollar General Corp.	8,676	2,129,438
Dollar Tree, Inc. (a)	8,441	1,315,530
Target Corp.	17,414	2,459,379
		5,904,347
OIL, GAS & CONSUMABLE FUELS — 0.7%
Kinder Morgan, Inc.	73,205	1,226,916
Marathon Petroleum Corp.	20,377	1,675,193
ONEOK, Inc.	16,699	926,795
Phillips 66	18,277	1,498,531
Valero Energy Corp.	15,346	1,630,973
Williams Cos., Inc.	45,652	1,424,799
		8,383,207
PERSONAL PRODUCTS — 0.2%
Estee Lauder Cos., Inc. Class A	8,684	2,211,554
PHARMACEUTICALS — 5.0%
Bristol-Myers Squibb Co.	80,183	6,174,091
Catalent, Inc. (a)	6,860	736,009
Eli Lilly & Co.	29,721	9,636,440

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Johnson & Johnson	99,268	$ 17,621,063
Merck & Co., Inc.	95,238	8,682,848
Organon & Co.	9,645	325,519
Pfizer, Inc.	210,646	11,044,170
Viatris, Inc.	45,459	475,956
Zoetis, Inc.	17,694	3,041,421
		57,737,517
PROFESSIONAL SERVICES — 0.3%
Equifax, Inc.	4,596	840,057
Jacobs Engineering Group, Inc.	4,925	626,115
Leidos Holdings, Inc.	5,397	543,532
Nielsen Holdings PLC	13,547	314,561
Robert Half International, Inc.	4,135	309,670
Verisk Analytics, Inc.	6,060	1,048,926
		3,682,861
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%
CBRE Group, Inc. Class A (a)	12,637	930,210
ROAD & RAIL — 0.9%
CSX Corp.	83,011	2,412,300
JB Hunt Transport Services, Inc.	3,208	505,164
Norfolk Southern Corp.	8,978	2,040,609
Old Dominion Freight Line, Inc.	3,564	913,382
Union Pacific Corp.	23,848	5,086,301
		10,957,756
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%
Advanced Micro Devices, Inc. (a)	61,197	4,679,735
Analog Devices, Inc.	19,672	2,873,883
Applied Materials, Inc.	33,252	3,025,267
Broadcom, Inc.	15,379	7,471,272
Enphase Energy, Inc. (a)	5,031	982,252
Intel Corp.	154,461	5,778,386
KLA Corp.	5,716	1,823,861
Lam Research Corp.	5,223	2,225,781
Microchip Technology, Inc.	20,996	1,219,448
Micron Technology, Inc.	41,884	2,315,348
Monolithic Power Systems, Inc.	1,660	637,506
NVIDIA Corp.	94,307	14,295,998
NXP Semiconductors NV	9,923	1,468,900
Qorvo, Inc. (a)	4,102	386,901
QUALCOMM, Inc.	42,354	5,410,300
Skyworks Solutions, Inc.	6,228	576,962
SolarEdge Technologies, Inc. (a)	1,968	538,602
Teradyne, Inc.	6,284	562,732
Texas Instruments, Inc.	34,506	5,301,847
		61,574,981
SOFTWARE — 9.3%
Adobe, Inc. (a)	17,848	6,533,439
ANSYS, Inc. (a)	3,269	782,239
Autodesk, Inc. (a)	8,289	1,425,376
Cadence Design Systems, Inc. (a)	10,307	1,546,359
Ceridian HCM Holding, Inc. (a)	5,093	239,778

Security Description	Shares	Value
Citrix Systems, Inc. (a)	4,704	$ 457,088
Fortinet, Inc. (a)	25,460	1,440,527
Intuit, Inc.	10,654	4,106,478
Microsoft Corp.	282,008	72,428,115
NortonLifeLock, Inc.	21,737	477,344
Oracle Corp.	58,995	4,121,981
Paycom Software, Inc. (a)	1,747	489,370
PTC, Inc. (a)	3,866	411,110
Roper Technologies, Inc.	3,924	1,548,606
Salesforce, Inc. (a)	37,416	6,175,137
ServiceNow, Inc. (a)	7,486	3,559,743
Synopsys, Inc. (a)	5,768	1,751,741
Tyler Technologies, Inc. (a)	1,487	494,398
		107,988,829
SPECIALTY RETAIL — 2.2%
Advance Auto Parts, Inc.	2,335	404,165
AutoZone, Inc. (a)	744	1,598,945
Bath & Body Works, Inc.	9,923	267,127
Best Buy Co., Inc.	8,105	528,365
CarMax, Inc. (a)	6,155	556,905
Home Depot, Inc.	39,100	10,723,957
Lowe's Cos., Inc.	24,897	4,348,759
O'Reilly Automotive, Inc. (a)	2,521	1,592,667
Ross Stores, Inc.	13,356	937,992
TJX Cos., Inc.	45,027	2,514,758
Tractor Supply Co.	4,206	815,333
Ulta Beauty, Inc. (a)	2,092	806,424
		25,095,397
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.1%
Apple, Inc.	579,755	79,264,105
Hewlett Packard Enterprise Co.	49,044	650,323
HP, Inc.	40,540	1,328,901
NetApp, Inc.	8,462	552,061
Seagate Technology Holdings PLC	7,541	538,729
Western Digital Corp. (a)	11,499	515,500
		82,849,619
TEXTILES, APPAREL & LUXURY GOODS — 0.5%
NIKE, Inc. Class B	47,794	4,884,547
PVH Corp.	2,651	150,842
Ralph Lauren Corp.	1,721	154,288
Tapestry, Inc.	10,401	317,438
VF Corp.	12,189	538,388
		6,045,503
TOBACCO — 0.7%
Altria Group, Inc.	68,281	2,852,097
Philip Morris International, Inc.	58,171	5,743,805
		8,595,902
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Fastenal Co.	21,601	1,078,322
United Rentals, Inc. (a)	2,685	652,214

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
W.W. Grainger, Inc.	1,589	$ 722,089
		2,452,625
WATER UTILITIES — 0.1%
American Water Works Co., Inc.	6,743	1,003,156
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
T-Mobile US, Inc. (a)	22,296	2,999,704
TOTAL COMMON STOCKS (Cost $1,113,564,322)		1,159,886,638
SHORT-TERM INVESTMENTS — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (e) (f)	2,455,547	2,455,302
State Street Navigator Securities Lending Portfolio II (b) (g)	2,313	2,313
TOTAL SHORT-TERM INVESTMENTS (Cost $2,457,627)		2,457,615
TOTAL INVESTMENTS — 100.0% (Cost $1,116,021,949)		1,162,344,253
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)		(425,420)
NET ASSETS — 100.0%		$ 1,161,918,833

(a)	Non-income producing security.
(b)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(c)	All or a portion of the shares of the security are on loan at June 30, 2022.
(d)	Amount is less than 0.05% of net assets.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at June 30, 2022.
(g)	Investment of cash collateral for securities loaned.

REIT	Real Estate Investment Trust

At June 30, 2022, open futures contracts were as follows:

Description		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Index (long)		10		09/16/2022		$1,872,912		$1,894,750		$21,838

During the period ended June 30, 2022, average notional value related to futures contracts was $304,644.

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$1,159,886,638	$—	$—	$1,159,886,638
Short-Term Investments	2,457,615	—	—	2,457,615
TOTAL INVESTMENTS	$1,162,344,253	$—	$—	$1,162,344,253
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(a)	$ 21,838	$—	$—	$ 21,838
TOTAL OTHER FINANCIAL INSTRUMENTS:	$ 21,838	$—	$—	$ 21,838

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CAPITAL MARKETS ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
ASSET MANAGEMENT & CUSTODY BANKS — 44.8%
Affiliated Managers Group, Inc.	12,152	$ 1,416,923
Ameriprise Financial, Inc.	6,091	1,447,709
Ares Management Corp. Class A	23,281	1,323,758
Artisan Partners Asset Management, Inc. Class A (a)	42,320	1,505,322
Assetmark Financial Holdings, Inc. (b)	12,913	242,377
Bank of New York Mellon Corp.	35,850	1,495,303
BlackRock, Inc.	2,480	1,510,419
Blackstone, Inc.	14,268	1,301,670
Blucora, Inc. (b)	77,343	1,427,752
Blue Owl Capital, Inc. (a)	133,699	1,341,001
Bridge Investment Group Holdings, Inc. Class A	29,537	429,468
Brightsphere Investment Group, Inc.	77,657	1,398,603
Carlyle Group, Inc.	42,616	1,349,222
Cohen & Steers, Inc.	18,535	1,178,641
Diamond Hill Investment Group, Inc.	1,405	243,964
Federated Hermes, Inc.	47,318	1,504,239
Focus Financial Partners, Inc. Class A (b)	42,264	1,439,512
Franklin Resources, Inc.	62,378	1,454,031
Hamilton Lane, Inc. Class A	22,938	1,540,975
Invesco, Ltd.	88,651	1,429,941
Janus Henderson Group PLC	60,757	1,428,397
KKR & Co., Inc.	30,056	1,391,292
Northern Trust Corp.	15,139	1,460,611
SEI Investments Co.	27,882	1,506,186
State Street Corp. (c)	23,444	1,445,323
StepStone Group, Inc. Class A	44,791	1,165,910
T Rowe Price Group, Inc.	13,323	1,513,626
TPG, Inc.	58,602	1,401,174
Victory Capital Holdings, Inc. Class A	56,784	1,368,494
Virtus Investment Partners, Inc.	8,419	1,439,817
WisdomTree Investments, Inc. (a)	180,316	914,202
		40,015,862
FINANCIAL EXCHANGES & DATA — 23.4%
Cboe Global Markets, Inc.	13,970	1,581,264
CME Group, Inc.	7,665	1,569,025
Coinbase Global, Inc. Class A (a) (b)	26,127	1,228,492
Donnelley Financial Solutions, Inc. (b)	46,604	1,365,031
FactSet Research Systems, Inc.	4,222	1,623,655
Intercontinental Exchange, Inc.	15,696	1,476,052
MarketAxess Holdings, Inc.	5,595	1,432,376
Moody's Corp.	5,604	1,524,120
Morningstar, Inc.	6,670	1,613,006

Security Description	Shares	Value
MSCI, Inc.	3,737	$ 1,540,205
Nasdaq, Inc.	10,202	1,556,213
Open Lending Corp. Class A (b)	132,117	1,351,557
S&P Global, Inc.	4,605	1,552,161
Tradeweb Markets, Inc. Class A	22,549	1,538,969
		20,952,126
INVESTMENT BANKING & BROKERAGE — 31.6%
B Riley Financial, Inc. (a)	30,704	1,297,244
BGC Partners, Inc. Class A	428,463	1,443,920
Charles Schwab Corp.	24,613	1,555,049
Cowen, Inc. Class A	65,071	1,541,532
Evercore, Inc. Class A	15,446	1,445,900
Goldman Sachs Group, Inc.	5,339	1,585,790
Houlihan Lokey, Inc.	19,072	1,505,353
Interactive Brokers Group, Inc. Class A	27,125	1,492,146
Jefferies Financial Group, Inc.	53,641	1,481,564
Lazard, Ltd. Class A	46,271	1,499,643
LPL Financial Holdings, Inc.	8,133	1,500,376
Moelis & Co. Class A	38,270	1,505,925
Morgan Stanley	19,813	1,506,977
Oppenheimer Holdings, Inc. Class A	18,281	604,004
Piper Sandler Cos.	13,094	1,484,336
PJT Partners, Inc. Class A	21,217	1,491,131
Raymond James Financial, Inc.	17,165	1,534,723
Stifel Financial Corp.	25,537	1,430,583
StoneX Group, Inc. (b)	9,863	770,004
Virtu Financial, Inc. Class A	64,742	1,515,610
		28,191,810
TOTAL COMMON STOCKS (Cost $127,701,715)		89,159,798
SHORT-TERM INVESTMENTS — 3.5%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (d) (e)	164,042	164,025
State Street Navigator Securities Lending Portfolio II (c) (f)	2,984,921	2,984,921
TOTAL SHORT-TERM INVESTMENTS (Cost $3,148,951)		3,148,946
TOTAL INVESTMENTS — 103.3% (Cost $130,850,666)		92,308,744
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%		(2,948,977)
NET ASSETS — 100.0%		$ 89,359,767

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CAPITAL MARKETS ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

(a)	All or a portion of the shares of the security are on loan at June 30, 2022.
(b)	Non-income producing security.
(c)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(d)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.

(e)	The rate shown is the annualized seven-day yield at June 30, 2022.
(f)	Investment of cash collateral for securities loaned.

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$89,159,798	$—	$—	$89,159,798
Short-Term Investments	3,148,946	—	—	3,148,946
TOTAL INVESTMENTS	$92,308,744	$—	$—	$92,308,744

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
State Street Corp.	23,753	$1,954,397	$ 5,288,554	$ 5,207,158	$129,278	$(719,748)	23,444	$1,445,323	$ 90,439
State Street Institutional Liquid Reserves Fund, Premier Class	158,671	158,719	7,223,673	7,218,233	(128)	(6)	164,042	164,025	582
State Street Navigator Securities Lending Portfolio II	32,962	32,962	30,542,724	27,590,765	—	—	2,984,921	2,984,921	36,335
Total		$2,146,078	$43,054,951	$40,016,156	$129,150	$(719,754)		$4,594,269	$127,356

See accompanying notes to financial statements.

Table of Contents

SPDR S&P HEALTH CARE EQUIPMENT ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
HEALTH CARE EQUIPMENT — 74.1%
Abbott Laboratories	48,413	$ 5,260,073
ABIOMED, Inc. (a)	21,194	5,245,727
Alphatec Holdings, Inc. (a) (b)	650,745	4,255,872
AngioDynamics, Inc. (a)	212,115	4,104,425
Artivion, Inc. (a)	194,501	3,672,179
AtriCure, Inc. (a)	136,583	5,580,781
AxoGen, Inc. (a)	216,359	1,771,980
Axonics, Inc. (a)	98,765	5,597,013
Baxter International, Inc.	72,588	4,662,327
Becton Dickinson & Co.	21,287	5,247,884
Boston Scientific Corp. (a)	142,563	5,313,323
Butterfly Network, Inc. (a) (b)	1,556,486	4,778,412
Cardiovascular Systems, Inc. (a)	285,940	4,106,098
CONMED Corp.	51,665	4,947,440
CryoPort, Inc. (a) (b)	213,501	6,614,261
Cutera, Inc. (a)	124,038	4,651,425
DexCom, Inc. (a)	72,250	5,384,793
Edwards Lifesciences Corp. (a)	57,071	5,426,881
Enovis Corp. (a)	84,517	4,648,435
Envista Holdings Corp. (a)	132,030	5,088,436
Glaukos Corp. (a)	121,122	5,501,361
Globus Medical, Inc. Class A (a)	89,822	5,042,607
Heska Corp. (a) (b)	58,025	5,483,943
Hologic, Inc. (a)	73,995	5,127,854
IDEXX Laboratories, Inc. (a)	15,345	5,381,952
Inari Medical, Inc. (a)	83,296	5,663,295
Inogen, Inc. (a)	126,923	3,068,998
Insulet Corp. (a)	23,993	5,229,034
Integer Holdings Corp. (a)	70,881	5,008,452
Integra LifeSciences Holdings Corp. (a)	89,113	4,814,775
Intuitive Surgical, Inc. (a)	25,857	5,189,759
iRhythm Technologies, Inc. (a)	39,459	4,262,756
LeMaitre Vascular, Inc.	109,066	4,967,956
LivaNova PLC (a)	80,103	5,004,034
Masimo Corp. (a)	38,283	5,002,440
Medtronic PLC	57,232	5,136,572
Mesa Laboratories, Inc. (b)	22,851	4,660,233
Natus Medical, Inc. (a)	149,729	4,906,619
Nevro Corp. (a)	114,783	5,030,939
Novocure, Ltd. (a) (b)	76,424	5,311,468
NuVasive, Inc. (a)	101,021	4,966,192
Omnicell, Inc. (a)	46,237	5,259,459
Orthofix Medical, Inc. (a)	77,674	1,828,446
Outset Medical, Inc. (a)	252,744	3,755,776
Penumbra, Inc. (a)	40,344	5,023,635
QuidelOrtho Corp. (a)	54,443	5,290,771
ResMed, Inc.	25,454	5,335,922
Senseonics Holdings, Inc. (a) (b)	5,054,874	5,206,520
Shockwave Medical, Inc. (a)	28,104	5,372,642

Security Description	Shares	Value
SI-BONE, Inc. (a) (b)	292,551	$ 3,861,673
STERIS PLC	24,028	4,953,372
Stryker Corp.	24,526	4,878,957
Surmodics, Inc. (a)	28,531	1,062,209
Tandem Diabetes Care, Inc. (a)	89,625	5,304,904
Teleflex, Inc.	19,828	4,874,714
TransMedics Group, Inc. (a) (b)	139,432	4,385,136
Varex Imaging Corp. (a)	227,615	4,868,685
ViewRay, Inc. (a)	1,337,826	3,545,239
Zimmer Biomet Holdings, Inc.	46,812	4,918,069
Zimvie, Inc. (a)	258,656	4,141,083
		284,986,216
HEALTH CARE SUPPLIES — 25.8%
Align Technology, Inc. (a)	20,648	4,886,763
Atrion Corp.	2,898	1,822,436
Avanos Medical, Inc. (a)	196,578	5,374,442
BioLife Solutions, Inc. (a)	359,688	4,967,291
Cerus Corp. (a)	1,115,045	5,898,588
Cooper Cos., Inc.	15,971	5,000,840
DENTSPLY SIRONA, Inc.	138,870	4,961,825
Embecta Corp. (a)	195,852	4,958,973
Figs, Inc. Class A (a)	683,972	6,230,985
Haemonetics Corp. (a)	82,276	5,362,750
ICU Medical, Inc. (a)	30,764	5,057,294
Lantheus Holdings, Inc. (a)	83,125	5,488,744
Meridian Bioscience, Inc. (a)	193,780	5,894,788
Merit Medical Systems, Inc. (a)	91,621	4,972,272
Neogen Corp. (a)	220,967	5,323,095
OraSure Technologies, Inc. (a)	861,599	2,334,933
OrthoPediatrics Corp. (a) (b)	97,567	4,210,016
Pulmonx Corp. (a) (b)	289,559	4,262,308
Silk Road Medical, Inc. (a) (b)	145,573	5,297,401
STAAR Surgical Co. (a)	79,206	5,618,080
UFP Technologies, Inc. (a)	13,928	1,108,251
		99,032,075
TOTAL COMMON STOCKS (Cost $496,914,029)		384,018,291
SHORT-TERM INVESTMENTS — 5.7%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	8,355,432	8,354,597

See accompanying notes to financial statements.

Table of Contents

SPDR S&P HEALTH CARE EQUIPMENT ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (e) (f)	13,512,232	$ 13,512,232
TOTAL SHORT-TERM INVESTMENTS (Cost $21,867,643)		21,866,829
TOTAL INVESTMENTS — 105.6% (Cost $518,781,672)		405,885,120
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.6)%		(21,604,362)
NET ASSETS — 100.0%		$ 384,280,758

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

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$384,018,291	$—	$—	$384,018,291
Short-Term Investments	21,866,829	—	—	21,866,829
TOTAL INVESTMENTS	$405,885,120	$—	$—	$405,885,120

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	119,404	$ 119,440	$ 65,173,213	$ 56,936,443	$(796)	$(817)	8,355,432	$ 8,354,597	$ 2,120
State Street Navigator Securities Lending Portfolio II	12,327,999	12,327,999	214,612,999	213,428,766	—	—	13,512,232	13,512,232	559,340
Total		$12,447,439	$279,786,212	$270,365,209	$(796)	$(817)		$21,866,829	$561,460

See accompanying notes to financial statements.

Table of Contents

SPDR S&P HEALTH CARE SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
HEALTH CARE SERVICES — 54.1%
1Life Healthcare, Inc. (a) (b)	184,205	$ 1,444,167
23andMe Holding Co. Class A (a) (b)	657,636	1,630,937
Accolade, Inc. (a)	231,798	1,715,305
Addus HomeCare Corp. (a)	12,644	1,052,992
Agiliti, Inc. (a) (b)	27,233	558,549
agilon health, Inc. (a) (b)	74,114	1,617,909
Amedisys, Inc. (a)	12,101	1,272,057
AMN Healthcare Services, Inc. (a) (b)	14,495	1,590,247
Apollo Medical Holdings, Inc. (a) (b)	41,324	1,594,693
CareMax, Inc. (a)	80,812	293,348
Castle Biosciences, Inc. (a)	71,668	1,573,113
Chemed Corp.	3,128	1,468,252
Cigna Corp.	5,738	1,512,078
CorVel Corp. (a)	7,060	1,039,726
Cross Country Healthcare, Inc. (a) (b)	71,338	1,485,971
CVS Health Corp.	15,599	1,445,403
DaVita, Inc. (a)	15,601	1,247,456
DocGo, Inc. (a)	104,348	745,045
Fulgent Genetics, Inc. (a)	29,114	1,587,586
Guardant Health, Inc. (a)	38,757	1,563,457
Hims & Hers Health, Inc. (a) (b)	377,500	1,710,075
Invitae Corp. (a) (b)	600,569	1,465,388
Laboratory Corp. of America Holdings	6,472	1,516,778
LHC Group, Inc. (a)	8,736	1,360,545
MEDNAX, Inc. (a)	75,776	1,592,054
ModivCare, Inc. (a)	11,370	960,765
National Research Corp. (b)	5,325	203,841
Oak Street Health, Inc. (a) (b)	85,796	1,410,486
OPKO Health, Inc. (a) (b)	567,725	1,436,344
Option Care Health, Inc. (a)	53,120	1,476,205
Premier, Inc. Class A	39,884	1,423,061
Privia Health Group, Inc. (a)	54,990	1,601,309
Quest Diagnostics, Inc.	11,073	1,472,488
R1 RCM, Inc. (a)	69,975	1,466,676
RadNet, Inc. (a)	47,001	812,177
Sema4 Holdings Corp. (a) (b)	371,547	468,149
Signify Health, Inc. Class A (a) (b)	121,825	1,681,185
		48,495,817
HEALTH CARE DISTRIBUTORS — 14.2%
AdaptHealth Corp. (a) (b)	80,519	1,452,563
AmerisourceBergen Corp.	10,061	1,423,430
Cardinal Health, Inc.	27,186	1,421,012
Covetrus, Inc. (a)	70,211	1,456,878
Henry Schein, Inc. (a)	17,848	1,369,656
McKesson Corp.	4,638	1,512,962
Owens & Minor, Inc. (b)	44,527	1,400,374

Security Description	Shares	Value
Patterson Cos., Inc. (b)	48,787	$ 1,478,246
PetIQ, Inc. (a)	71,534	1,201,056
		12,716,177
HEALTH CARE FACILITIES — 18.4%
Acadia Healthcare Co., Inc. (a)	21,301	1,440,587
Brookdale Senior Living, Inc. (a)	278,959	1,266,474
Cano Health, Inc. (a)	279,495	1,224,188
Community Health Systems, Inc. (a)	304,054	1,140,203
Encompass Health Corp.	25,154	1,409,882
Ensign Group, Inc.	19,156	1,407,391
Hanger, Inc. (a)	21,715	310,959
HCA Healthcare, Inc.	7,388	1,241,627
National HealthCare Corp.	5,562	388,784
Pennant Group, Inc. (a)	30,814	394,727
Select Medical Holdings Corp.	59,933	1,415,617
Surgery Partners, Inc. (a) (b)	43,566	1,259,929
Tenet Healthcare Corp. (a)	23,033	1,210,614
Universal Health Services, Inc. Class B	12,666	1,275,593
US Physical Therapy, Inc.	10,722	1,170,842
		16,557,417
MANAGED HEALTH CARE — 13.2%
Centene Corp. (a)	18,279	1,546,586
Clover Health Investments Corp. (a)	648,829	1,388,494
Elevance Health, Inc.	3,010	1,452,566
HealthEquity, Inc. (a)	22,691	1,393,001
Humana, Inc.	3,272	1,531,525
Molina Healthcare, Inc. (a)	5,258	1,470,189
Progyny, Inc. (a)	51,302	1,490,323
UnitedHealth Group, Inc.	2,999	1,540,376
		11,813,060
TOTAL COMMON STOCKS (Cost $121,570,153)		89,582,471
SHORT-TERM INVESTMENTS — 9.8%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	1,413,986	1,413,845
State Street Navigator Securities Lending Portfolio II (e) (f)	7,377,998	7,377,998
TOTAL SHORT-TERM INVESTMENTS (Cost $8,791,843)		8,791,843
TOTAL INVESTMENTS — 109.7% (Cost $130,361,996)		98,374,314
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.7)%		(8,679,401)
NET ASSETS — 100.0%		$ 89,694,913

See accompanying notes to financial statements.

Table of Contents

SPDR S&P HEALTH CARE SERVICES ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

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

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$89,582,471	$—	$—	$89,582,471
Short-Term Investments	8,791,843	—	—	8,791,843
TOTAL INVESTMENTS	$98,374,314	$—	$—	$98,374,314

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	515,301	$ 515,455	$ 5,286,883	$ 4,388,388	$(35)	$(70)	1,413,986	$1,413,845	$ 306
State Street Navigator Securities Lending Portfolio II	4,199,262	4,199,262	63,027,806	59,849,070	—	—	7,377,998	7,377,998	41,529
Total		$4,714,717	$68,314,689	$64,237,458	$(35)	$(70)		$8,791,843	$41,835

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INSURANCE ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
INSURANCE BROKERS — 14.0%
Aon PLC Class A	44,021	$ 11,871,583
Arthur J Gallagher & Co.	72,975	11,897,844
Brown & Brown, Inc.	200,213	11,680,426
Goosehead Insurance, Inc. Class A (a)	155,236	7,089,628
Marsh & McLennan Cos., Inc.	74,419	11,553,550
Ryan Specialty Holdings, Inc. Class A (b)	275,441	10,794,533
Willis Towers Watson PLC	55,894	11,032,917
		75,920,481
LIFE & HEALTH INSURANCE — 25.6%
Aflac, Inc.	200,604	11,099,420
American Equity Investment Life Holding Co.	283,018	10,349,968
Brighthouse Financial, Inc. (b)	253,793	10,410,589
CNO Financial Group, Inc.	586,964	10,618,179
Genworth Financial, Inc. Class A (b)	1,961,735	6,924,925
Globe Life, Inc.	121,507	11,843,287
Lincoln National Corp.	218,305	10,210,125
MetLife, Inc.	175,813	11,039,298
Primerica, Inc.	93,538	11,195,563
Principal Financial Group, Inc.	168,280	11,239,421
Prudential Financial, Inc.	113,394	10,849,538
Trupanion, Inc. (a) (b)	202,903	12,226,935
Unum Group	317,564	10,803,527
		138,810,775
MULTI-LINE INSURANCE — 6.0%
American International Group, Inc.	208,862	10,679,114
Assurant, Inc.	64,164	11,090,747
Hartford Financial Services Group, Inc.	163,457	10,694,992
		32,464,853
PROPERTY & CASUALTY INSURANCE — 45.1%
Allstate Corp.	89,628	11,358,556
American Financial Group, Inc.	82,563	11,460,570
Arch Capital Group, Ltd. (b)	246,727	11,223,611
Argo Group International Holdings, Ltd.	132,080	4,868,469
Assured Guaranty, Ltd.	192,668	10,748,948
Axis Capital Holdings, Ltd.	199,406	11,384,089
Chubb, Ltd.	55,324	10,875,592
Cincinnati Financial Corp.	93,068	11,073,231
Erie Indemnity Co. Class A	40,962	7,872,487
Fidelity National Financial, Inc.	286,536	10,590,371
First American Financial Corp.	200,911	10,632,210
Hanover Insurance Group, Inc.	78,804	11,525,085
Kemper Corp.	167,030	8,000,737

Security Description	Shares	Value
Kinsale Capital Group, Inc.	50,021	$ 11,486,822
Loews Corp.	185,017	10,964,107
Markel Corp. (b)	8,380	10,837,435
Mercury General Corp.	117,919	5,223,812
Old Republic International Corp.	494,281	11,052,123
Progressive Corp.	98,250	11,423,527
RLI Corp.	86,431	10,076,990
Selective Insurance Group, Inc.	137,346	11,940,861
Travelers Cos., Inc.	65,927	11,150,234
White Mountains Insurance Group, Ltd.	6,478	8,072,430
WR Berkley Corp.	163,531	11,162,626
		245,004,923
REINSURANCE — 9.1%
Alleghany Corp. (b)	13,393	11,157,708
Enstar Group, Ltd. (b)	23,182	4,960,484
Everest Re Group, Ltd.	40,100	11,239,228
Reinsurance Group of America, Inc.	92,014	10,792,322
RenaissanceRe Holdings, Ltd.	73,277	11,458,325
		49,608,067
TOTAL COMMON STOCKS (Cost $602,254,202)		541,809,099
SHORT-TERM INVESTMENTS — 2.1%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	965,614	965,518
State Street Navigator Securities Lending Portfolio II (e) (f)	10,706,454	10,706,454
TOTAL SHORT-TERM INVESTMENTS (Cost $11,671,989)		11,671,972
TOTAL INVESTMENTS — 101.9% (Cost $613,926,191)		553,481,071
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%		(10,409,517)
NET ASSETS — 100.0%		$ 543,071,554

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

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNET ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 100.0%
INTERACTIVE MEDIA & SERVICES — 34.0%
Alphabet, Inc. Class C (a)	243	$ 531,550
Angi, Inc. (a)	95,099	435,553
Bumble, Inc. Class A (a)	17,806	501,239
Cargurus, Inc. (a)	23,278	500,244
Cars.com, Inc. (a)	33,089	312,029
Eventbrite, Inc. Class A (a) (b)	46,842	481,067
fuboTV, Inc. (a) (b)	182,616	451,062
IAC/InterActiveCorp. (a)	6,513	494,793
Match Group, Inc. (a)	7,050	491,315
Meta Platforms, Inc. Class A (a)	3,078	496,328
Pinterest, Inc. Class A (a)	28,094	510,187
QuinStreet, Inc. (a)	17,972	180,798
Snap, Inc. Class A (a)	40,703	534,430
TripAdvisor, Inc. (a)	24,449	435,192
Twitter, Inc. (a)	13,867	518,487
Vimeo, Inc. (a)	77,887	468,880
Yelp, Inc. (a)	18,254	506,914
Ziff Davis, Inc. (a)	7,401	551,597
ZoomInfo Technologies, Inc. (a)	15,456	513,757
		8,915,422
INTERNET & DIRECT MARKETING RETAIL — 32.6%
Amazon.com, Inc. (a)	4,930	523,615
CarParts.com, Inc. (a)	53,423	370,756
Chewy, Inc. Class A (a) (b)	18,822	653,500
ContextLogic, Inc. Class A (a)	300,299	480,478
DoorDash, Inc. Class A (a)	8,693	557,830
eBay, Inc.	12,206	508,624
Etsy, Inc. (a)	7,128	521,841
Groupon, Inc. (a) (b)	35,329	399,218
Liquidity Services, Inc. (a)	11,203	150,568
Overstock.com, Inc. (a) (b)	17,543	438,750
PetMed Express, Inc.	23,372	465,103
Porch Group, Inc. (a) (b)	171,598	439,291
Poshmark, Inc. Class A (a)	49,865	504,135
Quotient Technology, Inc. (a)	70,994	210,852
Qurate Retail, Inc. Class A	157,133	450,972
Revolve Group, Inc. (a)	18,055	467,805
Shutterstock, Inc.	9,607	550,577
Stitch Fix, Inc. Class A (a)	85,258	421,175
Wayfair, Inc. Class A (a) (b)	10,486	456,770
		8,571,860
INTERNET SERVICES & INFRASTRUCTURE — 33.4%
Akamai Technologies, Inc. (a)	5,549	506,790
BigCommerce Holdings, Inc. Class 1 (a)	31,280	506,736
Cloudflare, Inc. Class A (a)	11,414	499,363

Security Description	Shares	Value
Core Scientific, Inc. Class A (a) (b)	231,991	$ 345,667
Cyxtera Technologies, Inc. (a)	20,988	238,004
DigitalOcean Holdings, Inc. (a)	12,732	526,596
Edgio, Inc. (a)	160,372	370,459
Fastly, Inc. Class A (a) (b)	46,922	544,764
GoDaddy, Inc. Class A (a)	7,640	531,438
MongoDB, Inc. (a)	2,012	522,114
Okta, Inc. (a)	5,999	542,310
Rackspace Technology, Inc. (a) (b)	59,154	424,134
Snowflake, Inc. Class A (a)	4,414	613,811
SolarWinds Corp.	33,009	338,342
Squarespace, Inc. Class A (a) (b)	26,342	551,075
Switch, Inc. Class A	16,116	539,886
Tucows, Inc. Class A (a)	3,012	134,064
Twilio, Inc. Class A (a)	5,959	499,424
VeriSign, Inc. (a)	3,195	534,619
		8,769,596
TOTAL COMMON STOCKS (Cost $49,446,470)		26,256,878
SHORT-TERM INVESTMENTS — 9.7%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	10,399	10,398
State Street Navigator Securities Lending Portfolio II (e) (f)	2,539,837	2,539,837
TOTAL SHORT-TERM INVESTMENTS (Cost $2,550,237)		2,550,235
TOTAL INVESTMENTS — 109.7% (Cost $51,996,707)		28,807,113
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.7)%		(2,546,189)
NET ASSETS — 100.0%		$ 26,260,924

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

See accompanying notes to financial statements.

Table of Contents

SPDR S&P METALS & MINING ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
ALUMINUM — 12.7%
Alcoa Corp.	1,861,228	$ 84,834,773
Arconic Corp. (a)	2,834,165	79,498,328
Century Aluminum Co. (a)	8,762,356	64,578,564
Kaiser Aluminum Corp.	304,653	24,095,006
		253,006,671
COAL & CONSUMABLE FUELS — 17.8%
Arch Resources, Inc.	579,992	82,991,055
CONSOL Energy, Inc. (a)	1,359,453	67,129,789
Enviva, Inc. (b)	869,835	49,771,959
Peabody Energy Corp. (a) (b)	3,783,124	80,694,035
Uranium Energy Corp. (a) (b)	24,543,374	75,593,591
		356,180,429
COPPER — 3.6%
Freeport-McMoRan, Inc.	2,453,759	71,796,988
DIVERSIFIED METALS & MINING — 9.0%
Compass Minerals International, Inc.	951,450	33,671,815
Materion Corp.	211,716	15,609,821
MP Materials Corp. (a) (b)	2,652,981	85,107,630
Piedmont Lithium, Inc. (a)	1,262,804	45,978,694
		180,367,960
GOLD — 11.3%
Coeur Mining, Inc. (a)	15,162,062	46,092,669
Newmont Corp.	1,475,909	88,067,490
Royal Gold, Inc.	859,139	91,738,862
		225,899,021
SILVER — 3.9%
Hecla Mining Co.	19,891,983	77,976,574
STEEL — 41.5%
Allegheny Technologies, Inc. (a)	3,861,578	87,696,436
Alpha Metallurgical Resources, Inc.	616,809	79,648,546
Carpenter Technology Corp.	1,071,208	29,897,415
Cleveland-Cliffs, Inc. (a)	5,023,671	77,213,823
Commercial Metals Co.	2,542,875	84,169,163
Haynes International, Inc.	148,953	4,881,190
Nucor Corp.	821,021	85,722,803
Reliance Steel & Aluminum Co.	528,156	89,712,578

Security Description	Shares	Value
Ryerson Holding Corp.	865,533	$ 18,427,198
Schnitzer Steel Industries, Inc. Class A (b)	857,845	28,171,630
Steel Dynamics, Inc.	1,330,942	88,041,813
SunCoke Energy, Inc.	2,387,961	16,262,014
TimkenSteel Corp. (a)	1,711,993	32,031,389
United States Steel Corp. (b)	4,454,360	79,777,588
Worthington Industries, Inc.	640,100	28,228,410
		829,881,996
TOTAL COMMON STOCKS (Cost $2,614,651,648)		1,995,109,639
SHORT-TERM INVESTMENTS — 4.5%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	2,278,873	2,278,645
State Street Navigator Securities Lending Portfolio II (e) (f)	86,773,566	86,773,566
TOTAL SHORT-TERM INVESTMENTS (Cost $89,052,236)		89,052,211
TOTAL INVESTMENTS — 104.3% (Cost $2,703,703,884)		2,084,161,850
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%		(85,704,118)
NET ASSETS — 100.0%		$ 1,998,457,732

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

See accompanying notes to financial statements.

Table of Contents

SPDR S&P METALS & MINING ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$1,995,109,639	$—	$—	$1,995,109,639
Short-Term Investments	89,052,211	—	—	89,052,211
TOTAL INVESTMENTS	$2,084,161,850	$—	$—	$2,084,161,850

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation(a)	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
Arch Resources, Inc.	996,097	$ 56,757,607	$ 218,788,757	$ 283,891,302	$ 82,800,026	$ —*	—	$ —*	$ 7,666,115
Century Aluminum Co.	7,515,836	96,879,126	232,547,808	237,915,282	22,274,775	(49,207,863)	8,762,356	64,578,564	—
Coeur Mining, Inc.	9,420,997	83,658,453	185,397,083	141,676,054	(36,497,037)	(44,789,777)	15,162,062	46,092,668	—
CONSOL Energy, Inc.	746,481	13,787,504	121,680,837	113,300,012	33,664,039	—*	—	—*	—
Peabody Energy Corp.	5,820,235	46,154,464	275,895,127	363,816,501	120,385,799	—*	—	—*	—
Piedmont Lithium, Inc.	—	—	124,844,451	38,765,813	(3,721,848)	(36,378,096)	1,262,804	45,978,694	—
State Street Institutional Liquid Reserves Fund, Premier Class	1,570,577	1,571,049	54,567,882	53,859,279	(834)	(173)	2,278,873	2,278,645	9,598
State Street Navigator Securities Lending Portfolio II	28,062,730	28,062,730	851,278,322	792,567,486	—	—	86,773,566	86,773,566	170,821
TimkenSteel Corp.	2,902,283	41,067,304	71,771,595	85,501,437	9,214,787	—*	—	—*	—
Uranium Energy Corp.	18,876,949	50,212,684	200,220,224	179,455,054	23,959,766	(19,344,028)	24,543,374	75,593,592	—
Warrior Met Coal, Inc.	2,696,696	46,383,171	13,602,022	61,086,155	(4,934,871)	—*	—	—*	123,539
Total		$464,534,092	$2,350,594,108	$2,351,834,375	$247,144,602	$(149,719,937)		$321,295,729	$7,970,073

(a)	Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2022.
*	As of June 30, 2022, no longer an affiliate.

See accompanying notes to financial statements.

100

Table of Contents

SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
OIL & GAS DRILLING — 26.6%
Helmerich & Payne, Inc.	263,933	$ 11,364,955
Nabors Industries, Ltd. (a)	75,184	10,067,137
Noble Corp. (a)	350,536	8,886,088
Patterson-UTI Energy, Inc.	718,914	11,330,085
Transocean, Ltd. (a)	2,972,055	9,896,943
Valaris, Ltd. (a)	233,388	9,858,309
		61,403,517
OIL & GAS EQUIPMENT & SERVICES — 73.3%
Archrock, Inc.	558,361	4,617,645
Baker Hughes Co.	371,218	10,717,064
Bristow Group, Inc. (a)	52,789	1,235,263
Cactus, Inc. Class A	261,426	10,527,625
ChampionX Corp.	537,484	10,669,057
Core Laboratories NV (b)	338,699	6,709,627
DMC Global, Inc. (a)	84,333	1,520,524
Dril-Quip, Inc. (a)	186,517	4,812,139
Expro Group Holdings NV (a)	286,393	3,299,247
Halliburton Co.	323,010	10,129,594
Helix Energy Solutions Group, Inc. (a)	1,043,295	3,234,215
Liberty Energy, Inc. Class A (a)	775,186	9,891,373
NexTier Oilfield Solutions, Inc. (a)	1,177,247	11,195,619
Nov, Inc.	653,893	11,057,331
Oceaneering International, Inc. (a)	652,307	6,966,639
Oil States International, Inc. (a)	450,702	2,442,805
ProPetro Holding Corp. (a)	740,800	7,408,000
RPC, Inc. (a)	1,174,320	8,114,551
Schlumberger NV	277,013	9,905,985
Select Energy Services, Inc. Class A (a)	240,768	1,642,038
TechnipFMC PLC (a)	1,674,425	11,268,880
TETRA Technologies, Inc. (a)	501,720	2,036,983

Security Description	Shares	Value
Tidewater, Inc. (a)	164,692	$ 3,473,354
US Silica Holdings, Inc. (a)	868,299	9,915,975
Weatherford International PLC (a)	299,325	6,336,710
		169,128,243
TOTAL COMMON STOCKS (Cost $273,620,098)		230,531,760
SHORT-TERM INVESTMENTS — 1.4%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	271,343	271,316
State Street Navigator Securities Lending Portfolio II (e) (f)	3,044,601	3,044,601
TOTAL SHORT-TERM INVESTMENTS (Cost $3,315,914)		3,315,917
TOTAL INVESTMENTS — 101.3% (Cost $276,936,012)		233,847,677
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%		(3,004,668)
NET ASSETS — 100.0%		$ 230,843,009

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

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$230,531,760	$—	$—	$230,531,760
Short-Term Investments	3,315,917	—	—	3,315,917
TOTAL INVESTMENTS	$233,847,677	$—	$—	$233,847,677

See accompanying notes to financial statements.

101

Table of Contents

SPDR S&P PHARMACEUTICALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
PHARMACEUTICALS — 99.8%
Aclaris Therapeutics, Inc. (a)	147,076	$ 2,053,181
Amneal Pharmaceuticals, Inc. (a)	333,924	1,061,878
Amphastar Pharmaceuticals, Inc. (a)	215,984	7,514,083
ANI Pharmaceuticals, Inc. (a)	44,702	1,326,308
Arvinas, Inc. (a) (b)	164,928	6,941,820
Atea Pharmaceuticals, Inc. (a) (b)	227,310	1,613,901
Athira Pharma, Inc. (a) (b)	130,925	399,321
Axsome Therapeutics, Inc. (a) (b)	271,809	10,410,285
Bristol-Myers Squibb Co.	88,141	6,786,857
Cara Therapeutics, Inc. (a)	296,254	2,704,799
Cassava Sciences, Inc. (a) (b)	240,760	6,770,171
Catalent, Inc. (a)	62,044	6,656,701
Collegium Pharmaceutical, Inc. (a)	144,496	2,560,469
Corcept Therapeutics, Inc. (a)	309,132	7,351,159
Elanco Animal Health, Inc. (a)	297,195	5,833,938
Eli Lilly & Co.	22,286	7,225,790
Evolus, Inc. (a)	165,238	1,916,761
Harmony Biosciences Holdings, Inc. (a)	145,108	7,076,917
Innoviva, Inc. (a)	433,470	6,398,017
Intra-Cellular Therapies, Inc. (a)	124,830	7,125,296
Jazz Pharmaceuticals PLC (a)	44,874	7,000,793
Johnson & Johnson	38,356	6,808,574
Merck & Co., Inc.	75,917	6,921,353
Nektar Therapeutics (a) (b)	1,993,534	7,575,429
NGM Biopharmaceuticals, Inc. (a)	106,393	1,363,958
Nuvation Bio, Inc. (a) (b)	366,864	1,188,639
Organon & Co.	186,648	6,299,370
Pacira BioSciences, Inc. (a)	118,674	6,918,694
Perrigo Co. PLC	171,109	6,941,892
Pfizer, Inc.	132,451	6,944,406
Phibro Animal Health Corp. Class A	32,483	621,400
Prestige Consumer Healthcare, Inc. (a)	99,984	5,879,059
Reata Pharmaceuticals, Inc. Class A (a) (b)	182,768	5,554,320

Security Description	Shares	Value
Relmada Therapeutics, Inc. (a)	118,555	$ 2,251,360
Revance Therapeutics, Inc. (a)	357,231	4,936,932
Roivant Sciences, Ltd. (a)	203,313	827,484
Royalty Pharma PLC Class A	163,498	6,873,456
SIGA Technologies, Inc.	38,969	451,261
Supernus Pharmaceuticals, Inc. (a)	172,871	4,999,429
Theravance Biopharma, Inc. (a) (b)	239,674	2,171,447
Viatris, Inc.	590,943	6,187,173
Zoetis, Inc.	40,985	7,044,912
TOTAL COMMON STOCKS (Cost $231,752,132)		205,488,993
SHORT-TERM INVESTMENTS — 2.6%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	180,164	180,147
State Street Navigator Securities Lending Portfolio II (e) (f)	5,141,614	5,141,614
TOTAL SHORT-TERM INVESTMENTS (Cost $5,321,761)		5,321,761
TOTAL INVESTMENTS — 102.4% (Cost $237,073,893)		210,810,754
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%		(4,882,187)
NET ASSETS — 100.0%		$ 205,928,567

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

See accompanying notes to financial statements.

103

Table of Contents

SPDR S&P RETAIL ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
APPAREL RETAIL — 19.3%
Abercrombie & Fitch Co. Class A (a)	229,952	$ 3,890,788
American Eagle Outfitters, Inc.	367,949	4,113,670
Boot Barn Holdings, Inc. (a)	53,631	3,695,712
Buckle, Inc.	143,406	3,970,912
Burlington Stores, Inc. (a)	26,077	3,552,470
Caleres, Inc.	159,124	4,175,414
Chico's FAS, Inc. (a)	790,559	3,929,078
Children's Place, Inc. (a)	99,029	3,854,209
Designer Brands, Inc. Class A (b)	291,634	3,808,740
Foot Locker, Inc.	147,303	3,719,401
Gap, Inc.	463,100	3,815,944
Genesco, Inc. (a)	79,825	3,984,066
Guess?, Inc.	228,819	3,901,364
Ross Stores, Inc.	56,824	3,990,749
Shoe Carnival, Inc.	163,268	3,528,221
TJX Cos., Inc.	74,365	4,153,285
Urban Outfitters, Inc. (a)	206,460	3,852,544
Victoria's Secret & Co. (a)	123,155	3,444,645
Zumiez, Inc. (a)	135,630	3,526,380
		72,907,592
AUTOMOTIVE RETAIL — 19.0%
Advance Auto Parts, Inc.	24,419	4,226,685
America's Car-Mart, Inc. (a)	26,588	2,674,753
Arko Corp.	174,286	1,422,174
Asbury Automotive Group, Inc. (a)	23,912	4,049,258
AutoNation, Inc. (a)	36,488	4,077,899
AutoZone, Inc. (a)	2,138	4,594,819
Camping World Holdings, Inc. Class A (b)	163,798	3,536,399
CarMax, Inc. (a)	45,674	4,132,583
Carvana Co. (a) (b)	199,227	4,498,546
EVgo, Inc. (a) (b)	501,232	3,012,404
Group 1 Automotive, Inc.	24,289	4,124,272
Lithia Motors, Inc.	14,925	4,101,539
Monro, Inc.	101,600	4,356,608
Murphy USA, Inc.	18,429	4,291,561
OneWater Marine, Inc. Class A (a) (b)	60,853	2,011,192
O'Reilly Automotive, Inc. (a)	7,244	4,576,469
Penske Automotive Group, Inc.	37,929	3,970,787
Sonic Automotive, Inc. Class A	103,179	3,779,447
TravelCenters of America, Inc. (a)	55,531	1,914,154
Volta, Inc. (a) (b)	1,775,378	2,307,991
		71,659,540
COMPUTER & ELECTRONICS RETAIL — 3.0%
Best Buy Co., Inc.	60,376	3,935,912

Security Description	Shares	Value
GameStop Corp. Class A (a) (b)	33,987	$ 4,156,610
Rent-A-Center, Inc.	171,471	3,335,111
		11,427,633
DEPARTMENT STORES — 3.6%
Dillard's, Inc. Class A (b)	14,514	3,201,353
Kohl's Corp.	95,919	3,423,349
Macy's, Inc.	190,399	3,488,110
Nordstrom, Inc.	164,058	3,466,545
		13,579,357
DRUG RETAIL — 2.3%
Rite Aid Corp. (a)	708,486	4,775,196
Walgreens Boots Alliance, Inc.	105,540	3,999,966
		8,775,162
FOOD RETAIL — 7.5%
Albertsons Cos., Inc. Class A	146,382	3,911,327
Casey's General Stores, Inc.	22,967	4,248,436
Grocery Outlet Holding Corp. (a)	113,445	4,836,160
Ingles Markets, Inc. Class A	49,562	4,299,503
Kroger Co.	85,810	4,061,387
Sprouts Farmers Market, Inc. (a)	174,430	4,416,568
Weis Markets, Inc.	32,813	2,445,881
		28,219,262
GENERAL MERCHANDISE STORES — 6.8%
Big Lots, Inc. (b)	185,086	3,881,253
Dollar General Corp.	18,805	4,615,499
Dollar Tree, Inc. (a)	28,137	4,385,152
Franchise Group, Inc.	104,499	3,664,780
Ollie's Bargain Outlet Holdings, Inc. (a) (b)	81,743	4,802,401
Target Corp.	29,315	4,140,158
		25,489,243
HYPERMARKETS & SUPER CENTERS — 4.5%
BJ's Wholesale Club Holdings, Inc. (a)	71,489	4,455,194
Costco Wholesale Corp.	9,470	4,538,782
PriceSmart, Inc.	52,295	3,745,891
Walmart, Inc.	36,056	4,383,688
		17,123,555
INTERNET & DIRECT MARKETING RETAIL — 18.1%
Amazon.com, Inc. (a)	39,983	4,246,594
CarParts.com, Inc. (a)	389,766	2,704,976
Chewy, Inc. Class A (a) (b)	152,656	5,300,216
ContextLogic, Inc. Class A (a) (b)	2,436,293	3,898,069
DoorDash, Inc. Class A (a)	70,498	4,523,857

See accompanying notes to financial statements.

105

Table of Contents

SPDR S&P RETAIL ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
eBay, Inc.	99,029	$ 4,126,538
Etsy, Inc. (a)	57,891	4,238,200
Groupon, Inc. (a) (b)	286,588	3,238,444
Liquidity Services, Inc. (a)	81,748	1,098,693
Overstock.com, Inc. (a) (b)	142,370	3,560,674
PetMed Express, Inc. (b)	170,534	3,393,627
Porch Group, Inc. (a) (b)	1,392,117	3,563,820
Poshmark, Inc. Class A (a)	404,524	4,089,738
Quotient Technology, Inc. (a)	517,970	1,538,371
Qurate Retail, Inc. Class A	1,274,775	3,658,604
Revolve Group, Inc. (a) (b)	146,534	3,796,696
Shutterstock, Inc.	77,901	4,464,506
Stitch Fix, Inc. Class A (a)	691,631	3,416,657
Wayfair, Inc. Class A (a) (b)	85,037	3,704,212
		68,562,492
SPECIALTY STORES — 15.8%
Academy Sports & Outdoors, Inc. (b)	119,688	4,253,712
Bath & Body Works, Inc.	129,414	3,483,825
Dick's Sporting Goods, Inc. (b)	56,584	4,264,736
Five Below, Inc. (a)	34,400	3,901,992
Hibbett, Inc.	90,067	3,936,829
Leslie's, Inc. (a) (b)	249,579	3,788,609
MarineMax, Inc. (a)	110,707	3,998,737
National Vision Holdings, Inc. (a)	164,817	4,532,467
ODP Corp. (a)	114,747	3,469,949
Petco Health & Wellness Co., Inc. (a) (b)	279,457	4,119,196
Sally Beauty Holdings, Inc. (a)	319,677	3,810,550

Security Description	Shares	Value
Signet Jewelers, Ltd.	71,114	$ 3,801,754
Sportsman's Warehouse Holdings, Inc. (a)	322,796	3,095,614
Tractor Supply Co.	22,453	4,352,514
Ulta Beauty, Inc. (a)	10,764	4,149,307
Winmark Corp.	4,430	866,375
		59,826,166
TOTAL COMMON STOCKS (Cost $497,250,438)		377,570,002
SHORT-TERM INVESTMENT — 7.6%
State Street Navigator Securities Lending Portfolio II (c) (d) (Cost $28,813,697)	28,813,697	28,813,697
TOTAL INVESTMENTS — 107.5% (Cost $526,064,135)		406,383,699
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.5)%		(28,199,490)
NET ASSETS — 100.0%		$ 378,184,209

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at June 30, 2022.
(c)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(d)	Investment of cash collateral for securities loaned.

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$377,570,002	$—	$—	$377,570,002
Short-Term Investment	28,813,697	—	—	28,813,697
TOTAL INVESTMENTS	$406,383,699	$—	$—	$406,383,699

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	575,915	$ 576,087	$ 54,233,007	$ 54,809,011	$(82)	$ (1)	—	$ —	$ 1,146
State Street Navigator Securities Lending Portfolio II	44,696,050	44,696,050	460,489,282	476,371,635	—	—	28,813,697	28,813,697	802,457
Total		$45,272,137	$514,722,289	$531,180,646	$(82)	$ (1)		$28,813,697	$803,603

See accompanying notes to financial statements.

106

Table of Contents

SPDR S&P SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
SEMICONDUCTORS — 99.9%
Advanced Micro Devices, Inc. (a)	290,198	$ 22,191,441
Allegro MicroSystems, Inc. (a)	1,196,209	24,749,564
Alpha & Omega Semiconductor, Ltd. (a)	727,061	24,240,214
Ambarella, Inc. (a)	358,044	23,437,560
Analog Devices, Inc.	175,300	25,609,577
Broadcom, Inc.	50,799	24,678,662
CEVA, Inc. (a)	246,768	8,281,534
Cirrus Logic, Inc. (a)	354,585	25,721,596
Diodes, Inc. (a)	383,841	24,784,613
First Solar, Inc. (a)	404,604	27,565,671
Impinj, Inc. (a) (b)	529,497	31,065,589
indie Semiconductor, Inc. Class A (a) (b)	2,131,851	12,151,551
Intel Corp.	702,192	26,269,003
Lattice Semiconductor Corp. (a)	565,641	27,433,588
MACOM Technology Solutions Holdings, Inc. (a)	536,139	24,716,008
Marvell Technology, Inc.	518,411	22,566,431
MaxLinear, Inc. (a)	705,423	23,970,274
Meta Materials, Inc. (a) (b)	9,713,934	10,005,352
Microchip Technology, Inc.	428,932	24,912,371
Micron Technology, Inc.	439,340	24,286,715
Monolithic Power Systems, Inc.	64,904	24,925,732
Navitas Semiconductor Corp. (a) (b)	2,566,630	9,907,192
NeoPhotonics Corp. (a)	1,295,978	20,385,734
NVIDIA Corp.	162,055	24,565,917
NXP Semiconductors NV	154,039	22,802,393
ON Semiconductor Corp. (a)	457,524	23,018,032
Power Integrations, Inc.	351,657	26,377,792
Qorvo, Inc. (a)	271,776	25,633,912
QUALCOMM, Inc.	206,544	26,383,931
Rambus, Inc. (a)	1,150,667	24,727,834
Semtech Corp. (a)	467,750	25,712,218
Silicon Laboratories, Inc. (a)	196,742	27,587,163
SiTime Corp. (a)	139,791	22,790,127
Skyworks Solutions, Inc.	274,469	25,426,808

Security Description	Shares	Value
SMART Global Holdings, Inc. (a) (b)	1,213,644	$ 19,867,352
SunPower Corp. (a) (b)	1,525,108	24,111,957
Synaptics, Inc. (a)	204,762	24,172,154
Texas Instruments, Inc.	174,378	26,793,180
Universal Display Corp.	234,060	23,672,828
Wolfspeed, Inc. (a)	386,553	24,526,788
TOTAL COMMON STOCKS (Cost $1,227,870,617)		932,026,358
SHORT-TERM INVESTMENTS — 5.2%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	1,018,578	1,018,476
State Street Navigator Securities Lending Portfolio II (e) (f)	47,719,371	47,719,371
TOTAL SHORT-TERM INVESTMENTS (Cost $48,737,843)		48,737,847
TOTAL INVESTMENTS — 105.1% (Cost $1,276,608,460)		980,764,205
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.1)%		(47,263,498)
NET ASSETS — 100.0%		$ 933,500,707

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

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$932,026,358	$—	$—	$932,026,358
Short-Term Investments	48,737,847	—	—	48,737,847
TOTAL INVESTMENTS	$980,764,205	$—	$—	$980,764,205

See accompanying notes to financial statements.

107

Table of Contents

SPDR S&P SOFTWARE & SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
APPLICATION SOFTWARE — 54.7%
8x8, Inc. (a)	169,076	$ 870,741
ACI Worldwide, Inc. (a)	40,281	1,042,875
Adobe, Inc. (a)	2,768	1,013,254
Agilysys, Inc. (a)	27,119	1,281,915
Alarm.com Holdings, Inc. (a)	17,775	1,099,562
Altair Engineering, Inc. Class A (a) (b)	20,985	1,101,713
Alteryx, Inc. Class A (a) (b)	21,385	1,035,462
American Software, Inc. Class A	38,176	616,924
Amplitude, Inc. Class A (a) (b)	65,387	934,380
ANSYS, Inc. (a)	4,507	1,078,480
Appfolio, Inc. Class A (a)	11,635	1,054,596
AppLovin Corp. Class A (a) (b)	30,409	1,047,286
Asana, Inc. Class A (a)	54,850	964,263
Aspen Technology, Inc. (a)	5,560	1,021,261
Autodesk, Inc. (a)	5,871	1,009,577
Avalara, Inc. (a)	13,802	974,421
Avaya Holdings Corp. (a) (b)	243,599	545,662
AvePoint, Inc. (a) (b)	200,367	869,593
Bentley Systems, Inc. Class B	32,969	1,097,868
Bill.Com Holdings, Inc. (a) (b)	9,317	1,024,311
Black Knight, Inc. (a)	16,389	1,071,677
Blackbaud, Inc. (a)	18,308	1,063,146
Blackline, Inc. (a) (b)	14,979	997,601
Box, Inc. Class A (a)	42,479	1,067,922
BTRS Holdings, Inc. Class A (a) (b)	232,083	1,155,773
C3.ai, Inc. Class A (a) (b)	60,925	1,112,491
Cadence Design Systems, Inc. (a)	7,310	1,096,719
CCC Intelligent Solutions Holdings, Inc. (a)	124,224	1,142,861
CDK Global, Inc.	19,985	1,094,578
Cerence, Inc. (a)	38,929	982,179
Ceridian HCM Holding, Inc. (a)	20,980	987,738
ChannelAdvisor Corp. (a)	76,484	1,115,137
Citrix Systems, Inc. (a)	11,129	1,081,405
Clear Secure, Inc. Class A (a) (b)	46,962	939,240
Clearwater Analytics Holdings, Inc. Class A (a) (b)	80,662	971,170
Confluent, Inc. Class A (a)	53,205	1,236,484
Consensus Cloud Solutions, Inc. (a)	27,386	1,196,220
Coupa Software, Inc. (a)	18,180	1,038,078
CS Disco, Inc. (a) (b)	57,009	1,028,442
Datadog, Inc. Class A (a)	11,414	1,087,069
Digital Turbine, Inc. (a)	63,825	1,115,023
DocuSign, Inc. (a)	16,532	948,606
Domo, Inc. Class B (a)	39,600	1,100,880
Dropbox, Inc. Class A (a)	49,387	1,036,633
Duck Creek Technologies, Inc. (a) (b)	59,528	883,991

Security Description	Shares	Value
Dynatrace, Inc. (a)	26,353	$ 1,039,362
E2open Parent Holdings, Inc. (a) (b)	141,512	1,100,963
Ebix, Inc.	42,766	722,745
Elastic NV (a)	15,472	1,046,991
Envestnet, Inc. (a)	18,409	971,443
Everbridge, Inc. (a)	31,386	875,356
Fair Isaac Corp. (a)	2,733	1,095,660
Five9, Inc. (a)	11,563	1,053,852
ForgeRock, Inc. Class A (a)	61,382	1,314,802
Freshworks, Inc. Class A (a) (b)	88,913	1,169,206
Guidewire Software, Inc. (a)	14,501	1,029,426
HashiCorp, Inc. Class A (a) (b)	36,224	1,066,435
HubSpot, Inc. (a)	3,348	1,006,576
Informatica, Inc. Class A (a)	59,274	1,231,121
InterDigital, Inc.	16,854	1,024,723
Intuit, Inc.	2,880	1,110,067
Jamf Holding Corp. (a) (b)	43,887	1,087,081
LivePerson, Inc. (a)	79,791	1,128,245
LiveRamp Holdings, Inc. (a)	41,822	1,079,426
Manhattan Associates, Inc. (a)	9,199	1,054,205
Marathon Digital Holdings, Inc. (a) (b)	145,694	778,006
Matterport, Inc. (a) (b)	260,141	952,116
MicroStrategy, Inc. Class A (a) (b)	5,401	887,384
Mitek Systems, Inc. (a)	122,056	1,127,797
Model N, Inc. (a)	46,046	1,177,857
Momentive Global, Inc. (a)	102,860	905,168
nCino, Inc. (a) (b)	33,161	1,025,338
NCR Corp. (a)	34,190	1,063,651
New Relic, Inc. (a)	23,533	1,177,827
Nutanix, Inc. Class A (a)	75,481	1,104,287
Olo, Inc. Class A (a) (b)	108,783	1,073,688
Pagerduty, Inc. (a) (b)	43,899	1,087,817
Palantir Technologies, Inc. Class A (a)	132,881	1,205,231
Paycom Software, Inc. (a)	3,731	1,045,128
Paycor HCM, Inc. (a)	43,916	1,141,816
Paylocity Holding Corp. (a)	6,285	1,096,230
Pegasystems, Inc.	22,087	1,056,642
PROS Holdings, Inc. (a)	39,009	1,023,206
PTC, Inc. (a)	9,992	1,062,549
Q2 Holdings, Inc. (a)	27,114	1,045,787
Qualtrics International, Inc. Class A (a)	83,751	1,047,725
RingCentral, Inc. Class A (a)	20,230	1,057,220
Riot Blockchain, Inc. (a) (b)	212,464	890,224
Roper Technologies, Inc.	2,790	1,101,074
Salesforce, Inc. (a)	6,108	1,008,064
Samsara, Inc. Class A (a)	100,082	1,117,916
Smartsheet, Inc. Class A (a)	33,841	1,063,623
Splunk, Inc. (a)	11,071	979,341
Sprinklr, Inc. Class A (a) (b)	99,273	1,003,650
Sprout Social, Inc. Class A (a)	21,540	1,250,828
SPS Commerce, Inc. (a)	10,510	1,188,155

See accompanying notes to financial statements.

109

Table of Contents

SPDR S&P SOFTWARE & SERVICES ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Sumo Logic, Inc. (a)	143,717	$ 1,076,440
Synopsys, Inc. (a)	3,569	1,083,905
Trade Desk, Inc. Class A (a)	22,294	933,896
Tyler Technologies, Inc. (a)	3,229	1,073,578
Unity Software, Inc. (a) (b)	29,742	1,095,100
Upland Software, Inc. (a) (b)	78,705	1,142,797
Verint Systems, Inc. (a)	23,051	976,210
Vertex, Inc. Class A (a)	62,270	705,519
Vonage Holdings Corp. (a)	60,001	1,130,419
Workday, Inc. Class A (a)	7,358	1,027,030
Workiva, Inc. (a) (b)	16,114	1,063,363
Yext, Inc. (a)	193,605	925,432
Zendesk, Inc. (a)	16,898	1,251,635
Zoom Video Communications, Inc. Class A (a)	10,067	1,086,934
		114,760,495
DATA PROCESSING & OUTSOURCED SERVICES — 20.0%
Affirm Holdings, Inc. (a) (b)	53,713	970,057
Automatic Data Processing, Inc.	5,150	1,081,706
Block, Inc. (a) (b)	15,285	939,416
Bread Financial Holdings, Inc.	23,355	865,536
Broadridge Financial Solutions, Inc.	7,780	1,109,039
Cantaloupe, Inc. (a)	98,203	549,937
Cass Information Systems, Inc.	22,153	748,771
Concentrix Corp.	7,253	983,797
Conduent, Inc. (a)	221,566	957,165
CSG Systems International, Inc.	18,871	1,126,221
Euronet Worldwide, Inc. (a)	9,986	1,004,492
EVERTEC, Inc.	29,879	1,101,937
Evo Payments, Inc. Class A (a)	49,264	1,158,689
ExlService Holdings, Inc. (a)	7,511	1,106,596
Fidelity National Information Services, Inc.	11,145	1,021,662
Fiserv, Inc. (a)	11,554	1,027,959
FleetCor Technologies, Inc. (a)	4,633	973,440
Genpact, Ltd.	25,254	1,069,759
Global Payments, Inc.	9,281	1,026,850
I3 Verticals, Inc. Class A (a) (b)	47,286	1,183,096
International Money Express, Inc. (a)	56,856	1,163,842
Jack Henry & Associates, Inc.	6,040	1,087,321
Marqeta, Inc. Class A (a)	113,654	921,734
Mastercard, Inc. Class A	3,256	1,027,203
MAXIMUS, Inc.	18,165	1,135,494
MoneyGram International, Inc. (a)	111,900	1,119,000
Paya Holdings, Inc. (a)	196,365	1,290,118
Paychex, Inc.	9,036	1,028,929
Payoneer Global, Inc. (a) (b)	245,492	962,329
PayPal Holdings, Inc. (a)	13,853	967,494
Repay Holdings Corp. (a) (b)	93,347	1,199,509

Security Description	Shares	Value
Sabre Corp. (a) (b)	160,185	$ 933,879
Shift4 Payments, Inc. Class A (a) (b)	27,822	919,795
SS&C Technologies Holdings, Inc.	18,013	1,046,015
TaskUS, Inc. Class A (a) (b)	56,963	960,396
Toast, Inc. Class A (a)	73,325	948,825
TTEC Holdings, Inc. (b)	16,828	1,142,453
Verra Mobility Corp. (a)	68,769	1,080,361
Visa, Inc. Class A	5,463	1,075,610
Western Union Co.	63,631	1,048,003
WEX, Inc. (a)	6,417	998,229
		42,062,664
INTERACTIVE HOME ENTERTAINMENT — 3.3%
Activision Blizzard, Inc.	14,251	1,109,583
Electronic Arts, Inc.	8,168	993,637
Playstudios, Inc. (a)	152,214	651,476
Playtika Holding Corp. (a)	83,500	1,105,540
Sciplay Corp. Class A (a)	77,524	1,083,010
Skillz, Inc. (a) (b)	690,985	856,821
Take-Two Interactive Software, Inc. (a)	8,518	1,043,711
		6,843,778
IT CONSULTING & OTHER SERVICES — 6.1%
Accenture PLC Class A	3,811	1,058,124
Cognizant Technology Solutions Corp. Class A	15,591	1,052,237
DXC Technology Co. (a)	33,293	1,009,111
EPAM Systems, Inc. (a)	3,618	1,066,514
Gartner, Inc. (a)	4,401	1,064,294
Grid Dynamics Holdings, Inc. (a)	63,074	1,060,905
Hackett Group, Inc.	55,907	1,060,556
International Business Machines Corp.	8,003	1,129,944
Kyndryl Holdings, Inc. (a)	110,885	1,084,455
Perficient, Inc. (a)	11,551	1,059,111
Thoughtworks Holding, Inc. (a) (b)	71,331	1,006,480
Unisys Corp. (a)	91,058	1,095,428
		12,747,159
SYSTEMS SOFTWARE — 15.8%
A10 Networks, Inc.	75,016	1,078,730
Appian Corp. (a) (b)	23,597	1,117,554
CommVault Systems, Inc. (a)	17,619	1,108,235
Crowdstrike Holdings, Inc. Class A (a)	6,485	1,093,112
Dolby Laboratories, Inc. Class A	14,678	1,050,358
Fortinet, Inc. (a)	18,903	1,069,532
Gitlab, Inc. Class A (a)	24,420	1,297,679
KnowBe4, Inc. Class A (a)	62,460	975,625

See accompanying notes to financial statements.

110

Table of Contents

SPDR S&P SOFTWARE & SERVICES ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
Mandiant, Inc. (a)	50,320	$ 1,097,982
Microsoft Corp.	4,308	1,106,424
N-Able, Inc. (a) (b)	106,647	959,823
NortonLifeLock, Inc.	47,493	1,042,946
OneSpan, Inc. (a)	87,901	1,046,022
Oracle Corp.	16,234	1,134,270
Palo Alto Networks, Inc. (a)	2,201	1,087,162
Ping Identity Holding Corp. (a)	57,824	1,048,927
Progress Software Corp.	22,478	1,018,253
Qualys, Inc. (a)	8,724	1,100,445
Rapid7, Inc. (a)	16,065	1,073,142
SailPoint Technologies Holding, Inc. (a)	17,717	1,110,501
SentinelOne, Inc. Class A (a)	48,725	1,136,754
ServiceNow, Inc. (a)	2,321	1,103,682
Telos Corp. (a)	125,287	1,012,319
Tenable Holdings, Inc. (a) (b)	23,738	1,077,943
Teradata Corp. (a)	29,316	1,084,985
UiPath, Inc. Class A (a) (b)	58,240	1,059,386
Varonis Systems, Inc. (a)	34,726	1,018,166
VMware, Inc. Class A	8,761	998,579
Xperi Holding Corp.	70,339	1,014,992
Zscaler, Inc. (a)	7,148	1,068,697
Zuora, Inc. Class A (a) (b)	118,583	1,061,318
		33,253,543
TOTAL COMMON STOCKS (Cost $342,373,786)		209,667,639
SHORT-TERM INVESTMENTS — 9.5%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	200,793	200,773

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (e) (f)	19,776,617	$ 19,776,617
TOTAL SHORT-TERM INVESTMENTS (Cost $19,977,399)		19,977,390
TOTAL INVESTMENTS — 109.4% (Cost $362,351,185)		229,645,029
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.4)%		(19,808,202)
NET ASSETS — 100.0%		$ 209,836,827

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

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$209,667,639	$—	$—	$209,667,639
Short-Term Investments	19,977,390	—	—	19,977,390
TOTAL INVESTMENTS	$229,645,029	$—	$—	$229,645,029

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	430,618	$ 430,747	$ 14,117,845	$ 14,347,666	$(121)	$(32)	200,793	$ 200,773	$ 569
State Street Navigator Securities Lending Portfolio II	24,637,133	24,637,133	184,663,897	189,524,413	—	—	19,776,617	19,776,617	150,375
Total		$25,067,880	$198,781,742	$203,872,079	$(121)	$(32)		$19,977,390	$150,944

See accompanying notes to financial statements.

111

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SPDR S&P TELECOM ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.9%
ALTERNATIVE CARRIERS — 21.2%
Anterix, Inc. (a)	10,871	$ 446,472
Bandwidth, Inc. Class A (a) (b)	89,365	1,681,849
Cogent Communications Holdings, Inc.	29,323	1,781,666
EchoStar Corp. Class A (a)	38,771	748,280
Globalstar, Inc. (a) (b)	427,079	525,307
Iridium Communications, Inc. (a)	48,494	1,821,435
Liberty Global PLC Class C (a)	74,905	1,654,652
Liberty Latin America, Ltd. Class C (a)	150,818	1,174,872
Lumen Technologies, Inc. (b)	155,963	1,701,556
		11,536,089
COMMUNICATIONS EQUIPMENT — 54.0%
ADTRAN, Inc.	42,103	738,066
Arista Networks, Inc. (a)	18,548	1,738,689
Calix, Inc. (a)	49,250	1,681,395
Ciena Corp. (a)	38,899	1,777,684
Cisco Systems, Inc.	40,447	1,724,660
Clearfield, Inc. (a) (b)	12,712	787,508
CommScope Holding Co., Inc. (a)	233,275	1,427,643
Comtech Telecommunications Corp.	19,126	173,473
Digi International, Inc. (a)	13,287	321,811
Extreme Networks, Inc. (a)	140,189	1,250,486
F5, Inc. (a)	11,240	1,720,170
Harmonic, Inc. (a)	60,685	526,139
Infinera Corp. (a) (b)	304,221	1,630,624
Juniper Networks, Inc.	61,042	1,739,697
Lumentum Holdings, Inc. (a)	21,243	1,687,119
Motorola Solutions, Inc.	8,420	1,764,832
NETGEAR, Inc. (a)	29,129	539,469
NetScout Systems, Inc. (a)	42,814	1,449,254
Plantronics, Inc. (a)	44,379	1,760,959
Ribbon Communications, Inc. (a)	38,328	116,517
Ubiquiti, Inc. (b)	6,763	1,678,644
Viasat, Inc. (a)	49,855	1,527,059
Viavi Solutions, Inc. (a)	124,594	1,648,379
		29,410,277
INTEGRATED TELECOMMUNICATION SERVICES — 13.7%
AT&T, Inc.	84,940	1,780,342
ATN International, Inc.	3,661	171,738
Consolidated Communications Holdings, Inc. (a)	31,643	221,501

Security Description	Shares	Value
Frontier Communications Parent, Inc. (a)	72,097	$ 1,697,163
IDT Corp. Class B (a)	18,896	475,234
Ooma, Inc. (a)	10,578	125,244
Radius Global Infrastructure, Inc. Class A (a)	81,033	1,236,564
Verizon Communications, Inc.	34,550	1,753,412
		7,461,198
WIRELESS TELECOMMUNICATION SERVICES — 11.0%
Gogo, Inc. (a)	92,051	1,490,306
Shenandoah Telecommunications Co.	26,595	590,409
Telephone & Data Systems, Inc.	110,419	1,743,516
T-Mobile US, Inc. (a)	13,423	1,805,931
United States Cellular Corp. (a)	12,293	356,005
		5,986,167
TOTAL COMMON STOCKS (Cost $69,642,235)		54,393,731
SHORT-TERM INVESTMENTS — 4.1%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	70,314	70,307
State Street Navigator Securities Lending Portfolio II (e) (f)	2,190,959	2,190,959
TOTAL SHORT-TERM INVESTMENTS (Cost $2,261,269)		2,261,266
TOTAL INVESTMENTS — 104.0% (Cost $71,903,504)		56,654,997
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.0)%		(2,198,704)
NET ASSETS — 100.0%		$ 54,456,293

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

See accompanying notes to financial statements.

112

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SPDR S&P TRANSPORTATION ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.8%
AIR FREIGHT & LOGISTICS — 20.4%
Air Transport Services Group, Inc. (a)	387,397	$ 11,129,917
Atlas Air Worldwide Holdings, Inc. (a)	177,056	10,926,126
C.H. Robinson Worldwide, Inc.	113,910	11,547,057
Expeditors International of Washington, Inc.	117,678	11,468,898
FedEx Corp.	56,016	12,699,387
Forward Air Corp.	125,213	11,514,587
GXO Logistics, Inc. (a)	228,184	9,873,522
Hub Group, Inc. Class A (a)	159,859	11,340,397
United Parcel Service, Inc. Class B	66,941	12,219,410
		102,719,301
AIRLINES — 28.5%
Alaska Air Group, Inc. (a)	263,353	10,547,288
Allegiant Travel Co. (a)	86,436	9,775,047
American Airlines Group, Inc. (a)	787,718	9,988,264
Blade Air Mobility, Inc. (a) (b)	646,149	2,881,825
Delta Air Lines, Inc. (a)	329,933	9,558,159
Frontier Group Holdings, Inc. (a) (b)	1,168,105	10,945,144
Hawaiian Holdings, Inc. (a)	765,371	10,952,459
JetBlue Airways Corp. (a)	1,214,685	10,166,913
Joby Aviation, Inc. (a) (b)	2,331,553	11,447,925
SkyWest, Inc. (a)	492,048	10,456,020
Southwest Airlines Co. (a)	288,636	10,425,532
Spirit Airlines, Inc. (a) (b)	518,599	12,363,400
Sun Country Airlines Holdings, Inc. (a) (b)	491,013	9,005,178
United Airlines Holdings, Inc. (a)	281,513	9,971,191
Wheels Up Experience, Inc. (a)	2,747,405	5,357,440
		143,841,785
MARINE — 8.0%
Eagle Bulk Shipping, Inc. (b)	182,674	9,477,127
Genco Shipping & Trading, Ltd.	518,910	10,025,341
Kirby Corp. (a)	170,395	10,366,832
Matson, Inc.	145,117	10,576,127
		40,445,427
RAILROADS — 6.8%
CSX Corp.	382,476	11,114,753
Norfolk Southern Corp.	50,510	11,480,418
Union Pacific Corp.	54,905	11,710,138
		34,305,309
TRUCKING — 36.1%
AMERCO	24,486	11,709,940
ArcBest Corp.	156,248	10,995,172

Security Description	Shares	Value
Avis Budget Group, Inc. (a)	68,973	$ 10,144,549
Daseke, Inc. (a)	475,027	3,035,422
Heartland Express, Inc.	296,674	4,126,735
Hertz Global Holdings, Inc. (a)	664,095	10,519,265
JB Hunt Transport Services, Inc.	70,760	11,142,577
Knight-Swift Transportation Holdings, Inc.	251,715	11,651,887
Landstar System, Inc.	79,767	11,599,717
Lyft, Inc. Class A (a)	734,826	9,758,489
Marten Transport, Ltd.	542,563	9,125,910
Old Dominion Freight Line, Inc.	46,874	12,012,869
Ryder System, Inc.	149,614	10,631,571
Saia, Inc. (a)	60,635	11,399,380
Schneider National, Inc. Class B	500,599	11,203,406
Uber Technologies, Inc. (a)	488,514	9,994,996
Werner Enterprises, Inc.	294,746	11,359,511
XPO Logistics, Inc. (a)	234,212	11,279,650
		181,691,046
TOTAL COMMON STOCKS (Cost $680,843,927)		503,002,868
SHORT-TERM INVESTMENTS — 5.2%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (c) (d)	664,939	664,873
State Street Navigator Securities Lending Portfolio II (e) (f)	25,267,386	25,267,386
TOTAL SHORT-TERM INVESTMENTS (Cost $25,932,259)		25,932,259
TOTAL INVESTMENTS — 105.0% (Cost $706,776,186)		528,935,127
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.0)%		(25,141,739)
NET ASSETS — 100.0%		$ 503,793,388

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

See accompanying notes to financial statements.

114

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SPDR SSGA GENDER DIVERSITY INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.6%
AEROSPACE & DEFENSE — 1.4%
Northrop Grumman Corp.	6,031	$ 2,886,256
AIRLINES — 0.1%
Alaska Air Group, Inc. (a)	4,573	183,149
BANKS — 2.1%
Comerica, Inc.	5,420	397,720
East West Bancorp, Inc.	5,595	362,556
First Citizens BancShares, Inc. Class A	236	154,292
Prosperity Bancshares, Inc.	3,498	238,808
Signature Bank	2,223	398,384
US Bancorp	58,427	2,688,810
		4,240,570
BEVERAGES — 3.6%
Brown-Forman Corp. Class B	8,780	616,005
Coca-Cola Co.	94,796	5,963,616
Constellation Brands, Inc. Class A	3,500	815,710
		7,395,331
BIOTECHNOLOGY — 1.2%
Biogen, Inc. (a)	4,805	979,932
Halozyme Therapeutics, Inc. (a)	4,478	197,032
Horizon Therapeutics Plc (a)	7,103	566,535
Incyte Corp. (a)	7,068	536,956
Twist Bioscience Corp. (a)	1,317	46,042
Ultragenyx Pharmaceutical, Inc. (a)	1,991	118,783
		2,445,280
BUILDING PRODUCTS — 0.0% (b)
AZEK Co., Inc. (a)	5,563	93,125
CAPITAL MARKETS — 1.0%
Moody's Corp.	7,340	1,996,260
CHEMICALS — 1.7%
Celanese Corp.	4,702	553,002
DuPont de Nemours, Inc.	22,169	1,232,153
FMC Corp.	5,383	576,035
Mosaic Co.	14,560	687,669
Olin Corp.	6,553	303,273
		3,352,132
COMMERCIAL SERVICES & SUPPLIES — 1.3%
Rollins, Inc.	7,142	249,399
Waste Management, Inc.	15,145	2,316,882
		2,566,281
CONSUMER FINANCE — 2.8%
American Express Co.	31,512	4,368,193
Discover Financial Services	11,887	1,124,272
SoFi Technologies, Inc. (a)	16,062	84,647
Upstart Holdings, Inc. (a) (c)	2,293	72,505
		5,649,617
CONTAINERS & PACKAGING — 0.3%
AptarGroup, Inc.	2,734	282,176

Security Description	Shares	Value
Sealed Air Corp.	6,196	$ 357,633
		639,809
DIVERSIFIED CONSUMER SERVICES — 0.1%
Bright Horizons Family Solutions, Inc. (a)	2,288	193,382
Chegg, Inc. (a)	5,083	95,458
		288,840
DIVERSIFIED FINANCIAL SERVICES — 0.2%
Equitable Holdings, Inc.	16,957	442,069
ELECTRIC UTILITIES — 0.7%
Alliant Energy Corp.	10,578	619,976
NRG Energy, Inc.	9,722	371,089
Pinnacle West Capital Corp.	4,714	344,688
		1,335,753
ELECTRICAL EQUIPMENT — 1.2%
Eaton Corp. PLC	14,862	1,872,463
Sensata Technologies Holding PLC	8,924	368,651
Sunrun, Inc. (a) (c)	8,189	191,295
		2,432,409
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%
Arrow Electronics, Inc. (a)	4,151	465,286
CDW Corp.	7,850	1,236,846
		1,702,132
ENERGY EQUIPMENT & SERVICES — 0.6%
Baker Hughes Co.	41,956	1,211,270
ENTERTAINMENT — 5.8%
Netflix, Inc. (a)	20,568	3,596,726
Skillz, Inc. (a) (c)	16,171	20,052
Spotify Technology SA (a)	6,099	572,269
Walt Disney Co. (a)	77,434	7,309,770
Warner Bros Discovery, Inc. (a)	20,912	280,639
		11,779,456
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 3.3%
Alexandria Real Estate Equities, Inc. REIT	5,902	855,967
Apartment Income REIT Corp.	5,842	243,027
Douglas Emmett, Inc. REIT	12,664	283,421
Equity LifeStyle Properties, Inc. REIT	6,977	491,669
Essex Property Trust, Inc. REIT	2,561	669,727
Healthcare Trust of America, Inc. Class A REIT	8,232	229,755
National Retail Properties, Inc. REIT	6,554	281,822
Orion Office REIT, Inc.	1,434	15,717
Realty Income Corp. REIT	14,325	977,825
STORE Capital Corp. REIT	10,190	265,755
Sun Communities, Inc. REIT	8,392	1,337,349
Weyerhaeuser Co. REIT	28,709	950,842
		6,602,876

See accompanying notes to financial statements.

116

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SPDR SSGA GENDER DIVERSITY INDEX ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
FOOD & STAPLES RETAILING — 0.5%
Casey's General Stores, Inc.	1,227	$ 226,970
Kroger Co.	16,475	779,762
		1,006,732
FOOD PRODUCTS — 1.2%
Hershey Co.	4,551	979,193
J.M. Smucker Co.	2,280	291,863
Kellogg Co.	7,432	530,199
McCormick & Co., Inc.	5,847	486,763
Post Holdings, Inc. (a)	1,266	104,255
		2,392,273
HEALTH CARE EQUIPMENT & SUPPLIES — 0.1%
Omnicell, Inc. (a)	2,393	272,204
HEALTH CARE PROVIDERS & SERVICES — 11.4%
Amedisys, Inc. (a)	1,046	109,955
Cigna Corp.	10,855	2,860,510
CVS Health Corp.	28,993	2,686,491
Encompass Health Corp.	3,061	171,569
Invitae Corp. (a) (c)	6,225	15,189
McKesson Corp.	4,986	1,626,483
Oak Street Health, Inc. (a) (c)	2,734	44,947
UnitedHealth Group, Inc.	30,201	15,512,140
		23,027,284
HOTELS, RESTAURANTS & LEISURE — 2.5%
Aramark	8,297	254,137
Chipotle Mexican Grill, Inc. (a)	912	1,192,221
Starbucks Corp.	38,756	2,960,571
Yum China Holdings, Inc.	13,166	638,551
		5,045,480
HOUSEHOLD PRODUCTS — 0.2%
Clorox Co.	2,729	384,734
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.5%
Brookfield Renewable Corp. Class A	15,299	544,797
Vistra Corp.	18,746	428,346
		973,143
INDUSTRIAL CONGLOMERATES — 1.4%
3M Co.	21,600	2,795,256
INSURANCE — 2.0%
Hartford Financial Services Group, Inc.	14,033	918,179
Lemonade, Inc. (a) (c)	1,426	26,039
Lincoln National Corp.	7,099	332,020
MetLife, Inc.	29,377	1,844,582
Primerica, Inc.	1,565	187,315
Principal Financial Group, Inc.	10,683	713,517
		4,021,652
INTERACTIVE MEDIA & SERVICES — 0.3%
Pinterest, Inc. Class A (a)	29,388	533,686

Security Description	Shares	Value
INTERNET & DIRECT MARKETING RETAIL — 0.4%
Chewy, Inc. Class A (a) (c)	11,193	$ 388,621
Etsy, Inc. (a)	4,700	344,087
Farfetch, Ltd. Class A (a)	15,369	110,042
Fiverr International, Ltd. (a) (c)	1,591	54,714
		897,464
IT SERVICES — 10.9%
Amdocs, Ltd.	7,314	609,329
Block, Inc. (a)	25,352	1,558,134
Concentrix Corp.	1,618	219,465
Fastly, Inc. Class A (a) (c)	6,357	73,805
Globant SA (a)	2,293	398,982
Okta, Inc. (a)	7,477	675,921
Pagseguro Digital, Ltd. Class A (a)	13,149	134,646
Paychex, Inc.	18,284	2,081,999
PayPal Holdings, Inc. (a)	47,093	3,288,975
Shopify, Inc. Class A (a)	40,590	1,268,032
Visa, Inc. Class A	57,857	11,391,465
WEX, Inc. (a)	2,490	387,344
		22,088,097
LEISURE EQUIPMENT & PRODUCTS — 0.2%
Mattel, Inc. (a)	11,359	253,646
Peloton Interactive, Inc. Class A (a)	9,403	86,320
		339,966
LIFE SCIENCES TOOLS & SERVICES — 0.1%
AbCellera Biologics, Inc. (a)	4,805	51,173
Maravai LifeSciences Holdings, Inc. Class A (a)	7,970	226,428
		277,601
MACHINERY — 3.0%
Cummins, Inc.	5,405	1,046,030
Fortive Corp.	18,775	1,020,985
Illinois Tool Works, Inc.	11,762	2,143,624
Nordson Corp.	1,936	391,924
Otis Worldwide Corp.	15,992	1,130,155
Pentair PLC	6,133	280,707
		6,013,425
MEDIA — 0.4%
New York Times Co. Class A	7,623	212,682
Paramount Global Class B (c)	27,917	688,991
		901,673
METALS & MINING — 1.2%
Alcoa Corp.	7,647	348,550
MP Materials Corp. (a)	4,696	150,648
Newmont Corp.	33,406	1,993,336
		2,492,534
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%
Annaly Capital Management, Inc. REIT	52,787	311,971

See accompanying notes to financial statements.

117

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SPDR SSGA GENDER DIVERSITY INDEX ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
MULTI-UTILITIES — 1.6%
Public Service Enterprise Group, Inc.	21,157	$ 1,338,815
Sempra Energy	12,800	1,923,456
		3,262,271
MULTILINE RETAIL — 1.1%
Target Corp.	16,258	2,296,117
OIL, GAS & CONSUMABLE FUELS — 3.9%
EQT Corp.	11,798	405,851
Marathon Oil Corp.	34,104	766,658
Ovintiv, Inc.	11,090	490,067
Phillips 66	18,943	1,553,137
Pioneer Natural Resources Co.	9,640	2,150,491
Targa Resources Corp.	9,642	575,338
Valero Energy Corp.	17,531	1,863,195
		7,804,737
PERSONAL PRODUCTS — 1.0%
BellRing Brands, Inc. (a)	1,606	39,974
Coty, Inc. Class A (a)	6,223	49,846
Estee Lauder Cos., Inc. Class A	7,966	2,028,701
		2,118,521
PHARMACEUTICALS — 6.5%
Bristol-Myers Squibb Co.	71,929	5,538,533
Jazz Pharmaceuticals PLC (a)	1,878	292,987
Merck & Co., Inc.	81,253	7,407,836
		13,239,356
PROFESSIONAL SERVICES — 1.1%
Booz Allen Hamilton Holding Corp.	5,004	452,162
Equifax, Inc.	4,542	830,187
ManpowerGroup, Inc.	1,973	150,757
Nielsen Holdings PLC	16,537	383,989
Robert Half International, Inc.	4,142	310,194
Upwork, Inc. (a)	6,225	128,733
		2,256,022
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%
Opendoor Technologies, Inc. (a) (c)	11,687	55,046
Redfin Corp. (a) (c)	3,824	31,510
Zillow Group, Inc. Class C (a) (c)	13,011	413,099
		499,655
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.1%
Universal Display Corp.	2,442	246,984
SOFTWARE — 11.8%
Asana, Inc. Class A (a)	7,026	123,517
Atlassian Corp. PLC Class A (a)	14,137	2,649,274
Autodesk, Inc. (a)	12,439	2,139,010
Bentley Systems, Inc. Class B	11,933	397,369
Bill.Com Holdings, Inc. (a)	4,381	481,647
Blackline, Inc. (a)	2,859	190,409
Ceridian HCM Holding, Inc. (a)	7,534	354,701
Dropbox, Inc. Class A (a)	21,649	454,412
HubSpot, Inc. (a)	2,511	754,932

Security Description	Shares	Value
Intuit, Inc.	15,057	$ 5,803,570
nCino, Inc. (a)	3,388	104,757
NortonLifeLock, Inc.	32,653	717,060
Paylocity Holding Corp. (a)	2,180	380,236
Salesforce, Inc. (a)	50,641	8,357,791
Smartsheet, Inc. Class A (a)	6,558	206,118
Unity Software, Inc. (a) (c)	8,545	314,627
Zendesk, Inc. (a)	6,603	489,084
		23,918,514
SPECIALTY RETAIL — 2.2%
American Eagle Outfitters, Inc.	4,918	54,983
Bath & Body Works, Inc.	7,851	211,349
GameStop Corp. Class A (a) (c)	1,934	236,528
Gap, Inc.	6,552	53,989
TJX Cos., Inc.	39,691	2,216,742
Tractor Supply Co.	3,796	735,855
Ulta Beauty, Inc. (a)	1,760	678,445
Victoria's Secret & Co. (a)	2,567	71,799
Vroom, Inc. (a)	3,497	4,371
Williams-Sonoma, Inc.	2,456	272,493
		4,536,554
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.4%
Western Digital Corp. (a)	16,977	761,079
TEXTILES, APPAREL & LUXURY GOODS — 3.8%
Capri Holdings, Ltd. (a)	4,804	197,012
Crocs, Inc. (a)	2,071	100,796
Levi Strauss & Co. Class A	11,793	192,462
Lululemon Athletica, Inc. (a)	3,891	1,060,725
NIKE, Inc. Class B	50,308	5,141,478
Ralph Lauren Corp.	2,408	215,877
Tapestry, Inc.	9,059	276,481
VF Corp.	12,115	535,119
		7,719,950
THRIFTS & MORTGAGE FINANCE — 0.4%
Rocket Cos., Inc. Class A	74,201	546,120
UWM Holdings Corp. (c)	54,621	193,358
		739,478
TRADING COMPANIES & DISTRIBUTORS — 0.6%
W.W. Grainger, Inc.	1,773	805,704
Watsco, Inc.	1,286	307,123
		1,112,827
WATER UTILITIES — 0.2%
Essential Utilities, Inc.	10,378	475,831
TOTAL COMMON STOCKS (Cost $248,946,699)		202,005,686
SHORT-TERM INVESTMENTS — 1.2%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (d) (e)	565,952	565,896

See accompanying notes to financial statements.

118

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SPDR SSGA GENDER DIVERSITY INDEX ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (f) (g)	2,005,281	$ 2,005,281
TOTAL SHORT-TERM INVESTMENTS (Cost $2,571,178)		2,571,177
TOTAL INVESTMENTS — 100.8% (Cost $251,517,877)		204,576,863
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%		(1,711,997)
NET ASSETS — 100.0%		$ 202,864,866

(a)	Non-income producing security.
(b)	Amount is less than 0.05% of net assets.
(c)	All or a portion of the shares of the security are on loan at June 30, 2022.

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

REIT	Real Estate Investment Trust

At June 30, 2022, open futures contracts purchasedwere as follows:

Description		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Index (long)		3		09/16/2022		$566,866		$568,419		$1,553

During the period ended June 30, 2022, average notional value related to futures contracts was $260,928.

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$202,005,686	$—	$—	$202,005,686
Short-Term Investments	2,571,177	—	—	2,571,177
TOTAL INVESTMENTS	$204,576,863	$—	$—	$204,576,863
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(a)	$ 1,553	$—	$—	$ 1,553
TOTAL OTHER FINANCIAL INSTRUMENTS:	$ 1,553	$—	$—	$ 1,553
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$204,578,416	$—	$—	$204,578,416

(a)	Futures Contracts are valued at unrealized appreciation (depreciation).

See accompanying notes to financial statements.

119

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SPDR ICE PREFERRED SECURITIES ETF

SCHEDULE OF INVESTMENTS

June 30, 2022

Security Description	Shares	Value
PREFERRED STOCKS — 99.0%
BANKS — 42.4%
Bank of America Corp.:
3 Month USD LIBOR + 0.50%, 4.00%, 2/21/2166 (a) (b)	$ 91,426	$ 1,793,778
3 Month USD LIBOR + 0.65%, 3.00%, 2/28/2166 (b)	64,423	1,184,095
3 Month USD LIBOR + 0.35%, 4.00%, 2/15/2166 (a) (b)	68,777	1,341,839
6.00%, 5/16/2023	296,467	7,473,933
5.88%, 7/24/2023 (a)	187,348	4,627,496
3 Month USD LIBOR + 1.33%, 6.45%, 12/15/2066 (a) (b)	230,587	5,935,309
5.38%, 12/26/2167 (a)	306,903	7,037,286
5.00%, 12/17/2167 (a)	287,687	6,124,856
4.38%, 11/3/2025 (a)	241,315	4,606,703
4.13%, 2/2/2026 (a)	200,730	3,731,571
4.25%, 12/31/2049	285,490	5,281,565
4.75%, 2/17/2027 (a)	151,755	3,135,258
Citigroup Capital XIII 3 Month USD LIBOR + 6.37% 7.61%, 10/30/2040 (b)	1,340,737	35,931,752
Fifth Third Bancorp:
3 Month USD LIBOR + 3.71%, 6.63%, 12/31/2023 (a) (b)	268,410	6,766,616
4.95%, 12/31/2168	149,263	3,361,403
First Republic Bank:
5.50%, 6/30/2023 (a)	179,117	4,137,603
4.70%, 1/30/2168 (a)	235,840	4,589,446
4.13%, 10/30/2025	298,538	5,224,415
4.25%, 3/30/2026	445,861	7,918,491
4.00%, 12/31/2049 (a)	447,356	7,658,735
4.50%, 12/31/2049 (a)	441,382	8,165,567
Huntington Bancshares, Inc. 4.50%, 4/26/2026	296,500	5,532,690
JPMorgan Chase & Co.:
5.75%, 12/1/2023 (a)	416,425	10,373,147
6.00%, 3/1/2024 (a)	454,167	11,599,425
4.75%, 3/2/2168 (a)	220,944	4,717,154
4.55%, 6/1/2026	368,249	7,225,045
4.63%, 6/1/2026	454,167	9,019,757
4.20%, 12/31/2049	490,986	9,102,880
KeyCorp:
3 Month USD LIBOR + 3.89%, 6.13%, 12/15/2026 (a) (b)	298,233	7,506,525
5.65%, 12/15/2023 (a)	252,116	5,929,768
5.63%, 9/15/2167 (a)	268,410	6,570,677

Security Description	Shares	Value
Morgan Stanley:
3 Month USD LIBOR + 0.70%, 4.00%, 12/31/2049 (a) (b)	$ 374,059	$ 7,148,268
3 Month USD LIBOR + 3.94%, 6.88%, 1/15/2024 (b)	289,045	7,445,799
3 Month USD LIBOR + 3.71%, 6.38%, 10/15/2024 (b)	340,053	8,616,943
3 Month USD LIBOR + 4.32%, 7.13%, 10/15/2023 (a) (b)	293,296	7,693,154
3 Month USD LIBOR + 3.49%, 5.85%, 4/15/2027 (a) (b)	340,053	8,409,511
4.88%, 1/15/2025 (a)	174,162	3,643,469
4.25%, 12/31/2049 (a)	442,069	7,983,766
Northern Trust Corp. 4.70%, 4/1/2168 (a)	238,832	5,170,713
PNC Financial Services Group, Inc. 3 Month USD LIBOR + 4.07% 5.35%, 8/1/2022 (b)	895,417	22,707,775
Regions Financial Corp.:
3 Month USD LIBOR + 3.54%, 6.38%, 9/15/2024 (b)	298,233	7,548,277
3 Month USD LIBOR + 3.15%, 5.70%, 5/15/2029 (a) (b)	298,233	6,957,776
4.45%, 6/15/2026	238,832	4,406,450
State Street Corp.:
3 Month USD LIBOR + 3.11%, 5.90%, 3/15/2024 (a) (b) (c)	447,356	11,125,744
3 Month USD LIBOR + 3.71%, 5.35%, 3/15/2026 (b) (c)	298,233	7,426,002
SVB Financial Group 5.25%, 2/15/2168	228,328	5,153,363
Truist Financial Corp.:
5.25%, 6/1/2025 (a)	342,979	7,830,108
4.75%, 9/1/2025 (a)	551,738	11,045,795
US Bancorp:
3 Month USD LIBOR + 0.60%, 3.50%, 12/31/2049 (a) (b)	596,469	11,559,569
5.50%, 10/15/2023 (a)	342,979	8,368,688
3.75%, 1/15/2026 (a)	298,538	5,159,841
4.00%, 4/15/2026 (a)	447,356	8,302,927
4.50%, 4/15/2027 (a)	268,625	5,442,343
Wells Fargo & Co.:
3 Month USD LIBOR + 3.69%, 6.63%, 3/15/2024 (b)	241,414	6,240,552

See accompanying notes to financial statements.

121

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SPDR ICE PREFERRED SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
3 Month USD LIBOR + 3.09%, 5.85%, 9/15/2023 (b)	$ 495,759	$ 11,769,319
5.63%, 9/15/2022 (a)	198,303	4,713,662
4.75%, 3/15/2025	578,381	11,249,510
4.70%, 12/15/2025 (a)	336,255	6,499,809
4.38%, 3/15/2026 (a)	301,766	5,434,806
4.25%, 12/31/2049	359,242	6,315,474
		444,974,198
DIVERSIFIED FINANCIAL SERVICES — 8.9%
Affiliated Managers Group, Inc.:
5.88%, 3/30/2059	179,117	4,270,149
4.75%, 9/30/2060	164,196	3,246,155
Apollo Asset Management, Inc.:
6.38%, 8/1/2022 (a)	164,196	3,950,556
6.38%, 3/15/2023	179,117	4,481,507
Brookfield Finance, Inc. 4.63%, 10/16/2080	238,832	4,143,090
Capital One Financial Corp.:
5.00%, 1/12/2167 (a)	895,417	18,132,194
4.80%, 6/1/2025 (a)	745,585	14,441,982
4.38%, 9/1/2026 (a)	402,621	7,138,470
4.25%, 12/31/2049	253,752	4,471,110
Carlyle Finance LLC 4.63%, 5/15/2061	296,481	5,372,236
Charles Schwab Corp.:
5.95%, 12/31/2049	447,356	11,161,532
4.45%, 12/31/2049 (a)	357,885	7,315,170
KKR Group Finance Co. IX LLC 4.63%, 4/1/2061	296,556	5,530,770
		93,654,921
ELECTRIC — 12.5%
Alabama Power Co. 5.00%, 10/1/2022 (a)	149,263	3,680,826
BIP Bermuda Holdings I, Ltd. 5.13%, 6/21/2027 (a)	179,117	3,825,939
Brookfield BRP Holdings Canada, Inc. 4.88%, 12/31/2049	155,239	2,699,606
Brookfield BRP Holdings, Inc. 4.63%, 4/30/2026	208,968	3,558,725
Brookfield Infrastructure Finance ULC 5.00%, 5/24/2081	149,263	2,727,035
CMS Energy Corp.:
5.88%, 10/15/2078	167,179	3,898,614
5.88%, 3/1/2079	375,782	8,951,127
DTE Energy Co.:
5.25%, 12/1/2077	238,832	5,684,202
4.38%, 12/1/2081	167,179	3,173,057
Duke Energy Corp.:
5.63%, 9/15/2078	298,233	7,515,472

Security Description	Shares	Value
5.75%, 9/16/2167	$ 596,469	$ 15,036,983
Entergy Arkansas LLC 4.88%, 9/1/2066	244,747	5,935,115
Entergy Louisiana LLC 4.88%, 9/1/2066	161,209	3,904,482
Entergy Mississippi LLC 4.90%, 10/1/2066	155,239	3,806,460
Georgia Power Co. 5.00%, 10/1/2077 (a)	161,209	3,951,233
National Rural Utilities Cooperative Finance Corp. 5.50%, 5/15/2064	149,263	3,585,297
NextEra Energy Capital Holdings, Inc. 5.65%, 3/1/2079	410,079	10,321,688
Sempra Energy 5.75%, 7/1/2079	451,819	10,667,447
Southern Co.:
5.25%, 12/1/2077 (a)	266,996	6,279,746
4.95%, 1/30/2080 (a)	596,469	13,034,637
4.20%, 10/15/2060	447,356	8,522,132
		130,759,823
GAS — 1.1%
NiSource, Inc. 5 Year CMT + 3.63% 6.50%, 12/16/2167 (b)	298,233	7,783,881
Spire, Inc. 5.90%, 8/15/2167 (a)	149,263	3,668,885
		11,452,766
INSURANCE — 21.5%
AEGON Funding Co. LLC 5.10%, 12/15/2049	551,738	11,586,498
Allstate Corp.:
3 Month USD LIBOR + 3.17%, 5.10%, 1/15/2053 (a) (b)	298,233	7,184,433
5.63%, 4/15/2023 (a)	342,979	8,492,160
5.10%, 10/15/2168 (a)	685,945	15,337,730
4.75%, 1/15/2169	179,117	3,894,899
Arch Capital Group, Ltd.:
5.45%, 8/17/2022 (a)	197,034	4,502,227
4.55%, 8/15/2025	296,490	5,707,433
Assurant, Inc. 5.25%, 1/15/2061	149,224	3,320,234
Athene Holding, Ltd.:
3 month USD LIBOR + 4.25%, 6.35%, 9/30/2167 (b)	514,456	12,650,473
5.63%, 12/30/2168 (a)	205,978	4,490,320
5 Year CMT + 5.97%, 6.38%, 6/30/2025 (a) (b)	357,885	9,090,279
4.88%, 12/30/2025 (a)	341,275	6,252,158
Axis Capital Holdings, Ltd. 5.50%, 8/1/2022	328,046	7,177,647
Brighthouse Financial, Inc.:
6.25%, 9/15/2058	223,900	5,548,242

See accompanying notes to financial statements.

122

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SPDR ICE PREFERRED SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

Security Description	Shares	Value
6.60%, 6/25/2168	$ 252,128	$ 6,071,242
6.75%, 6/30/2025	238,742	5,789,494
5.38%, 12/25/2025	342,979	6,612,635
4.63%, 12/31/2049 (a)	208,968	3,531,559
Equitable Holdings, Inc.:
5.25%, 12/15/2024	477,178	10,068,456
4.30%, 3/15/2026 (a)	179,117	3,207,985
Globe Life, Inc. 4.25%, 6/15/2061 (a)	194,049	3,714,098
Hartford Financial Services Group, Inc. 6.00%, 11/15/2023 (a)	205,978	5,244,200
MetLife, Inc.:
3 Month USD LIBOR + 1.00%, 4.00%, 12/31/2049 (b)	357,885	7,773,262
5.63%, 6/15/2023 (a)	480,159	12,234,451
4.75%, 3/15/2025 (a)	596,469	13,420,553
Prudential Financial, Inc.:
5.63%, 8/15/2058 (a)	337,006	8,448,740
4.13%, 9/1/2060 (a)	298,472	6,130,615
Reinsurance Group of America, Inc.:
3 Month USD LIBOR + 4.37%, 6.20%, 9/15/2042 (a) (b)	238,778	6,024,369
3 Month USD LIBOR + 4.04%, 5.75%, 6/15/2056 (a) (b)	238,778	5,998,103
RenaissanceRe Holdings, Ltd.:
5.75%, 6/30/2023 (a)	149,263	3,449,468
4.20%, 12/31/2049	298,538	5,323,411
Voya Financial, Inc. 5 Year CMT + 3.21% 5.35%, 9/15/2167 (a) (b)	179,117	4,078,494
WR Berkley Corp. 5.10%, 12/30/2059 (a)	179,117	3,788,325
		226,144,193
PIPELINES — 0.8%
Enbridge, Inc. 3 Month USD LIBOR + 3.59% 6.38%, 4/15/2078 (b)	357,885	8,864,811
REAL ESTATE INVESTMENT TRUSTS — 5.9%
Digital Realty Trust, Inc. 5.20%, 12/31/2168	205,978	4,900,217
Hudson Pacific Properties, Inc. 4.75%, 12/31/2049	253,752	4,833,975
Kimco Realty Corp. 5.25%, 12/20/2022 (a)	157,922	3,771,967
PS Business Parks, Inc. 4.88%, 12/30/2168 (a)	194,049	3,440,489

Security Description	Shares	Value
Public Storage:
5.15%, 8/1/2022	$ 167,179	$ 4,064,121
5.05%, 8/9/2022	179,117	4,291,643
5.60%, 3/11/2024 (a)	170,155	4,296,414
4.88%, 12/31/2167 (a)	188,825	4,310,875
4.70%, 3/31/2168 (a)	154,484	3,411,007
4.63%, 6/17/2025 (a)	337,006	7,410,762
3.88%, 10/6/2025	168,677	3,058,114
4.00%, 6/12/2026	360,119	6,579,374
4.00%, 12/31/2049 (a)	259,722	4,703,565
4.10%, 1/13/2027 (a)	149,266	2,862,922
		61,935,445
SAVINGS & LOANS — 0.3%
Washington Federal, Inc. 4.88%, 4/15/2026 (a)	179,117	3,263,512
SOVEREIGN — 0.4%
Tennessee Valley Authority 30 Year CMT + 0.94% 2.13%, 6/1/2028 (b)	152,851	3,662,310
TELECOMMUNICATIONS — 5.2%
AT&T, Inc.:
5.35%, 11/1/2066 (a)	789,459	19,460,164
5.63%, 8/1/2067	492,089	12,366,197
Qwest Corp.:
6.50%, 9/1/2056	583,049	13,427,618
6.75%, 6/15/2057	393,668	9,463,779
		54,717,758
TOTAL PREFERRED STOCKS (Cost $1,227,743,390)		1,039,429,737
SHORT-TERM INVESTMENTS — 9.5%
State Street Institutional Liquid Reserves Fund, Premier Class 1.49% (d) (e)	7,520,438	7,519,686
State Street Navigator Securities Lending Portfolio II (c) (f)	91,699,346	91,699,346
TOTAL SHORT-TERM INVESTMENTS (Cost $99,219,219)		99,219,032
TOTAL INVESTMENTS — 108.5% (Cost $1,326,962,609)		1,138,648,769
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.5)%		(88,817,022)
NET ASSETS — 100.0%		$ 1,049,831,747

See accompanying notes to financial statements.

123

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SPDR ICE PREFERRED SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2022

(a)	All or a portion of the shares of the security are on loan at June 30, 2022.
(b)	Variable Rate Security - Interest rate shown is rate in effect at June 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.
(d)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2022 are shown in the Affiliate Table below.

(e)	The rate shown is the annualized seven-day yield at June 30, 2022.
(f)	Investment of cash collateral for securities loaned.

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Preferred Stocks	$1,039,429,737	$—	$—	$1,039,429,737
Short-Term Investments	99,219,032	—	—	99,219,032
TOTAL INVESTMENTS	$1,138,648,769	$—	$—	$1,138,648,769

Affiliate Table

	Number of Shares Held at 6/30/21	Value at 6/30/21	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation(a)	Number of Shares Held at 6/30/22	Value at 6/30/22	Dividend Income
Apollo Asset Management, Inc.	—	$ —	$ 11,189,057	$ 2,158,086	$ (20,424)	$ (578,484)	343,313	$ 8,432,063	$ 282,514
Athene Holding, Ltd.	1,552,586	43,419,201	10,006,278	13,155,236	4,326	(7,791,339)	1,419,594	32,483,230	2,258,028
Bank of America Corp.	2,421,229	64,993,373	22,192,722	27,840,223	(1,247,870)	(11,759,622)	2,182,321	46,338,380	2,924,720
Brighthouse Financial, Inc.	913,957	25,589,590	13,365,128	9,835,711	(345,506)	(6,768,571)	1,042,817	22,004,930	1,527,071
Capital One Financial Corp.	2,821,409	74,345,998	28,968,044	41,062,684	(1,311,042)	(16,756,561)	2,297,375	44,183,755	3,250,328
First Republic Bank	1,265,854	33,863,354	36,115,130	15,076,366	(1,361,265)	(15,846,596)	2,048,094	37,694,257	2,001,556
Morgan Stanley	2,601,780	73,097,410	25,005,999	34,592,889	(1,436,212)	(11,133,399)	2,252,737	50,940,909	3,468,258
Public Storage	2,323,417	61,675,381	29,946,714	33,830,002	(1,131,727)	(11,671,569)	2,134,550	44,988,797	2,572,006
State Street Corp.	814,577	23,806,828	5,414,730	7,083,611	(80,327)	(3,505,874)	745,589	18,551,746	1,151,642
State Street Institutional Liquid Reserves Fund, Premier Class	65,923,522	65,943,299	261,707,364	320,124,426	(6,364)	(187)	7,520,438	7,519,686	12,206
State Street Navigator Securities Lending Portfolio II	128,329,545	128,329,545	439,162,905	475,793,104	—	—	91,699,346	91,699,346	1,273,431
US Bancorp	2,557,773	66,183,925	20,069,638	34,692,012	(2,278,024)	(10,450,159)	1,953,967	38,833,368	2,560,263
Vornado Realty Trust	794,703	21,018,858	3,292,697	20,014,107	(3,620,452)	—*	—	—*	683,231
Wells Fargo & Co.	2,793,213	73,951,809	32,985,201	39,435,776	(1,276,034)	(14,002,068)	2,511,120	52,223,132	3,431,849
Total		$756,218,571	$939,421,607	$1,074,694,233	$(14,110,921)	$(110,264,429)		$495,893,599	$27,397,103

(a)	Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2022.
*	As of June 30, 2022, no longer an affiliate.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022

	SPDR FactSet Innovative Technology ETF	SPDR Global Dow ETF	SPDR MSCI USA StrategicFactors^SM ETF
ASSETS
Investments in unaffiliated issuers, at value*	$ 125,949,972	$ 95,362,015	$812,788,247
Investments in affiliated issuers, at value	10,786,965	1,270,806	1,364,984
Total Investments	136,736,937	96,632,821	814,153,231
Foreign currency, at value	—	219,793	—
Net cash at broker	—	29,974	—
Cash	248	35,095	7
Receivable from broker — accumulated variation margin on futures contracts	—	1,685	—
Receivable for investments sold	—	412	—
Receivable for fund shares sold	—	—	—
Dividends receivable — unaffiliated issuers	24,586	293,058	627,816
Dividends receivable — affiliated issuers	148	188	5,807
Securities lending income receivable — unaffiliated issuers	2,231	91	23
Securities lending income receivable — affiliated issuers	41,984	265	731
Receivable for foreign taxes recoverable	—	69,629	—
TOTAL ASSETS	136,806,134	97,283,011	814,787,615
LIABILITIES
Due to custodian	—	—	—
Payable upon return of securities loaned	10,604,316	1,204,785	297,165
Payable for investments purchased	—	—	—
Payable for fund shares repurchased	1,161	—	—
Deferred foreign taxes payable	—	26,409	—
Advisory fee payable	49,245	41,799	102,592
Trustees’ fees and expenses payable	180	22	225
TOTAL LIABILITIES	10,654,902	1,273,015	399,982
NET ASSETS	$ 126,151,232	$ 96,009,996	$814,387,633
NET ASSETS CONSIST OF:
Paid-in Capital	$ 286,206,122	$100,129,877	$842,905,265
Total distributable earnings (loss)**	(160,054,890)	(4,119,881)	(28,517,632)
NET ASSETS	$ 126,151,232	$ 96,009,996	$814,387,633
NET ASSET VALUE PER SHARE
Net asset value per share	$ 107.82	$ 95.97	$ 108.01
Shares outstanding (unlimited amount authorized, $0.01 par value)	1,170,000	1,000,464	7,540,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$ 250,486,354	$ 87,585,843	$804,742,180
Investments in affiliated issuers	10,786,965	1,270,806	1,458,794
Total cost of investments	$ 261,273,319	$ 88,856,649	$806,200,974
Foreign currency, at cost	$ —	$ 220,858	$ —
* Includes investments in securities on loan, at value	$ 14,930,415	$ 2,009,721	$ 337,138
** Includes deferred foreign taxes	$ —	$ 26,409	$ —

See accompanying notes to financial statements.

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SPDR NYSE Technology ETF	SPDR S&P 500 Fossil Fuel Reserves Free ETF	SPDR S&P Capital Markets ETF	SPDR S&P Health Care Equipment ETF	SPDR S&P Health Care Services ETF	SPDR S&P Insurance ETF

$ 383,472,013	$1,159,044,807	$ 87,714,475	$ 384,018,291	$ 89,582,471	$ 541,809,100
—	3,299,446	4,594,269	21,866,829	8,791,843	11,671,972
383,472,013	1,162,344,253	92,308,744	405,885,120	98,374,314	553,481,072
—	—	—	—	—	—
—	77,764	—	—	—	—
—	7	1	—	96,237	—
—	21,862	—	—	—	—
712,434	—	—	—	—	—
—	—	—	487	—	—
96,978	896,771	61,696	118,473	24,242	449,332
475	2,467	259	1,217	120	837
108	34	206	11,684	898	341
213	—	1,791	35,364	2,814	890
21,081	—	—	—	—	—
384,303,302	1,163,343,158	92,372,697	406,052,345	98,498,625	553,932,472

343,679	—	—	8,145,821	—	182
—	2,313	2,984,921	13,512,232	7,377,998	10,706,454
—	1,199,770	—	—	1,399,552	—
—	24,711	—	—	—	15,502
—	—	—	—	—	—
118,359	197,282	27,963	113,305	26,130	138,641
153	249	46	229	32	139
462,191	1,424,325	3,012,930	21,771,587	8,803,712	10,860,918
$ 383,841,111	$1,161,918,833	$ 89,359,767	$ 384,280,758	$ 89,694,913	$ 543,071,554

$ 530,044,410	$ 1,126,611,815	$178,724,762	$ 661,904,876	$177,266,991	$ 717,742,915
(146,203,299)	35,307,018	(89,364,995)	(277,624,118)	(87,572,078)	(174,671,361)
$ 383,841,111	$1,161,918,833	$ 89,359,767	$ 384,280,758	$ 89,694,913	$ 543,071,554

$ 103.04	$ 92.22	$ 72.95	$ 84.92	$ 82.29	$ 37.84
3,725,012	12,600,000	1,225,000	4,525,000	1,090,000	14,350,000

$ 462,104,409	$ 1,112,488,882	$125,586,010	$ 496,914,029	$121,570,153	$ 602,254,202
—	3,533,067	5,264,656	21,867,643	8,791,843	11,671,989
$ 462,104,409	$ 1,116,021,949	$130,850,666	$ 518,781,672	$130,361,996	$ 613,926,191
$ —	$ —	$ —	$ —	$ —	$ —
$ —	$ 237,244	$ 3,627,774	$ 27,289,837	$ 14,997,130	$ 10,308,009
$ —	$ —	$ —	$ —	$ —	$ —

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SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2022

	SPDR S&P Internet ETF	SPDR S&P Metals & Mining ETF	SPDR S&P Oil & Gas Equipment & Services ETF
ASSETS
Investments in unaffiliated issuers, at value*	$ 26,256,878	$ 1,762,866,121	$ 230,531,760
Investments in affiliated issuers, at value	2,550,235	321,295,729	3,315,917
Total Investments	28,807,113	2,084,161,850	233,847,677
Cash	—	221	4,965
Receivable for investments sold	—	—	19,473
Receivable for fund shares sold	—	—	1,176
Dividends receivable — unaffiliated issuers	—	1,794,843	103,939
Dividends receivable — affiliated issuers	28	6,083	324
Interest receivable — unaffiliated issuers	—	—	—
Securities lending income receivable — unaffiliated issuers	263	17,411	173
Securities lending income receivable — affiliated issuers	931	14,538	433
Due from broker	—	—	—
TOTAL ASSETS	28,808,335	2,085,994,946	233,978,160
LIABILITIES
Payable upon return of securities loaned	2,539,837	86,773,566	3,044,601
Payable for investments purchased	—	—	—
Payable for fund shares repurchased	—	22,709	—
Advisory fee payable	7,554	740,648	90,522
Trustees’ fees and expenses payable	20	291	28
TOTAL LIABILITIES	2,547,411	87,537,214	3,135,151
NET ASSETS	$ 26,260,924	$ 1,998,457,732	$ 230,843,009
NET ASSETS CONSIST OF:
Paid-in Capital	$ 69,418,759	$ 4,150,224,418	$ 876,445,276
Total distributable earnings (loss)	(43,157,835)	(2,151,766,686)	(645,602,267)
NET ASSETS	$ 26,260,924	$ 1,998,457,732	$ 230,843,009
NET ASSET VALUE PER SHARE
Net asset value per share	$ 75.03	$ 43.44	$ 59.73
Shares outstanding (unlimited amount authorized, $0.01 par value)	350,000	46,000,230	3,865,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$ 49,446,470	$ 2,210,598,770	$ 273,620,098
Investments in affiliated issuers	2,550,237	493,105,114	3,315,914
Total cost of investments	$ 51,996,707	$ 2,703,703,884	$ 276,936,012
* Includes investments in securities on loan, at value	$ 3,261,664	$ 192,431,799	$ 2,872,074

See accompanying notes to financial statements.

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SPDR S&P Pharmaceuticals ETF	SPDR S&P Retail ETF	SPDR S&P Semiconductor ETF	SPDR S&P Software & Services ETF	SPDR S&P Telecom ETF	SPDR S&P Transportation ETF

$ 205,488,993	$ 377,570,002	$ 932,026,358	$ 209,667,639	$ 54,393,731	$ 503,002,868
5,321,761	28,813,697	48,737,847	19,977,390	2,261,266	25,932,259
210,810,754	406,383,699	980,764,205	229,645,029	56,654,997	528,935,127
—	456,177	360	191	—	—
—	—	—	—	—	—
527	—	—	—	—	—
125,834	227,255	176,226	18,388	7,064	183,701
—	408	1,133	99	131	1,181
—	—	—	—	131	—
—	4,262	49,746	4,432	631	15,045
186,063	131,473	529,066	8,893	475	83,194
—	477,461	—	—	—	—
211,123,178	407,680,735	981,520,736	229,677,032	56,663,429	529,218,248

5,141,614	28,813,697	47,719,371	19,776,617	2,190,959	25,267,386
—	564,916	—	—	—	—
—	8,831	462	—	—	—
52,939	108,581	299,934	63,369	16,160	157,334
58	501	262	219	17	140
5,194,611	29,496,526	48,020,029	19,840,205	2,207,136	25,424,860
$ 205,928,567	$ 378,184,209	$ 933,500,707	$ 209,836,827	$ 54,456,293	$ 503,793,388

$ 615,845,642	$1,043,567,908	$1,367,671,413	$ 390,123,437	$107,920,197	$ 814,288,449
(409,917,075)	(665,383,699)	(434,170,706)	(180,286,610)	(53,463,904)	(310,495,061)
$ 205,928,567	$ 378,184,209	$ 933,500,707	$ 209,836,827	$ 54,456,293	$ 503,793,388

$ 42.02	$ 58.18	$ 151.79	$ 111.02	$ 77.79	$ 67.81
4,900,270	6,500,226	6,150,000	1,890,000	700,000	7,430,000

$ 231,752,132	$ 497,250,438	$1,227,870,617	$ 342,373,786	$ 69,642,235	$ 680,843,927
5,321,761	28,813,697	48,737,843	19,977,399	2,261,269	25,932,259
$ 237,073,893	$ 526,064,135	$1,276,608,460	$ 362,351,185	$ 71,903,504	$ 706,776,186
$ 16,571,618	$ 44,046,962	$ 50,466,862	$ 29,406,030	$ 5,258,132	$ 34,325,133

129

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SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2022

	SPDR SSGA Gender Diversity Index ETF	SPDR ICE Preferred Securities ETF
ASSETS
Investments in unaffiliated issuers, at value*	$202,005,686	$ 642,755,170
Investments in affiliated issuers, at value	2,571,177	495,893,599
Total Investments	204,576,863	1,138,648,769
Net cash at broker	28,340	—
Cash	41	185,898
Receivable from broker — accumulated variation margin on futures contracts	1,559	—
Receivable for investments sold	—	3,875,069
Dividends receivable — unaffiliated issuers	290,908	2,901,115
Dividends receivable — affiliated issuers	517	4,821
Securities lending income receivable — unaffiliated issuers	3,423	57,060
Securities lending income receivable — affiliated issuers	3,213	234,237
TOTAL ASSETS	204,904,864	1,145,906,969
LIABILITIES
Payable upon return of securities loaned	2,005,281	91,699,346
Payable for investments purchased	—	3,984,866
Advisory fee payable	34,659	390,672
Trustees’ fees and expenses payable	58	338
TOTAL LIABILITIES	2,039,998	96,075,222
NET ASSETS	$202,864,866	$1,049,831,747
NET ASSETS CONSIST OF:
Paid-in Capital	$272,909,417	$1,336,615,105
Total distributable earnings (loss)	(70,044,551)	(286,783,358)
NET ASSETS	$202,864,866	$1,049,831,747
NET ASSET VALUE PER SHARE
Net asset value per share	$ 75.84	$ 35.83
Shares outstanding (unlimited amount authorized, $0.01 par value)	2,675,000	29,300,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$248,946,699	$ 740,586,365
Investments in affiliated issuers	2,571,178	586,376,244
Total cost of investments	$251,517,877	$1,326,962,609
* Includes investments in securities on loan, at value	$ 2,407,362	$ 100,249,848

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2022

	SPDR FactSet Innovative Technology ETF	SPDR Global Dow ETF	SPDR MSCI USA StrategicFactors^SM ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 303,768	$ 3,756,743	$ 15,152,981
Dividend income — affiliated issuers	507	281	19,317
Unaffiliated securities lending income	19,428	2,262	1,978
Affiliated securities lending income	110,197	5,112	2,263
Foreign taxes withheld	—	(214,869)	(5,099)
TOTAL INVESTMENT INCOME (LOSS)	433,900	3,549,529	15,171,440
EXPENSES
Advisory fee	1,147,608	505,415	1,447,433
Trustees’ fees and expenses	3,151	913	9,248
Miscellaneous expenses	147	56	533
TOTAL EXPENSES	1,150,906	506,384	1,457,214
NET INVESTMENT INCOME (LOSS)	$ (717,006)	$ 3,043,145	$ 13,714,226
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(29,956,888)	(905,669)	(7,355,087)
Investments — affiliated issuers	(456)	—	(426)
In-kind redemptions — unaffiliated issuers	31,849,955	—	78,699,690
In-kind redemptions — affiliated issuers	—	—	32,095
Foreign currency transactions	—	(33,273)	4
Futures contracts	—	(90,726)	—
Net realized gain (loss)	1,892,611	(1,029,668)	71,376,276
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**	(157,173,218)	(13,617,311)	(156,740,918)
Investments — affiliated issuers	(35)	—	(179,546)
Foreign currency translations	—	(11,522)	—
Futures contracts	—	4,903	—
Net change in unrealized appreciation/depreciation	(157,173,253)	(13,623,930)	(156,920,464)
NET REALIZED AND UNREALIZED GAIN (LOSS)	(155,280,642)	(14,653,598)	(85,544,188)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$(155,997,648)	$ (11,610,453)	$ (71,829,962)
** Includes foreign deferred taxes	$ —	$ (8,513)	$ —

See accompanying notes to financial statements.

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SPDR NYSE Technology ETF	SPDR S&P 500 Fossil Fuel Reserves Free ETF	SPDR S&P Capital Markets ETF	SPDR S&P Health Care Equipment ETF	SPDR S&P Health Care Services ETF	SPDR S&P Insurance ETF

$ 5,170,640	$ 17,289,054	$ 4,164,112	$ 1,123,919	$ 674,795	$ 10,580,158
1,062	33,818	91,021	2,120	306	1,836
390	1,091	3,425	330,295	15,522	4,298
5,335	363	36,335	559,340	41,529	48,916
(92,211)	(4,045)	—	—	—	—
5,085,216	17,320,281	4,294,893	2,015,674	732,152	10,635,208

2,208,364	2,543,956	680,210	2,243,322	501,177	1,699,383
6,605	11,883	1,828	6,918	1,538	4,235
358	698	113	362	81	262
2,215,327	2,556,537	682,151	2,250,602	502,796	1,703,880
$ 2,869,889	$ 14,763,744	$ 3,612,742	$ (234,928)	$ 229,356	$ 8,931,328


(37,613,977)	(1,673,306)	(5,129,269)	(53,647,171)	(7,985,639)	(28,498,139)
(207)	(2,349)	(50,014)	(796)	(35)	(296)
95,350,230	62,497,013	(359,517)	47,262,947	25,220,302	57,737,228
—	29,758	179,164	—	—	—
—	—	—	—	—	—
—	(77,449)	—	—	—	—
57,736,046	60,773,667	(5,359,636)	(6,385,020)	17,234,628	29,238,793

(290,607,683)	(242,394,114)	(51,850,624)	(230,957,505)	(61,552,974)	(44,334,955)
(74)	(330,497)	(719,754)	(817)	(70)	(36)
—	—	—	—	—	—
—	21,838	—	—	—	—
(290,607,757)	(242,702,773)	(52,570,378)	(230,958,322)	(61,553,044)	(44,334,991)
(232,871,711)	(181,929,106)	(57,930,014)	(237,343,342)	(44,318,416)	(15,096,198)
$(230,001,822)	$(167,165,362)	$(54,317,272)	$(237,578,270)	$(44,089,060)	$ (6,164,870)
$ —	$ —	$ —	$ —	$ —	$ —

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SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2022

	SPDR S&P Internet ETF	SPDR S&P Metals & Mining ETF	SPDR S&P Oil & Gas Equipment & Services ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 165,644	$ 20,669,180	$ 1,209,376
Dividend income — affiliated issuers	46	7,799,252	595
Unaffiliated securities lending income	4,068	172,650	777
Affiliated securities lending income	8,679	170,821	8,634
Foreign taxes withheld	—	—	(1,690)
TOTAL INVESTMENT INCOME (LOSS)	178,437	28,811,903	1,217,692
EXPENSES
Advisory fee	156,786	8,046,945	743,065
Trustees’ fees and expenses	546	20,152	1,632
Miscellaneous expenses	26	1,233	107
TOTAL EXPENSES	157,358	8,068,330	744,804
NET INVESTMENT INCOME (LOSS)	$ 21,079	$ 20,743,573	$ 472,888
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(7,801,817)	(420,567,572)	(24,280,285)
Investments — affiliated issuers	(24)	247,144,602	(80)
In-kind redemptions — unaffiliated issuers	2,596,780	704,659,042	29,695,412
Net realized gain (loss)	(5,205,061)	531,236,072	5,415,047
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(28,820,184)	(485,407,540)	(32,542,356)
Investments — affiliated issuers	(2)	(159,799,178)	3
Net change in unrealized appreciation/depreciation	(28,820,186)	(645,206,718)	(32,542,353)
NET REALIZED AND UNREALIZED GAIN (LOSS)	(34,025,247)	(113,970,646)	(27,127,306)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$(34,004,168)	$ (93,227,073)	$(26,654,418)

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Year Ended June 30, 2022

	SPDR S&P Transportation ETF	SPDR SSGA Gender Diversity Index ETF	SPDR ICE Preferred Securities ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 5,721,052	$ 3,411,168	$ 42,177,461
Dividend income — affiliated issuers	2,432	1,021	26,123,672
Unaffiliated securities lending income	77,272	5,536	203,516
Affiliated securities lending income	222,118	18,242	1,273,431
Foreign taxes withheld	—	(2,926)	—
TOTAL INVESTMENT INCOME (LOSS)	6,022,874	3,433,041	69,778,080
EXPENSES
Advisory fee	2,516,666	523,905	5,957,037
Trustees’ fees and expenses	6,942	2,484	13,276
Miscellaneous expenses	420	101	738
TOTAL EXPENSES	2,524,028	526,490	5,971,051
NET INVESTMENT INCOME (LOSS)	$ 3,498,846	$ 2,906,551	$ 63,807,029
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(64,869,319)	(3,198,567)	(8,731,320)
Investments — affiliated issuers	286	(68)	(14,110,921)
In-kind redemptions — unaffiliated issuers	79,380,046	32,620,579	(5,587,120)
Futures contracts	—	(91,219)	—
Net realized gain (loss)	14,511,013	29,330,725	(28,429,361)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(198,465,909)	(101,349,272)	(122,897,489)
Investments — affiliated issuers	1	(1)	(109,428,324)
Futures contracts	—	1,553	—
Net change in unrealized appreciation/depreciation	(198,465,908)	(101,347,720)	(232,325,813)
NET REALIZED AND UNREALIZED GAIN (LOSS)	(183,954,895)	(72,016,995)	(260,755,174)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$(180,456,049)	$ (69,110,444)	$(196,948,145)

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR FactSet Innovative Technology ETF		SPDR Global Dow ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ (717,006)	$ (959,458)	$ 3,043,145	$ 2,010,760
Net realized gain (loss)	1,892,611	113,586,624	(1,029,668)	8,522,693
Net change in unrealized appreciation/depreciation	(157,173,253)	8,068,533	(13,623,930)	20,171,682
Net increase (decrease) in net assets resulting from operations	(155,997,648)	120,695,699	(11,610,453)	30,705,135
Net equalization credits and charges	671,204	(411,657)	(18,618)	(31,590)
Distributions to shareholders	(73,168)	(227,994)	(3,329,522)	(2,002,677)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	118,752,843	345,225,273	14,181,701	13,491,577
Cost of shares redeemed	(200,669,584)	(249,761,283)	—	(23,477,344)
Net income equalization	(671,204)	411,657	18,618	31,590
Other Capital	—	—	18,542	207
Net increase (decrease) in net assets from beneficial interest transactions	(82,587,945)	95,875,647	14,218,861	(9,953,970)
Net increase (decrease) in net assets during the period	(237,987,557)	215,931,695	(739,732)	18,716,898
Net assets at beginning of period	364,138,789	148,207,094	96,749,728	78,032,830
NET ASSETS AT END OF PERIOD	$ 126,151,232	$ 364,138,789	$ 96,009,996	$ 96,749,728
SHARES OF BENEFICIAL INTEREST:
Shares sold	690,000	1,750,000	125,000	150,000
Shares redeemed	(1,130,000)	(1,160,000)	—	(275,000)
Net increase (decrease) from share transactions	(440,000)	590,000	125,000	(125,000)

See accompanying notes to financial statements.

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SPDR MSCI USA StrategicFactors^SM ETF		SPDR NYSE Technology ETF		SPDR S&P 500 Fossil Fuel Reserves Free ETF
Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21

$ 13,714,226	$ 14,263,917	$ 2,869,889	$ 2,105,691	$ 14,763,744	$ 10,939,751
71,376,276	95,035,184	57,736,046	158,384,981	60,773,667	55,348,814
(156,920,464)	159,600,580	(290,607,757)	100,113,478	(242,702,773)	215,952,001
(71,829,962)	268,899,681	(230,001,822)	260,604,150	(167,165,362)	282,240,566
(25,831)	(224,002)	(73,933)	(29,630)	298,458	468,621
(13,358,259)	(14,259,180)	(2,817,346)	(1,952,717)	(14,907,245)	(11,554,719)

182,794,431	415,897,466	107,441,286	337,178,541	326,826,004	433,974,746
(238,191,762)	(487,520,633)	(202,260,122)	(287,303,510)	(137,357,120)	(117,717,406)
25,831	224,002	73,933	29,630	(298,458)	(468,621)
—	—	—	—	—	—
(55,371,500)	(71,399,165)	(94,744,903)	49,904,661	189,170,426	315,788,719
(140,585,552)	183,017,334	(327,638,004)	308,526,464	7,396,277	586,943,187
954,973,185	771,955,851	711,479,115	402,952,651	1,154,522,556	567,579,369
$ 814,387,633	$ 954,973,185	$ 383,841,111	$ 711,479,115	$1,161,918,833	$1,154,522,556

1,470,000	4,000,000	650,000	2,450,000	3,010,000	4,680,000
(1,930,000)	(4,730,000)	(1,400,000)	(2,025,000)	(1,300,000)	(1,220,000)
(460,000)	(730,000)	(750,000)	425,000	1,710,000	3,460,000

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Capital Markets ETF		SPDR S&P Health Care Equipment ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 3,612,742	$ 1,165,253	$ (234,928)	$ (827,260)
Net realized gain (loss)	(5,359,636)	9,502,626	(6,385,020)	103,149,842
Net change in unrealized appreciation/depreciation	(52,570,378)	17,650,061	(230,958,322)	140,057,256
Net increase (decrease) in net assets resulting from operations	(54,317,272)	28,317,940	(237,578,270)	242,379,838
Net equalization credits and charges	617,521	(125,400)	396,833	(25,307)
Distributions to shareholders	(4,369,153)	(1,290,321)	(80,831)	—
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	291,033,191	152,981,898	95,325,217	417,629,860
Cost of shares redeemed	(260,515,203)	(84,940,359)	(283,191,139)	(363,374,532)
Net income equalization	(617,521)	125,400	(396,833)	25,307
Net increase (decrease) in net assets from beneficial interest transactions	29,900,467	68,166,939	(188,262,755)	54,280,635
Net increase (decrease) in net assets during the period	(28,168,437)	95,069,158	(425,525,023)	296,635,166
Net assets at beginning of period	117,528,204	22,459,046	809,805,781	513,170,615
NET ASSETS AT END OF PERIOD	$ 89,359,767	$ 117,528,204	$ 384,280,758	$ 809,805,781
SHARES OF BENEFICIAL INTEREST:
Shares sold	2,875,000	2,125,000	825,000	3,675,000
Shares redeemed	(2,900,000)	(1,275,000)	(2,575,000)	(3,150,000)
Net increase (decrease) from share transactions	(25,000)	850,000	(1,750,000)	525,000

See accompanying notes to financial statements.

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SPDR S&P Health Care Services ETF		SPDR S&P Insurance ETF		SPDR S&P Internet ETF
Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21

$ 229,356	$ 303,083	$ 8,931,328	$ 9,143,530	$ 21,079	$ 160,075
17,234,628	24,173,923	29,238,793	(103,476)	(5,205,061)	23,422,562
(61,553,044)	36,283,406	(44,334,991)	127,123,664	(28,820,186)	6,276,127
(44,089,060)	60,760,412	(6,164,870)	136,163,718	(34,004,168)	29,858,764
41,520	(251,358)	(535,793)	1,306,279	14,648	(9,468)
(277,297)	(293,524)	(8,376,046)	(10,426,986)	(25,401)	(198,352)

54,935,824	158,171,623	1,883,160,077	857,794,099	12,367,579	87,691,920
(134,741,835)	(88,470,548)	(2,015,800,697)	(857,787,753)	(23,457,495)	(70,335,012)
(41,520)	251,358	535,793	(1,306,279)	(14,648)	9,468
(79,847,531)	69,952,433	(132,104,827)	(1,299,933)	(11,104,564)	17,366,376
(124,172,368)	130,167,963	(147,181,536)	125,743,078	(45,119,485)	47,017,320
213,867,281	83,699,318	690,253,090	564,510,012	71,380,409	24,363,089
$ 89,694,913	$213,867,281	$ 543,071,554	$ 690,253,090	$ 26,260,924	$ 71,380,409

500,000	1,580,000	47,850,000	23,300,000	110,000	580,000
(1,280,000)	(940,000)	(51,400,000)	(26,050,000)	(150,000)	(430,000)
(780,000)	640,000	(3,550,000)	(2,750,000)	(40,000)	150,000

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Metals & Mining ETF		SPDR S&P Oil & Gas Equipment & Services ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 20,743,573	$ 11,091,889	$ 472,888	$ 783,339
Net realized gain (loss)	531,236,072	396,136,191	5,415,047	3,042,437
Net change in unrealized appreciation/depreciation	(645,206,718)	189,584,635	(32,542,353)	79,714,682
Net increase (decrease) in net assets resulting from operations	(93,227,073)	596,812,715	(26,654,418)	83,540,458
Net equalization credits and charges	(708,496)	1,115,844	46,979	(125,080)
Distributions to shareholders	(19,843,034)	(11,555,704)	(876,061)	(2,636,010)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	5,393,991,279	3,646,566,722	274,563,502	159,150,843
Cost of shares redeemed	(5,339,158,537)	(2,570,652,309)	(199,881,258)	(152,926,502)
Net income equalization	708,496	(1,115,844)	(46,979)	125,080
Other Capital	—	—	—	1,113
Net increase (decrease) in net assets from beneficial interest transactions	55,541,238	1,074,798,569	74,635,265	6,350,534
Contribution from Affiliate (Note 4)	—	—	—	—
Net increase (decrease) in net assets during the period	(58,237,365)	1,661,171,424	47,151,765	87,129,902
Net assets at beginning of period	2,056,695,097	395,523,673	183,691,244	96,561,342
NET ASSETS AT END OF PERIOD	$ 1,998,457,732	$ 2,056,695,097	$ 230,843,009	$ 183,691,244
SHARES OF BENEFICIAL INTEREST:
Shares sold	108,850,000	96,950,000	4,050,000	2,750,000
Shares redeemed	(110,650,000)	(67,800,000)	(3,150,000)	(2,700,000)
Net increase (decrease) from share transactions	(1,800,000)	29,150,000	900,000	50,000

See accompanying notes to financial statements.

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SPDR S&P Pharmaceuticals ETF		SPDR S&P Retail ETF		SPDR S&P Semiconductor ETF
Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21

$ 2,653,542	$ 1,331,089	$ 8,547,566	$ 5,772,339	$ 3,247,741	$ 1,375,490
(12,759,052)	7,269,229	(250,227,605)	476,901,260	94,023,237	266,241,153
(32,095,780)	37,831,363	(107,859,707)	31,045,189	(421,774,635)	102,937,195
(42,201,290)	46,431,681	(349,539,746)	513,718,788	(324,503,657)	370,553,838
(43,252)	16,326	(4,786,352)	209,130	30,930	5,823
(2,929,721)	(1,370,262)	(7,176,709)	(5,748,927)	(2,987,778)	(1,298,170)

236,052,640	92,225,403	13,182,150,145	7,055,124,254	936,570,123	892,421,500
(256,710,059)	(109,012,425)	(13,501,824,840)	(6,774,374,342)	(670,670,787)	(764,996,430)
43,252	(16,326)	4,786,352	(209,130)	(30,930)	(5,823)
—	—	—	—	—	—
(20,614,167)	(16,803,348)	(314,888,343)	280,540,782	265,868,406	127,419,247
—	—	—	68,255	—	—
(65,788,430)	28,274,397	(676,391,150)	788,788,028	(61,592,099)	496,680,738
271,716,997	243,442,600	1,054,575,359	265,787,331	995,092,806	498,412,068
$ 205,928,567	$ 271,716,997	$ 378,184,209	$ 1,054,575,359	$ 933,500,707	$ 995,092,806

4,900,000	1,850,000	161,650,000	98,900,000	4,300,000	5,300,000
(5,250,000)	(2,250,000)	(166,000,000)	(94,250,000)	(3,325,000)	(4,575,000)
(350,000)	(400,000)	(4,350,000)	4,650,000	975,000	725,000

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Software & Services ETF		SPDR S&P Telecom ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 742,773	$ (5,297)	$ 987,038	$ 673,238
Net realized gain (loss)	14,056,671	121,569,662	(1,849,330)	14,488,286
Net change in unrealized appreciation/depreciation	(152,751,393)	13,182,895	(18,610,403)	8,458,497
Net increase (decrease) in net assets resulting from operations	(137,951,949)	134,747,260	(19,472,695)	23,620,021
Net equalization credits and charges	(99,044)	(27,341)	(17,318)	199,847
Distributions to shareholders	(639,461)	(133,866)	(1,057,495)	(868,252)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	309,989,403	545,431,671	45,273,259	194,766,258
Cost of shares redeemed	(488,037,518)	(395,504,658)	(54,662,087)	(181,984,727)
Net income equalization	99,044	27,341	17,318	(199,847)
Other Capital	2,131	—	—	—
Net increase (decrease) in net assets from beneficial interest transactions	(177,946,940)	149,954,354	(9,371,510)	12,581,684
Contribution from Affiliate (Note 4)	109,302	—	—	—
Net increase (decrease) in net assets during the period	(316,528,092)	284,540,407	(29,919,018)	35,533,300
Net assets at beginning of period	526,364,919	241,824,512	84,375,311	48,842,011
NET ASSETS AT END OF PERIOD	$ 209,836,827	$ 526,364,919	$ 54,456,293	$ 84,375,311
SHARES OF BENEFICIAL INTEREST:
Shares sold	1,830,000	3,440,000	475,000	2,100,000
Shares redeemed	(3,010,000)	(2,540,000)	(600,000)	(1,975,000)
Net increase (decrease) from share transactions	(1,180,000)	900,000	(125,000)	125,000

See accompanying notes to financial statements.

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SPDR S&P Transportation ETF		SPDR SSGA Gender Diversity Index ETF		SPDR ICE Preferred Securities ETF
Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/22	Year Ended 6/30/21

$ 3,498,846	$ 6,126,477	$ 2,906,551	$ 1,947,993	$ 63,807,029	$ 64,667,418
14,511,013	130,892,947	29,330,725	(3,742,168)	(28,429,361)	(3,460,465)
(198,465,908)	39,072,401	(101,347,720)	64,417,110	(232,325,813)	80,184,875
(180,456,049)	176,091,825	(69,110,444)	62,622,935	(196,948,145)	141,391,828
(179,629)	1,205,515	(7,231)	111,091	1,344,104	(803,741)
(5,317,173)	(7,350,772)	(2,785,960)	(2,159,815)	(70,524,000)	(67,474,480)

895,342,793	674,953,467	158,913,926	89,843,899	162,084,165	555,391,077
(778,163,797)	(451,028,914)	(127,838,013)	(27,364,629)	(331,775,206)	(263,828,902)
179,629	(1,205,515)	7,231	(111,091)	(1,344,104)	803,741
—	—	—	—	—	—
117,358,625	222,719,038	31,083,144	62,368,179	(171,035,145)	292,365,916
—	—	—	—	—	—
(68,594,226)	392,665,606	(40,820,491)	122,942,390	(437,163,186)	365,479,523
572,387,614	179,722,008	243,685,357	120,742,967	1,486,994,933	1,121,515,410
$ 503,793,388	$ 572,387,614	$ 202,864,866	$243,685,357	$1,049,831,747	$1,486,994,933

10,010,000	8,800,000	1,550,000	1,075,000	3,950,000	12,750,000
(9,320,000)	(5,460,000)	(1,275,000)	(375,000)	(8,300,000)	(6,100,000)
690,000	3,340,000	275,000	700,000	(4,350,000)	6,650,000

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR FactSet Innovative Technology ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 226.17	$ 145.30	$ 105.68	$ 95.29	$ 69.83
Income (loss) from investment operations:
Net investment income (loss) (a)	(0.52)	(0.59)	(0.23)	0.08	0.20
Net realized and unrealized gain (loss) (b)	(118.26)	81.84	40.41	11.66	27.36
Total from investment operations	(118.78)	81.25	40.18	11.74	27.56
Net equalization credits and charges (a)	0.49	(0.25)	(0.40)	(0.11)	(0.74)
Distributions to shareholders from:
Net investment income	(0.06)	(0.13)	(0.16)	(0.10)	(0.26)
Net realized gains	—	—	—	(1.14)	(1.10)
Total distributions	(0.06)	(0.13)	(0.16)	(1.24)	(1.36)
Net asset value, end of period	$ 107.82	$ 226.17	$ 145.30	$105.68	$ 95.29
Total return (c)	(52.30)%	55.75%	37.68%	12.58%	38.83%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$126,151	$364,139	$148,207	$73,978	$38,114
Ratios to average net assets:
Total expenses	0.45%	0.45%	0.45%	0.45%	0.45%
Net investment income (loss)	(0.28)%	(0.29)%	(0.20)%	0.08%	0.24%
Portfolio turnover rate (d)	53%	38%	35%	43%	34%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d)	Portfolio turnover rate excludes in-kind security transactions.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Global Dow ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 110.51	$ 78.00	$ 85.13	$ 82.43	$ 76.65
Income (loss) from investment operations:
Net investment income (loss) (a)	3.32	2.22	2.07	2.15	1.75
Net realized and unrealized gain (loss) (b)	(14.31)	32.59	(7.10)	2.67	5.81
Total from investment operations	(10.99)	34.81	(5.03)	4.82	7.56
Net equalization credits and charges (a)	(0.02)	(0.03)	(0.01)	(0.02)	0.00(c)
Contribution from Affiliate	—	—	—	0.02	—
Other capital (a)	0.02	0.00(c)	—	—	—
Distributions to shareholders from:
Net investment income	(3.55)	(2.27)	(2.09)	(2.12)	(1.78)
Net asset value, end of period	$ 95.97	$ 110.51	$ 78.00	$ 85.13	$ 82.43
Total return (d)	(10.22)%	44.96%	(5.97)%	5.94%(e)	9.86%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$96,010	$96,750	$78,033	$91,550	$90,710
Ratios to average net assets:
Total expenses	0.50%	0.50%	0.50%	0.50%	0.50%
Net investment income (loss)	3.01%	2.33%	2.53%	2.60%	2.11%
Portfolio turnover rate (f)	12%	11%	8%	11%	10%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have been 5.91%.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MSCI USA StrategicFactors^SM ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 119.37	$ 88.43	$ 86.19	$ 77.65	$ 69.73
Income (loss) from investment operations:
Net investment income (loss) (a)	1.73	1.76	1.79	1.67	1.44
Net realized and unrealized gain (loss) (b)	(11.41)	30.99	1.88	7.99	7.82
Total from investment operations	(9.68)	32.75	3.67	9.66	9.26
Net equalization credits and charges (a)	(0.00)(c)	(0.03)	0.34	0.52	0.06
Contribution from Affiliate (Note 4) (a)	—	—	0.00(c)	—	—
Distributions to shareholders from:
Net investment income	(1.68)	(1.78)	(1.77)	(1.64)	(1.36)
Net realized gains	—	—	—	—	(0.04)
Total distributions	(1.68)	(1.78)	(1.77)	(1.64)	(1.40)
Net asset value, end of period	$ 108.01	$ 119.37	$ 88.43	$ 86.19	$ 77.65
Total return (d)	(8.28)%	37.20%	4.53%(e)	13.35%	13.41%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$814,388	$954,973	$771,956	$348,228	$93,180
Ratios to average net assets:
Total expenses	0.15%	0.15%	0.15%	0.15%	0.15%
Net investment income (loss)	1.42%	1.69%	2.02%	2.04%	1.90%
Portfolio turnover rate (f)	16%	18%	21%	18%	18%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	If an Affiliate had not made a contribution during the year ended June 30, 2020, the total return would have remained 4.53%.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR NYSE Technology ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 158.99	$ 99.49	$ 72.66	$ 93.29	$ 72.80
Income (loss) from investment operations:
Net investment income (loss) (a)	0.67	0.47	0.49	0.56	0.55
Net realized and unrealized gain (loss) (b)	(55.91)	59.47	26.90	(3.48)	20.98
Total from investment operations	(55.24)	59.94	27.39	(2.92)	21.53
Net equalization credits and charges (a)	(0.02)	(0.01)	(0.02)	(0.07)	0.00(c)
Other capital	—	—	—	0.00(c)	—
Distributions to shareholders from:
Net investment income	(0.69)	(0.43)	(0.54)	(0.58)	(0.48)
Net realized gains	—	—	—	(17.06)	(0.56)
Total distributions	(0.69)	(0.43)	(0.54)	(17.64)	(1.04)
Net asset value, end of period	$ 103.04	$ 158.99	$ 99.49	$ 72.66	$ 93.29
Total return (d)	(34.86)%	60.30%	37.85%	1.04%	29.71%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$383,841	$711,479	$402,953	$428,680	$974,885
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.45%	0.35%	0.62%	0.68%	0.64%
Portfolio turnover rate (e)	17%	30%	20%	10%	36%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P 500 Fossil Fuel Reserves Free ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 106.02	$ 76.39	$ 71.48	$ 65.55	$ 58.69
Income (loss) from investment operations:
Net investment income (loss) (a)	1.25	1.19	1.28	1.17	1.10
Net realized and unrealized gain (loss) (b)	(13.84)	29.59	4.85	5.96	6.84
Total from investment operations	(12.59)	30.78	6.13	7.13	7.94
Net equalization credits and charges (a)	0.03	0.05	0.07	0.03	0.04
Distributions to shareholders from:
Net investment income	(1.24)	(1.20)	(1.29)	(1.23)	(1.10)
Net realized gains	—	—	—	—	(0.02)
Total distributions	(1.24)	(1.20)	(1.29)	(1.23)	(1.12)
Net asset value, end of period	$ 92.22	$ 106.02	$ 76.39	$ 71.48	$ 65.55
Total return (c)	(12.01)%	40.59%	8.77%	11.04%	13.67%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,161,919	$1,154,523	$567,579	$365,271	$281,885
Ratios to average net assets:
Total expenses	0.20%	0.23%	0.25%	0.25%	0.25%
Net expenses	0.20%	0.20%	0.20%	0.20%	0.20%
Net investment income (loss)	1.16%	1.28%	1.73%	1.74%	1.72%
Portfolio turnover rate (d)	2%	4%	4%	6%	5%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Capital Markets ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 94.02	$ 56.15	$ 55.47	$ 57.92	$ 49.10
Income (loss) from investment operations:
Net investment income (loss) (a)	1.78	1.62	1.11	0.97	1.21
Net realized and unrealized gain (loss) (b)	(21.28)	38.10	1.09	(1.91)	8.83
Total from investment operations	(19.50)	39.72	2.20	(0.94)	10.04
Net equalization credits and charges (a)	0.30	(0.17)	(0.10)	(0.22)	(0.02)
Distributions to shareholders from:
Net investment income	(1.86)	(1.68)	(1.42)	(1.29)	(1.20)
Net asset value, end of period	$ 72.96	$ 94.02	$ 56.15	$ 55.47	$ 57.92
Total return (c)	(20.82)%	71.24%	3.93%	(1.86)%	20.43%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$89,360	$117,528	$22,459	$38,829	$136,109
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	1.86%	2.06%	1.99%	1.75%	2.14%
Portfolio turnover rate (d)	26%	37%	20%	24%	24%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Health Care Equipment ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 129.05	$ 89.25	$ 81.87	$ 78.23	$ 61.27
Income (loss) from investment operations:
Net investment income (loss) (a)	(0.04)	(0.13)	(0.05)	0.11	0.02
Net realized and unrealized gain (loss) (b)	(44.14)	39.93	7.42	3.64	17.45
Total from investment operations	(44.18)	39.80	7.37	3.75	17.47
Net equalization credits and charges (a)	0.07	(0.00)(c)	0.01	0.00(c)	(0.02)
Distributions to shareholders from:
Net investment income	(0.02)	—	(0.00)(c)	(0.11)	(0.01)
Net realized gains	—	—	—	—	(0.48)
Total distributions	(0.02)	—	(0.00)(c)	(0.11)	(0.49)
Net asset value, end of period	$ 84.92	$ 129.05	$ 89.25	$ 81.87	$ 78.23
Total return (d)	(34.18)%	44.60%	9.02%	4.79%	28.66%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$384,281	$809,806	$513,171	$609,918	$465,494
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	(0.04)%	(0.12)%	(0.06)%	0.13%	0.03%
Portfolio turnover rate (e)	42%	39%	25%	32%	41%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Health Care Services ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 114.37	$ 68.05	$ 66.59	$ 69.29	$ 64.40
Income (loss) from investment operations:
Net investment income (loss) (a)	0.16	0.22	0.22	0.23	0.16
Net realized and unrealized gain (loss) (b)	(32.08)	46.50	2.83	(2.71)	4.89
Total from investment operations	(31.92)	46.72	3.05	(2.48)	5.05
Net equalization credits and charges (a)	0.03	(0.19)	0.15	0.00(c)	(0.00)(c)
Distributions to shareholders from:
Net investment income	(0.19)	(0.21)	(1.74)	(0.22)	(0.16)
Net asset value, end of period	$ 82.29	$ 114.37	$ 68.05	$ 66.59	$ 69.29
Total return (d)	(27.91)%	68.43%	4.68%	(3.59)%	7.87%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$89,695	$213,867	$83,699	$90,561	$97,011
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.16%	0.24%	0.33%	0.33%	0.25%
Portfolio turnover rate (e)	44%	38%	25%	35%	32%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Insurance ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18(a)
Net asset value, beginning of period	$ 38.56	$ 27.34	$ 34.01	$ 29.81	$ 29.37
Income (loss) from investment operations:
Net investment income (loss) (b)	0.73	0.67	0.61	0.55	0.52
Net realized and unrealized gain (loss) (c)	(0.67)	11.16	(6.65)	4.19	0.43
Total from investment operations	0.06	11.83	(6.04)	4.74	0.95
Net equalization credits and charges (b)	(0.04)	0.10	(0.02)	0.02	0.02
Distributions to shareholders from:
Net investment income	(0.74)	(0.71)	(0.61)	(0.56)	(0.53)
Net asset value, end of period	$ 37.84	$ 38.56	$ 27.34	$ 34.01	$ 29.81
Total return (d)	(0.01)%	44.04%	(17.99)%	16.16%	3.28%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$543,072	$690,253	$564,510	$1,066,343	$708,100
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	1.84%	2.04%	1.87%	1.77%	1.71%
Portfolio turnover rate (e)	26%	24%	19%	21%	24%

(a)	On November 29, 2017, the SPDR S&P Insurance ETF underwent a 3-for-1 share split. The per share data presented here have been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Internet ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 183.03	$101.51	$ 89.16	$ 87.63	$ 67.40
Income (loss) from investment operations:
Net investment income (loss) (a)	0.07	0.43	0.41	0.36	(0.06)
Net realized and unrealized gain (loss) (b)	(108.03)	81.71	12.39	2.84	27.23
Total from investment operations	(107.96)	82.14	12.80	3.20	27.17
Net equalization credits and charges (a)	0.05	(0.03)	(0.01)	(0.03)	(0.25)
Distributions to shareholders from:
Net investment income	(0.09)	(0.59)	(0.44)	(0.37)	—
Net realized gains	—	—	—	(1.27)	(6.69)
Total distributions	(0.09)	(0.59)	(0.44)	(1.64)	(6.69)
Net asset value, end of period	$ 75.03	$183.03	$101.51	$ 89.16	$ 87.63
Total return (c)	(58.98)%	81.12%	14.46%	3.90%	42.73%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$ 26,261	$71,380	$24,363	$34,772	$35,051
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.05%	0.28%	0.49%	0.41%	(0.07)%
Portfolio turnover rate (d)	54%	52%	57%	85%	67%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Metals & Mining ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 43.03	$ 21.21	$ 28.38	$ 35.52	$ 29.96
Income (loss) from investment operations:
Net investment income (loss) (a)	0.44	0.34	0.39	0.59	0.73
Net realized and unrealized gain (loss) (b)	0.41	21.77	(7.21)	(7.11)	5.51
Total from investment operations	0.85	22.11	(6.82)	(6.52)	6.24
Net equalization credits and charges (a)	(0.02)	0.03	0.04	0.04	0.07
Distributions to shareholders from:
Net investment income	(0.42)	(0.32)	(0.39)	(0.66)	(0.75)
Net asset value, end of period	$ 43.44	$ 43.03	$ 21.21	$ 28.38	$ 35.52
Total return (c)	1.87%	104.87%	(23.98)%	(18.25)%	21.01%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,998,458	$2,056,695	$395,524	$534,979	$852,506
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.90%	0.96%	1.58%	1.90%	2.12%
Portfolio turnover rate (d)	38%	44%	41%	28%	32%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Oil & Gas Equipment & Services ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19(a)	Year Ended 6/30/18(a)
Net asset value, beginning of period	$ 61.95	$ 33.13	$ 96.20	$ 169.70	$ 155.00
Income (loss) from investment operations:
Net investment income (loss) (b)	0.14	0.27	1.15	0.90	2.60
Net realized and unrealized gain (loss) (c)	(2.11)	29.51	(63.13)	(73.50)	14.90
Total from investment operations	(1.97)	29.78	(61.98)	(72.60)	17.50
Net equalization credits and charges (b)	0.01	(0.04)	0.07	(0.00)(d)	0.20
Contribution from Affiliate	—	—	—	—	0.00(d)
Other capital	—	0.00(d)	—	—	—
Distributions to shareholders from:
Net investment income	(0.25)	(0.92)	(1.16)	(0.90)	(3.00)
Net asset value, end of period	$ 59.74	$ 61.95	$ 33.13	$ 96.20	$ 169.70
Total return (e)	(3.18)%	90.54%	(64.70)%	(42.79)%	11.48%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$230,843	$183,691	$96,561	$186,698	$402,923
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.22%	0.59%	1.99%	0.73%	1.62%
Portfolio turnover rate (f)	38%	64%	51%	34%	44%

(a)	On March 30, 2020. SPDR S&P Oil & Gas Equipment & Services ETF underwent 1-for-10 reverse stock split. The per share data presented here have been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Pharmaceuticals ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 51.75	$ 43.09	$ 39.76	$ 42.99	$ 43.04
Income (loss) from investment operations:
Net investment income (loss) (a)	0.56	0.25	0.27	0.24	0.25
Net realized and unrealized gain (loss) (b)	(9.65)	8.67	3.37	(3.17)	(0.04)
Total from investment operations	(9.09)	8.92	3.64	(2.93)	0.21
Net equalization credits and charges (a)	(0.01)	0.00(c)	(0.02)	0.00(c)	(0.00)(c)
Distributions to shareholders from:
Net investment income	(0.63)	(0.26)	(0.29)	(0.30)	(0.26)
Total distributions	(0.63)	(0.26)	(0.29)	(0.30)	(0.26)
Net asset value, end of period	$ 42.02	$ 51.75	$ 43.09	$ 39.76	$ 42.99
Total return (d)	(17.67)%	20.76%	9.18%	(6.83)%	0.46%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$205,929	$271,717	$243,443	$212,716	$335,310
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	1.21%	0.52%	0.67%	0.57%	0.60%
Portfolio turnover rate (e)	60%	53%	31%	42%	46%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Retail ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 97.19	$ 42.87	$ 42.42	$ 48.57	$ 40.72
Income (loss) from investment operations:
Net investment income (loss) (a)	0.99	0.68	0.68	0.69	0.73
Net realized and unrealized gain (loss) (b)	(37.92)	54.27	0.42	(6.18)	7.85
Total from investment operations	(36.93)	54.95	1.10	(5.49)	8.58
Net equalization credits and charges (a)	(0.55)	0.02	0.01	(0.00)(c)	(0.06)
Contribution from Affiliate (Note 4)	—	0.01	—	—	—
Distributions to shareholders from:
Net investment income	(1.53)	(0.66)	(0.66)	(0.66)	(0.67)
Net asset value, end of period	$ 58.18	$ 97.19	$ 42.87	$ 42.42	$ 48.57
Total return (d)	(39.02)%	128.92%(e)	2.74%	(11.33)%	21.07%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$378,184	$1,054,575	$265,787	$263,038	$369,128
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	1.13%	0.97%	1.68%	1.47%	1.66%
Portfolio turnover rate (f)	39%	62%	43%	45%	43%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	If an Affiliate had not made a contribution during the year ended June 30, 2021, the total return would have been 128.90%.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Semiconductor ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 192.29	$ 112.00	$ 84.40	$ 72.31	$ 61.70
Income (loss) from investment operations:
Net investment income (loss) (a)	0.53	0.28	0.54	0.66	0.55
Net realized and unrealized gain (loss) (b)	(40.57)	80.28	27.60	12.18	10.59
Total from investment operations	(40.04)	80.56	28.14	12.84	11.14
Net equalization credits and charges (a)	0.01	0.00(c)	(0.00)(c)	(0.03)	(0.01)
Distributions to shareholders from:
Net investment income	(0.47)	(0.27)	(0.54)	(0.72)	(0.52)
Net asset value, end of period	$ 151.79	$ 192.29	$ 112.00	$ 84.40	$ 72.31
Total return (d)	(20.86)%	71.99%	33.43%	17.86%	18.04%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$933,501	$995,093	$498,412	$291,186	$318,166
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.26%	0.17%	0.55%	0.88%	0.79%
Portfolio turnover rate (e)	36%	32%	21%	32%	29%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P Software & Services ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 171.45	$ 111.44	$ 96.24	$ 80.89	$ 62.58
Income (loss) from investment operations:
Net investment income (loss) (a)	0.28	(0.00)(b)	0.37	0.19	0.14
Net realized and unrealized gain (loss) (c)	(60.49)	60.08	15.25	15.40	18.48
Total from investment operations	(60.21)	60.08	15.62	15.59	18.62
Net equalization credits and charges (a)	(0.04)	(0.01)	(0.01)	(0.02)	0.00(b)
Contribution from Adviser (Note 4)	0.04	—	—	—	—
Other capital	0.00(b)	—	—	—	—
Distributions to shareholders from:
Net investment income	(0.22)	(0.06)	(0.41)	(0.22)	(0.13)
Net realized gains	—	—	—	—	(0.18)
Total distributions	(0.22)	(0.06)	(0.41)	(0.22)	(0.31)
Net asset value, end of period	$ 111.02	$ 171.45	$ 111.44	$ 96.24	$ 80.89
Total return (d)	(35.16)%(e)	53.91%	16.34%	19.30%	29.83%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$209,837	$526,365	$241,825	$249,261	$88,979
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.17%	0.00%(f)	0.38%	0.21%	0.19%
Portfolio turnover rate (g)	46%	40%	31%	47%	29%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amount is less than $0.005 per share.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	If an Affiliate had not made a contribution during the year ended June 30, 2022, the total return would have been (35.18)%.
(f)	Amount is less than 0.005%.
(g)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Telecom ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$102.27	$ 69.77	$ 67.70	$ 72.20	$ 70.47
Income (loss) from investment operations:
Net investment income (loss) (a)	1.20	0.82	0.53	0.80	1.56
Net realized and unrealized gain (loss) (b)	(24.35)	32.25	2.15	(4.43)	1.75
Total from investment operations	(23.15)	33.07	2.68	(3.63)	3.31
Net equalization credits and charges (a)	(0.02)	0.24	(0.02)	(0.09)	0.12
Distributions to shareholders from:
Net investment income	(1.31)	(0.81)	(0.59)	(0.78)	(1.70)
Net asset value, end of period	$ 77.79	$102.27	$ 69.77	$ 67.70	$ 72.20
Total return (c)	(22.87)%	48.00%	3.98%	(5.17)%	4.97%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$54,456	$84,375	$48,842	$57,545	$162,460
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	1.28%	0.94%	0.78%	1.12%	2.21%
Portfolio turnover rate (d)	41%	61%	44%	35%	33%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR S&P Transportation ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 84.92	$ 52.86	$ 61.22	$ 63.09	$ 55.40
Income (loss) from investment operations:
Net investment income (loss) (a)	0.42	1.02	0.57	0.67	0.49
Net realized and unrealized gain (loss) (b)	(16.89)	31.84	(8.36)	(1.82)	7.68
Total from investment operations	(16.47)	32.86	(7.79)	(1.15)	8.17
Net equalization credits and charges (a)	(0.02)	0.20	0.01	(0.01)	(0.00)(c)
Distributions to shareholders from:
Net investment income	(0.62)	(1.00)	(0.58)	(0.71)	(0.48)
Net asset value, end of period	$ 67.81	$ 84.92	$ 52.86	$ 61.22	$ 63.09
Total return (d)	(19.57)%	62.69%	(12.74)%	(1.80)%	14.74%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$503,793	$572,388	$179,722	$148,155	$233,429
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.49%	1.35%	0.99%	1.09%	0.79%
Portfolio turnover rate (e)	37%	26%	29%	18%	27%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR SSGA Gender Diversity Index ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 101.54	$ 71.03	$ 73.74	$ 72.20	$ 66.97
Income (loss) from investment operations:
Net investment income (loss) (a)	1.06	0.97	1.29	1.48	1.38
Net realized and unrealized gain (loss) (b)	(25.75)	30.50	(2.51)	4.78	7.73
Total from investment operations	(24.69)	31.47	(1.22)	6.26	9.11
Net equalization credits and charges (a)	(0.00)(c)	0.06	(0.09)	0.03	0.01
Distributions to shareholders from:
Net investment income	(1.01)	(1.02)	(1.40)	(1.74)	(1.38)
Net realized gains	—	—	—	(3.01)	(2.51)
Total distributions	(1.01)	(1.02)	(1.40)	(4.75)	(3.89)
Net asset value, end of period	$ 75.84	$ 101.54	$ 71.03	$ 73.74	$ 72.20
Total return (d)	(24.47)%	44.60%	(1.71)%	9.60%	13.80%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$202,865	$243,685	$120,743	$283,882	$332,138
Ratios to average net assets:
Total expenses	0.20%	0.20%	0.20%	0.20%	0.20%
Net investment income (loss)	1.11%	1.10%	1.77%	2.06%	1.95%
Portfolio turnover rate (e)	43%	22%	69%	53%	46%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR ICE Preferred Securities ETF
	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18
Net asset value, beginning of period	$ 44.19	$ 41.54	$ 43.11	$ 43.29	$ 45.00
Income (loss) from investment operations:
Net investment income (loss) (a)	1.97	2.12	2.31	2.41	2.46
Net realized and unrealized gain (loss) (b)	(8.21)	2.80	(1.53)	(0.02)	(1.93)
Total from investment operations	(6.24)	4.92	0.78	2.39	0.53
Net equalization credits and charges (a)	0.04	(0.03)	(0.03)	(0.01)	0.04
Contribution from Affiliate	—	—	—	0.00(c)	—
Distributions to shareholders from:
Net investment income	(2.16)	(2.24)	(2.32)	(2.56)	(2.28)
Net asset value, end of period	$ 35.83	$ 44.19	$ 41.54	$ 43.11	$ 43.29
Total return (d)	(14.52)%	12.01%	1.67%	5.86%(e)	1.34%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,049,832	$1,486,995	$1,121,515	$829,813	$588,791
Ratios to average net assets:
Total expenses	0.45%	0.45%	0.45%	0.45%	0.45%
Net investment income (loss)	4.82%	4.89%	5.39%	5.72%	5.60%
Portfolio turnover rate (f)	28%	45%	36%	35%	52%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have remained 5.86%.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

June 30, 2022

1. Organization

SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of June 30, 2022, the Trust consists of eighty-five (85) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR FactSet Innovative Technology ETF

SPDR Global Dow ETF

SPDR MSCI USA StrategicFactors^SM ETF

SPDR NYSE Technology ETF

SPDR S&P 500^® Fossil Fuel Reserves Free ETF

SPDR S&P Capital Markets ETF

SPDR S&P Health Care Equipment ETF

SPDR S&P Health Care Services ETF

SPDR S&P Insurance ETF

SPDR S&P Internet ETF

SPDR S&P Metals & Mining ETF

SPDR S&P Oil & Gas Equipment & Services ETF

SPDR S&P Pharmaceuticals ETF

SPDR S&P Retail ETF

SPDR S&P Semiconductor ETF

SPDR S&P Software & Services ETF

SPDR S&P Telecom ETF

SPDR S&P Transportation ETF

SPDR SSGA Gender Diversity Index ETF

SPDR ICE Preferred Securities ETF

Each Fund is classified as a diversified investment company under the 1940 Act, with the exception of SPDR S&P Metals and Mining ETF and SPDR SSGA Gender Diversity Index ETF, each of which is a non-diversified investment company.

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued

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June 30, 2022

at the last published sale price or at fair value.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments, according to the fair value hierarchy as of June 30, 2022, is disclosed in each Fund’s respective Schedule of Investments.

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June 30, 2022

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Equalization

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Distributions

Distributions from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

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3. Derivative Financial Instruments

Futures Contracts

Certain Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at Broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended June 30, 2022, the SPDR Global Dow ETF and SPDR SSGA Gender Diversity Index ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.

The following tables summarize the value of the Fund's derivative instruments as of June 30, 2022, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

	Asset Derivatives
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Equity Risk	Commodity Risk	Total
SPDR Global Dow ETF
Futures Contracts	$—	$—	$—	$ 1,685	$—	$ 1,685
SPDR S&P 500 Fossil Fuel Reserves Free ETF
Futures Contracts	—	—	—	21,862	—	21,862
SPDR SSGA Gender Diversity Index ETF
Futures Contracts	—	—	—	1,559	—	1,559

	Net Realized Gain (Loss)
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Equity Risk	Commodity Risk	Total
SPDR Global Dow ETF
Futures Contracts	$—	$—	$—	$(90,726)	$—	$(90,726)
SPDR S&P 500 Fossil Fuel Reserves Free ETF
Futures Contracts	—	—	—	(77,449)	—	(77,449)
SPDR SSGA Gender Diversity Index ETF
Futures Contracts	—	—	—	(91,219)	—	(91,219)

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	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Risk	Foreign Exchange Risk	Credit Risk	Equity Risk	Commodity Risk	Total
SPDR Global Dow ETF
Futures Contracts	$—	$—	$—	$ 4,903	$—	$ 4,903
SPDR S&P 500 Fossil Fuel Reserves Free ETF
Futures Contracts	—	—	—	21,838	—	21,838
SPDR SSGA Gender Diversity Index ETF
Futures Contracts	—	—	—	1,553	—	1,553

4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR FactSet Innovative Technology ETF	0.45%
SPDR Global Dow ETF	0.50
SPDR MSCI USA StrategicFactors^SM ETF	0.15
SPDR NYSE Technology ETF	0.35
SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.20
SPDR S&P Capital Markets ETF	0.35
SPDR S&P Health Care Equipment ETF	0.35
SPDR S&P Health Care Services ETF	0.35
SPDR S&P Insurance ETF	0.35
SPDR S&P Internet ETF	0.35
SPDR S&P Metals & Mining ETF	0.35
SPDR S&P Oil & Gas Equipment & Services ETF	0.35
SPDR S&P Pharmaceuticals ETF	0.35
SPDR S&P Retail ETF	0.35
SPDR S&P Semiconductor ETF	0.35
SPDR S&P Software & Services ETF	0.35
SPDR S&P Telecom ETF	0.35
SPDR S&P Transportation ETF	0.35
SPDR SSGA Gender Diversity Index ETF	0.20
SPDR ICE Preferred Securities ETF	0.45

From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2022. The contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue each waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and each waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2022. The waiver and/or reimbursement may not be terminated prior to October 31, 2022 except with the approval of the Board.

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The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.

Other Transactions with Affiliates

During the fiscal year ended June 30, 2022, SSGA FM made a contribution of $109,350 to the SPDR S&P Software & Services ETF related to a trading matter.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.

Effective January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Due to Custodian

In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

5. Trustees’ Fees

The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2022, were as follows:

	Purchases	Sales
SPDR FactSet Innovative Technology ETF	$134,121,024	$135,095,936
SPDR Global Dow ETF	12,108,270	11,894,701
SPDR MSCI USA StrategicFactors^SM ETF	168,850,142	155,083,238
SPDR NYSE Technology ETF	109,644,779	108,090,419
SPDR S&P 500 Fossil Fuel Reserves Free ETF	28,561,776	24,873,092

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	Purchases	Sales
SPDR S&P Capital Markets ETF	$ 48,833,768	$ 48,223,778
SPDR S&P Health Care Equipment ETF	271,580,722	269,452,616
SPDR S&P Health Care Services ETF	63,616,208	63,168,706
SPDR S&P Insurance ETF	121,877,078	121,670,791
SPDR S&P Internet ETF	24,419,654	24,370,799
SPDR S&P Metals & Mining ETF	853,705,304	850,355,515
SPDR S&P Oil & Gas Equipment & Services ETF	78,801,440	78,955,130
SPDR S&P Pharmaceuticals ETF	131,483,804	131,537,250
SPDR S&P Retail ETF	276,064,301	275,604,956
SPDR S&P Semiconductor ETF	448,264,745	442,195,896
SPDR S&P Software & Services ETF	199,706,035	195,161,158
SPDR S&P Telecom ETF	30,573,746	30,847,148
SPDR S&P Transportation ETF	263,638,240	265,486,198
SPDR SSGA Gender Diversity Index ETF	110,515,505	112,563,075
SPDR ICE Preferred Securities ETF	363,665,851	368,957,811

For the year ended June 30, 2022, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions	In-kind Redemptions	In-kind Net Realized Gains/(Losses)
SPDR FactSet Innovative Technology ETF	$ 116,797,109	$ 198,477,051	$ 31,849,955
SPDR Global Dow ETF	13,433,434	—	—
SPDR MSCI USA StrategicFactors^SM ETF	169,980,616	237,067,716	78,731,785
SPDR NYSE Technology ETF	107,499,226	203,434,656	95,350,230
SPDR S&P 500 Fossil Fuel Reserves Free ETF	317,289,426	131,893,054	62,526,771
SPDR S&P Capital Markets ETF	290,973,349	261,523,555	(180,353)
SPDR S&P Health Care Equipment ETF	89,741,509	277,613,413	47,262,947
SPDR S&P Health Care Services ETF	54,925,288	134,476,737	25,220,302
SPDR S&P Insurance ETF	1,639,772,592	1,772,323,477	57,737,228
SPDR S&P Internet ETF	12,378,577	23,464,489	2,596,780
SPDR S&P Metals & Mining ETF	4,522,886,019	4,471,536,755	704,659,042
SPDR S&P Oil & Gas Equipment & Services ETF	268,066,631	193,406,898	29,695,412
SPDR S&P Pharmaceuticals ETF	226,155,354	246,713,515	41,497,045
SPDR S&P Retail ETF	10,494,999,535	10,813,436,580	(193,300,570)
SPDR S&P Semiconductor ETF	883,657,514	618,930,774	170,337,353
SPDR S&P Software & Services ETF	295,531,973	474,397,991	43,083,301
SPDR S&P Telecom ETF	45,275,279	54,167,098	4,546,891
SPDR S&P Transportation ETF	884,187,361	765,478,759	79,380,046
SPDR SSGA Gender Diversity Index ETF	158,901,214	126,230,353	32,620,579
SPDR ICE Preferred Securities ETF	160,080,633	328,874,776	(5,587,120)

7. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

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The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, foreign currency gains and losses, passive foreign investment companies, partnerships, corporate actions, forward contracts mark to market, futures contracts mark to market, return of capital basis adjustments, wash sale loss deferrals and distributions in excess of current earnings.

The tax character of distributions paid during the year ended June 30, 2022, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR FactSet Innovative Technology ETF	$ 73,168	$—	$ 73,168
SPDR Global Dow ETF	3,329,522	—	3,329,522
SPDR MSCI USA StrategicFactors^SM ETF	13,358,259	—	13,358,259
SPDR NYSE Technology ETF	2,817,346	—	2,817,346
SPDR S&P 500 Fossil Fuel Reserves Free ETF	14,907,245	—	14,907,245
SPDR S&P Capital Markets ETF	4,369,153	—	4,369,153
SPDR S&P Health Care Equipment ETF	80,831	—	80,831
SPDR S&P Health Care Services ETF	277,297	—	277,297
SPDR S&P Insurance ETF	8,376,046	—	8,376,046
SPDR S&P Internet ETF	25,401	—	25,401
SPDR S&P Metals & Mining ETF	19,843,034	—	19,843,034
SPDR S&P Oil & Gas Equipment & Services ETF	876,061	—	876,061
SPDR S&P Pharmaceuticals ETF	2,929,721	—	2,929,721
SPDR S&P Retail ETF	7,176,709	—	7,176,709
SPDR S&P Semiconductor ETF	2,987,778	—	2,987,778
SPDR S&P Software & Services ETF	639,461	—	639,461
SPDR S&P Telecom ETF	1,057,495	—	1,057,495
SPDR S&P Transportation ETF	5,317,173	—	5,317,173
SPDR SSGA Gender Diversity Index ETF	2,785,960	—	2,785,960
SPDR ICE Preferred Securities ETF	70,524,000	—	70,524,000

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The tax character of distributions paid during the year ended June 30, 2021, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR FactSet Innovative Technology ETF	$ 227,994	$ —	$ 227,994
SPDR Global Dow ETF	2,002,677	—	2,002,677
SPDR MSCI USA StrategicFactors^SM ETF	14,259,180	—	14,259,180
SPDR NYSE Technology ETF	1,952,717	—	1,952,717
SPDR S&P 500 Fossil Fuel Reserves Free ETF	11,554,719	—	11,554,719
SPDR S&P Capital Markets ETF	1,290,321	—	1,290,321
SPDR S&P Health Care Equipment ETF	—	—	—
SPDR S&P Health Care Services ETF	293,524	—	293,524
SPDR S&P Insurance ETF	10,426,986	—	10,426,986
SPDR S&P Internet ETF	198,352	—	198,352
SPDR S&P Metals & Mining ETF	11,555,704	—	11,555,704
SPDR S&P Oil & Gas Equipment & Services ETF	2,636,010	—	2,636,010
SPDR S&P Pharmaceuticals ETF	1,370,262	—	1,370,262
SPDR S&P Retail ETF	5,748,927	—	5,748,927
SPDR S&P Semiconductor ETF	1,298,170	—	1,298,170
SPDR S&P Software & Services ETF	133,866	—	133,866
SPDR S&P Telecom ETF	868,252	—	868,252
SPDR S&P Transportation ETF	7,350,772	—	7,350,772
SPDR SSGA Gender Diversity Index ETF	2,159,815	—	2,159,815
SPDR ICE Preferred Securities ETF	67,474,480	—	67,474,480

At June 30, 2022, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Capital Loss Carryforwards	Undistributed Long-Term Capital Gains	Net Unrealized Gains (Losses)	Total
SPDR FactSet Innovative Technology ETF	$ —	$ (35,470,460)	$—	$(124,584,430)	$ (160,054,890)
SPDR Global Dow ETF	—	(10,980,698)	—	6,860,817	(4,119,881)
SPDR MSCI USA StrategicFactors^SM ETF	364,530	(36,681,326)	—	7,799,164	(28,517,632)
SPDR NYSE Technology ETF	375,580	(67,713,895)	—	(78,864,984)	(146,203,299)
SPDR S&P 500 Fossil Fuel Reserves Free ETF	—	(10,690,904)	—	45,997,922	35,307,018
SPDR S&P Capital Markets ETF	—	(50,811,536)	—	(38,553,459)	(89,364,995)
SPDR S&P Health Care Equipment ETF	—	(163,069,118)	—	(114,555,000)	(277,624,118)
SPDR S&P Health Care Services ETF	138,887	(55,376,672)	—	(32,334,293)	(87,572,078)
SPDR S&P Insurance ETF	555,282	(114,577,526)	—	(60,649,117)	(174,671,361)
SPDR S&P Internet ETF	—	(19,921,905)	—	(23,235,930)	(43,157,835)
SPDR S&P Metals & Mining ETF	900,539	(1,531,823,163)	—	(620,844,062)	(2,151,766,686)
SPDR S&P Oil & Gas Equipment & Services ETF	—	(602,487,760)	—	(43,114,507)	(645,602,267)
SPDR S&P Pharmaceuticals ETF	46,137	(383,224,611)	—	(26,738,601)	(409,917,075)
SPDR S&P Retail ETF	2,791,936	(548,263,172)	—	(119,912,463)	(665,383,699)
SPDR S&P Semiconductor ETF	337,283	(138,310,620)	—	(296,197,369)	(434,170,706)
SPDR S&P Software & Services ETF	103,312	(46,481,690)	—	(133,908,232)	(180,286,610)
SPDR S&P Telecom ETF	—	(38,114,776)	—	(15,349,128)	(53,463,904)
SPDR S&P Transportation ETF	—	(131,760,485)	—	(178,734,576)	(310,495,061)
SPDR SSGA Gender Diversity Index ETF	120,591	(23,165,491)	—	(46,999,651)	(70,044,551)
SPDR ICE Preferred Securities ETF	—	(94,490,829)	—	(192,292,529)	(286,783,358)

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As of June 30, 2022, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Non-Expiring Short Term	Non-Expiring Long Term
SPDR FactSet Innovative Technology ETF	$ 23,709,929	$ 11,760,531
SPDR Global Dow ETF	53,640	10,927,058
SPDR MSCI USA StrategicFactors^SM ETF	22,080,879	14,600,447
SPDR NYSE Technology ETF	47,996,833	19,717,062
SPDR S&P 500 Fossil Fuel Reserves Free ETF	5,927,268	4,763,636
SPDR S&P Capital Markets ETF	10,435,175	40,376,361
SPDR S&P Health Care Equipment ETF	95,332,099	67,737,019
SPDR S&P Health Care Services ETF	19,091,859	36,284,813
SPDR S&P Insurance ETF	40,540,662	74,036,864
SPDR S&P Internet ETF	10,226,202	9,695,703
SPDR S&P Metals & Mining ETF	548,673,979	983,149,184
SPDR S&P Oil & Gas Equipment & Services ETF	185,118,798	417,368,962
SPDR S&P Pharmaceuticals ETF	123,553,074	259,671,537
SPDR S&P Retail ETF	289,206,074	259,057,098
SPDR S&P Semiconductor ETF	100,934,685	37,375,935
SPDR S&P Software & Services ETF	26,821,841	19,659,849
SPDR S&P Telecom ETF	13,384,609	24,730,167
SPDR S&P Transportation ETF	66,462,606	65,297,879
SPDR SSGA Gender Diversity Index ETF	11,859,681	11,305,810
SPDR ICE Preferred Securities ETF	49,744,695	44,746,134

As of June 30, 2022, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
SPDR FactSet Innovative Technology ETF	$ 261,321,367	$ 509,955	$125,094,385	$(124,584,430)
SPDR Global Dow ETF	89,736,899	17,816,001	10,918,408	6,897,593
SPDR MSCI USA StrategicFactors^SM ETF	806,354,067	83,687,080	75,887,916	7,799,164
SPDR NYSE Technology ETF	462,336,997	33,550,529	112,415,513	(78,864,984)
SPDR S&P 500 Fossil Fuel Reserves Free ETF	1,116,368,169	133,018,004	87,020,082	45,997,922
SPDR S&P Capital Markets ETF	130,862,204	342,117	38,895,577	(38,553,460)
SPDR S&P Health Care Equipment ETF	520,440,120	20,874,336	135,429,336	(114,555,000)
SPDR S&P Health Care Services ETF	130,708,606	4,017,060	36,351,352	(32,334,292)
SPDR S&P Insurance ETF	614,130,189	1,080,137	61,729,255	(60,649,118)
SPDR S&P Internet ETF	52,043,042	316,369	23,552,298	(23,235,929)
SPDR S&P Metals & Mining ETF	2,705,005,912	27,168,621	648,012,683	(620,844,062)
SPDR S&P Oil & Gas Equipment & Services ETF	276,962,184	5,422,518	48,537,025	(43,114,507)
SPDR S&P Pharmaceuticals ETF	237,549,355	10,740,245	37,478,846	(26,738,601)
SPDR S&P Retail ETF	526,296,163	68,136	119,980,600	(119,912,464)
SPDR S&P Semiconductor ETF	1,276,961,574	3,843,926	300,041,295	(296,197,369)
SPDR S&P Software & Services ETF	363,553,261	3,593,272	137,501,504	(133,908,232)
SPDR S&P Telecom ETF	72,004,125	418,933	15,768,061	(15,349,128)
SPDR S&P Transportation ETF	707,669,703	641,457	179,376,033	(178,734,576)
SPDR SSGA Gender Diversity Index ETF	251,578,067	13,864,623	60,864,274	(46,999,651)
SPDR ICE Preferred Securities ETF	1,330,941,298	—	192,292,529	(192,292,529)

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9. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of June 30, 2022, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of June 30, 2022:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received*	Total Collateral Received
SPDR FactSet Innovative Technology ETF	$ 14,930,415	$ 10,604,316	$ 5,394,078	$ 15,998,394
SPDR Global Dow ETF	2,009,721	1,204,785	931,381	2,136,166
SPDR MSCI USA StrategicFactors^SM ETF	337,138	297,165	59,371	356,536
SPDR S&P 500 Fossil Fuel Reserves Free ETF	237,244	2,313	251,387	253,700
SPDR S&P Capital Markets ETF	3,627,774	2,984,921	798,635	3,783,556
SPDR S&P Health Care Equipment ETF	27,289,837	13,512,232	15,599,585	29,111,817
SPDR S&P Health Care Services ETF	14,997,130	7,377,998	8,540,669	15,918,667
SPDR S&P Insurance ETF	10,308,009	10,706,454	—	10,706,454
SPDR S&P Internet ETF	3,261,664	2,539,837	988,110	3,527,947
SPDR S&P Metals & Mining ETF	192,431,799	86,773,566	121,182,207	207,955,773
SPDR S&P Oil & Gas Equipment & Services ETF	2,872,074	3,044,601	—	3,044,601
SPDR S&P Pharmaceuticals ETF	16,571,618	5,141,614	12,646,165	17,787,779
SPDR S&P Retail ETF	44,046,962	28,813,697	17,904,902	46,718,599
SPDR S&P Semiconductor ETF	50,466,862	47,719,371	5,251,182	52,970,553
SPDR S&P Software & Services ETF	29,406,030	19,776,617	11,696,963	31,473,580
SPDR S&P Telecom ETF	5,258,132	2,190,959	3,359,272	5,550,231
SPDR S&P Transportation ETF	34,325,133	25,267,386	9,593,800	34,861,186
SPDR SSGA Gender Diversity Index ETF	2,407,362	2,005,281	527,758	2,533,039
SPDR ICE Preferred Securities ETF	100,249,848	91,699,346	11,209,124	102,908,470

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of June 30, 2022:

		Remaining Contractual Maturity of the Agreements as of June 30, 2022
Fund	Securities Lending Transactions	Overnight and Continuous	<30 Days	Between 30 & 90 Days	>90 Days	Total Borrowings	Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Factset Innovative Technology ETF	Common Stocks	$10,604,316	$—	$—	$—	$10,604,316	$10,604,316
SPDR Global Dow ETF	Common Stocks	1,204,785	—	—	—	1,204,785	1,204,785
SPDR MSCI USA StrategicfactorsSM ETF	Common Stocks	297,165	—	—	—	297,165	297,165
SPDR S&P 500 Fossil Fuel Reserves Free ETF	Common Stocks	2,313	—	—	—	2,313	2,313
SPDR S&P Capital Markets ETF	Common Stocks	2,984,921	—	—	—	2,984,921	2,984,921
SPDR S&P Health Care Equipment ETF	Common Stocks	13,512,232	—	—	—	13,512,232	13,512,232
SPDR S&P Health Care Services ETF	Common Stocks	7,377,998	—	—	—	7,377,998	7,377,998
SPDR S&P Insurance ETF	Common Stocks	10,706,454	—	—	—	10,706,454	10,706,454
SPDR S&P Internet ETF	Common Stocks	2,539,837	—	—	—	2,539,837	2,539,837
SPDR S&P Metals & Mining ETF	Common Stocks	86,773,566	—	—	—	86,773,566	86,773,566
SPDR S&P Oil & Gas Equipment & Services ETF	Common Stocks	3,044,601	—	—	—	3,044,601	3,044,601
SPDR S&P Pharmaceuticals ETF	Common Stocks	5,141,614	—	—	—	5,141,614	5,141,614
SPDR S&P Retail ETF	Common Stocks	28,813,697	—	—	—	28,813,697	28,813,697
SPDR S&P Semiconductor ETF	Common Stocks	47,719,371	—	—	—	47,719,371	47,719,371
SPDR S&P Software & Services ETF	Common Stocks	19,776,617	—	—	—	19,776,617	19,776,617
SPDR S&P Telecom ETF	Common Stocks	2,190,959	—	—	—	2,190,959	2,190,959
SPDR S&P Transportation ETF	Common Stocks	25,267,386	—	—	—	25,267,386	25,267,386
SPDR SSGA Gender Diversity Index ETF	Common Stocks	2,005,281	—	—	—	2,005,281	2,005,281
SPDR ICE Preferred Securities ETF	Preferred Stocks	91,699,346	—	—	—	91,699,346	91,699,346

10. Risks

Concentration Risk

As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the undefined invests. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the undefined invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Credit Risk

A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Risk

Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the

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spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus first detected in China in December 2019 has spread globally. In an organized attempt to contain and mitigate the effects of the spread of the coronavirus known as COVID-19, governments and businesses world-wide have taken aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The effects of COVID-19 will likely affect certain sectors and industries more dramatically than others, which may adversely affect the value of a Fund’s investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time.

Russian Sanctions Risk

Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impairthe ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Shareholders of SPDR FactSet Innovative Technology ETF, SPDR Global Dow ETF, SPDR MSCI USA StrategicFactorsSM ETF, SPDR NYSE Technology ETF, SPDR S&P 500 Fossil Fuel Reserves Free ETF, SPDR S&P Capital Markets ETF, SPDR S&P Health Care Equipment ETF, SPDR S&P Health Care Services ETF, SPDR S&P Insurance ETF, SPDR S&P Internet ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Pharmaceuticals ETF, SPDR S&P Retail ETF, SPDR S&P Semiconductor ETF, SPDR S&P Software & Services ETF, SPDR S&P Telecom ETF, SPDR S&P Transportation ETF, SPDR SSGA Gender Diversity Index ETF and SPDR ICE Preferred Securities ETF and the Board of Trustees of SPDR^® Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SPDR FactSet Innovative Technology ETF, SPDR Global Dow ETF, SPDR MSCI USA StrategicFactorsSM ETF, SPDR NYSE Technology ETF, SPDR S&P 500 Fossil Fuel Reserves Free ETF, SPDR S&P Capital Markets ETF, SPDR S&P Health Care Equipment ETF, SPDR S&P Health Care Services ETF, SPDR S&P Insurance ETF, SPDR S&P Internet ETF, SPDR S&P Metals & Mining ETF, SPDR S&P Oil & Gas Equipment & Services ETF, SPDR S&P Pharmaceuticals ETF, SPDR S&P Retail ETF, SPDR S&P Semiconductor ETF, SPDR S&P Software & Services ETF, SPDR S&P Telecom ETF, SPDR S&P Transportation ETF, SPDR SSGA Gender Diversity Index ETF and SPDR ICE Preferred Securities ETF (collectively referred to as the “Funds”) (twenty of the funds constituting SPDR^® Series Trust (the “Trust”)), including the schedules of investments, as of June 30, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twenty of the funds constituting SPDR^® Series Trust) at June 30, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts
August 29, 2022

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Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from January 1, 2022 to June 30, 2022.

The table below illustrates your Fund's cost in two ways:

Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		Actual		Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio	Ending Account Value	Expenses Paid During Period(a)	Ending Account Value	Expenses Paid During Period(a)
SPDR FactSet Innovative Technology ETF	0.45%	$ 565.10	$1.75	$1,022.60	$2.26
SPDR Global Dow ETF	0.50	860.50	2.31	1,022.30	2.51
SPDR MSCI USA StrategicFactors^SM ETF	0.15	832.80	0.68	1,024.10	0.75
SPDR NYSE Technology ETF	0.35	624.40	1.41	1,023.10	1.76
SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.20	789.00	0.89	1,023.80	1.00
SPDR S&P Capital Markets ETF	0.35	711.60	1.49	1,023.10	1.76
SPDR S&P Health Care Equipment ETF	0.35	723.30	1.50	1,023.10	1.76
SPDR S&P Health Care Services ETF	0.35	776.60	1.54	1,023.10	1.76
SPDR S&P Insurance ETF	0.35	945.40	1.69	1,023.10	1.76
SPDR S&P Internet ETF	0.35	514.20	1.31	1,023.10	1.76
SPDR S&P Metals & Mining ETF	0.35	975.60	1.71	1,023.10	1.76
SPDR S&P Oil & Gas Equipment & Services ETF	0.35	1,211.00	1.92	1,023.10	1.76
SPDR S&P Pharmaceuticals ETF	0.35	918.20	1.66	1,023.10	1.76
SPDR S&P Retail ETF	0.35	648.00	1.43	1,023.10	1.76
SPDR S&P Semiconductor ETF	0.35	625.80	1.41	1,023.10	1.76
SPDR S&P Software & Services ETF	0.35	670.80	1.45	1,023.10	1.76
SPDR S&P Telecom ETF	0.35	768.80	1.53	1,023.10	1.76
SPDR S&P Transportation ETF	0.35	721.80	1.49	1,023.10	1.76
SPDR SSGA Gender Diversity Index ETF	0.20	747.50	0.87	1,023.80	1.00
SPDR ICE Preferred Securities ETF	0.45	855.80	2.07	1,022.60	2.26

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.

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Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity.

risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

SSGA FM has been designated by the Board to administer the Funds’ Program. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for periods ending June 2021 and December 2021 including:

•	the Program supported each Fund’s ability to honor redemption requests timely;
•	the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
•	no material liquidity issues were identified during the period;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage each Fund’s liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which aninvestment in the Fund may be subject.

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Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2022.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Business Income Deduction

Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2022 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Foreign Tax Credit

The Fund has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended June 30, 2022, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR Global Dow ETF	$174,953

The amount of foreign source income earned on the Fund during the year ended June 30, 2022 was as follows:

	Amount
SPDR Global Dow ETF	$2,762,527

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.

Proxy Voting Policies and Procedures and Records

A description of the Trust's proxy voting policies and procedures that are used by the Funds’ investment Adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.

Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website, at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).

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Approval of Advisory Agreement

At a meeting held prior to June 30, 2022, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the equity series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives. The Board also considered the Adviser’s role in overseeing third party sub-advisers, as applicable.

Investment Performance

The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board focused on the extent to which each SPDR ETF achieved its objective as a passively-managed index fund and reviewed information regarding such SPDR ETFs’ index tracking.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees

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paid by similar funds.

Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. In approving the continuance of the Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Agreement are fair and reasonable and that the continuance of the Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

June 30, 2022 (Unaudited)

TRUSTEES AND OFFICERS INFORMATION

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
CARL G. VERBONCOEUR c/o SPDR Series Trust One Iron Street Boston, MA 02210 1952	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.	125	The Motley Fool Funds Trust (Trustee).
DWIGHT D. CHURCHILL c/o SPDR Series Trust One Iron Street Boston, MA 02210 1953	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014 - January 2015).	125	Affiliated Managers Group, Inc. (Chairman, Director and Audit Committee Chair).
CLARE S. RICHER c/o SPDR Series Trust One Iron Street Boston, MA 02210 1958	Independent Trustee	Term: Unlimited Served: since July 2018	Retired. Chief Financial Officer, Putnam Investments LLC (December 2008 - May 2017).	125	Principal Financial Group (Director and Financial Committee Chair); Bain Capital Specialty Finance (Director); University of Notre Dame (Trustee); Putnam Acquisition Financing Inc. (Director); Putnam Acquisition Financing LLC (Director); Putnam GP Inc. (Director); Putnam Investor Services, Inc. (Director); Putnam Investments Limited (Director).
SANDRA G. SPONEM c/o SPDR Series Trust One Iron Street Boston, MA 02210 1958	Independent Trustee	Term: Unlimited Served: since July 2018	Retired. Chief Financial Officer, M.A. Mortenson Companies, Inc.(construction and real estate company) (February 2007 - April 2017).	125	Rydex Series Funds Rydex Dynamic Funds Rydex Variable Trust Guggenheim Funds Trust; Guggenheim Variable Funds Trust; Guggenheim Strategy Funds Trust; Transparent Value Trust; Fiduciary/ Claymore Energy Infrastructure Fund; Guggenheim Taxable Municipal Managed Duration Trust; Guggenheim Strategic Opportunities Fund; Guggenheim Enhanced Equity Income Fund; Guggenheim Credit Allocation Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund (Trustee and Audit Committee Chair).

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

June 30, 2022 (Unaudited)

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* c/o SPDR Series Trust One Iron Street Boston, MA 02210 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Non-Executive Chairman, Fusion Acquisition Corp II. (February 2020 - Present); Non-Executive Chairman, Fusion Acquisition Corp. (June 2020 - September 2021); Retired Chairman and Director, SSGA Funds Management, Inc. (2005 - March 2020); Retired Executive Vice President, State Street Global Advisors (2012 - March 2020); Retired Chief Executive Officer and Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - March 2020); Director, State Street Global Markets, LLC (2013 - April 2017); President, SSGA Funds Management, Inc. (2005 - 2012); Principal, State Street Global Advisors (2000 - 2005).	136	The Select Sector SPDR Trust (November 2005 - Present); SSGA SPDR ETFs Europe I plc (Director) (November 2016 - March 2020); SSGA SPDR ETFs Europe II plc (Director) (November 2016 - March 2020); State Street Navigator Securities Lending Trust (July 2016 - March 2020); SSGA Funds (January 2014 - March 2020); State Street Institutional Investment Trust (February 2007 - March 2020); State Street Master Funds (February 2007 - March 2020); Elfun Funds (July 2016 - December 2018).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.
* Mr. Ross is an Interested Trustee because of his former position with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967	President	Term: Unlimited Served: since October 2012	Chairman, SSGA Funds Management Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present); Senior Managing Director, State Street Global Advisors (1992 - present); Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1961	Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

June 30, 2022 (Unaudited)

ANN M. CARPENTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1966	Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012 (with respect to Vice President); Unlimited Served: since February 2016 (with respect to Deputy Treasurer)	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - Present); Managing Director, State Street Global Advisors (April 2005 - present).
MICHAEL P. RILEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
CHAD C. HALLETT SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: Since August 2017	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).
DAVID LANCASTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1971	Assistant Treasurer	Term: Unlimited Served: since November 2020	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).*
RYAN HILL SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1982	Assistant Treasurer	Term: Unlimited Served: since May 2022	Vice President, State Street Global Advisors and SSGA Funds Management Inc. (May 2017 - present); Assistant Vice President, State Street Bank and Trust Co. (May 2014 - May 2017).
JOHN BETTENCOURT SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1976	Assistant Treasurer	Term: Unlimited Served: since May 2022	Vice President, State Street Global Advisors and SSGA Funds Management Inc. (March 2020 - present); Assistant Vice President, State Street Global Advisors (June 2007 - March 2020).
BRIAN HARRIS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1973	Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present).*
SEAN O'MALLEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Chief Legal Officer	Term: Unlimited Served:since August 2019	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).

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SPDR^® Series Trust - Equity Funds

For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.

State Street Global Advisors
One Iron Street
Boston, MA 02210

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

Standard & Poor’s, S& P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

SPDRLEGACYEQAR

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


		% 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.


		% 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%


		% 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%


		% 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%


	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%


		% 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
	Short-Term Investments	4.1
	Liabilities in Excess of Other Assets	(4.0)
	TOTAL	100.0%


		% of Net Assets
	Trucking	36.1%
	Airlines	28.5
	Air Freight & Logistics	20.4
	Marine	8.0
	Railroads	6.8
	Short-Term Investments	5.2
	Liabilities in Excess of Other Assets	(5.0)
	TOTAL	100.0%


		% of Net Assets
	Information Technology	24.0%
	Health Care	19.4
	Consumer Discretionary	10.4
	Industrials	10.0
	Financials	8.6
	Consumer Staples	6.6
	Communication Services	6.5
	Energy	4.4
	Real Estate	3.5
	Materials	3.2
	Utilities	3.0
	Short-Term Investments	1.2
	Liabilities in Excess of Other Assets	(0.8)
	TOTAL	100.0%


	Description	% of Net Assets
	Citigroup Capital XIII 7.61% 10/30/2040	3.4%
	PNC Financial Services Group, Inc. 5.35% 8/1/2022	2.2
	AT&T, Inc. 5.35% 11/1/2066	1.8
	Capital One Financial Corp. 5.00% 1/12/2167	1.7
	Allstate Corp. 5.10% 10/15/2168	1.5
	Duke Energy Corp. 5.75% 9/16/2167	1.4
	Capital One Financial Corp. 4.80% 6/1/2025	1.4
	Qwest Corp. 6.50% 9/1/2056	1.3
	MetLife, Inc. 4.75% 3/15/2025	1.3
	Southern Co. 4.95% 1/30/2080	1.2
	TOTAL	17.2%


		% of Net Assets
	Financials	73.2%
	Utilities	13.9
	Real Estate	5.9
	Communication Services	5.2
	Industrials	0.8
	Short-Term Investments	9.5
	Liabilities in Excess of Other Assets	(8.5)
	TOTAL	100.0%

DAVID BARR SSGA Funds Management, Inc One Iron Street Boston, MA 02210 1974	Assistant Secretary	Term:Unlimited Served:since November 2020	Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp. (October 2010 - October 2019).
DAVID URMAN SSGA Funds Management, Inc One Iron Street Boston, MA 02210 1985	Secretary	Term:Unlimited Served:since August 2019	Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
* Served in various capacities and/or with various affiliated entities during noted time period.
The Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, upon request and by calling 1-866-787-2257.