Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Nuveen Bloomberg Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
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.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
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Schedules of Investments (Unaudited)  
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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.

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Table of Contents
SPDR Nuveen Bloomberg Municipal Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

      
  Description % of Net Assets  
  California, State General Obligation
5.00% 4/1/2024 		0.4%  
  California, State General Obligation
3.00% 10/1/2037 		0.4  
  New York, State Urban Development Corp., Revenue
5.00% 3/15/2035 		0.3  
  Temple, TX, County College District, General Obligation
3.00% 7/1/2046 		0.3  
  Maryland, State General Obligation
5.00% 8/1/2031 		0.3  
  TOTAL 1.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

      
    % of Net Assets  
  Municipal Bonds & Notes 99.1%  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.8  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of December 31, 2021

      
    % of Total Investments  
  California 20.1%  
  New York 18.8  
  Texas 10.8  
  Washington 4.2  
  Massachusetts 4.0  
  Maryland 3.9  
  Florida 3.3  
  Connecticut 2.5  
  Colorado 2.5  
  Virginia 2.4  
  TOTAL 72.5%  
(The Fund’s top ten states are expressed as a percentage total investments and may change over time.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

      
  Description % of Net Assets  
  Orange County Transportation Authority
5.00% 10/15/2024 		1.7%  
  New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue
5.00% 6/15/2026 		1.1  
  California, State General Obligation
5.00% 10/1/2026 		1.0  
  California, State General Obligation
4.00% 10/1/2024 		0.8  
  New York State Dormitory Authority, Revenue
5.00% 3/15/2027 		0.8  
  TOTAL 5.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

      
    % of Net Assets  
  Municipal Bonds & Notes 98.6%  
  Short-Term Investment 0.4  
  Other Assets in Excess of Liabilities 1.0  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of December 31, 2021

      
    % of Total Investments  
  California 20.7%  
  New York 16.3  
  Texas 9.3  
  Maryland 5.7  
  Massachusetts 4.8  
  Washington 3.8  
  Connecticut 3.7  
  Ohio 3.1  
  Virginia 3.0  
  Georgia 2.7  
  TOTAL 73.1%  
(The Fund’s top ten states are expressed as a percentage total investments and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
MUNICIPAL BONDS & NOTES — 99.1%      
ALABAMA — 0.7%        
Alabama, Federal Aid Highway Finance Authority Revenue:        
Series A, 5.00%, 9/1/2024
   $ 100,000   $ 112,263
Series A, 5.00%, 9/1/2025
   1,025,000   1,193,203
Series A, 5.00%, 9/1/2029
   525,000   649,955
Series A, 5.00%, 9/1/2030
   190,000   235,222
Series A, 5.00%, 9/1/2033
   1,025,000   1,232,436
Series A, 5.00%, 9/1/2036
   2,310,000   2,823,455
Series B, 5.00%, 9/1/2025
   465,000   541,306
Series B, 5.00%, 9/1/2026
   500,000   601,444
Alabama, Public School and College Authority Revenue:        
Series A, 4.00%, 11/1/2040
   1,465,000   1,757,706
Series A, 5.00%, 11/1/2022
   730,000   759,496
Alabama, State General Obligation

Series C, 5.00%, 8/1/2027
   110,000   131,417
Auburn, AL, University Revenue:        
Series A, 4.00%, 6/1/2032
   300,000   338,935
Series A, 5.00%, 6/1/2027
   195,000   230,965
Series A, 5.00%, 6/1/2028
   260,000   307,854
Series A, 5.00%, 6/1/2037
   2,310,000   2,873,163
Series A, 5.00%, 6/1/2038
   1,455,000   1,807,334
Series A, 5.00%, 6/1/2043
   2,000,000   2,473,952
Birmingham, AL, Waterworks Board Revenue:        
Series A, 4.00%, 1/1/2037
   235,000   267,946
Series A, 4.00%, 1/1/2038
   145,000   165,454
Series A, 5.00%, 1/1/2032
   100,000   121,519
Series A, 5.00%, 1/1/2042
   255,000   289,857
Series B, 3.00%, 1/1/2043
   165,000   183,706
Series B, 4.00%, 1/1/2036
   250,000   290,857
Series B, 5.00%, 1/1/2030
   750,000   909,332
City of Homewood, AL, General Obligation

5.00%, 9/1/2041
   315,000   378,106
Jefferson, AL, General Obligation

Series A, 5.00%, 4/1/2023
   1,290,000   1,365,044
Jefferson, AL, Revenue:        
4.00%, 9/15/2036
   2,500,000   2,863,065
5.00%, 9/15/2023
   1,635,000   1,764,740
Tuscaloosa, AL, Board of Education Revenue

5.00%, 8/1/2041
   755,000   906,810
University of Alabama, AL, General Revenue:        
Series A, 4.00%, 7/1/2035
   500,000   590,274
See accompanying notes to financial statements.
3

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 3.00%, 7/1/2034
   $ 1,050,000   $ 1,131,252
          29,298,068
ALASKA — 0.0% (a)        
Alaska, State General Obligation:        
Series A, 5.00%, 8/1/2031
   90,000   103,635
Series B, 5.00%, 8/1/2026
   245,000   283,625
Anchorage, AK, Water Revenue:        
Series B, 5.00%, 5/1/2036
   250,000   299,347
Series B, 5.00%, 5/1/2037
   500,000   597,564
Matanuska Susitna Boro, AK, Leas Revenue

5.25%, 9/1/2027
   215,000   248,074
          1,532,245
ARIZONA — 1.3%        
Arizona Board of Regents Authority Revenue:        
Series A, 4.00%, 7/1/2042
   1,290,000   1,531,651
Series A, 5.00%, 7/1/2036
   625,000   809,427
Series A, 5.00%, 7/1/2041
   750,000   962,244
Series A, 5.00%, 7/1/2043
   710,000   907,245
Series C, 5.00%, 7/1/2028
   1,000,000   1,258,957
Series C, 5.00%, 7/1/2029
   1,750,000   2,255,059
Series C, 5.00%, 7/1/2030
   1,500,000   1,969,599
Arizona State Transportation Board Revenue

5.00%, 7/1/2025
   200,000   231,020
Arizona, Board of Regents, University System Revenue:        
5.00%, 6/1/2028
   205,000   243,516
5.00%, 6/1/2029
   420,000   498,387
5.00%, 6/1/2032
   385,000   455,925
5.00%, 6/1/2033
   270,000   319,423
5.00%, 6/1/2038
   230,000   270,897
Arizona, Salt River Project, Agricultural Improvement & Power District Revenue:        
5.00%, 1/1/2022
   200,000   200,000
5.00%, 1/1/2024
   170,000   185,732
Series A, 5.00%, 1/1/2029
   575,000   693,647
Series A, 5.00%, 12/1/2034
   300,000   343,005
Arizona, State

5.00%, 9/1/2022
   100,000   103,151
Arizona, State Transportation Board, Highway Revenue:        
5.00%, 7/1/2027
   310,000   369,435
5.00%, 7/1/2028
   395,000   469,573
See accompanying notes to financial statements.
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Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 7/1/2031
   $ 350,000   $ 388,615
Arizona, State Transportation Board, Sales Tax Revenue:        
5.00%, 7/1/2023
   415,000   444,119
5.00%, 7/1/2024
   125,000   139,253
Arizona, State University Revenue:        
Series A, 5.00%, 7/1/2040
   3,000,000   3,793,146
Series B, 5.00%, 7/1/2042
   2,990,000   3,622,389
Series C, 5.00%, 7/1/2042
   390,000   460,443
Series D, 5.00%, 7/1/2041
   200,000   228,701
Arizona, Transportation Board Revenue

5.00%, 7/1/2026
   150,000   179,053
Arizona, Water Infrastructure Finance Authority Revenue

Series A, 5.00%, 10/1/2029
   150,000   168,936
City of Mesa AZ Utility System Revenue:        
3.00%, 7/1/2044
   1,665,000   1,803,863
5.00%, 7/1/2045
   750,000   977,363
Maricopa County, AZ, Special Health Care District, General Obligation:        
4.00%, 7/1/2038
   430,000   495,718
Series D, 4.00%, 7/1/2035
   1,665,000   2,017,519
Maricopa, AZ, Community College District, General Obligation

5.00%, 7/1/2023
   230,000   246,281
Maricopa, AZ, High School District No. 210-Phoenix, General Obligation:        
5.00%, 7/1/2030
   510,000   621,056
5.00%, 7/1/2036
   900,000   1,088,376
Phoenix, AZ, Civic Improvement Corp., Water System Revenue:        
5.00%, 7/1/2024
   160,000   178,286
5.00%, 7/1/2026
   100,000   119,319
5.00%, 7/1/2029
   455,000   540,235
Series A, 5.00%, 7/1/2026
   235,000   271,537
Series A, 5.00%, 7/1/2037
   390,000   483,790
Series B, 5.00%, 7/1/2024
   3,000,000   3,345,255
Series B, 5.00%, 7/1/2026
   6,715,000   8,003,108
Series B, 5.00%, 7/1/2037
   500,000   608,542
Phoenix, AZ, General Obligation:        
4.00%, 7/1/2026
   460,000   528,970
5.00%, 7/1/2025
   205,000   236,873
5.00%, 7/1/2026
   300,000   358,252
Regional, AZ, Public Transportation Authority Revenue

5.25%, 7/1/2025
   100,000   111,942
See accompanying notes to financial statements.
5

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Salt River Project Electric System Revenue

Series A, 5.00%, 1/1/2027
   $ 1,500,000   $ 1,820,309
Scottsdale, AZ, General Obligation

4.00%, 7/1/2024
   200,000   218,165
State of Arizona Lottery Revenue

5.00%, 7/1/2025
   4,050,000   4,681,517
Town of Queen Creek AZ Excise Tax Revenue

4.00%, 8/1/2045
   1,725,000   2,045,966
University of Arizona, Reveune

Series B, 5.00%, 6/1/2042
   490,000   576,892
          54,881,682
ARKANSAS — 0.1%        
Arkansas, State General Obligation

5.00%, 6/15/2022
   700,000   715,353
Fayetteville,AZ,Capital Improvement Corp., Sales & Tax Revenue

Series A, 5.00%, 11/1/2026
   570,000   681,962
Rogers, AR, Sales Tax Revenue

Series B, 3.88%, 11/1/2039
   350,000   394,550
Springdale, AR, Sales & Use Tax Revenue

5.00%, 4/1/2037
   220,000   241,284
University of Arkansas, Revenue

Series A, 5.00%, 9/15/2035
   470,000   558,389
          2,591,538
CALIFORNIA — 19.9%        
Alameda, CA, Unified School District, General Obligation:        
Series A, 5.00%, 8/1/2039
   500,000   571,554
Series D, 2.00%, 8/1/2043
   1,400,000   1,337,424
Anaheim, Redevelopment Successor Agency, Tax Allocation

Series A, 5.00%, 2/1/2029
   2,015,000   2,486,666
Arcadia, CA, Unified School District, General Obligation:        
3.25%, 8/1/2036
   365,000   397,941
3.25%, 8/1/2037
   240,000   261,329
Bakersfield, CA, Wastewater Revenue

Series A, 5.00%, 9/15/2025
   150,000   175,269
Bay Area, CL, Toll Authority Revenue:        
VRN, 2.00%, 4/1/2056 (b)
   500,000   527,749
4.00%, 4/1/2038
   540,000   623,752
Beverly Hills, CA, Unified School District, General Obligation:        
Zero Coupon, 8/1/2039
   870,000   475,911
Series A, 3.00%, 8/1/2040
   785,000   840,058
See accompanying notes to financial statements.
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Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
California Educational Facilities Authority Revenue

5.00%, 10/1/2041
   $ 525,000   $ 623,216
California State Public Works Board Revenue:        
3.00%, 5/1/2032
   655,000   723,569
4.00%, 10/1/2027
   920,000   1,060,749
5.00%, 9/1/2029
   530,000   651,186
Series B, 4.00%, 5/1/2040
   1,750,000   2,101,250
Series B, 4.00%, 5/1/2046
   800,000   948,269
Series B, 5.00%, 10/1/2027
   1,790,000   2,211,868
Series B, 5.00%, 5/1/2028
   1,245,000   1,559,955
Series B, 5.00%, 10/1/2028
   1,300,000   1,601,455
Series C, 5.00%, 11/1/2031
   6,855,000   8,850,597
Series C, 5.00%, 11/1/2032
   975,000   1,257,194
Series C, 5.00%, 11/1/2034
   2,580,000   3,324,541
Series C, 5.00%, 11/1/2044
   800,000   1,015,421
California State University Revenue

5.00%, 11/1/2025
   520,000   609,881
California, Bay Area Toll Authority Revenue:        
2.00%, 4/1/2053 (b)
   350,000   359,069
2.13%, 4/1/2053 (b)
   575,000   598,684
5.00%, 4/1/2024
   250,000   275,842
Series A, 2.63%, 4/1/2045 (b)
   9,510,000   10,134,249
California, Bay Area Toll Authority, Toll Bridge Revenue:        
4.00%, 4/1/2042
   125,000   143,971
Series A, 2.95%, 4/1/2047 (b)
   1,225,000   1,318,634
California, Infrastructure & Economic Development Bank Revenue:        
5.00%, 10/1/2025
   295,000   344,755
5.00%, 10/1/2026
   150,000   181,368
5.00%, 10/1/2028
   490,000   578,953
5.00%, 10/1/2029
   115,000   144,024
5.00%, 11/1/2030
   7,100,000   9,466,267
5.00%, 10/1/2031
   410,000   498,261
5.00%, 10/1/2032
   2,470,000   2,917,480
5.00%, 10/1/2033
   3,810,000   4,482,403
5.00%, 10/1/2034
   2,400,000   2,820,264
5.00%, 10/1/2035
   2,225,000   2,612,584
California, Municipal Finance Authority Revenue:        
4.00%, 1/1/2043
   4,750,000   5,660,501
Series A, 5.00%, 6/1/2042
   1,525,000   1,854,418
See accompanying notes to financial statements.
7

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
California, State Department of Water Resources Center Valley Project Revenue:        
Series AW, 5.00%, 12/1/2028
   $ 330,000   $ 399,650
Series AW, 5.00%, 12/1/2029
   785,000   948,991
Series AW, 5.00%, 12/1/2032
   255,000   309,785
Series AX, 5.00%, 12/1/2029
   300,000   373,661
Series AX, 5.00%, 12/1/2032
   100,000   124,096
Series BA, 5.00%, 12/1/2022
   740,000   772,533
California, State General Obligation:        
3.00%, 3/1/2028
   525,000   594,872
3.00%, 10/1/2034
   7,545,000   8,361,735
3.00%, 10/1/2035
   1,740,000   1,920,378
3.00%, 11/1/2035
   850,000   945,810
3.00%, 10/1/2036
   1,830,000   2,012,204
3.00%, 10/1/2037
   13,510,000   14,783,474
3.00%, 11/1/2041
   1,300,000   1,422,687
3.50%, 8/1/2027
   875,000   1,008,142
4.00%, 4/1/2023
   1,125,000   1,177,955
4.00%, 11/1/2023
   160,000   170,815
4.00%, 10/1/2024
   250,000   274,675
4.00%, 9/1/2025
   250,000   281,774
4.00%, 3/1/2029
   550,000   667,260
4.00%, 8/1/2033
   205,000   234,188
4.00%, 10/1/2034
   500,000   603,905
4.00%, 3/1/2036
   2,300,000   2,770,134
4.00%, 10/1/2036
   1,100,000   1,324,706
4.00%, 11/1/2036
   30,000   35,014
4.00%, 10/1/2037
   2,100,000   2,520,479
4.00%, 11/1/2037
   500,000   607,773
4.00%, 11/1/2039
   7,500,000   9,061,618
4.00%, 10/1/2044
   1,765,000   2,083,459
5.00%, 8/1/2022
   100,000   102,810
5.00%, 9/1/2022
   250,000   258,031
5.00%, 11/1/2022
   1,110,000   1,154,567
5.00%, 8/1/2023
   600,000   644,739
5.00%, 9/1/2023
   175,000   188,707
5.00%, 11/1/2023
   1,395,000   1,514,667
5.00%, 4/1/2024
   14,265,000   15,749,721
5.00%, 8/1/2024
   325,000   363,584
5.00%, 9/1/2024
   435,000   488,219
5.00%, 10/1/2024
   600,000   675,570
5.00%, 4/1/2025
   765,000   877,001
See accompanying notes to financial statements.
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Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 8/1/2025
   $ 455,000   $ 527,786
5.00%, 9/1/2025
   235,000   273,377
5.00%, 10/1/2025
   5,000,000   5,833,157
5.00%, 3/1/2026
   110,000   126,101
5.00%, 8/1/2026
   3,740,000   4,470,691
5.00%, 10/1/2026
   3,920,000   4,652,930
5.00%, 4/1/2027
   4,300,000   5,257,846
5.00%, 8/1/2027
   6,740,000   8,230,889
5.00%, 9/1/2027
   555,000   666,752
5.00%, 10/1/2027
   670,000   792,556
5.00%, 11/1/2027
   180,000   223,595
5.00%, 8/1/2028
   1,970,000   2,363,899
5.00%, 9/1/2028
   1,405,000   1,685,755
5.00%, 10/1/2028
   3,000,000   3,815,860
5.00%, 11/1/2028
   1,210,000   1,542,231
5.00%, 4/1/2029
   5,525,000   7,098,304
5.00%, 8/1/2029
   765,000   903,876
5.00%, 9/1/2029
   760,000   908,005
5.00%, 10/1/2029
   6,335,000   7,966,081
5.00%, 3/1/2030
   2,840,000   3,727,734
5.00%, 8/1/2030
   500,000   594,398
5.00%, 9/1/2030
   1,455,000   1,733,931
5.00%, 10/1/2030
   650,000   842,542
5.00%, 11/1/2030
   500,000   617,241
5.00%, 4/1/2031
   1,845,000   2,357,706
5.00%, 9/1/2031
   2,265,000   2,699,213
5.00%, 3/1/2032
   280,000   317,666
5.00%, 4/1/2032
   4,600,000   6,179,489
5.00%, 8/1/2032
   300,000   356,342
5.00%, 3/1/2033
   2,000,000   2,608,205
5.00%, 4/1/2033
   3,500,000   4,462,903
5.00%, 8/1/2033
   860,000   1,021,087
5.00%, 9/1/2034
   290,000   345,155
5.00%, 10/1/2034
   155,000   173,707
5.00%, 11/1/2034
   655,000   824,216
5.00%, 3/1/2035
   1,620,000   2,102,492
5.00%, 8/1/2035
   2,165,000   2,609,117
5.00%, 9/1/2035
   740,000   879,994
5.00%, 10/1/2035
   435,000   510,179
5.00%, 4/1/2036
   1,550,000   1,968,921
5.00%, 8/1/2036
   2,995,000   3,621,509
See accompanying notes to financial statements.
9

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 11/1/2036
   $ 1,150,000   $ 1,445,315
5.00%, 10/1/2037
   90,000   100,653
5.00%, 11/1/2037
   1,530,000   1,878,991
5.00%, 10/1/2039
   4,945,000   6,201,095
5.00%, 11/1/2039
   1,905,000   2,390,062
Series B, 5.00%, 8/1/2024
   150,000   167,808
Series C, 5.00%, 9/1/2034
   155,000   179,029
Campbell Union High School District, General Obligation

Series B, 5.00%, 8/1/2036
   150,000   180,342
Centinela Valley, CA, Union High School District, General Obligation

Series B, 4.00%, 8/1/2050 (c)
   100,000   110,465
Cerritos, CA, Community College District, General Obligation

Series B, 4.00%, 8/1/2043
   250,000   287,303
Chabot-Las Positas, CA, Community College District, General Obligation:        
4.00%, 8/1/2033
   1,015,000   1,163,455
Series A, 4.00%, 8/1/2042
   500,000   578,228
Chino Valley Unified School District, General Obligation

Series B, 4.00%, 8/1/2045
   2,500,000   2,943,311
City & County of San Francisco CA:        
COPs, 4.00%, 4/1/2035
   2,150,000   2,480,452
COPs, 4.00%, 4/1/2046
   500,000   570,667
City & County of San Francisco CA, General Obligation

4.00%, 6/15/2042
   5,425,000   6,398,627
City of Concord CA

COPs, 2.13%, 4/1/2041
   1,500,000   1,451,032
City of Los Angeles Department of Airports Revenue:        
5.00%, 5/15/2037
   775,000   999,027
Series B, 5.00%, 5/15/2032
   750,000   1,001,458
City of San Jose, CA, General Obligation

Series A-1, 5.00%, 9/1/2041
   620,000   779,370
Coast Community College District, General Obligation

Series F, Zero Coupon, 8/1/2040
   875,000   537,407
Coast, TX, Community College District, General Obligation

Series F, 3.00%, 8/1/2038
   500,000   547,739
Contra Costa, CA, Transportation Authority Sales Tax Revenue:        
Series A, 4.00%, 3/1/2033
   4,100,000   5,123,653
Series B, 5.00%, 3/1/2028
   3,000,000   3,661,366
Contra Costa, Community College District, General Obligation:        
Series C, 2.00%, 8/1/2039
   1,000,000   991,935
Series C, 3.00%, 8/1/2035
   1,700,000   1,923,519
See accompanying notes to financial statements.
10

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 3.00%, 8/1/2036
   $ 1,800,000   $ 2,032,582
Series C, 3.00%, 8/1/2037
   2,015,000   2,270,232
Coronado, Community Development Agency Successor Agency, Tax Allocation

Series A, 5.00%, 9/1/2033
   5,010,000   5,715,590
Corona-Norco, CA, Unified School District, General Obligation

Series B, 4.00%, 8/1/2043
   150,000   173,874
Desert, CA, Community College District, General Obligation

5.00%, 8/1/2035
   360,000   425,025
East Bay, CA, Municipal Utility District, Water System Revenue:        
Series A, 5.00%, 6/1/2035
   535,000   654,978
Series A, 5.00%, 6/1/2044
   735,000   932,982
Series B, 5.00%, 6/1/2034
   690,000   845,149
East Side, CA, Union High School District, General Obligation

Series E, 5.00%, 8/1/2028
   125,000   148,910
Eastern, CA, Municipal Water District Financing Authority Revenue:        
Series A, 4.00%, 7/1/2038
   800,000   971,063
Series B, 5.00%, 7/1/2032
   230,000   272,080
Eastern, CA, Municipal Water District Revenue

Series A, 5.00%, 7/1/2045
   315,000   369,741
El Dorado, CA, Irrigation District, Water Agency

Series A, 4.00%, 3/1/2045
   8,010,000   9,319,823
El Dorado, CA, Irrigation District, Water Agency Revenue:        
Series C, 5.00%, 3/1/2032
   390,000   462,591
Series C, 5.00%, 3/1/2035
   570,000   676,094
Folsom Cordova, CA, Unified School District School Facilities Improvement District No. 5, General Obligation

Series C, 4.00%, 10/1/2043
   715,000   831,538
Fontana, CA, Redevelopment Agency Successor Agency, Tax Allocation:        
Series A, 5.00%, 10/1/2028
   100,000   123,132
Series A, 5.00%, 10/1/2031
   340,000   414,376
Series A, 5.00%, 10/1/2032
   250,000   304,520
Foothill-De Anza Community College District, General Obligation:        
5.00%, 8/1/2027
   230,000   266,615
5.00%, 8/1/2028
   140,000   161,909
Imperial, CA, Irrigation District Electric System Revenue

Series C, 5.00%, 11/1/2036
   100,000   116,970
Livermore Valley, CA, Joint Unified School District, General Obligation

3.00%, 8/1/2046
   230,000   241,251
See accompanying notes to financial statements.
11

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Local Public Schools Funding Authority School Improvement District No 2016-1

Series A, 3.00%, 8/1/2046
   $ 500,000   $ 526,902
Lodi Unified School District/CA,General Obligation

Series 2020, 3.00%, 8/1/2043
   1,240,000   1,321,099
Long Beach, CA, Community College District, General Obligation

Series B, 4.00%, 8/1/2041
   4,640,000   5,297,483
Long Beach, CA, Unified School District, General Obligation

Series B, 5.00%, 8/1/2022
   590,000   606,472
Los Angeles County Metropolitan Transportation Authority Revenue:        
4.00%, 6/1/2039
   7,500,000   9,202,240
5.00%, 6/1/2034
   970,000   1,181,779
Series A, 5.00%, 7/1/2039
   5,625,000   7,504,510
Series A, 5.00%, 7/1/2040
   5,500,000   7,313,455
Series A, 5.00%, 7/1/2041
   1,100,000   1,335,172
Los Angeles County Public Works Financing Authority Revenue

4.00%, 12/1/2043
   2,000,000   2,385,501
Los Angeles County, CA, Department of Water & Power Revenue:        
5.00%, 7/1/2039
   700,000   930,211
Series B, 5.00%, 7/1/2046
   1,495,000   1,930,856
Los Angeles County, CA, Metropolitan Transportation Authority Revenue

5.00%, 6/1/2024
   3,500,000   3,896,280
Los Angeles, CA, Community College District, General Obligation:        
4.00%, 8/1/2038
   500,000   572,490
5.00%, 8/1/2036
   430,000   512,464
Series A, 5.00%, 8/1/2026
   215,000   240,525
Series J, 4.00%, 8/1/2036
   400,000   466,188
Series J, 4.00%, 8/1/2039
   480,000   558,036
Los Angeles, CA, Department of Airports Revenue:        
5.00%, 5/15/2039
   815,000   1,044,982
5.00%, 5/15/2040
   2,550,000   3,264,749
Series B, 4.00%, 5/15/2039
   675,000   809,233
Series B, 4.00%, 5/15/2040
   700,000   837,869
Series B, 5.00%, 5/15/2037
   850,000   1,119,806
Series C, 5.00%, 5/15/2028
   525,000   659,934
Series C, 5.00%, 5/15/2038
   465,000   529,541
Series E-NON AMT-LOS ANGELES, 5.00%, 5/15/2031
   1,000,000   1,270,319
Series E-NON AMT-LOS ANGELES, 5.00%, 5/15/2032
   3,250,000   4,119,361
Series E-NON AMT-LOS ANGELES, 5.00%, 5/15/2044
   1,800,000   2,245,269
See accompanying notes to financial statements.
12

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Los Angeles, CA, Department of Water & Power Revenue:        
Series A, 5.00%, 7/1/2024
   $ 250,000   $ 279,169
Series A, 5.00%, 7/1/2027
   510,000   629,789
Series A, 5.00%, 7/1/2028
   250,000   302,563
Series A, 5.00%, 7/1/2030
   520,000   588,585
Series A, 5.00%, 7/1/2031
   390,000   472,212
Series A, 5.00%, 7/1/2032
   715,000   873,112
Series A, 5.00%, 7/1/2036
   3,675,000   4,471,121
Series A, 5.00%, 7/1/2037
   910,000   1,148,523
Series A, 5.00%, 7/1/2038
   570,000   665,926
Series A, 5.00%, 7/1/2040
   2,215,000   2,582,053
Series A, 5.00%, 7/1/2041
   900,000   1,050,301
Series B, 5.00%, 1/1/2024
   835,000   910,390
Series B, 5.00%, 7/1/2025
   100,000   115,736
Series B, 5.00%, 7/1/2028
   320,000   375,787
Series B, 5.00%, 7/1/2029
   100,000   117,390
Series B, 5.00%, 7/1/2031
   4,000,000   5,086,692
Series B, 5.00%, 7/1/2032
   2,640,000   3,354,149
Series B, 5.00%, 7/1/2033
   1,500,000   1,902,965
Series B, 5.00%, 7/1/2034
   555,000   648,640
Series B, 5.00%, 7/1/2036
   100,000   116,915
Series B, 5.00%, 7/1/2037
   100,000   120,263
Series B, 5.00%, 7/1/2040
   4,305,000   5,582,968
Series B, 5.00%, 7/1/2042
   230,000   267,916
Series B, 5.00%, 7/1/2043
   1,725,000   2,107,412
Series C, 5.00%, 7/1/2036
   850,000   1,090,168
Series C, 5.00%, 7/1/2040
   500,000   650,295
Series C, 5.00%, 7/1/2042
   595,000   722,917
Series D, 5.00%, 7/1/2030
   305,000   339,133
Series D, 5.00%, 7/1/2032
   180,000   200,001
Series D, 5.00%, 7/1/2044
   645,000   795,152
Series E, 5.00%, 7/1/2039
   310,000   343,793
Los Angeles, CA, Department of Water & Power System Revenue

Series B, 5.00%, 7/1/2023
   595,000   637,490
Los Angeles, CA, Facilities, Inc. Revenue:        
5.00%, 12/1/2043
   720,000   896,919
Series A, 5.00%, 12/1/2033
   250,000   316,214
Series A, 5.00%, 12/1/2035
   1,405,000   1,772,261
Series A, 5.00%, 12/1/2037
   1,165,000   1,465,083
Series A, 5.00%, 12/1/2038
   1,925,000   2,417,437
Los Angeles, CA, Metropolitan Transportation Authority Revenue:        
Series A, 4.00%, 6/1/2034
   110,000   124,484
See accompanying notes to financial statements.
13

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 6/1/2023
   $ 510,000   $ 544,690
Series A, 5.00%, 7/1/2023
   325,000   348,361
Series A, 5.00%, 6/1/2026
   100,000   119,395
Series A, 5.00%, 6/1/2029
   250,000   298,125
Series A, 5.00%, 7/1/2030
   100,000   123,002
Series A, 5.00%, 6/1/2033
   350,000   415,022
Series A, 5.00%, 6/1/2034
   245,000   290,398
Series A, 5.00%, 6/1/2037
   405,000   478,886
Series A, 5.00%, 7/1/2037
   1,600,000   2,008,687
Series A, 5.00%, 6/1/2038
   850,000   1,004,258
Series A, 5.00%, 7/1/2038
   2,210,000   2,691,728
Series A, 5.00%, 7/1/2042
   860,000   1,042,837
Los Angeles, CA, Public Works Financing Authority Revenue:        
4.00%, 12/1/2038
   3,975,000   4,801,173
5.00%, 12/1/2045
   3,200,000   4,089,962
Series D, 4.00%, 12/1/2034
   215,000   240,560
Series D, 4.00%, 12/1/2036
   665,000   743,016
Series D, 4.00%, 12/1/2040
   865,000   962,919
Series D, 5.00%, 12/1/2029
   100,000   116,183
Series D, 5.00%, 12/1/2030
   330,000   383,267
Series E-1, 5.00%, 12/1/2044
   500,000   633,429
Los Angeles, CA, Sanitation Districts Financing Authority Revenue

Series A, 5.00%, 10/1/2029
   100,000   116,218
Los Angeles, CA, Unified School District, General Obligation:        
4.00%, 7/1/2040
   525,000   627,119
4.00%, 7/1/2044
   1,365,000   1,614,588
Series A, 3.50%, 7/1/2036
   160,000   171,604
Series A, 4.00%, 7/1/2040
   2,035,000   2,217,100
Series A, 5.00%, 7/1/2022
   965,000   988,117
Series A, 5.00%, 7/1/2023
   315,000   337,348
Series A, 5.00%, 7/1/2024
   8,810,000   9,816,898
Series A, 5.00%, 7/1/2025
   4,905,000   5,671,316
Series A, 5.00%, 7/1/2026
   265,000   316,716
Series A, 5.00%, 7/1/2027
   770,000   946,651
Series A, 5.00%, 7/1/2028
   505,000   637,227
Series A, 5.00%, 7/1/2029
   710,000   917,281
Series A, 5.00%, 7/1/2030
   3,905,000   5,110,328
Series A, 5.00%, 7/1/2031
   5,000,000   6,431,189
Series A, 5.00%, 7/1/2040
   970,000   1,102,010
Series B, 3.00%, 7/1/2031
   520,000   564,578
Series B, 5.00%, 7/1/2028
   1,125,000   1,343,998
See accompanying notes to financial statements.
14

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B-1, 5.00%, 7/1/2027
   $ 485,000   $ 596,267
Series B-1, 5.00%, 7/1/2029
   250,000   310,267
Series B-1, 5.00%, 7/1/2032
   300,000   370,475
Series B-1, 5.00%, 7/1/2033
   255,000   314,500
Series B-1, 5.00%, 7/1/2034
   270,000   332,557
Series B-1, 5.00%, 7/1/2036
   1,000,000   1,229,068
Series B-1, 5.00%, 7/1/2037
   500,000   613,571
Series C, 3.00%, 7/1/2035
   850,000   941,415
Series C, 3.00%, 7/1/2038
   2,885,000   3,156,769
Series C, 3.00%, 7/1/2045
   3,195,000   3,414,329
Series C, 4.00%, 7/1/2035
   800,000   971,823
Series C, 4.00%, 7/1/2037
   515,000   618,867
Series C, 5.00%, 7/1/2026
   800,000   956,125
Los Angeles, CA, Wastewater System Revenue:        
Series B, 5.00%, 6/1/2033
   250,000   286,110
Series B, 5.00%, 6/1/2039
   240,000   291,408
Los Angeles, Metropolitan Transportation Authority Revenue:        
4.00%, 6/1/2035
   4,500,000   5,482,031
4.00%, 6/1/2036
   855,000   1,037,859
Los Rios, CA, Community College District, General Obligation

4.00%, 8/1/2035
   250,000   287,061
Marin, CA, Healthcare District, General Obligation

Series A, 3.00%, 8/1/2037
   325,000   350,157
Metropolitan Water District of Southern California Revenue:        
5.00%, 1/1/2039
   3,160,000   3,958,233
5.00%, 10/1/2040
   1,650,000   2,187,267
Series A, 2.25%, 7/1/2024
   845,000   884,224
Series A, 2.50%, 7/1/2025
   250,000   267,444
Series A, 5.00%, 7/1/2024
   5,000,000   5,572,775
Series A, 5.00%, 7/1/2034
   140,000   161,825
Series A, 5.00%, 10/1/2040
   775,000   998,252
Series A, 5.00%, 10/1/2046
   3,500,000   4,578,409
Series B, 4.00%, 10/1/2023
   2,390,000   2,545,497
Series B, 4.00%, 10/1/2024
   1,500,000   1,648,485
Series B, 4.00%, 10/1/2025
   730,000   824,905
Series B, 5.00%, 8/1/2023
   1,195,000   1,279,774
Series B, 5.00%, 8/1/2024
   150,000   167,501
Series C, 5.00%, 7/1/2039
   900,000   1,174,913
Series C, 5.00%, 7/1/2040
   1,455,000   1,896,447
Monterey Peninsula, CA, Community College District, General Obligation:        
Zero Coupon, 8/1/2027
   205,000   190,097
See accompanying notes to financial statements.
15

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Zero Coupon, 8/1/2029
   $ 240,000   $ 207,637
Zero Coupon, 8/1/2030
   525,000   438,381
Zero Coupon, 8/1/2032
   975,000   754,343
Mount San, Antonio Community College District, General Obligation:        
Series A, 5.00%, 8/1/2041
   505,000   642,022
Series E, Zero Coupon, 8/1/2045
   2,155,000   1,225,962
Mountain, CA, View Los Altos Union High School District, General Obligation:        
Series A, 4.00%, 8/1/2034
   1,245,000   1,415,318
Series B, 3.00%, 8/1/2022
   575,000   584,446
Municipal Improvement Corp. of Los Angeles Revenue

Series B, 5.00%, 11/1/2036
   560,000   665,323
Newport Mesa, Unified School District, General Obligation:        
Zero Coupon, 8/1/2039
   100,000   57,752
Zero Coupon, 8/1/2043
   5,000,000   2,417,851
North Orange County, CA, Community College District, General Obligation

Series B, 4.00%, 8/1/2044
   6,705,000   7,858,852
Novato Unified School District

Series C, 2.38%, 8/1/2045
   750,000   753,031
Oakland Alameda County, CA, Unified School District, General Obligation:        
5.00%, 8/1/2023 (c)
   100,000   107,490
5.00%, 8/1/2025 (c)
   150,000   173,937
Series A, 5.00%, 8/1/2030
   175,000   201,580
Series A, 5.00%, 8/1/2031
   150,000   174,111
Series A, 5.00%, 8/1/2032
   150,000   174,111
Orange County Transportation Authority

5.00%, 10/15/2024
   535,000   602,709
Orange County, CA, Sanitation District Wastewater Revenue

Series A, 5.00%, 2/1/2030
   120,000   141,356
Orange County, CA, Water District Revenue

Series A, 5.00%, 8/15/2034
   130,000   156,707
Orange County, FL, Water District

Series A, 2.00%, 8/15/2023
   770,000   784,995
Oxnard, CA, School District, General Obligation

Series A, 5.00%, 8/1/2041
   350,000   426,651
Palomar, CA, Community College District, General Obligation:        
5.00%, 5/1/2030
   125,000   143,862
Series D, 5.25%, 8/1/2045
   1,395,000   1,724,119
See accompanying notes to financial statements.
16

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Peralta, CA, Community College District, General Obligation:        
Series A, 5.00%, 8/1/2028
   $ 100,000   $ 110,971
Series A, 5.00%, 8/1/2029
   120,000   133,165
Peralta, CA, Community College District, General Obligation, Election of 2006

Series D, 4.00%, 8/1/2039
   5,400,000   5,962,507
Riverside County, CA, Transportation Commission, Sales Tax Revenue:        
Series A, 2.00%, 6/1/2029
   175,000   177,795
Series A, 5.00%, 6/1/2036
   4,055,000   4,935,533
Series B, 5.00%, 6/1/2033
   500,000   619,830
Series B, 5.00%, 6/1/2034
   1,915,000   2,371,454
Riverside County, CA, Transportation Commission, Sales Tax, General Obligation

3.00%, 8/1/2040
   755,000   825,220
Riverside Unified School District, General Obligation

Series B, 3.00%, 8/1/2037
   2,800,000   3,040,160
Riverside, CA, Electric Revenue

Series A, 5.00%, 10/1/2048
   5,250,000   6,525,567
Riverside, CA, Water Revenue

Series A, 5.00%, 10/1/2043
   520,000   656,120
Sacramento Area Flood Control Agency,Special Assessment

5.00%, 10/1/2036
   505,000   598,097
Sacramento City, Financing Authority Revenue

5.00%, 12/1/2028
   525,000   614,165
Sacramento County Sanitation Districts Financing Authority Revenue

Series A, 5.00%, 12/1/2041
   545,000   714,287
Sacramento, CA, Municipal Utility District, Financing Authority Revenue:        
Series F, 5.00%, 8/15/2024
   170,000   190,564
Series H, 4.00%, 8/15/2045
   1,600,000   1,908,867
San Antonio, CA, Community College District, General Obligation

Series B, 4.00%, 8/1/2043
   190,000   220,240
San Bernardino, CA, County:        
Series A, 5.00%, 10/1/2023
   5,000,000   5,404,825
Series A, 5.00%, 10/1/2026
   600,000   721,722
San Diego County, CA, Public Facilities Financing Authority, Revenue:        
5.00%, 10/15/2026
   620,000   720,212
5.00%, 10/15/2028
   255,000   294,973
5.00%, 10/15/2029
   250,000   288,987
5.00%, 10/15/2031
   345,000   398,244
See accompanying notes to financial statements.
17

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 10/15/2044
   $ 215,000   $ 245,247
San Diego County, CA, Public Facilities Financing Authority, Sewer Revenue:        
5.00%, 5/15/2027
   175,000   201,496
Series A, 5.00%, 5/15/2033
   560,000   662,332
Series A, 5.00%, 5/15/2034
   20,000   23,626
Series A, 5.00%, 5/15/2039
   100,000   117,802
Series B, 5.00%, 8/1/2022
   330,000   339,233
Series B, 5.00%, 8/1/2029
   100,000   119,676
San Diego County, CA, Regional Building Authority Revenue

Series A, 5.00%, 10/15/2035
   450,000   518,548
San Diego County, CA, Regional Transportation Commission, Sales Tax Revenue:        
Series A, 5.00%, 4/1/2030
   120,000   141,564
Series A, 5.00%, 4/1/2032
   145,000   170,790
Series A, 5.00%, 4/1/2033
   125,000   147,118
Series A, 5.00%, 4/1/2041
   125,000   146,261
San Diego County, CA, Water Authority Revenue:        
Series B, 4.00%, 5/1/2033
   2,500,000   3,119,019
Series B, 4.00%, 5/1/2034
   1,000,000   1,245,221
Series B, 5.00%, 5/1/2030
   1,500,000   1,989,050
Series B, 5.00%, 5/1/2031
   2,000,000   2,709,660
Series B, 5.00%, 5/1/2032
   3,000,000   4,058,844
San Diego Redevelopment Agency Successor Agency, Tax Allocation

Series A, 5.00%, 9/1/2025
   110,000   127,746
San Diego, CA, Community College District, General Obligation:        
4.00%, 8/1/2028
   175,000   201,684
4.00%, 8/1/2029
   400,000   460,846
5.00%, 8/1/2027
   160,000   192,123
5.00%, 8/1/2029
   235,000   282,535
5.00%, 8/1/2031
   160,000   192,365
5.00%, 8/1/2041
   190,000   228,433
San Diego, CA, Unified School District, General Obligation:        
Series D-2, 2.00%, 7/1/2045
   3,405,000   3,212,887
Series F, 5.00%, 7/1/2045
   150,000   171,414
Series I, Zero Coupon, 7/1/2036
   1,765,000   1,082,417
Series I, Zero Coupon, 7/1/2037
   405,000   237,038
Series I, Zero Coupon, 7/1/2039
   310,000   165,730
Series R-4, 5.00%, 7/1/2024
   235,000   262,045
Series R-4, 5.00%, 7/1/2028
   250,000   289,152
Series R-5, 5.00%, 7/1/2029
   260,000   310,741
See accompanying notes to financial statements.
18

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series SENIOR-1, 4.00%, 7/1/2033
   $ 100,000   $ 114,325
San Dieguito Union High School District, General Obligation

Series E-2, 3.00%, 8/1/2038
   2,530,000   2,802,296
San Francisco Bay Area Rapid Transit District Sales Tax Revenue

Series A, 3.00%, 7/1/2044
   5,000,000   5,277,386
San Francisco, CA, Bay Area Rapid Transit District, General Obligation:        
Series C-1, 4.00%, 8/1/2030
   825,000   1,013,213
Series C-1, 4.00%, 8/1/2035
   1,610,000   1,948,496
Series C-1, 4.00%, 8/1/2045
   2,000,000   2,364,182
Series D, 5.00%, 8/1/2029
   160,000   185,101
San Francisco, CA, City & County:        
3.00%, 4/1/2029
   500,000   555,665
4.00%, 4/1/2041
   500,000   573,197
Series B, 4.00%, 4/1/2038
   530,000   591,168
San Francisco, CA, City & County Public Utilities Commission Wastewater Revenue:        
Series A, 4.00%, 10/1/2043
   535,000   623,663
Series A, 5.00%, 10/1/2029
   100,000   116,542
Series C, 2.13%, 10/1/2048 (b)
   3,500,000   3,579,442
San Francisco, CA, City & County Public Utilities Commission, Water Revenue

5.00%, 11/1/2024
   135,000   152,489
San Francisco, CA, City & County, General Obligation:        
4.00%, 6/15/2046
   675,000   789,910
Series A, 4.00%, 6/15/2034
   1,990,000   2,156,936
Series A, 4.00%, 6/15/2035
   1,350,000   1,462,456
San Francisco, CA, Public Utilities Commission, Water Revenue:        
4.00%, 11/1/2030
   105,000   120,936
5.00%, 11/1/2028
   170,000   205,002
5.00%, 11/1/2031
   500,000   600,049
5.00%, 11/1/2032
   100,000   114,482
5.00%, 11/1/2033
   680,000   814,638
5.00%, 11/1/2034
   335,000   400,978
Series B, 5.00%, 11/1/2041
   1,400,000   1,581,364
Series B, 5.00%, 11/1/2042
   350,000   395,341
Series B, 5.00%, 11/1/2043
   1,070,000   1,208,614
Series C, 4.00%, 11/1/2045
   4,975,000   5,916,722
Series D, 5.00%, 11/1/2032
   715,000   882,655
Series D, 5.00%, 11/1/2033
   260,000   320,633
Series D, 5.00%, 11/1/2034
   330,000   406,535
See accompanying notes to financial statements.
19

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
San Francisco, CA, Transportation Authority Revenue

3.00%, 2/1/2034
   $ 1,845,000   $ 1,984,066
San Francisco, CA, Unified School District, General Obligation

Series F&C, 5.00%, 6/15/2028
   100,000   110,924
San Joaquin, CA

4.00%, 11/15/2030 (c)
   125,000   145,445
San Joaquin, CA, Delta Community College District, General Obligation

Series A, 5.00%, 8/1/2026
   140,000   162,504
San Joaquin, CA, Transportation Authority Revenue

5.00%, 3/1/2036
   180,000   216,235
San Jose, CA, Evergreen Community College District, General Obligation:        
5.00%, 9/1/2024
   130,000   146,052
Series B, 3.00%, 9/1/2036
   700,000   770,217
San Jose, Redevelopment Agency Successor Agency, Tax Allocation

Series B, 5.00%, 8/1/2026
   3,785,000   4,512,760
San Juan, Unified School District, General Obligation:        
2.13%, 8/1/2038
   1,000,000   1,004,044
2.25%, 8/1/2039
   2,000,000   2,020,180
2.38%, 8/1/2040
   1,000,000   1,012,073
2.38%, 8/1/2041
   2,000,000   2,020,502
San Marcos, CA, Unified School District, General Obligation:        
4.00%, 8/1/2037
   200,000   229,001
5.00%, 8/1/2035
   350,000   426,976
5.00%, 8/1/2036
   350,000   425,489
San Mateo County, CA, High School District Authority, General Obligation

Series A, 2.25%, 9/1/2042
   630,000   633,142
San Mateo County, CA, Transportation Authority Revenue:        
Series A, 5.00%, 6/1/2027
   230,000   265,326
Series A, 5.00%, 6/1/2029
   130,000   149,871
Series A, 5.00%, 6/1/2030
   160,000   184,281
San Mateo Foster, CA, Powers Financing Authority Revenue

3.00%, 6/15/2046
   850,000   906,299
San Mateo Foster, CA, Public Financing Authority Revenue:        
4.00%, 8/1/2039
   1,250,000   1,498,209
4.00%, 8/1/2044
   8,700,000   10,313,136
5.00%, 8/1/2036
   1,135,000   1,461,972
Santa Clara County, CA, Financing Authority Revenue:        
Series A, 3.00%, 5/1/2037
   550,000   596,457
See accompanying notes to financial statements.
20

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 3.25%, 4/1/2036
   $ 4,520,000   $ 4,985,066
Series A, 3.50%, 4/1/2041
   600,000   663,820
Series A, 3.63%, 4/1/2044
   640,000   709,434
Series A, 4.00%, 4/1/2037
   750,000   872,215
Series Q, 2.50%, 5/15/2029
   140,000   146,223
Series Q, 4.00%, 5/15/2031
   1,815,000   2,014,029
Series Q, 4.00%, 5/15/2033
   300,000   332,242
Santa Clara County, CA, General Obligation:        
Series C, 3.00%, 8/1/2035
   260,000   283,115
Series C, 3.25%, 8/1/2039
   150,000   163,192
Series C, 5.00%, 8/1/2030
   125,000   153,636
Santa Clara County, Valley Transportation Authority Revenue

Series A, 5.00%, 6/1/2024
   510,000   567,352
Santa Clara, CA, Unified School District, General Obligation

3.00%, 7/1/2036
   250,000   268,079
Santa Clarita Community College District, General Obligation

3.00%, 8/1/2044
   800,000   850,046
Santa Monica Community College District, General Obligation:        
3.00%, 8/1/2042
   1,575,000   1,707,225
Series A, 4.00%, 8/1/2039
   2,350,000   2,754,274
Series A, 5.00%, 8/1/2043
   1,750,000   2,161,363
Series D, 5.00%, 8/1/2043
   1,025,000   1,101,937
Sequoia, CA, Union High School District, General Obligation:        
3.00%, 7/1/2043
   260,000   273,600
5.00%, 7/1/2027
   150,000   179,790
Sonoma County Junior College District, General Obligation

Series B, 3.00%, 8/1/2039
   5,000,000   5,462,032
South San Francisco Public Facilities Financing Authority Revenue

4.00%, 6/1/2046
   1,705,000   2,020,363
Southern California Public Power Authority Revenue

Series A, 5.00%, 7/1/2032
   635,000   729,677
Southern California Water Replenishment District Financing Authority Revenue

5.00%, 8/1/2041
   260,000   297,010
Southern California, State Public Power Authority Revenue

5.00%, 4/1/2024
   1,795,000   1,962,619
Southern, CA, Public Power Authority Revenue

Series C, 5.00%, 7/1/2027
   110,000   124,754
State Center Community College District, General Obligation:        
Series B, 3.00%, 8/1/2037
   2,000,000   2,243,033
Series B, 3.00%, 8/1/2038
   1,865,000   2,062,578
See accompanying notes to financial statements.
21

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
State of California Department of Water Resources Revenue

Series AX, 5.00%, 12/1/2024
   $ 2,000,000   $ 2,266,879
State of California, General Obligation:        
4.00%, 3/1/2024
   2,000,000   2,157,798
4.00%, 10/1/2033
   900,000   1,116,606
4.00%, 10/1/2034
   900,000   1,110,701
4.00%, 10/1/2035
   1,700,000   2,094,741
4.00%, 11/1/2035
   2,440,000   2,998,130
4.00%, 10/1/2036
   800,000   981,586
4.00%, 10/1/2039
   640,000   778,515
4.00%, 3/1/2046
   750,000   883,447
5.00%, 10/1/2022
   1,250,000   1,295,173
5.00%, 4/1/2023
   755,000   799,896
5.00%, 11/1/2027
   1,375,000   1,708,017
5.00%, 4/1/2028
   2,955,000   3,711,043
5.00%, 8/1/2029
   760,000   905,751
5.00%, 9/1/2029
   800,000   1,037,288
5.00%, 11/1/2029
   3,005,000   3,862,962
5.00%, 11/1/2031
   1,195,000   1,548,404
5.00%, 10/1/2033
   615,000   675,370
5.00%, 3/1/2034
   810,000   1,053,184
5.00%, 12/1/2034
   3,770,000   4,743,865
5.00%, 9/1/2041
   1,500,000   1,986,764
5.00%, 12/1/2043
   800,000   1,039,400
Sunnyvale, CL, Financing Authority Revenue

4.00%, 4/1/2045
   500,000   582,119
Sweetwater, CA, Union High School District, General Obligation

Series B, 3.38%, 8/1/2040 (c)
   125,000   131,358
Turlock Irrigation District Revenue

5.00%, 1/1/2037
   700,000   899,334
University of California, Revenue:        
5.00%, 11/1/2033
   350,000   395,840
Series A, 3.13%, 11/1/2036
   225,000   240,098
Series A, 3.20%, 11/1/2037
   270,000   288,617
Series A, 4.00%, 11/1/2035
   300,000   338,628
Series A, 4.00%, 11/1/2037
   555,000   625,163
Series A, 5.00%, 11/1/2022
   500,000   520,033
Series A, 5.00%, 11/1/2023
   1,000,000   1,085,975
Series A, 5.00%, 11/1/2025
   1,140,000   1,337,047
Series A, 5.00%, 11/1/2028
   120,000   142,381
Series A, 5.00%, 11/1/2031
   205,000   250,407
Series A, 5.00%, 11/1/2032
   120,000   139,846
See accompanying notes to financial statements.
22

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 11/1/2035
   $ 1,450,000   $ 1,801,704
Series A, 5.00%, 11/1/2036
   265,000   311,940
Series A, 5.00%, 11/1/2037
   5,400,000   6,920,300
Series A, 5.00%, 11/1/2038
   165,000   191,540
Series A, 5.00%, 11/1/2041
   1,940,000   2,278,213
Series A, 5.00%, 11/1/2043
   1,125,000   1,382,418
Series AM, 5.00%, 5/15/2027
   200,000   221,493
Series AO, 5.00%, 5/15/2026
   110,000   126,615
Series AO, 5.00%, 5/15/2032
   100,000   114,562
Series AO, 5.00%, 5/15/2040
   110,000   125,623
Series AR, 4.00%, 5/15/2037
   570,000   637,512
Series AR, 5.00%, 5/15/2030
   580,000   689,287
Series AR, 5.00%, 5/15/2032
   120,000   142,497
Series AR, 5.00%, 5/15/2034
   500,000   593,263
Series AR, 5.00%, 5/15/2041
   495,000   583,352
Series AV, 5.00%, 5/15/2042
   2,065,000   2,497,218
Series AY, 4.00%, 5/15/2035
   100,000   115,142
Series AY, 5.00%, 5/15/2037
   1,320,000   1,603,988
Series AZ, 5.00%, 5/15/2043
   5,700,000   7,033,838
Series BE, 5.00%, 5/15/2038
   5,000,000   6,471,319
Series BE, 5.00%, 5/15/2043
   850,000   1,088,168
Series BH, 4.00%, 5/15/2046
   1,720,000   2,056,342
Series C, 4.00%, 11/1/2045
   1,210,000   1,434,681
Series I, 4.00%, 5/15/2045
   200,000   219,082
Series I, 5.00%, 5/15/2027
   145,000   166,534
Series I, 5.00%, 5/15/2030
   180,000   206,212
Series I, 5.00%, 5/15/2031
   335,000   383,542
Series I, 5.00%, 5/15/2032
   145,000   165,906
Series K, 4.00%, 5/15/2036
   265,000   298,428
Series K, 4.00%, 5/15/2046
   315,000   350,980
Series K, 5.00%, 5/15/2031
   460,000   545,584
Series K, 5.00%, 5/15/2033
   800,000   947,703
Series M, 5.00%, 5/15/2028
   100,000   122,396
Series M, 5.00%, 5/15/2030
   200,000   244,438
Series M, 5.00%, 5/15/2032
   295,000   359,158
Series M, 5.00%, 5/15/2036
   250,000   303,347
Series M, 5.00%, 5/15/2042
   9,295,000   11,213,495
Series O, 4.00%, 5/15/2048
   250,000   287,095
Series O, 5.00%, 5/15/2039
   2,200,000   2,722,132
Victor Valley, CA, Community College District, General Obligation

Series C, 4.00%, 8/1/2032
   450,000   511,114
See accompanying notes to financial statements.
23

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Washington CA, Township Health Care District, General Obligation

Series B, 3.75%, 8/1/2040
   $ 275,000   $ 295,991
West Basin, CA, Municipal Water District Revenue

Series A, 5.00%, 8/1/2029
   165,000   193,345
West Contra, CA, Costa Unified School District, General Obligation:        
Series A, 5.00%, 8/1/2030
   200,000   230,309
Series A, 5.00%, 8/1/2031
   295,000   339,763
Series A, 5.00%, 8/1/2035
   265,000   304,861
West Valley-Mission Community College District, CA, General Obligation:        
Series A, 4.00%, 8/1/2022
   575,000   587,817
Series C, 4.00%, 8/1/2032
   5,000,000   5,703,139
Series C, 4.00%, 8/1/2034
   3,065,000   3,484,296
Yosemite, CA, Community College District, General Obligation

5.00%, 8/1/2028
   195,000   225,516
          844,304,772
COLORADO — 2.5%        
Adams & Arapahoe, Joint School District 28J Aurora, General Obligation:        
Series A, 5.00%, 12/1/2030
   1,145,000   1,376,825
Series A, 5.00%, 12/1/2031
   485,000   582,678
Adams County School District No 1, General Obligation

Series B, 5.00%, 12/1/2036
   350,000   417,320
Adams, CO, 12 Five Star Schools, General Obligation

Series B, 5.00%, 12/15/2029
   190,000   228,722
Arapahoe County, CO, School District No. 6, General Obligation:        
Series A, 5.00%, 12/1/2025
   925,000   1,084,844
Series A, 5.50%, 12/1/2027
   2,780,000   3,539,102
Series A, 5.50%, 12/1/2028
   2,525,000   3,307,387
Aurora, CO, Water Revenue

5.00%, 8/1/2036
   125,000   149,971
Boulder Larimer & Weld Counties, State Vrain Valley School District Re1J, General Obligation:        
Series A, 5.00%, 12/15/2028
   140,000   163,091
Series C, 5.00%, 12/15/2028
   1,800,000   2,176,577
Boulder Valley, School District No Re-2 Boulder, General Obligation:        
Series A, 5.00%, 12/1/2038
   1,195,000   1,441,217
Series A, 5.00%, 12/1/2042
   245,000   293,908
Series B, 4.00%, 12/1/2027
   130,000   151,493
See accompanying notes to financial statements.
24

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 5.00%, 12/1/2022
   $ 520,000   $ 542,910
City & County of Broomfield CO Water Revenue

4.00%, 12/1/2043
   920,000   1,121,284
City & County of Denver CO Revenue

4.00%, 8/1/2041
   1,145,000   1,382,796
City of Colorado Springs CO Utilities System Revenue

Series A, 5.00%, 11/15/2030
   1,000,000   1,331,393
Colorado Springs, CO, Utilities System Revenue

Series A-1, 5.00%, 11/15/2023
   530,000   576,066
Colorado, State:        
Series A, 3.00%, 12/15/2036
   570,000   632,967
Series A, 4.00%, 12/15/2037
   4,800,000   5,625,009
Series A, 4.00%, 12/15/2040
   3,640,000   4,434,110
Series A, 5.00%, 12/15/2030
   1,000,000   1,263,458
Series A, 5.00%, 12/15/2033
   950,000   1,250,627
Colorado, State Board of Governors University Enterprise System Revenue

Series A, 4.00%, 3/1/2044
   500,000   566,677
Colorado, State Building Excellent Schools Today:        
Series L, 5.00%, 3/15/2025
   150,000   171,428
Series L, 5.00%, 3/15/2027
   600,000   730,672
Series M, 5.00%, 3/15/2031
   500,000   617,557
Series R, 4.00%, 3/15/2045
   6,850,000   8,014,849
Danver, CO, City & County, Revenue:        
Series A, 4.00%, 8/1/2038
   2,415,000   2,935,083
Series A, 4.00%, 8/1/2039
   2,745,000   3,329,070
Series A-2, Zero Coupon, 8/1/2034
   1,800,000   1,230,393
Series A-2, Zero Coupon, 8/1/2035
   3,160,000   2,064,194
Series A-2, Zero Coupon, 8/1/2038
   3,000,000   1,702,696
Series A-2, Zero Coupon, 8/1/2039
   3,000,000   1,626,365
Denver, CO, City & County School District No. 1, General Obligation:        
3.00%, 12/1/2036
   525,000   592,029
3.00%, 12/1/2043
   1,220,000   1,339,678
4.00%, 12/1/2037
   2,450,000   2,982,785
4.00%, 12/1/2045
   775,000   927,948
5.00%, 12/1/2029
   255,000   306,629
5.00%, 12/1/2038
   1,375,000   1,804,492
Series A, 5.50%, 12/1/2024
   260,000   298,124
Series A, 5.50%, 12/1/2028
   100,000   127,275
See accompanying notes to financial statements.
25

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
El Paso, CO, County School District No. 20 Academy, General Obligation

5.00%, 12/15/2029
   $ 115,000   $ 138,686
Jefferson County, School District R-1, General Obligation

4.00%, 12/15/2040
   2,300,000   2,786,854
Larimer Weld & Boulder County School District R-2J Thompson, General Obligation:        
5.00%, 12/15/2036
   1,000,000   1,257,424
5.00%, 12/15/2037
   1,000,000   1,255,180
5.00%, 12/15/2038
   1,050,000   1,316,075
Mesa County, CO, Valley School District No. 51 Grand Junction, General Obligation:        
5.00%, 12/1/2029
   200,000   247,997
5.00%, 12/1/2030
   160,000   197,830
5.25%, 12/1/2032
   100,000   125,121
5.25%, 12/1/2033
   250,000   312,442
5.50%, 12/1/2035
   160,000   202,518
5.50%, 12/1/2037
   500,000   633,517
Metro Wastewater Reclamation District Revenue

Series A, 2.00%, 4/1/2039
   535,000   537,230
Pueblo Country, CL, City Schools, General Obligation

3.00%, 12/15/2037
   800,000   889,874
Regional, CO, Transportation District, Revenue:        
Series B, 4.00%, 11/1/2036
   1,210,000   1,395,195
Series B, 5.00%, 11/1/2033
   500,000   612,961
State of Colorado:        
Series A, COPs, 4.00%, 12/15/2038
   2,280,000   2,751,469
Series A, COPs, 4.00%, 12/15/2039
   1,400,000   1,679,716
Series A, 5.00%, 12/15/2030
   4,000,000   5,303,083
University of Colorado, Revenue:        
Series A, 5.00%, 6/1/2027
   140,000   161,040
Series A-2, 3.00%, 6/1/2033
   75,000   78,033
Series A-2, 3.25%, 6/1/2037
   340,000   355,705
Series A-2, 4.00%, 6/1/2038
   505,000   588,950
Series A-2, 4.00%, 6/1/2043
   310,000   358,350
Series A-2, 5.00%, 6/1/2023
   275,000   293,301
Series B-1, 2.50%, 6/1/2028
   175,000   186,779
Series B-1, 2.75%, 6/1/2029
   320,000   343,749
Series B-1, 4.00%, 6/1/2036
   105,000   120,747
Series B-1, 4.00%, 6/1/2038
   415,000   467,624
Weld County School District No 6 Greeley, General Obligation

4.00%, 12/1/2045
   1,210,000   1,461,215
See accompanying notes to financial statements.
26

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Weld County, CO, School District No. RE-4, General Obligation

5.25%, 12/1/2041
   $ 100,000   $ 120,218
Weld County, CO, School District No. RE-5J, General Obligation

4.00%, 12/1/2045
   635,000   751,644
Weld County, CO, School District No.6, Greeley, General Obligation

5.00%, 12/1/2036
   1,840,000   2,368,268
Windy Gap Firming Project Water Activity Enterprise, Revenue:        
4.00%, 7/15/2039
   5,000,000   6,083,987
5.00%, 7/15/2038
   3,200,000   4,234,913
5.00%, 7/15/2046
   1,000,000   1,301,597
          105,360,991
CONNECTICUT — 2.5%        
Connecticut State Health & Educational Facilities Authority, Revenue:        
Series 2010-A-, 0.25%, 7/1/2049 (b)
   3,180,000   3,165,850
Series X-2-REM, 0.25%, 7/1/2037 (b)
   3,250,000   3,236,214
Connecticut, State Clean Water Fund, Revenue:        
Series A, 5.00%, 2/1/2023
   1,000,000   1,051,721
Series A, 5.00%, 2/1/2029
   2,500,000   3,205,629
Series A, 5.00%, 3/1/2029
   50,000   56,945
Series A, 5.00%, 2/1/2039
   3,000,000   3,776,845
Series B, 5.00%, 6/1/2026
   2,080,000   2,481,402
Connecticut, State General Obligation:        
Series B, 4.00%, 6/1/2024
   1,375,000   1,493,883
Series B, 4.00%, 6/1/2030
   750,000   916,926
Connecticut, State Health & Educational Facility Authority Revenue:        
5.00%, 7/1/2029
   550,000   711,951
Series 2015-A-REMK 0, 0.38%, 7/1/2035 (b)
   4,000,000   3,992,558
Series S-RE, 5.00%, 7/1/2027
   760,000   935,277
Hartford County, CT, General Obligation

Series C, 4.00%, 11/1/2034 (c)
   430,000   484,654
Metropolitan Council, Minneapolis-Saint Paul, MN, Metropolitan Area, General Obligation

Series A, 4.00%, 9/1/2037
   2,790,000   3,402,204
South Central Connecticut Regional Water Authority Revenue:        
Series B, 4.00%, 8/1/2036
   295,000   334,679
Series B, 5.00%, 8/1/2029
   500,000   595,889
State of Connecticut, General Obligation:        
3.00%, 1/15/2037
   615,000   678,122
3.00%, 1/15/2039
   800,000   867,434
See accompanying notes to financial statements.
27

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
4.00%, 1/15/2025 (d)
   $ 425,000   $ 469,965
4.00%, 1/15/2026 (d)
   4,500,000   5,103,641
4.00%, 1/15/2028 (d)
   4,400,000   5,189,922
4.00%, 1/15/2035
   510,000   609,932
4.00%, 6/1/2037
   825,000   989,124
Series 2021 A, 3.00%, 1/15/2023
   1,000,000   1,028,428
Series 2021 A, 3.00%, 1/15/2032
   4,825,000   5,419,293
Series 2021 A, 3.00%, 1/15/2040
   5,000,000   5,460,143
Series B, 3.00%, 6/1/2039
   1,650,000   1,810,921
Series B, 3.00%, 6/1/2040
   2,000,000   2,191,085
Series B, 5.00%, 6/1/2041
   1,470,000   1,918,886
State of Connecticut, Special Tax Revenue:        
3.13%, 5/1/2040
   500,000   547,481
4.00%, 5/1/2036
   1,000,000   1,199,640
4.00%, 5/1/2039
   800,000   962,251
4.00%, 5/1/2040
   1,000,000   1,200,715
4.00%, 11/1/2040
   800,000   968,500
5.00%, 11/1/2032
   1,000,000   1,345,092
5.00%, 11/1/2033
   1,200,000   1,608,543
5.00%, 5/1/2035
   1,010,000   1,301,600
5.00%, 5/1/2040
   500,000   637,959
Series A, 4.00%, 5/1/2037
   5,000,000   6,042,625
Series A, 5.00%, 5/1/2032
   4,130,000   5,492,566
Series A, 5.00%, 5/1/2033
   1,025,000   1,358,396
Series A, 5.00%, 5/1/2034
   2,500,000   3,304,426
Series A, 5.00%, 5/1/2035
   5,295,000   6,985,443
Series A, 5.00%, 5/1/2041
   6,700,000   8,729,011
Series C, 5.00%, 10/1/2024
   515,000   578,508
Series C, 5.00%, 1/1/2032
   1,800,000   2,425,530
          106,267,809
DELAWARE — 0.3%        
Delaware, State General Obligation:        
3.00%, 3/1/2032
   50,000   55,021
3.13%, 3/1/2033
   345,000   381,337
3.25%, 3/1/2035
   385,000   426,954
3.25%, 3/1/2037
   135,000   149,262
5.00%, 2/1/2026
   2,000,000   2,364,803
Series A, 2.00%, 1/1/2036
   825,000   836,254
Series A, 5.00%, 2/1/2023
   550,000   578,569
Series A, 5.00%, 1/1/2025
   805,000   916,073
Series A, 5.00%, 2/1/2026
   900,000   1,064,161
See accompanying notes to financial statements.
28

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 2/1/2029
   $ 495,000   $ 616,151
Series A, 5.00%, 2/1/2032
   300,000   370,451
Series A, 5.00%, 2/1/2036
   1,000,000   1,227,521
Series A, 5.00%, 2/1/2037
   725,000   888,541
Delaware, State Transportation Authority System Revenue:        
4.00%, 7/1/2040
   1,665,000   1,993,253
5.00%, 7/1/2027
   320,000   381,979
5.00%, 7/1/2030
   1,000,000   1,324,471
          13,574,801
DISTRICT OF COLUMBIA — 1.9%        
District of Columbia, General Obligation:        
5.00%, 10/15/2044
   2,100,000   2,639,637
Series A, 4.00%, 6/1/2035
   225,000   256,158
Series A, 4.00%, 6/1/2037
   285,000   329,164
Series A, 4.00%, 6/1/2041
   325,000   368,047
Series A, 5.00%, 6/1/2022
   390,000   397,746
Series A, 5.00%, 6/1/2030
   1,085,000   1,321,984
Series A, 5.00%, 6/1/2032
   330,000   401,181
Series A, 5.00%, 6/1/2033
   300,000   364,629
Series A, 5.00%, 6/1/2034
   225,000   273,545
Series A, 5.00%, 6/1/2035
   1,000,000   1,215,548
Series A, 5.00%, 6/1/2037
   2,435,000   2,942,688
Series A, 5.00%, 6/1/2038
   500,000   569,677
Series A, 5.00%, 10/15/2038
   750,000   951,171
Series A, 5.00%, 6/1/2041
   285,000   333,884
Series A, 5.00%, 6/1/2043
   5,380,000   6,625,030
Series B, 5.00%, 6/1/2026
   985,000   1,175,562
Series D, 4.00%, 6/1/2033
   1,230,000   1,428,094
Series D, 4.00%, 6/1/2034
   400,000   463,859
Series D, 5.00%, 6/1/2022
   320,000   326,356
Series D, 5.00%, 6/1/2023
   100,000   106,714
Series D, 5.00%, 6/1/2032
   505,000   613,929
Series D, 5.00%, 6/1/2035
   1,000,000   1,215,548
Series D, 5.00%, 6/1/2036
   3,555,000   4,313,924
Series D, 5.00%, 6/1/2038
   1,000,000   1,214,252
Series D, 5.00%, 6/1/2041
   500,000   595,384
Series D, 5.00%, 6/1/2042
   4,680,000   5,660,663
Series E, 5.00%, 6/1/2024
   900,000   1,000,748
Series E, 5.00%, 6/1/2025
   170,000   196,236
Series E, 5.00%, 6/1/2032
   145,000   174,280
See accompanying notes to financial statements.
29

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
District of Columbia, Revenue:        
5.00%, 3/1/2033
   $ 555,000   $ 714,800
5.00%, 5/1/2045
   1,170,000   1,492,210
Series A, 2.63%, 3/1/2045
   635,000   654,437
Series A, 4.00%, 3/1/2037
   5,000,000   5,958,725
Series A, 5.00%, 3/1/2027
   800,000   975,910
Series A, 5.00%, 3/1/2029
   875,000   1,123,437
Series A, 5.00%, 3/1/2036
   1,275,000   1,634,291
Series A, 5.00%, 3/1/2039
   500,000   642,536
Series B, 5.00%, 10/1/2027
   500,000   619,743
Series C, 4.00%, 5/1/2045
   500,000   592,634
Series C, 5.00%, 10/1/2029
   780,000   1,014,504
Series C, 5.00%, 10/1/2032
   2,000,000   2,581,909
Series C, 5.00%, 5/1/2037
   1,350,000   1,748,393
District of Columbia, Water & Sewer Authority Revenue:        
Series A, 3.25%, 10/1/2037
   180,000   194,086
Series A, 5.00%, 10/1/2032
   300,000   352,945
Series A, 5.00%, 10/1/2035
   675,000   791,348
Series A, 5.00%, 10/1/2036
   470,000   550,799
Series A, 5.00%, 10/1/2039
   485,000   567,052
Series B, 5.00%, 10/1/2034
   290,000   335,981
Series B, 5.00%, 10/1/2043
   550,000   675,204
Series B, 5.25%, 10/1/2044
   120,000   139,842
Series C, 1.75%, 10/1/2054 (b)
   1,000,000   1,029,743
Series C, 5.00%, 10/1/2025
   110,000   123,790
Series C, 5.00%, 10/1/2030
   250,000   280,391
Series C, 5.00%, 10/1/2031
   455,000   509,782
Washington Convention & Sports Authority,Revenue

Series A, 5.00%, 10/1/2024
   500,000   560,783
Washington Metropolitan Area Transit Authority, Revenue:        
5.00%, 7/15/2045
   505,000   645,444
Series A, 3.00%, 7/15/2040
   500,000   545,148
Series A, 3.00%, 7/15/2043
   750,000   811,872
Series A, 4.00%, 7/15/2043
   800,000   957,919
Series A, 4.00%, 7/15/2046
   765,000   908,921
Series A, 5.00%, 7/15/2025
   1,000,000   1,158,936
Series A, 5.00%, 7/15/2033
   800,000   1,075,433
Series A, 5.00%, 7/15/2037
   500,000   650,542
Series A, 5.00%, 7/15/2038
   500,000   649,444
Series A, 5.00%, 7/15/2041
   900,000   1,183,762
Series A-1, 5.00%, 7/1/2024
   170,000   189,204
Series A-1, 5.00%, 7/1/2026
   250,000   297,931
See accompanying notes to financial statements.
30

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A-1, 5.00%, 7/1/2027
   $ 565,000   $ 692,231
Series B, 5.00%, 7/1/2024
   280,000   311,631
Series B, 5.00%, 7/1/2028
   535,000   654,001
Series B, 5.00%, 7/1/2029
   150,000   182,763
Series B, 5.00%, 7/1/2030
   350,000   424,751
Series B, 5.00%, 7/1/2033
   1,250,000   1,511,281
Series B, 5.00%, 7/1/2035
   2,900,000   3,499,708
Series B, 5.00%, 7/1/2037
   500,000   602,297
          80,294,132
FLORIDA — 3.3%        
Alachua County School Board

COPs, 5.00%, 7/1/2030 (c)
   715,000   936,816
Broward County, FL, School District, General Obligation

5.00%, 7/1/2042
   970,000   1,188,066
Broward County, FL, Water & Sewer Utility Revenue

Series A, 4.00%, 10/1/2043
   750,000   882,175
Central Florida Expressway Authority Revenue

4.00%, 7/1/2039 (c)
   535,000   647,922
City of Tallahassee FL Energy System Revenue:        
5.00%, 10/1/2030
   500,000   579,277
5.00%, 10/1/2031
   545,000   631,193
City of Tampa FL Water & Wastewater System Revenue:        
4.00%, 10/1/2038
   795,000   971,169
Series A, 4.00%, 10/1/2044
   2,400,000   2,896,263
County of Broward FL Tourist Development Tax Revenue:        
5.00%, 9/1/2025
   1,500,000   1,740,217
5.00%, 9/1/2026
   1,500,000   1,793,636
5.00%, 9/1/2028
   1,500,000   1,876,401
County of Hillsborough FL Revenue

3.00%, 8/1/2046
   2,250,000   2,426,376
County of Miami-Dade FL Revenue

Series C, 4.00%, 4/1/2036
   1,700,000   2,055,265
County of Miami-Dade FL Water & Sewer System Revenue:        
4.00%, 10/1/2041
   580,000   697,117
4.00%, 10/1/2042
   850,000   1,019,828
Series A, 5.00%, 10/1/2030
   835,000   969,410
Series B, 4.00%, 10/1/2037
   710,000   829,187
Series B, 5.00%, 10/1/2030
   1,170,000   1,358,335
County of Miami-Dade FL, General Obligation:        
4.00%, 7/1/2035
   830,000   1,000,132
Series A, 5.00%, 7/1/2043
   1,925,000   2,452,744
See accompanying notes to financial statements.
31

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
County of Miami-Dade Seaport Department Revenue

4.00%, 10/1/2043
   $ 800,000   $ 949,297
County of Polk FL Utility System Revenue

4.00%, 10/1/2043
   2,900,000   3,475,314
East Central Regional Wastewater Treatment Facilities Operation Board Revenue

5.00%, 10/1/2039
   220,000   247,890
Florida Department of Management Services:        
Series A, COPs, 2.00%, 11/1/2038
   725,000   710,834
Series A, COPs, 3.00%, 11/1/2035
   3,065,000   3,411,253
Series A, COPs, 3.00%, 11/1/2036
   5,005,000   5,555,071
Series A, COPs, 3.00%, 11/1/2037
   950,000   1,049,935
Florida, Department of Transportation Revenue:        
3.00%, 7/1/2034
   500,000   556,816
3.00%, 7/1/2035
   3,040,000   3,374,583
5.00%, 7/1/2032
   525,000   656,434
Florida, State Board of Education, General Obligation:        
Series A, 5.00%, 6/1/2024
   170,000   189,030
Series B, 5.00%, 6/1/2023
   195,000   208,092
Series E, 5.00%, 6/1/2022
   100,000   101,999
Florida, State Board of Education, Lottery Revenue:        
Series A, 5.00%, 7/1/2023
   335,000   358,662
Series A, 5.00%, 7/1/2024
   740,000   824,378
Series A, 5.00%, 7/1/2025
   430,000   496,856
Series A, 5.00%, 7/1/2026
   245,000   292,573
Series A, 5.00%, 7/1/2027
   515,000   633,461
Series A, 5.00%, 7/1/2028
   750,000   946,918
Series B, 5.00%, 7/1/2023
   485,000   519,257
Series B, 5.00%, 7/1/2025
   320,000   369,753
Florida, State Department of Environmental Protection Revenue:        
5.00%, 7/1/2026
   130,000   144,789
Series A, 5.00%, 7/1/2023
   270,000   289,113
Series A, 5.00%, 7/1/2025
   105,000   121,286
Series A, 5.00%, 7/1/2026
   350,000   404,813
Series A, 5.00%, 7/1/2027
   545,000   668,056
Series A, 5.00%, 7/1/2028
   275,000   345,621
Florida, State Department of Management Services:        
Series A, 5.00%, 8/1/2023
   195,000   209,508
Series A, 5.00%, 8/1/2025
   170,000   196,932
Florida, State Department of Management Services Revenue

Series A, 5.00%, 9/1/2025
   160,000   185,939
See accompanying notes to financial statements.
32

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Florida, State General Obligation:        
5.00%, 7/1/2029
   $ 500,000   $ 614,631
Series A, 4.00%, 6/1/2037
   225,000   264,422
Series A, 4.00%, 6/1/2038
   475,000   557,475
Series A, 5.00%, 6/1/2023
   635,000   677,632
Series A, 5.00%, 6/1/2027
   500,000   576,428
Series A, 5.00%, 7/1/2027
   125,000   149,702
Series B, 5.00%, 6/1/2022
   200,000   203,998
Series B, 5.00%, 6/1/2027
   100,000   110,939
Series B, 5.00%, 6/1/2028
   170,000   188,552
Series B, 5.00%, 6/1/2030
   135,000   165,207
Series C, 2.63%, 6/1/2037
   300,000   314,534
Series C, 4.00%, 6/1/2025
   10,000   10,153
Series C, 4.00%, 6/1/2031
   2,855,000   3,324,922
Series C, 5.00%, 6/1/2022
   825,000   841,490
Series C, 5.00%, 6/1/2025
   60,000   66,624
Series C, 5.00%, 6/1/2026
   175,000   194,232
Series C, 5.00%, 6/1/2027
   500,000   597,214
Series C, 5.00%, 6/1/2031
   2,000,000   2,580,116
Series D, 3.00%, 6/1/2038
   1,580,000   1,778,767
Series E, 2.38%, 6/1/2031
   295,000   309,477
Series E, 5.00%, 6/1/2024
   225,000   250,187
Series F, 5.00%, 6/1/2024
   110,000   122,314
Series F, 5.00%, 6/1/2027
   135,000   161,248
Series F, 5.00%, 6/1/2029
   125,000   148,642
Florida's Turnpike Enterprise Revenue:        
Series B, 2.00%, 7/1/2044
   565,000   537,243
Series B, 2.13%, 7/1/2046
   1,085,000   1,024,402
Series B, 3.00%, 7/1/2043
   725,000   794,621
Series B, 5.00%, 7/1/2024
   225,000   250,656
Series C, 5.00%, 7/1/2030
   300,000   356,491
Fort Lauderdale, FL, Water & Sewer Revenue

4.00%, 9/1/2043
   325,000   372,468
Gainesville, FL, Utilities System Revenue:        
Series A, 5.00%, 10/1/2023
   110,000   118,987
Series A, 5.00%, 10/1/2024
   125,000   140,451
Series A, 5.00%, 10/1/2027
   2,820,000   3,484,618
Series A, 5.00%, 10/1/2031
   790,000   967,257
Series A, 5.00%, 10/1/2032
   270,000   330,229
Series A, 5.00%, 10/1/2034
   250,000   305,773
Series A, 5.00%, 10/1/2035
   500,000   610,935
Series A, 5.00%, 10/1/2036
   500,000   610,513
See accompanying notes to financial statements.
33

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 10/1/2037
   $ 500,000   $ 609,592
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue

Series B, 5.00%, 10/1/2042
   290,000   345,827
Jacksonville, FL, Special Revenue:        
5.00%, 10/1/2031
   270,000   302,429
Series A, 5.00%, 10/1/2030
   270,000   322,541
Series A, 5.00%, 10/1/2033
   800,000   1,026,406
Series B, 5.00%, 10/1/2024
   580,000   652,202
Series B, 5.00%, 10/1/2025
   245,000   285,328
Series B, 5.00%, 10/1/2028
   500,000   598,072
Jacksonville, FL, Transit Revenue:        
5.00%, 10/1/2027
   395,000   459,221
5.00%, 10/1/2029
   685,000   794,436
Jacksonville, FL, Transportation Authority Revenue

5.00%, 8/1/2035
   385,000   442,738
JEA, FL, Electric System Revenue:        
Series A, 5.00%, 10/1/2033
   65,000   70,301
Series B, 5.00%, 10/1/2029
   215,000   264,748
Series B, 5.00%, 10/1/2030
   125,000   153,363
Series III B, 3.38%, 10/1/2034
   150,000   152,206
Series III B, 5.00%, 10/1/2026
   265,000   317,115
JEA, FL, Water & Sewer System Revenue:        
Series A, 3.25%, 10/1/2035
   100,000   101,551
Series A, 3.25%, 10/1/2036
   250,000   253,852
Series A, 3.38%, 10/1/2037
   535,000   543,618
Series A, 3.38%, 10/1/2041
   615,000   624,764
Series A, 4.00%, 10/1/2039
   425,000   483,615
Series A, 5.00%, 10/1/2028
   185,000   229,669
Series A, 5.00%, 10/1/2029
   295,000   363,444
JEA,FL, Water & Sewer System Revenue

Series A, 5.00%, 10/1/2024
   600,000   674,341
Lakeland, FL, Department of Electric Utilities Revenue:        
2.88%, 10/1/2029
   610,000   656,567
5.00%, 10/1/2025
   125,000   145,728
Miami Beach, FL, Stormwater Revenue

5.00%, 9/1/2041
   770,000   879,159
Miami Beach, FL, Water & Sewer Revenue

4.00%, 9/1/2042
   475,000   532,085
Miami-Dade County, FL, General Obligation:        
2.38%, 7/1/2040
   955,000   972,579
4.00%, 7/1/2044
   655,000   774,197
5.00%, 7/1/2029
   130,000   150,016
See accompanying notes to financial statements.
34

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 7/1/2034
   $ 500,000   $ 593,178
5.00%, 7/1/2043
   2,000,000   2,518,003
Series A, 5.00%, 7/1/2023
   200,000   214,189
Series A, 5.00%, 7/1/2028
   950,000   1,133,069
Series A, 5.00%, 7/1/2029
   210,000   249,954
Series A, 5.00%, 7/1/2035
   525,000   622,071
Series B, 4.00%, 7/1/2035
   100,000   108,323
Series B, 5.00%, 7/1/2029
   405,000   449,042
Series D, 5.00%, 7/1/2034
   515,000   610,973
Miami-Dade County, FL, Revenue:        
Series B, 3.13%, 4/1/2037
   230,000   247,607
Series B, 5.00%, 4/1/2025
   890,000   1,019,371
Series B, 5.00%, 4/1/2027
   305,000   361,213
Series B, 5.00%, 4/1/2028
   565,000   667,568
Miami-Dade County, FL, School Board, General Obligation:        
3.25%, 3/15/2033
   270,000   291,928
5.00%, 3/15/2030
   250,000   301,741
5.00%, 3/15/2036
   505,000   589,211
5.00%, 3/15/2041
   115,000   132,892
Miami-Dade County, FL, Transit System Sales Surtax Revenue:        
3.00%, 7/1/2028
   150,000   163,240
3.00%, 7/1/2038
   585,000   629,364
3.13%, 7/1/2029
   130,000   141,548
4.00%, 7/1/2038
   2,155,000   2,406,185
Series A, 4.00%, 7/1/2046
   3,000,000   3,497,294
Miami-Dade County, FL, Water & Sewer System Revenue:        
Series A, 4.00%, 10/1/2044
   500,000   567,615
Series B, 3.13%, 10/1/2039
   500,000   544,679
Series B, 4.00%, 10/1/2049
   3,000,000   3,468,893
Orange County, FL, School Board:        
Series A, 5.00%, 8/1/2032
   690,000   944,032
Series C, 5.00%, 8/1/2028
   500,000   579,868
Series C, 5.00%, 8/1/2029
   500,000   579,868
Series C, 5.00%, 8/1/2033
   450,000   532,288
Series C, 5.00%, 8/1/2034
   175,000   206,570
Series D, 5.00%, 8/1/2029
   310,000   359,518
Series D, 5.00%, 8/1/2031
   450,000   521,881
Series D, 5.00%, 8/1/2032
   110,000   127,571
Orange County, FL, Tourist Development Tax Revenue:        
5.00%, 10/1/2028
   1,485,000   1,854,626
5.00%, 10/1/2030
   280,000   364,212
See accompanying notes to financial statements.
35

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Orlando County, FL, Capital Improvement Special Revenue

Series B, 5.00%, 10/1/2043
   $ 500,000   $ 617,470
Orlando County, FL, Utilities Commission Revenue:        
Series A, 5.00%, 10/1/2029
   550,000   678,998
Series A, 5.00%, 10/1/2032
   65,000   74,132
Palm Beach County, FL, School Board:        
Series A, 5.00%, 8/1/2026
   150,000   178,841
Series A, 5.00%, 8/1/2027
   1,140,000   1,397,671
Series B, 5.00%, 8/1/2023
   115,000   123,404
Series B, 5.00%, 8/1/2028
   500,000   628,598
Series C, 5.00%, 8/1/2029
   250,000   312,356
Series D, 5.00%, 8/1/2028
   100,000   115,150
Palm Beach, FL, Revenue:        
5.00%, 5/1/2036
   395,000   462,762
5.00%, 5/1/2038
   450,000   525,114
Polk, FL, County School District Revenue:        
5.00%, 10/1/2029
   545,000   704,149
5.00%, 10/1/2031
   500,000   643,371
Port State Lucie, FL, Special Assessment:        
3.00%, 7/1/2037
   410,000   436,702
3.00%, 7/1/2041
   510,000   540,905
3.25%, 7/1/2045
   125,000   132,439
Reedy Creek, FL, Improvement District, General Obligation:        
Series A, 4.00%, 6/1/2031
   500,000   573,722
Series A, 4.00%, 6/1/2035
   375,000   424,006
Series A, 5.00%, 6/1/2033
   500,000   605,362
Series A, 5.00%, 6/1/2036
   500,000   603,984
Series A, 5.00%, 6/1/2037
   450,000   542,545
School District of Broward County, General Obligation

5.00%, 7/1/2045
   625,000   815,111
South Florida Water Management District:        
5.00%, 10/1/2027
   165,000   194,271
5.00%, 10/1/2031
   175,000   204,447
5.00%, 10/1/2032
   300,000   350,481
5.00%, 10/1/2035
   105,000   122,525
5.00%, 10/1/2036
   370,000   430,749
State of Florida Department of Transportation Revenue

3.00%, 7/1/2031
   2,005,000   2,271,050
State of Florida Department of Transportation Turnpike System Revenue

3.00%, 7/1/2046
   2,220,000   2,389,363
See accompanying notes to financial statements.
36

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
State of Florida, General Obligation

Series B, 5.00%, 6/1/2028
   $ 950,000   $ 1,198,236
Tallahassee, FL, Energy System Revenue:        
5.00%, 10/1/2029
   225,000   252,352
5.00%, 10/1/2032
   195,000   225,761
5.00%, 10/1/2036
   100,000   115,374
Tallahassee, FL, Utility System Revenue:        
5.00%, 10/1/2033
   225,000   251,959
5.00%, 10/1/2036
   600,000   670,321
Tampa, FL, Bay Water Revenue

Series A, 5.00%, 10/1/2036
   125,000   148,491
Tohopekaliga, FL, Water Authority Utility System Revenue:        
4.00%, 10/1/2034
   110,000   125,723
5.00%, 10/1/2023
   125,000   135,258
          140,563,990
GEORGIA — 2.0%        
Athens-Clarke County GA Unified Gov't Water & Sewerage Revenue

5.00%, 1/1/2025
   130,000   147,645
Atlanta, GA, Water & Wastewater System Revenue:        
5.00%, 11/1/2025
   210,000   241,061
5.00%, 7/1/2036
   660,000   834,544
Series A, 5.00%, 11/1/2034
   425,000   524,883
Series A, 5.00%, 11/1/2037
   5,000,000   6,155,843
Series B, 3.50%, 11/1/2043
   225,000   248,644
Series B, 5.00%, 11/1/2028
   560,000   691,424
Series B, 5.00%, 11/1/2033
   3,000,000   3,706,475
Series C, 4.00%, 11/1/2038
   3,140,000   3,652,617
Series F-SUB, 5.00%, 7/1/2023
   5,000,000   5,353,944
City of Atlanta GA Airport Passenger Facility Charge Revenue

Series F-SUB, 5.00%, 7/1/2022
   600,000   614,404
City of Atlanta GA Water & Wastewater Revenue

5.00%, 11/1/2030
   545,000   673,339
County of Forsyth GA, General Obligation

5.00%, 9/1/2023
   1,650,000   1,779,807
Georgia Ports Authority Revenue

3.00%, 7/1/2046
   715,000   772,746
Georgia State Road & Tollway Authority Revenue:        
Series A-BIDD, 4.00%, 7/15/2035
   500,000   623,235
Series A-BIDD, 4.00%, 7/15/2037
   9,040,000   11,216,266
Series A-BIDD, 4.00%, 7/15/2044
   510,000   621,295
See accompanying notes to financial statements.
37

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Georgia, State General Obligation:        
5.00%, 2/1/2024
   $ 2,530,000   $ 2,776,267
Series A, 5.00%, 2/1/2026
   545,000   644,167
Series A, 5.00%, 7/1/2026
   525,000   628,747
Series A, 5.00%, 7/1/2028
   900,000   1,139,553
Series A, 5.00%, 8/1/2028
   555,000   704,221
Series A, 5.00%, 7/1/2031
   165,000   207,193
Series A-1, 5.00%, 2/1/2025
   1,470,000   1,677,525
Series A-1, 5.00%, 2/1/2026
   215,000   254,121
Series A-2, 5.00%, 2/1/2025
   250,000   273,970
Series A-2, 5.00%, 2/1/2031
   505,000   611,862
Series A-2, 5.00%, 2/1/2033
   1,850,000   2,234,474
Series C, 5.00%, 7/1/2025
   4,000,000   4,633,982
Series C, 5.00%, 7/1/2030
   510,000   626,581
Series C-1, 4.00%, 1/1/2025
   300,000   332,380
Series E, 5.00%, 12/1/2025
   360,000   423,127
Series F, 5.00%, 1/1/2024
   545,000   596,236
Series F, 5.00%, 1/1/2028
   2,200,000   2,666,267
Georgia, State Private Colleges & Universities Authority Revenue:        
Series B, 3.00%, 10/1/2043
   155,000   162,103
Series B, 4.00%, 10/1/2038
   315,000   357,896
Series B, 4.00%, 9/1/2039
   4,905,000   5,872,971
Gwinnett County School District, General Obligation

4.00%, 2/1/2036
   4,000,000   4,946,376
Henry County School District, General Obligation:        
4.00%, 8/1/2024
   1,465,000   1,601,016
4.00%, 8/1/2033
   2,000,000   2,506,658
Private Colleges & Universities Authority, Revenue:        
Series B, 4.00%, 9/1/2041
   780,000   929,635
Series B, 5.00%, 9/1/2025
   860,000   997,724
State of Georgia, General Obligation:        
4.00%, 8/1/2034
   885,000   1,087,309
Series A, 3.00%, 7/1/2040
   1,825,000   2,049,711
Series A, 3.00%, 7/1/2041
   800,000   896,279
Series A, 5.00%, 7/1/2025
   580,000   671,927
Series A-BIDDING GROUP 1, 5.00%, 7/1/2029
   810,000   1,050,549
Series C, 5.00%, 7/1/2026
   1,010,000   1,209,590
Series E, 5.00%, 12/1/2023
   2,000,000   2,180,579
          84,809,168
See accompanying notes to financial statements.
38

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
HAWAII — 0.9%        
City & County Honolulu HI Wastewater System Revenue:        
5.00%, 7/1/2036
   $ 1,000,000   $ 1,271,003
Series A, 4.00%, 7/1/2044
   500,000   589,022
City & County of Honolulu HI, General Obligation:        
5.00%, 9/1/2030
   775,000   974,989
VRN, 5.00%, 9/1/2030 (b)
   1,200,000   1,277,569
Hawaii, State General Obligation:        
5.00%, 10/1/2030
   660,000   811,416
Series EO, 5.00%, 8/1/2026
   185,000   206,305
Series EY, 5.00%, 10/1/2026
   640,000   746,125
Series EY, 5.00%, 10/1/2027
   675,000   785,017
Series FB, 4.00%, 4/1/2029
   495,000   561,961
Series FE, 5.00%, 10/1/2024
   260,000   292,671
Series FG, 4.00%, 10/1/2032
   300,000   342,797
Series FG, 5.00%, 10/1/2029
   395,000   473,088
Series FH, 4.00%, 10/1/2031
   285,000   326,371
Series FH, 5.00%, 10/1/2027
   370,000   445,446
Series FK, 4.00%, 5/1/2023
   110,000   115,494
Series FK, 5.00%, 5/1/2034
   480,000   580,401
Series FN, 5.00%, 10/1/2022
   300,000   310,864
Series FN, 5.00%, 10/1/2025
   335,000   390,822
Series FT, 4.00%, 1/1/2037
   100,000   115,232
Series FT, 5.00%, 1/1/2023
   700,000   733,475
Series FT, 5.00%, 1/1/2027
   115,000   139,368
Series FT, 5.00%, 1/1/2029
   1,500,000   1,860,170
Series FT, 5.00%, 1/1/2031
   1,995,000   2,456,696
Series FT, 5.00%, 1/1/2036
   250,000   306,941
Series FW, 5.00%, 1/1/2023
   1,500,000   1,571,732
Series FW, 5.00%, 1/1/2037
   1,500,000   1,881,694
Hawaii, State Highway Revenue:        
5.00%, 1/1/2036
   500,000   655,727
Series B, 5.00%, 1/1/2025
   200,000   227,018
Series B, 5.00%, 1/1/2027
   215,000   256,537
Series B, 5.00%, 1/1/2029
   265,000   314,643
Honolulu, HI, City & County Board of Water Supply Revenue

Series A, 5.00%, 7/1/2029
   65,000   72,498
Honolulu, HI, City & County Wastewater System Revenue:        
Series A, 4.00%, 7/1/2042
   305,000   350,822
Series A, 5.00%, 7/1/2035
   500,000   611,530
Series A, 5.00%, 7/1/2036
   255,000   300,173
Series A, 5.00%, 7/1/2037
   2,115,000   2,578,934
See accompanying notes to financial statements.
39

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 4.00%, 7/1/2032
   $ 560,000   $ 634,644
Series B, 4.00%, 7/1/2033
   1,810,000   2,048,700
Series B, 5.00%, 7/1/2022
   100,000   102,396
Series B, 5.00%, 7/1/2024
   170,000   189,429
Honolulu, HI, City & County, General Obligation:        
5.00%, 3/1/2031
   500,000   650,982
Series A, 5.00%, 10/1/2028
   150,000   173,964
Series A, 5.00%, 10/1/2032
   185,000   213,516
Series A, 5.00%, 9/1/2034
   1,750,000   2,186,952
Series B, 5.00%, 10/1/2029
   530,000   614,460
Series B, 5.00%, 10/1/2030
   210,000   242,959
Series C, 3.00%, 8/1/2040
   1,000,000   1,094,498
Series C, 5.00%, 7/1/2035
   915,000   1,189,922
Series C, 5.00%, 7/1/2038
   3,000,000   3,870,500
Series D, 5.00%, 9/1/2023
   320,000   344,952
University of Hawaii, Revenue

Series E, 5.00%, 10/1/2030
   525,000   625,445
          39,117,870
IDAHO — 0.0% (a)        
Ada & Boise Counties, Independent School District Boise, General Obligation:        
5.00%, 8/1/2029
   80,000   96,711
5.00%, 8/1/2030
   250,000   301,010
          397,721
ILLINOIS — 1.8%        
Champaign County Community Unit School District No 4 Champaign, General Obligation:        
5.00%, 1/1/2027
   730,000   858,529
5.00%, 1/1/2031
   545,000   636,016
Chicago, IL, Waterworks Revenue

5.25%, 11/1/2031 (c)
   250,000   309,081
Cook County, IL, Revenue

4.00%, 11/15/2039
   690,000   779,650
Cook Kane Lake & McHenry Counties, IL, Community College District No. 512, General Obligation

Series B, 5.00%, 12/1/2028
   535,000   679,178
County of Cook IL Sales Tax Revenue:        
Series A, 4.00%, 11/15/2039
   4,850,000   5,722,728
Series A, 4.00%, 11/15/2040
   3,745,000   4,404,818
Illinois, State Finance Authority Revenue:        
4.00%, 1/1/2023
   275,000   285,315
See accompanying notes to financial statements.
40

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
4.00%, 1/1/2025
   $ 350,000   $ 386,783
4.00%, 7/1/2025
   385,000   431,265
4.00%, 12/1/2035
   620,000   741,551
4.00%, 12/1/2036
   2,000,000   2,383,718
4.00%, 7/1/2037
   1,500,000   1,822,012
4.00%, 7/1/2038
   2,250,000   2,661,383
4.00%, 7/1/2039
   1,215,000   1,464,527
4.00%, 7/1/2040
   500,000   601,665
5.00%, 1/1/2022
   170,000   170,000
5.00%, 1/1/2023
   1,020,000   1,068,359
5.00%, 7/1/2023
   165,000   176,603
5.00%, 1/1/2024
   455,000   496,725
5.00%, 7/1/2024
   430,000   478,803
5.00%, 7/1/2025
   150,000   173,209
5.00%, 7/1/2026
   390,000   465,346
5.00%, 1/1/2027
   285,000   333,823
5.00%, 7/1/2027
   1,065,000   1,297,451
5.00%, 1/1/2028
   250,000   301,619
5.00%, 7/1/2028
   125,000   145,983
5.00%, 7/1/2029
   165,000   192,626
5.00%, 1/1/2030
   350,000   408,601
5.00%, 7/1/2030
   400,000   514,405
5.00%, 7/1/2031
   2,000,000   2,570,812
5.00%, 7/1/2032
   3,265,000   4,143,837
5.00%, 7/1/2033
   1,120,000   1,383,526
5.00%, 7/1/2034
   2,575,000   3,291,949
5.00%, 7/1/2036
   1,975,000   2,506,616
5.00%, 7/1/2039
   1,110,000   1,407,266
Series A, 5.00%, 10/1/2032
   750,000   1,023,472
Illinois, State Toll Highway Authority Revenue:        
Series A, 4.00%, 1/1/2039
   1,250,000   1,466,319
Series A, 5.00%, 12/1/2032
   60,000   69,686
Series A, 5.00%, 1/1/2035
   480,000   585,772
Series A, 5.00%, 1/1/2042
   1,050,000   1,264,581
Series B, 5.00%, 1/1/2030
   935,000   1,206,757
Series B, 5.00%, 1/1/2036
   1,060,000   1,231,508
Series B, 5.00%, 1/1/2037
   445,000   492,772
Series B, 5.00%, 1/1/2040
   835,000   963,750
Series C, 5.00%, 1/1/2028
   315,000   355,643
Series C, 5.00%, 1/1/2036
   215,000   241,377
See accompanying notes to financial statements.
41

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Kane, Cook & DuPage Counties School District No. U-46 Elgin, General Obligation:        
Series A, 5.00%, 1/1/2030
   $ 385,000   $ 419,017
Series D, 5.00%, 1/1/2032
   410,000   445,969
Series D, 5.00%, 1/1/2035
   485,000   526,739
Kane, McHenry Cook & De Kalb Counties Unit School District No. 300, General Obligation

5.00%, 1/1/2027
   300,000   339,952
Kendall Kane & Will Counties, IL, Community Unit School District No. 308, General Obligation

4.00%, 2/1/2032
   510,000   568,230
Metropolitan Water Reclamation District of Greater Chicago, General Obligation:        
Series A, 5.00%, 12/1/2024
   470,000   531,692
Series A, 5.00%, 12/1/2028
   350,000   422,364
Sales Tax Securitization Corp., Revenue:        
Series A, 4.00%, 1/1/2040
   4,350,000   5,124,264
Series A, 5.00%, 1/1/2028
   2,000,000   2,460,856
Series A, 5.00%, 1/1/2029
   3,825,000   4,789,523
Series A, 5.00%, 1/1/2030
   1,950,000   2,384,934
Series A, 5.00%, 1/1/2035
   725,000   882,417
Series A, 5.00%, 1/1/2036
   500,000   607,404
Series A, 5.00%, 1/1/2037
   900,000   1,157,866
Series A, 5.00%, 1/1/2038
   1,015,000   1,229,576
State of Illinois Sales Tax Revenue

Series C, 5.00%, 6/15/2022
   205,000   209,343
University of Illinois Revenue

Series A, 4.00%, 4/1/2035
   250,000   278,377
          76,975,938
INDIANA — 0.5%        
Hammond, Multi-School Building Corp. Revenue

5.00%, 7/15/2038
   3,105,000   3,747,493
Indiana, Finance Authority Revenue:        
4.00%, 10/1/2039
   500,000   607,090
4.00%, 8/1/2041
   300,000   346,402
5.00%, 2/1/2027
   110,000   132,048
5.00%, 2/1/2033
   925,000   1,149,232
Series A, 5.00%, 6/1/2028
   145,000   180,571
Series A, 5.00%, 6/1/2035
   145,000   178,317
Series A, 5.00%, 2/1/2037
   975,000   1,230,455
Series C, 5.00%, 12/1/2023
   145,000   158,034
Series C, 5.00%, 12/1/2024
   380,000   430,944
See accompanying notes to financial statements.
42

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 5.00%, 12/1/2025
   $ 385,000   $ 452,511
Series C, 5.00%, 6/1/2027
   225,000   272,451
Series C, 5.00%, 6/1/2028
   270,000   326,099
Series C, 5.00%, 2/1/2029
   795,000   993,849
Series C, 5.00%, 2/1/2030
   2,310,000   2,878,831
Indiana, University Revenue:        
Series A, 5.00%, 6/1/2023
   100,000   106,670
Series A, 5.00%, 6/1/2041
   2,510,000   2,938,155
Series W-2, 5.00%, 8/1/2026
   340,000   380,085
Indianapolis City, Public Utilities Water System Revenue

Series A, 5.00%, 10/1/2033
   1,000,000   1,254,499
Indianapolis, IN, Local Public Improvement Bond Bank Revenue:        
4.00%, 1/1/2037
   670,000   767,484
Series A, 4.00%, 2/1/2038
   500,000   586,213
Series A, 5.00%, 2/1/2023
   605,000   636,022
Series A, 5.00%, 2/1/2030
   500,000   636,889
Series A, 5.00%, 2/1/2044
   2,010,000   2,488,074
Purdue University Authority Revenue

Series EE, 5.00%, 7/1/2035
   500,000   652,573
          23,530,991
IOWA — 0.5%        
Iowa, Finance Authority Revenue:        
5.00%, 8/1/2023
   100,000   107,424
5.00%, 8/1/2024
   625,000   698,857
5.00%, 8/1/2037
   350,000   425,825
5.00%, 8/1/2046
   760,000   993,346
Series A, 5.00%, 8/1/2034
   500,000   659,720
Series A, 5.00%, 8/1/2035
   4,095,000   5,386,834
Series A, 5.00%, 8/1/2039
   3,750,000   4,981,496
Iowa, Higher Education Loan Authority Revenue

5.00%, 12/1/2041
   400,000   476,307
Iowa, State General Obligation

Series A, 5.00%, 6/1/2034
   5,000,000   6,513,725
Iowa, State Revenue:        
5.00%, 6/15/2023
   100,000   106,816
Series A, 5.00%, 6/1/2028
   100,000   118,693
          20,469,043
KANSAS — 0.4%        
Butler County, KS, Unified School District No. 385 Andover, General Obligation

5.00%, 9/1/2034
   350,000   433,303
See accompanying notes to financial statements.
43

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Johnson & Miami Counties, KS, Unified School District No. 230 Spring Hills, General Obligation:        
Series B, 4.00%, 9/1/2035
   $ 1,200,000   $ 1,357,535
Series B, 4.00%, 9/1/2036
   575,000   649,790
Johnson County KS General Obligation

Series A, 5.00%, 9/1/2029
   550,000   680,922
Johnson County, KS, Unified School District No. 512 Shawnee Mission, General Obligation

Series B, 4.00%, 10/1/2036
   420,000   481,862
Johnson County, Unified School District No. 233, General Obligation

Series B, 5.00%, 9/1/2023
   200,000   215,595
Kansas, Development Finance Authority Revenue

5.00%, 5/1/2023
   1,790,000   1,900,853
Kansas, State Department of Transportation, Highway Revenue:        
5.00%, 9/1/2026
   490,000   569,459
5.00%, 9/1/2027
   390,000   452,429
5.00%, 9/1/2030
   660,000   763,463
5.00%, 9/1/2034
   270,000   312,173
Series A, 3.00%, 9/1/2024
   150,000   160,299
Series A, 5.00%, 9/1/2026
   1,700,000   2,037,107
Series A, 5.00%, 9/1/2029
   290,000   324,814
Series A, 5.00%, 9/1/2035
   1,280,000   1,559,314
Series A, 5.00%, 9/1/2037
   275,000   333,921
Sedgwick County Unified School District No. 259 Wichita, General Obligation

Series A, 4.00%, 10/1/2024
   105,000   115,243
Wyandotte, County Unified School District No 500 Kansas City, General Obligation

Series A, 4.13%, 9/1/2037
   2,575,000   2,919,537
          15,267,619
KENTUCKY — 0.0% (a)        
Kentucky, State Turnpike Authority Revenue:        
Series A, 5.00%, 7/1/2024
   100,000   111,033
Series A, 5.00%, 7/1/2025
   160,000   184,215
Series B, 5.00%, 7/1/2024
   125,000   138,791
Series B, 5.00%, 7/1/2025
   230,000   264,809
Series B, 5.00%, 7/1/2026
   120,000   142,538
Louisville and Jefferson County Metropolitan Sewer District Revenue

Series A, 2.25%, 5/15/2043
   700,000   690,266
See accompanying notes to financial statements.
44

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
University of Kentucky, General Receipts Revenue:        
Series A, 3.13%, 10/1/2037
   $ 360,000   $ 384,019
Series A, 3.25%, 4/1/2039
   255,000   269,440
Series A, 5.00%, 10/1/2026
   150,000   177,127
          2,362,238
LOUISIANA — 0.6%        
East Baton Rouge, LA, Sewer Commission Revenue:        
Series A, 1.30%, 2/1/2041 (b)
   755,000   767,394
Series A, 4.00%, 2/1/2038
   630,000   744,206
Series A, 4.00%, 2/1/2039
   2,000,000   2,358,700
Series A, 4.00%, 2/1/2040
   1,355,000   1,595,822
Series A, 4.00%, 2/1/2045
   1,485,000   1,730,851
Greater New Orleans, Expressway Commission Revenue

5.00%, 11/1/2047 (c)
   305,000   349,524
Louisiana State, Local Government Environmental Facilities & Community Development Authority Revenue

4.00%, 10/1/2041 (c)
   100,000   112,549
Louisiana, State Gas & Fuels Tax Revenue:        
Series B, 5.00%, 5/1/2023
   265,000   281,521
Series B, 5.00%, 5/1/2025
   635,000   727,042
Series B, 5.00%, 5/1/2026
   100,000   118,181
Series C, 5.00%, 5/1/2027
   500,000   608,123
Series C, 5.00%, 5/1/2028
   250,000   309,814
Series C, 5.00%, 5/1/2030
   405,000   498,963
Series C, 5.00%, 5/1/2037
   325,000   396,621
Louisiana, State General Obligation:        
Series A, 5.00%, 9/1/2027
   560,000   687,003
Series A, 5.00%, 9/1/2030
   1,365,000   1,723,263
Series A, 5.00%, 3/1/2033
   750,000   971,296
Series A, 5.00%, 3/1/2034
   750,000   969,087
Series A, 5.00%, 3/1/2035
   740,000   931,594
Series A, 5.00%, 3/1/2036
   680,000   853,769
Series A, 5.00%, 3/1/2037
   500,000   642,959
Series B, 4.00%, 10/1/2034
   285,000   330,641
Series B, 4.00%, 10/1/2035
   230,000   266,701
Series B, 4.00%, 10/1/2036
   250,000   289,688
Series B, 5.00%, 10/1/2026
   875,000   1,052,057
Series B, 5.00%, 8/1/2027
   280,000   334,657
Series C, 5.00%, 8/1/2023
   210,000   225,451
Series D, 5.00%, 9/1/2029
   390,000   465,903
Series D-1, 5.00%, 12/1/2028
   350,000   395,211
See accompanying notes to financial statements.
45

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Louisiana, State Highway Improvement Revenue

Series A, 5.00%, 6/15/2031
   $ 70,000   $ 77,944
State of Louisiana, General Obligation:        
5.00%, 3/1/2037
   1,225,000   1,613,224
Series A, 5.00%, 3/1/2026
   2,170,000   2,562,099
Series A, 5.00%, 4/1/2030
   500,000   605,399
Series A, 5.00%, 3/1/2039
   500,000   640,310
          26,237,567
MAINE — 0.2%        
Maine, State General Obligation:        
Series B, 5.00%, 6/1/2027
   700,000   859,482
Series D, 5.00%, 6/1/2026
   110,000   131,122
Series D, 5.00%, 6/1/2028
   3,435,000   4,330,122
Maine, State Governmental Facilities Authority Revenue

4.00%, 10/1/2033
   1,100,000   1,315,719
Maine, State Turnpike Authority Revenue:        
Series A, 4.00%, 11/1/2039
   425,000   507,495
Series C, 5.00%, 11/1/2027
   130,000   145,979
Series C, 5.00%, 11/1/2037
   155,000   189,060
          7,478,979
MARYLAND — 3.9%        
Baltimore, MD, General Obligation:        
4.00%, 3/1/2033
   1,460,000   1,782,694
4.00%, 3/1/2034
   565,000   678,082
4.00%, 3/1/2035
   1,000,000   1,199,651
5.00%, 3/1/2025
   1,050,000   1,201,191
5.00%, 3/1/2026
   775,000   917,492
5.00%, 3/1/2031
   850,000   1,114,402
Baltimore, MD, Revenue:        
5.00%, 3/1/2028
   200,000   249,666
Series A, 4.00%, 7/1/2044
   2,680,000   3,134,376
Series A, 5.00%, 7/1/2046
   230,000   276,316
Series B, 4.00%, 7/1/2035
   330,000   376,045
Baltimore, MD, State General Obligation:        
Series B, 5.00%, 10/15/2023
   1,300,000   1,408,937
Series B, 5.00%, 10/15/2024
   250,000   281,832
Series B, 5.00%, 10/15/2027
   500,000   619,731
County of Anne Arundel MD, General Obligation

5.00%, 10/1/2029
   995,000   1,293,281
See accompanying notes to financial statements.
46

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
County of Baltimore MD, General Obligation

5.00%, 3/1/2029
   $ 900,000   $ 1,156,975
County of Frederick MD, General Obligation

Series A, 4.00%, 10/1/2032
   1,750,000   2,205,956
County of Montgomery, MD, General Obligation:        
5.00%, 11/1/2025
   540,000   632,440
Series D, 4.00%, 11/1/2029
   525,000   618,784
Harford County, MD, General Obligation

Series B, 5.00%, 7/1/2026
   500,000   598,315
Howard County, MD, General Obligation:        
Series A, 5.00%, 2/15/2031
   4,000,000   4,969,304
Series D, 5.00%, 2/15/2026
   520,000   614,696
Series D, 5.00%, 2/15/2029
   1,970,000   2,457,157
Maryland State Transportation Authority

Series A, 5.00%, 7/1/2046
   4,475,000   5,837,918
Maryland, Stadium Authority Revenue:        
5.00%, 5/1/2027
   1,020,000   1,237,606
5.00%, 5/1/2031
   4,925,000   6,080,405
5.00%, 5/1/2034
   2,000,000   2,457,314
5.00%, 5/1/2038
   200,000   244,262
Maryland, State Department of Transportation Revenue:        
4.00%, 9/1/2025
   445,000   501,904
4.00%, 12/15/2025
   290,000   310,751
4.00%, 11/1/2027
   850,000   934,264
4.00%, 5/1/2028
   1,225,000   1,361,081
5.00%, 12/15/2023
   175,000   190,961
5.00%, 2/1/2024
   345,000   362,805
5.00%, 11/1/2024
   7,195,000   8,127,079
5.00%, 11/1/2026
   105,000   118,562
5.00%, 5/1/2027
   1,435,000   1,645,154
5.00%, 10/1/2033
   520,000   687,761
Maryland, State General Obligation:        
4.00%, 6/1/2027
   1,060,000   1,151,909
4.00%, 6/1/2028
   1,245,000   1,349,878
4.00%, 6/1/2030
   100,000   108,297
5.00%, 6/1/2024
   605,000   672,725
5.00%, 8/1/2031
   825,000   1,035,375
5.00%, 8/1/2032
   560,000   739,927
5.00%, 8/1/2035
   950,000   1,248,786
Series A, 4.00%, 3/15/2030
   1,760,000   2,047,766
Series A, 5.00%, 3/15/2022
   100,000   100,962
Series A, 5.00%, 3/15/2023
   8,050,000   8,511,106
See accompanying notes to financial statements.
47

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 8/1/2023
   $ 260,000   $ 279,387
Series A, 5.00%, 8/1/2024
   275,000   307,799
Series A, 5.00%, 3/1/2025
   210,000   221,651
Series A, 5.00%, 3/15/2025
   1,020,000   1,168,868
Series A, 5.00%, 8/1/2025
   360,000   418,145
Series A, 5.00%, 3/1/2026
   225,000   237,483
Series A, 5.00%, 3/15/2026
   1,060,000   1,256,964
Series A, 5.00%, 8/1/2026
   5,255,000   6,307,416
Series A, 5.00%, 3/15/2027
   1,130,000   1,381,271
Series A, 5.00%, 8/1/2027
   4,915,000   6,071,203
Series A, 5.00%, 3/1/2028
   2,000,000   2,507,574
Series A, 5.00%, 3/15/2028
   2,330,000   2,893,402
Series A, 5.00%, 8/1/2028
   500,000   633,701
Series A, 5.00%, 3/15/2029
   850,000   1,093,669
Series A, 5.00%, 8/1/2029
   2,000,000   2,595,352
Series A, 5.00%, 3/15/2030
   500,000   622,496
Series A, 5.00%, 3/15/2031
   1,060,000   1,320,017
Series A, 5.00%, 8/1/2031
   9,000,000   11,593,328
Series A GROUP 2, 4.00%, 3/15/2035
   3,260,000   3,955,432
Series B, 4.00%, 8/1/2025
   180,000   202,695
Series B, 5.00%, 8/1/2022
   550,000   565,355
Series B, 5.00%, 8/1/2025
   1,005,000   1,167,322
Series B, 5.00%, 8/1/2026
   2,030,000   2,436,547
Series B, 5.00%, 8/1/2027
   680,000   839,963
Series C, 5.00%, 8/1/2024
   850,000   951,379
Series GRO, 5.00%, 3/15/2029
   675,000   868,502
Maryland, State Health & Higher Educational Facilities Authority Revenue

Series B, 5.00%, 7/1/2022
   100,000   102,396
Maryland, State Transportation Authority Revenue

3.25%, 7/1/2036
   150,000   164,487
Montgomery, MD, State General Obligation:        
Series A, 3.00%, 8/1/2032
   900,000   1,034,896
Series A, 3.00%, 11/1/2034
   500,000   562,044
Series B, 4.00%, 12/1/2025
   355,000   378,940
Series B, 5.00%, 6/1/2023
   500,000   533,642
Series B, 5.00%, 12/1/2024
   105,000   114,358
Series C, 4.00%, 10/1/2030
   410,000   482,673
Prince George's County, MD, General Obligation:        
Series A, 5.00%, 7/1/2023
   500,000   535,550
Series A, 5.00%, 7/15/2025
   675,000   782,540
Series A, 5.00%, 7/15/2028
   7,000,000   8,861,757
See accompanying notes to financial statements.
48

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 5.00%, 9/15/2029
   $ 525,000   $ 683,081
State of Maryland Department of Transportation

5.00%, 10/1/2028
   525,000   631,410
State of Maryland, General Obligation:        
5.00%, 8/1/2023
   2,000,000   2,149,131
5.00%, 3/15/2024
   3,540,000   3,903,118
5.00%, 8/1/2027
   3,285,000   4,057,762
5.00%, 8/1/2028
   405,000   513,298
Series A, 5.00%, 8/1/2034
   4,690,000   6,328,678
Washington, MD, Suburban Sanitary Commission, Revenue:        
2.00%, 12/1/2044
   2,380,000   2,298,692
2.65%, 6/1/2026
   500,000   522,365
3.00%, 6/1/2027
   800,000   895,237
3.00%, 6/15/2034
   285,000   310,171
4.00%, 6/1/2036
   2,295,000   2,721,976
5.00%, 6/15/2022
   500,000   510,920
5.00%, 6/15/2024
   200,000   222,730
          166,050,654
MASSACHUSETTS — 4.0%        
Boston, MA, General Obligation:        
Series A, 5.00%, 3/1/2023
   810,000   854,940
Series A, 5.00%, 5/1/2023
   3,000,000   3,189,515
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue:        
Series A, 5.00%, 6/15/2025
   750,000   833,388
Series A, 5.00%, 6/15/2026
   525,000   604,935
Commonwealth of Massachusetts Transportation Fund Revenue:        
5.00%, 6/1/2035
   590,000   651,833
5.00%, 6/1/2041
   1,620,000   2,004,628
Series A, 5.00%, 6/1/2024
   120,000   133,341
Series A, 5.00%, 6/1/2027
   160,000   177,379
Series A, 5.00%, 6/1/2032
   2,235,000   2,473,210
Series A, 5.00%, 6/1/2034
   865,000   956,093
Series A, 5.00%, 6/1/2043
   105,000   129,424
Series A, 5.25%, 6/1/2043
   3,000,000   3,761,342
Commonwealth of Massachusetts, General Obligation:        
2.00%, 9/1/2042
   1,600,000   1,539,604
2.38%, 9/1/2043
   5,505,000   5,562,947
2.38%, 9/1/2044
   1,650,000   1,663,436
2.38%, 9/1/2046
   800,000   803,162
5.00%, 7/1/2030
   500,000   661,281
See accompanying notes to financial statements.
49

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 7/1/2024
   $ 670,000   $ 747,640
Series D, 5.00%, 2/1/2033
   635,000   767,671
Massachusetts Clean Water Trust Revenue

Series 23B, 5.00%, 2/1/2031
   1,000,000   1,341,732
Massachusetts School Building Authority, Revenue

Series A, 5.00%, 8/15/2033
   500,000   657,755
Massachusetts, Bay Transportation Authority, Revenue

Series A, 2.00%, 7/1/2028
   140,000   147,104
Massachusetts, Bay Transportation Authority, Sales Tax Revenue:        
4.00%, 5/1/2025
   805,000   898,791
5.00%, 7/1/2029
   850,000   1,096,733
5.00%, 7/1/2036
   1,500,000   1,868,120
Series A, Zero Coupon, 7/1/2029
   2,500,000   2,204,269
Series A, Zero Coupon, 7/1/2032
   2,000,000   1,601,426
Series A, 5.00%, 7/1/2041
   640,000   776,978
Series A, 5.00%, 7/1/2042
   2,295,000   2,780,395
Series A-1, 4.00%, 7/1/2039
   550,000   671,502
Series B, 5.00%, 7/1/2026
   250,000   288,320
Series B, 5.00%, 7/1/2030
   145,000   166,501
Massachusetts, State Clean Water Trust Revenue:        
5.00%, 2/1/2031
   250,000   293,075
Series 20, 5.00%, 2/1/2030
   905,000   1,028,090
Series 20, 5.00%, 2/1/2042
   50,000   56,777
Massachusetts, State Clean Water Trust, Revenue

5.00%, 8/1/2026
   500,000   600,135
Massachusetts, State College Building Authority Revenue:        
Series A, 4.00%, 5/1/2029
   1,975,000   2,178,892
Series A, 5.00%, 5/1/2037
   250,000   287,187
Massachusetts, State Development Finance Agency Revenue:        
5.00%, 4/1/2032
   130,000   158,377
5.00%, 10/1/2033 (b)
   500,000   540,026
Series A, 4.00%, 7/15/2036
   575,000   656,823
Series A, 5.00%, 7/15/2022
   700,000   718,121
Series A, 5.00%, 7/15/2027
   100,000   119,757
Series A, 5.00%, 7/15/2028
   115,000   137,466
Series A, 5.00%, 7/15/2030
   140,000   167,097
Series A, 5.00%, 10/15/2030
   3,940,000   5,267,501
Series A, 5.00%, 7/15/2033
   1,135,000   1,352,185
Series T, 4.00%, 7/1/2042
   100,000   113,194
Massachusetts, State General Obligation:        
3.00%, 7/1/2039
   3,615,000   3,974,663
5.00%, 7/1/2027
   600,000   738,741
See accompanying notes to financial statements.
50

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 7/1/2029
   $ 675,000   $ 873,758
5.00%, 7/1/2045
   1,675,000   2,131,198
Series A, 3.00%, 3/1/2035
   3,645,000   4,090,401
Series A, 5.00%, 1/1/2024
   3,675,000   4,018,948
Series A, 5.00%, 7/1/2025
   585,000   677,057
Series A, 5.00%, 7/1/2029
   4,250,000   5,056,064
Series A, 5.00%, 3/1/2032
   1,215,000   1,335,052
Series A, 5.00%, 4/1/2034
   100,000   121,467
Series A, 5.00%, 3/1/2036
   1,130,000   1,240,667
Series A, 5.00%, 4/1/2036
   190,000   230,818
Series A, 5.00%, 1/1/2037
   100,000   122,975
Series A, 5.00%, 3/1/2037
   110,000   120,774
Series A, 5.00%, 4/1/2037
   150,000   182,228
Series A, 5.00%, 3/1/2038
   100,000   109,787
Series A, 5.00%, 1/1/2042
   135,000   165,457
Series A, 5.00%, 4/1/2042
   250,000   302,376
Series A, 5.00%, 1/1/2044
   3,000,000   3,678,492
Series A, 5.00%, 1/1/2045
   1,150,000   1,407,679
Series A, 5.25%, 1/1/2044
   800,000   1,014,183
Series B, 2.50%, 3/1/2043
   500,000   509,151
Series B, 5.00%, 7/1/2023
   800,000   856,756
Series B, 5.00%, 7/1/2024
   900,000   1,004,292
Series B, 5.00%, 7/1/2027
   115,000   141,592
Series B, 5.00%, 7/1/2028
   830,000   1,049,120
Series B, 5.00%, 7/1/2030
   250,000   330,641
Series B, 5.00%, 7/1/2033
   1,045,000   1,241,280
Series B, 5.00%, 7/1/2036
   100,000   118,806
Series B, 5.00%, 4/1/2037
   3,850,000   4,677,192
Series C, 5.00%, 10/1/2026
   1,170,000   1,409,790
Series C, 5.00%, 10/1/2027
   350,000   433,820
Series D, 3.00%, 11/1/2038
   750,000   829,006
Series D, 3.00%, 11/1/2041
   2,200,000   2,407,624
Series D, 3.00%, 11/1/2042
   1,975,000   2,154,250
Series D, 4.00%, 11/1/2036
   900,000   1,103,161
Series D, 4.00%, 11/1/2037
   5,000,000   6,114,883
Series D, 4.00%, 11/1/2041
   650,000   787,036
Series D, 5.00%, 7/1/2023
   605,000   647,921
Series D, 5.00%, 7/1/2027
   250,000   307,809
Series E, 3.00%, 12/1/2023
   2,000,000   2,103,301
Series E, 3.00%, 11/1/2035
   5,495,000   5,971,058
Series E, 3.00%, 4/1/2044
   180,000   189,443
See accompanying notes to financial statements.
51

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series E, 4.00%, 9/1/2039
   $ 1,250,000   $ 1,391,290
Series E, 4.00%, 9/1/2041
   1,100,000   1,222,162
Series E, 4.00%, 4/1/2042
   1,980,000   2,179,725
Series E, 5.00%, 9/1/2027
   965,000   1,193,470
Series E, 5.00%, 11/1/2027
   960,000   1,192,507
Series E, 5.00%, 9/1/2029
   380,000   391,949
Series F, 5.00%, 11/1/2040
   510,000   629,154
Series G, 5.00%, 9/1/2029
   500,000   649,590
Series H, 5.00%, 12/1/2022
   195,000   203,554
Series I, 5.00%, 12/1/2034
   395,000   474,955
Series J, 4.00%, 12/1/2039
   225,000   257,660
Series J, 4.00%, 12/1/2045
   150,000   171,248
Series J, 5.00%, 12/1/2036
   110,000   132,276
Series J, 5.00%, 12/1/2037
   2,710,000   3,258,865
Massachusetts, State School Building Authority, Sales Tax Revenue:        
Series A, 4.00%, 8/15/2045
   2,500,000   2,973,745
Series A, 5.00%, 2/15/2033
   110,000   120,809
Series A, 5.00%, 2/15/2036
   1,655,000   1,817,625
Series A, 5.00%, 2/15/2049
   1,585,000   1,871,150
Series B, 4.00%, 2/15/2040
   400,000   428,726
Series B, 5.00%, 11/15/2029
   125,000   149,832
Series C, 5.00%, 8/15/2025
   135,000   156,964
Series C, 5.00%, 11/15/2034
   420,000   503,397
Massachusetts, State Water Resources Authority Revenue:        
Series B, 5.00%, 8/1/2027
   4,450,000   5,491,330
Series C-GREEN BOND, 4.00%, 8/1/2040
   160,000   181,975
Series C-GREEN BOND, 5.00%, 8/1/2031
   2,050,000   2,512,878
Series C-GREEN BOND, 5.00%, 8/1/2040
   3,340,000   4,007,226
Massachusetts, Transportation Trust Fund, Metropolitan Highway System Revenue:        
Series A, 5.00%, 1/1/2028
   2,000,000   2,491,129
Series C, 5.00%, 1/1/2024
   1,795,000   1,959,229
Series C, 5.00%, 1/1/2032
   850,000   1,075,562
University of Massachusetts Building Authority Revenue:        
5.00%, 11/1/2037
   140,000   172,364
Series 1, 5.00%, 11/1/2032
   1,000,000   1,289,430
Series 1, 5.00%, 11/1/2033
   2,000,000   2,576,708
Series 1, 5.00%, 11/1/2039
   40,000   45,219
Series 1, 5.00%, 11/1/2044
   105,000   118,701
Series 1-UNIVERSITY OF MAS, 5.25%, 11/1/2042
   825,000   1,030,386
See accompanying notes to financial statements.
52

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2019-1, 5.00%, 5/1/2029
   $ 2,270,000   $ 2,916,324
          168,909,929
MICHIGAN — 1.0%        
Campbell Union High School District, General Obligation

5.00%, 5/1/2031
   500,000   634,682
Lansing Board of Water & Light Revenue

Series A, 5.00%, 7/1/2044
   2,350,000   2,938,245
Macomb, MI, Interceptor Drain Drainage District, Special Assessment

Series A, 5.00%, 5/1/2032
   335,000   405,050
Michigan, State Building Authority Revenue:        
5.00%, 4/15/2026
   2,000,000   2,369,654
5.00%, 4/15/2030
   155,000   179,715
5.00%, 4/15/2031
   545,000   632,015
Series B, 5.00%, 2/15/2038
   1,775,000   2,213,182
Series B, 5.00%, 2/15/2044
   1,500,000   1,851,779
Series I, 3.00%, 10/15/2045
   1,800,000   1,942,354
Series I, 4.00%, 10/15/2040
   3,300,000   4,015,417
Series I, 4.00%, 10/15/2041
   2,845,000   3,447,522
Series I, 5.00%, 10/15/2028
   100,000   119,645
Series I, 5.00%, 10/15/2030
   390,000   464,192
Series I, 5.00%, 10/15/2032
   255,000   302,984
Series I, 5.00%, 10/15/2033
   330,000   391,757
Series I, 5.00%, 4/15/2038
   295,000   339,813
Series I, 5.00%, 4/15/2041
   130,000   151,809
Michigan, State Building Authority, General Obligation

5.00%, 5/15/2035
   1,940,000   2,516,709
Michigan, State Finance Authority Revenue:        
4.00%, 11/1/2045
   3,000,000   3,508,877
5.00%, 11/1/2034
   285,000   356,711
5.00%, 11/1/2036
   250,000   311,962
Series B, 5.00%, 10/1/2025
   230,000   268,605
Series B, 5.00%, 10/1/2028
   250,000   301,758
Series I, 4.00%, 10/15/2035
   225,000   254,820
Series I, 5.00%, 4/15/2022
   295,000   299,043
Series I, 5.00%, 4/15/2024
   510,000   563,093
Series I, 5.00%, 4/15/2028
   175,000   203,214
Michigan, State General Obligation:        
3.00%, 5/1/2030
   250,000   270,423
3.00%, 5/15/2039
   2,440,000   2,709,452
Series B, 5.00%, 11/1/2022
   150,000   155,997
See accompanying notes to financial statements.
53

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount 		  Value
Portage, MI, Public School, General Obligation

5.00%, 11/1/2028
   $ 145,000   $ 171,839
State of Michigan Trunk Line Revenue:        
4.00%, 11/15/2044
   500,000   603,495
5.00%, 11/15/2025
   1,640,000   1,917,764
State of Michigan, General Obligation

4.00%, 5/15/2037
   1,715,000   2,067,953
University of Michigan, Revenue:        
4.00%, 4/1/2035
   300,000   338,705
5.00%, 4/1/2040
   465,000   544,866
Series A, 5.00%, 4/1/2025
   225,000   258,177
Series A, 5.00%, 4/1/2034
   450,000   546,088
Series A, 5.00%, 4/1/2042
   545,000   654,844
          41,224,210
MINNESOTA — 1.1%        
Anoka-Hennepin Independent School District No 11, General Obligation

3.00%, 2/1/2045
   780,000   833,042
Duluth, Independent School District No. 709:        
Series A, 4.00%, 2/1/2027
   115,000   129,939
Series A, 4.00%, 2/1/2028
   100,000   112,660
Series A, 5.00%, 2/1/2026
   500,000   579,771
Elk River, Independent School District No 728, General Obligation

Series A, 2.00%, 2/1/2034
  845,000   856,934
Hennepin, MN, Sales Tax Revenue:        
5.00%, 12/15/2026
  525,000   572,129
5.00%, 12/15/2029
  225,000   245,060
Metropolitan Council, Minneapolis-Saint Paul, MN, Metropolitan Area, General Obligation:        
Series C, 3.00%, 3/1/2027
  360,000   394,847
Series C, 5.00%, 3/1/2025
  125,000   142,829
Series C, 5.00%, 12/1/2028
  3,000,000   3,819,977
Minneapolis, St. Paul Metropolitan Airports Commission Revenue:        
Series A, 5.00%, 1/1/2031
  3,840,000   4,594,407
Series C, 5.00%, 1/1/2036
  100,000   119,075
Minnesota, State Revenue

Series A, 5.00%, 6/1/2027
  105,000   111,787
Minnesota, State General Obligation:        
Series A, 5.00%, 8/1/2024
  750,000   838,835
Series A, 5.00%, 8/1/2028
  150,000   173,937
Series A, 5.00%, 10/1/2028
  205,000   253,716
See accompanying notes to financial statements.
54

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 8/1/2037
   $ 5,000,000   $ 6,402,873
Series A, 5.00%, 8/1/2038
   1,500,000   1,892,287
Series B, 4.00%, 8/1/2026
   520,000   599,921
Series B, 5.00%, 8/1/2025
   710,000   823,851
Series D, 5.00%, 8/1/2022
   120,000   123,372
Series D, 5.00%, 10/1/2026
   325,000   391,608
Series E, 5.00%, 10/1/2027
   100,000   124,012
Minnesota, State Public Facilities Authority Revenue

Series B, 4.00%, 3/1/2026
   130,000   148,331
North State Paul-Maplewood-Oakdale Independent School District No 622

Series A, 3.00%, 2/1/2039
   3,000,000   3,252,185
South Washington County, MN, Independent School District No. 833, General Obligation

Series A, 4.00%, 2/1/2029
   325,000   366,101
State of Minnesota, General Obligation:        
4.00%, 9/1/2037
   1,400,000   1,738,391
4.00%, 9/1/2038
   540,000   668,679
Series A, 5.00%, 8/1/2025
   1,225,000   1,421,433
Series A, 5.00%, 8/1/2027
   640,000   789,370
Series D, 5.00%, 10/1/2028
   540,000   668,326
State of Mississippi, General Obligation

Series A, 5.00%, 8/1/2035
   1,495,000   1,875,737
University of Minnesota, Revenue:        
Series A, 5.00%, 9/1/2040
   485,000   590,957
Series A, 5.00%, 4/1/2041
   350,000   408,100
Series A, 5.00%, 9/1/2041
   200,000   243,329
Series B, 5.00%, 12/1/2027
   2,965,000   3,685,260
Series B, 5.00%, 10/1/2028
   3,000,000   3,809,105
Virginia, Independent School District No 706, General Obligation

Series A, 5.00%, 2/1/2031
   900,000   1,107,889
          44,910,062
MISSISSIPPI — 0.2%        
Mississippi, State Development Bank Revenue:        
5.00%, 8/1/2027
   415,000   501,504
Series A, 5.00%, 8/1/2027
   250,000   302,111
Mississippi, State General Obligation:        
Series A, 5.00%, 10/1/2027
   330,000   385,256
Series A, 5.00%, 10/1/2031
   1,850,000   2,295,402
Series A, 5.00%, 6/1/2032
   1,605,000   2,090,767
Series A, 5.00%, 10/1/2032
   415,000   514,915
See accompanying notes to financial statements.
55

Table of Contents
SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 10/1/2034
   $ 135,000   $ 167,502
Series B, 3.00%, 10/1/2035
   795,000   887,863
Series B, 5.00%, 12/1/2026
   110,000   133,158
Series B, 5.00%, 12/1/2028
   250,000   301,792
Series B, 5.00%, 12/1/2030
   1,880,000   2,278,823
Series B, 5.00%, 12/1/2031
   150,000   181,821
Series B, 5.00%, 12/1/2033
   120,000   130,738
Series B, 5.00%, 12/1/2034
   100,000   121,214
Series B, 5.00%, 12/1/2036
   100,000   121,214
Series C, 5.00%, 10/1/2027
   195,000   227,651
Mississippi, State University Educational Building Corp., Revenue

Series A, 4.00%, 8/1/2043
   135,000   154,830
          10,796,561
MISSOURI — 0.4%        
County of State Louis MO Revenue

Series A, 3.00%, 12/1/2031
   500,000   556,001
Kansas City, MO, General Obligation:        
Series A, 5.00%, 2/1/2027
   530,000   642,351
Series A, 5.00%, 2/1/2028
   225,000   279,815
Kansas City, MO, Sanitary Sewer System Revenue:        
Series A, 4.00%, 1/1/2040
   320,000   348,554
Series A, 4.00%, 1/1/2042
   1,000,000   1,163,362
Series A, 5.00%, 1/1/2029
   120,000   135,527
Series A, 5.00%, 1/1/2032
   100,000   123,252
Metropolitan St. Louis, MO, Sewer District Wastewater System Revenue:        
Series A, 5.00%, 5/1/2028
   305,000   373,446
Series A, 5.00%, 5/1/2037
   350,000   421,705
Series A, 5.00%, 5/1/2042
   4,865,000   5,827,208
Series B, 5.00%, 5/1/2034
   220,000   251,576
Series C, 4.00%, 5/1/2041
   2,590,000   2,972,264
Missouri State, Environmental Improvement & Resources Authority Revenue

Series B, 5.00%, 1/1/2026
   925,000   1,071,487
Missouri, State Board of Public Buildings Revenue

Series A, 4.00%, 4/1/2024
   150,000   162,265
Missouri, State Highways & Transit Commission, State Road Revenue,

Series B, 5.00%, 11/1/2024
   500,000   564,773
Missouri, State Highways & Transit Commission, State Road Revenue, First Lien

Series A, 5.00%, 5/1/2025
   405,000   448,622
See accompanying notes to financial statements.
56

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
North Kansas City, MO, School District No. 74, General Obligation

4.00%, 3/1/2029
   $ 25,000   $ 28,324
Springfield, MO, State Public Utility Revenue

5.00%, 8/1/2023
   200,000   215,012
          15,585,544
NEBRASKA — 0.3%        
Lincoln City, NE, Electric System Revenue:        
5.00%, 9/1/2030
   2,000,000   2,416,198
5.00%, 9/1/2032
   310,000   373,209
5.00%, 9/1/2034
   310,000   372,352
Omaha School District, General Obligation

2.00%, 12/15/2042
   1,545,000   1,476,022
Omaha, NE, State Public Power District Electric Revenue:        
Series A, 5.00%, 2/1/2024
   155,000   169,816
Series A, 5.00%, 2/1/2028
   465,000   545,524
University of Nebraska Facilities Corp. Revenue:        
5.00%, 7/15/2027
   560,000   688,503
5.00%, 7/15/2030
   1,000,000   1,251,758
5.00%, 7/15/2031
   725,000   978,358
Series A, 4.00%, 7/15/2030
   500,000   578,263
University of Nebraska Facilities Corp., Revenue

Series A, 4.00%, 7/15/2024
   2,500,000   2,729,695
          11,579,698
NEVADA — 0.8%        
City of Henderson NV, General Obligation

4.00%, 6/1/2045
   800,000   946,156
Clark County, NV, General Obligation:        
3.00%, 7/1/2035
   800,000   861,358
4.00%, 7/1/2031
   650,000   750,882
5.00%, 6/1/2022
   300,000   305,959
5.00%, 6/1/2025
   430,000   495,728
5.00%, 6/1/2026
   150,000   178,658
5.00%, 6/1/2027
   110,000   134,734
5.00%, 11/1/2028
   145,000   165,483
5.00%, 6/1/2031
   850,000   1,083,286
Series A, 5.00%, 11/1/2024
   180,000   203,155
Series A, 5.00%, 11/1/2026
   420,000   498,135
Series A, 5.00%, 6/1/2027
   140,000   171,479
Series A, 5.00%, 11/1/2029
   575,000   677,119
Series A, 5.00%, 6/1/2031
   2,165,000   2,681,846
Series B, 5.00%, 11/1/2023
   110,000   119,352
See accompanying notes to financial statements.
57

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 5.00%, 11/1/2024
   $ 170,000   $ 191,869
Series B, 5.00%, 11/1/2025
   100,000   116,952
Series B, 5.00%, 11/1/2026
   180,000   217,157
Series B, 5.00%, 11/1/2028
   120,000   144,201
Series B, 5.00%, 12/1/2030
   525,000   660,688
Series B, 5.00%, 12/1/2032
   1,685,000   2,111,110
Series B, 5.00%, 12/1/2033
   1,020,000   1,276,251
Series C, 3.00%, 7/1/2038
   1,695,000   1,853,280
Series C, 4.00%, 7/1/2033
   1,500,000   1,783,429
Clark County, NV, Revenue:        
5.00%, 7/1/2024
   105,000   117,000
5.00%, 7/1/2030
   2,750,000   3,597,957
5.00%, 7/1/2036
   125,000   150,793
Clark County, NV, School District, General Obligation

Series A, 5.00%, 6/15/2024
   100,000   110,846
Clark County, Water Reclamation District, General Obligation:        
5.00%, 7/1/2023
   130,000   139,122
5.00%, 7/1/2025
   250,000   289,058
5.00%, 7/1/2026
   995,000   1,189,180
5.00%, 7/1/2027
   200,000   238,247
Las Vegas Valley, NV, Water District, General Obligation:        
Series A, 5.00%, 6/1/2027
   175,000   207,930
Series A, 5.00%, 6/1/2030
   3,100,000   4,048,640
Series A, 5.00%, 6/1/2031
   125,000   147,745
Series A, 5.00%, 6/1/2032
   100,000   118,100
Series A, 5.00%, 6/1/2037
   200,000   235,630
Series B, 5.00%, 12/1/2025
   150,000   172,818
Series C, 3.00%, 6/1/2033
   850,000   958,394
Los Angeles, NV, General Obligation:        
Series C, 4.00%, 9/1/2036
   300,000   333,142
Series C, 4.00%, 9/1/2037
   140,000   155,286
Nevada, State Highway Improvement Revenue:        
3.38%, 12/1/2034
   750,000   831,853
4.00%, 12/1/2032
   910,000   1,046,762
5.00%, 12/1/2026
   310,000   368,482
5.00%, 12/1/2028
   560,000   663,768
5.00%, 12/1/2030
   185,000   224,908
Truckee Meadows, NV, Water Authority Revenue:        
5.00%, 7/1/2031
   105,000   124,465
5.00%, 7/1/2034
   145,000   171,037
          33,269,430
See accompanying notes to financial statements.
58

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
NEW HAMPSHIRE — 0.0% (a)        
New Hampshire Municipal Bond Bank, Revenue

Series D, 4.00%, 8/15/2039
   $ 650,000   $ 727,879
NEW JERSEY — 0.4%        
Hudson County, NJ, General Obligation

3.00%, 11/15/2041
   1,700,000   1,848,737
Hudson County, NJ, Improvement Authority Revenue:        
4.00%, 10/1/2040
   1,540,000   1,849,153
5.00%, 5/1/2041
   500,000   581,387
Monmouth County Improvement Authority Revenue

Series B, 5.00%, 12/1/2025
   550,000   645,509
New Brunswick, NJ, Parking Authority Revenue

Series A, 5.00%, 9/1/2032
   120,000   142,038
New Jersey, State Educational Facilities Authority Revenue:        
Series B, 5.00%, 7/1/2022
   750,000   768,042
Series B, 5.00%, 7/1/2031
   1,030,000   1,261,262
Series C, 2.00%, 3/1/2041
   1,635,000   1,582,457
Series I-PRINCETON UNIVERSITY, 4.00%, 7/1/2040
   235,000   270,858
Series I-PRINCETON UNIVERSITY, 5.00%, 7/1/2034
   665,000   813,740
Ocean,NJ, General Obligation

2.25%, 9/15/2033
   1,500,000   1,551,164
Toms River, NJ, Board of Education, General Obligation:        
3.00%, 7/15/2032
   1,440,000   1,529,869
3.00%, 7/15/2035
   1,000,000   1,059,197
Union County, NJ, General Obligation

Series A & B, 3.00%, 3/1/2027
   1,410,000   1,525,998
          15,429,411
NEW MEXICO — 0.3%        
Albuquerque, NM, Municipal School District No. 12, General Obligation:        
Series 2017, 5.00%, 8/1/2024
   210,000   234,701
Series 2017, 5.00%, 8/1/2025
   230,000   266,437
Series 2017, 5.00%, 8/1/2027
   645,000   771,591
Series B, 5.00%, 8/1/2023
   1,400,000   1,503,930
New Mexico, State Finance Authority Revenue:        
Series A, 5.00%, 6/15/2024
   1,520,000   1,688,800
Series B1, 5.00%, 6/15/2027
   115,000   127,801
New Mexico, State General Obligation:        
5.00%, 3/1/2024
   255,000   280,424
Series A, 5.00%, 3/1/2022
   100,000   100,773
See accompanying notes to financial statements.
59

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
New Mexico, State Severance Tax Permanent Fund Revenue:        
Series A, 5.00%, 7/1/2025
   $ 120,000   $ 138,522
Series B, 4.00%, 7/1/2022
   340,000   346,457
Series B, 4.00%, 7/1/2023
   100,000   105,529
New Mexico, State Severance Tax Revenue:        
Series A, 5.00%, 7/1/2023
   365,000   390,610
Series A, 5.00%, 7/1/2025
   645,000   744,555
Series B, 4.00%, 7/1/2024
   200,000   217,903
Series B, 5.00%, 7/1/2026
   100,000   119,270
State of New Mexico, General Obligation:        
5.00%, 3/1/2024
   5,000,000   5,498,515
5.00%, 3/1/2026
   1,045,000   1,233,350
University of New Mexico, Revenue

Series A, 2.25%, 6/1/2027
   455,000   481,292
          14,250,460
NEW YORK — 18.6%        
Battery Park City, NY, Authority Revenue:        
Series B, 5.00%, 11/1/2038
   500,000   644,566
Series B, 5.00%, 11/1/2040
   500,000   643,788
Brookhaven, NY, General Obligation

5.00%, 5/1/2026
   120,000   138,712
Build NYC Resource Corp., Revenue

4.00%, 11/1/2026
   900,000   1,043,563
City of New York NY, General Obligation:        
4.00%, 12/1/2043
   435,000   494,518
5.00%, 8/1/2023
   1,440,000   1,547,137
5.00%, 3/1/2027
   600,000   729,890
5.00%, 8/1/2028
   660,000   809,582
5.00%, 8/1/2033
   500,000   663,801
5.00%, 12/1/2036
   550,000   689,988
5.25%, 10/1/2030
   560,000   694,847
Series 1, 5.00%, 8/1/2027
   595,000   732,038
Series A-1, 4.00%, 8/1/2034
   800,000   961,923
Series A-1, 4.00%, 8/1/2038
   5,000,000   6,037,284
Series A-1, 5.00%, 8/1/2030
   2,000,000   2,627,015
Series B-1, 3.00%, 10/1/2044
   515,000   553,657
Series B-1, 4.00%, 10/1/2039
   950,000   1,117,278
Series B-1, 5.00%, 11/1/2032
   1,600,000   2,098,998
Series B-1, 5.00%, 12/1/2034
   730,000   875,462
Series B-1, 5.00%, 12/1/2041
   2,815,000   3,353,499
Series F-1, 4.00%, 3/1/2038
   785,000   941,281
See accompanying notes to financial statements.
60

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series F-1, 4.00%, 3/1/2040
   $ 950,000   $ 1,133,964
Series L-6, 5.00%, 4/1/2028
   800,000   998,603
Series L-6, 5.00%, 4/1/2031
   555,000   704,348
County of Westchester, NY, General Obligation:        
5.00%, 10/15/2027
   5,725,000   7,114,240
5.00%, 10/15/2028
   5,000,000   6,365,830
Erie County, NY, Industrial Development Agency Revenue

Series A, 5.00%, 5/1/2027
   220,000   256,475
Metropolitan New York, NY, Transportation Authority Revenue:        
Series A, 5.00%, 11/15/2035
   2,700,000   3,242,844
Series A, 5.25%, 11/15/2035
   250,000   301,264
Series B-1, 5.00%, 11/15/2029
   780,000   955,919
Series B-1, 5.00%, 11/15/2034
   7,615,000   9,293,061
Series B-1, 5.00%, 11/15/2036
   350,000   416,297
Series B-2, 4.00%, 11/15/2033
   330,000   377,654
Series B-2, 5.00%, 11/15/2025
   2,520,000   2,950,480
Series B-2, 5.00%, 11/15/2026
   5,045,000   6,090,973
Monroe County, NY, Industrial Development Corp., Revenue:        
4.00%, 7/1/2043
   155,000   176,468
5.00%, 7/1/2030
   750,000   916,918
5.00%, 5/1/2032
   525,000   650,777
5.00%, 5/1/2034
   525,000   647,202
Series A, 3.88%, 7/1/2042
   200,000   224,962
Series A, 5.00%, 7/1/2027
   500,000   613,801
Series A, 5.00%, 7/1/2030
   205,000   250,624
Series C, 5.00%, 7/1/2028
   200,000   244,607
New York & New Jersey, Port Authority Revenue:        
4.00%, 11/1/2037
   500,000   597,031
4.00%, 9/1/2038
   500,000   593,736
4.00%, 12/15/2038
   100,000   107,960
5.00%, 7/15/2030
   500,000   628,037
5.00%, 7/15/2032
   1,625,000   2,031,716
5.00%, 7/15/2033
   1,915,000   2,389,646
5.00%, 9/1/2034
   535,000   683,302
5.00%, 7/15/2035
   360,000   447,754
5.00%, 9/1/2035
   1,750,000   2,232,083
5.00%, 9/1/2036
   4,500,000   5,730,249
Series 198, 5.00%, 11/15/2036
   145,000   173,060
Series 198, 5.00%, 11/15/2041
   160,000   189,288
Series 205, 5.00%, 11/15/2032
   3,710,000   4,565,223
Series 205, 5.00%, 11/15/2035
   160,000   196,678
See accompanying notes to financial statements.
61

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
New York City Transitional Finance Authority Building Aid Revenue:        
Series S-1, 5.00%, 7/15/2025
   $ 575,000   $ 666,702
Series S-1-SUBSER, 4.00%, 7/15/2035
   1,105,000   1,345,218
Series S-1-SUBSER, 5.00%, 7/15/2033
   6,000,000   7,995,625
Series S-2, 5.00%, 7/15/2036
   590,000   717,885
New York City Transitional Finance Authority Future Tax Secured Revenue:        
3.00%, 11/1/2037
   2,000,000   2,171,937
4.00%, 5/1/2038
   2,690,000   3,219,621
4.00%, 11/1/2038
   1,505,000   1,809,739
4.00%, 5/1/2039
   875,000   1,044,411
4.00%, 11/1/2042
   3,515,000   4,114,676
4.00%, 5/1/2044
   775,000   914,891
5.00%, 8/1/2025
   885,000   1,025,204
5.00%, 5/1/2027
   640,000   782,883
5.00%, 11/1/2029
   720,000   876,116
5.00%, 5/1/2033
   565,000   741,118
5.00%, 11/1/2034
   600,000   792,183
5.00%, 5/1/2039
   595,000   747,632
5.00%, 8/1/2040
   640,000   793,914
Series A-1, 4.00%, 11/1/2036
   875,000   1,070,028
Series A-1, 5.00%, 11/1/2027
   5,000,000   6,198,089
Series A-1, 5.00%, 11/1/2029
   5,000,000   6,492,909
Series A-2, 5.00%, 8/1/2038
   1,040,000   1,261,167
Series B-1, 4.00%, 11/1/2039
   1,395,000   1,658,944
Series B-1, 4.00%, 8/1/2045
   2,500,000   2,973,830
Series B-1, 5.00%, 11/1/2023
   700,000   760,182
Series B-1, 5.00%, 8/1/2030
   550,000   673,307
Series B-1, 5.00%, 8/1/2034
   960,000   1,275,955
New York City Water & Sewer System Revenue:        
4.00%, 6/15/2024
   2,845,000   3,096,867
5.00%, 6/15/2028
   500,000   605,418
Series AA-2, 5.00%, 6/15/2028
   2,000,000   2,421,674
Series BB-1, 3.00%, 6/15/2044
   10,580,000   11,459,971
Series BB-1, 4.00%, 6/15/2045
   675,000   810,189
Series CC-1, 4.00%, 6/15/2042
   500,000   594,596
Series GG-, 5.00%, 6/15/2030
   900,000   1,189,101
New York State Dormitory Authority, Revenue:        
5.00%, 10/1/2022 (c)
   670,000   694,059
ETM, 5.00%, 2/15/2023
   355,000   373,851
5.00%, 10/1/2024 (c)
   730,000   820,235
See accompanying notes to financial statements.
62

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 2/15/2025
   $ 3,280,000   $ 3,742,527
5.00%, 2/15/2028
   505,000   612,692
5.00%, 2/15/2029
   500,000   604,669
Series A, 4.00%, 7/1/2040
   500,000   605,929
Series A, 4.00%, 3/15/2043
   1,000,000   1,180,510
Series A, 4.00%, 7/1/2046
   750,000   894,895
Series A, 5.00%, 3/15/2025
   900,000   1,030,868
Series A, 5.00%, 3/15/2027
   780,000   953,230
Series A, 5.00%, 3/15/2029
   575,000   736,810
Series A, 5.00%, 3/15/2030
   950,000   1,242,214
Series A, 5.00%, 3/15/2031
   3,000,000   4,000,002
Series A, 5.00%, 3/15/2035
   1,205,000   1,432,710
Series A, 5.00%, 7/1/2039
   4,000,000   4,981,932
Series A-GROUP 1, 5.00%, 3/15/2027
   550,000   672,149
Series A-GROUP 3, 3.00%, 3/15/2038
   1,575,000   1,713,416
Series A-GROUP 3, 5.00%, 3/15/2042
   1,520,000   1,901,761
Series A-GROUP B, 5.00%, 3/15/2032
   520,000   628,521
Series A-GROUP B, 5.00%, 3/15/2038
   1,390,000   1,672,241
Series A-GROUP C, 5.00%, 3/15/2040
   620,000   745,194
Series A-GROUP C, 5.00%, 3/15/2041
   530,000   636,425
Series A-STATE PERSON, 4.00%, 3/15/2037
   1,550,000   1,852,914
Series B, ETM, 5.00%, 2/15/2023
   565,000   595,023
Series B, 5.00%, 2/15/2036
   585,000   711,130
Series B, 5.00%, 10/1/2038
   500,000   621,443
Series D, 5.00%, 2/15/2025
   600,000   685,165
Series D, 5.00%, 2/15/2030
   685,000   894,022
Series E, 5.00%, 3/15/2024
   1,250,000   1,378,028
Series E, 5.00%, 3/15/2040
   535,000   667,127
New York State Thruway Authority, Revenue:        
Series A-1- GROUP 1, 5.00%, 3/15/2031
   570,000   760,000
Series A-1-GROUP 2, 4.00%, 3/15/2036
   500,000   603,388
Series A-1-GROUP 2, 5.00%, 3/15/2034
   875,000   1,154,126
Series A-1-GROUP 3, 4.00%, 3/15/2044
   800,000   945,546
New York State Urban Development Corp., Revenue:        
4.00%, 3/15/2042
   870,000   1,028,893
5.00%, 3/15/2035
   1,385,000   1,804,662
5.00%, 3/15/2038
   2,185,000   2,823,066
Series A, 4.00%, 3/15/2039
   1,350,000   1,607,852
Series A, 5.00%, 3/15/2035
   1,275,000   1,661,331
Series A, 5.00%, 3/15/2037
   570,000   726,126
Series A, 5.00%, 3/15/2040
   655,000   830,483
See accompanying notes to financial statements.
63

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A-BIDDING GROUP 1, 5.00%, 3/15/2023
   $ 650,000   $ 687,151
Series C-, 5.00%, 3/15/2038
   590,000   719,004
Series E GROUP 1, 5.00%, 3/15/2030
   500,000   654,254
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:        
3.50%, 6/15/2042
   900,000   1,124,105
4.00%, 6/15/2025
   575,000   644,578
4.00%, 6/15/2042
   4,200,000   4,997,886
5.00%, 6/15/2024
   550,000   612,079
5.00%, 6/15/2026
   1,000,000   1,193,470
5.00%, 6/15/2037
   850,000   1,016,839
5.00%, 6/15/2040
   725,000   895,083
Series AA, 5.00%, 6/15/2040
   2,520,000   3,218,153
Series BB-, 5.00%, 6/15/2026
   4,000,000   4,541,689
Series BB-2, 5.00%, 6/15/2031
   530,000   644,783
Series CC-, 4.00%, 6/15/2041
   500,000   595,935
Series CC-, 5.00%, 6/15/2022
   510,000   521,095
Series CC1, 4.00%, 6/15/2033
   1,250,000   1,439,630
Series CC-1, 4.00%, 6/15/2037
   250,000   287,585
Series CC-1, 4.00%, 6/15/2041
   900,000   1,072,683
Series DD-2, 5.00%, 6/15/2025
   7,135,000   7,779,886
Series EE 2, 5.00%, 6/15/2040
   3,315,000   4,178,401
Series EE-2ND GENERAL RESOLUT, 5.00%, 6/15/2035
   1,000,000   1,164,511
Series EE-2ND GENERAL RESOLUT, 5.00%, 6/15/2040
   4,240,000   5,200,498
Series FF, 4.00%, 6/15/2041
   5,000,000   5,924,408
Series FF, 5.00%, 6/15/2034
   1,750,000   2,176,792
Series FF, 5.00%, 6/15/2039
   3,060,000   3,782,561
Series FF-2, 5.00%, 6/15/2033
   4,500,000   5,747,970
Series GG, 5.00%, 6/15/2037
   190,000   217,442
Series GG, 5.00%, 6/15/2039
   350,000   400,037
Series HH, 5.00%, 6/15/2039
   155,000   177,159
Sub-Series CC1, 5.00%, 6/15/2038
   145,000   173,461
New York, NY, City Transitional Finance Authority Building Aid Revenue:        
Series B-1, 5.00%, 8/1/2031
   700,000   855,229
Series S-, 5.00%, 7/15/2022
   100,000   102,580
Series S-, 5.00%, 7/15/2028
   160,000   181,146
Series S-, 5.00%, 7/15/2043
   220,000   247,799
Series S-1, 4.00%, 7/15/2036
   255,000   293,159
Series S-1, 4.00%, 7/15/2040
   1,760,000   1,948,178
Series S-1, 5.00%, 7/15/2022
   145,000   148,740
Series S-1, 5.00%, 7/15/2033
   5,000,000   6,235,709
See accompanying notes to financial statements.
64

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series S-1, 5.00%, 7/15/2043
   $ 1,885,000   $ 2,182,913
Series S-3-SUBSER, 5.00%, 7/15/2024
   750,000   837,048
Series S-3-SUBSER, 5.00%, 7/15/2035
   3,000,000   3,727,013
Series S-3-SUBSER, 5.00%, 7/15/2036
   8,205,000   10,195,137
Series S-4A, 5.00%, 7/15/2033
   250,000   311,785
New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue:        
4.00%, 11/1/2040
   2,335,000   2,744,352
4.00%, 5/1/2045
   2,850,000   3,356,231
5.00%, 5/1/2025
   500,000   574,196
5.00%, 11/1/2026
   545,000   657,502
5.00%, 11/1/2027
   1,545,000   1,915,210
5.00%, 5/1/2031
   750,000   990,598
5.00%, 11/1/2032
   4,000,000   5,255,303
5.00%, 2/1/2034
   600,000   719,237
5.00%, 5/1/2034
   250,000   294,867
5.00%, 5/1/2036
   245,000   288,169
5.00%, 8/1/2038
   500,000   621,962
5.00%, 2/1/2039
   710,000   847,212
5.00%, 8/1/2042
   5,000,000   6,187,424
5.00%, 2/1/2043
   5,515,000   6,580,806
5.25%, 8/1/2037
   5,045,000   6,400,426
Series 1-REMK, 5.00%, 11/1/2026
   500,000   603,213
Series A-1, 5.00%, 8/1/2023
   6,400,000   6,878,274
Series A-1, 5.00%, 11/1/2023
   1,200,000   1,303,170
Series A-1, 5.00%, 8/1/2027
   275,000   318,142
Series A-1, 5.00%, 8/1/2029
   170,000   196,277
Series A-1, 5.00%, 8/1/2031
   150,000   167,315
Series A-1, 5.00%, 8/1/2033
   2,915,000   3,648,348
Series A-1, 5.00%, 8/1/2036
   2,000,000   2,495,454
Series A-2, 5.00%, 5/1/2036
   540,000   681,923
Series A-2, 5.00%, 8/1/2036
   1,640,000   1,991,736
Series A-2, 5.00%, 8/1/2039
   700,000   848,018
Series A-3, 3.00%, 5/1/2045
   1,550,000   1,633,154
Series A-3, 4.00%, 5/1/2042
   6,000,000   7,023,629
Series A-3, 5.00%, 8/1/2040
   500,000   605,426
Series B-1, 4.00%, 8/1/2037
   105,000   120,678
Series B-1, 4.00%, 11/1/2042
   9,200,000   10,870,461
Series B-1, 5.00%, 11/1/2028
   500,000   635,386
Series B-1, 5.00%, 8/1/2029
   40,000   49,139
Series B-1, 5.00%, 8/1/2030
   295,000   350,988
Series B-1, 5.00%, 8/1/2031
   175,000   195,201
See accompanying notes to financial statements.
65

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B-1, 5.00%, 8/1/2034
   $ 500,000   $ 608,448
Series B-1, 5.00%, 11/1/2034
   545,000   700,395
Series B-1, 5.00%, 11/1/2035
   160,000   185,736
Series B-1, 5.00%, 8/1/2038
   7,095,000   8,388,910
Series B-1, 5.00%, 8/1/2040
   3,800,000   4,485,519
Series C, 5.00%, 11/1/2022
   100,000   104,015
Series C, 5.00%, 11/1/2025
   395,000   459,696
Series C, 5.00%, 11/1/2026
   120,000   137,721
Series C, 5.00%, 11/1/2027
   150,000   172,044
Series C1, 5.00%, 11/1/2034
   7,000,000   8,896,270
Series CC-1, 5.00%, 6/15/2034
   1,335,000   1,726,101
Series C-SUBORDINATE, 5.00%, 11/1/2023
   125,000   135,747
Series D-1, 5.00%, 2/1/2026
   100,000   109,515
Series D-S, 4.00%, 11/1/2047
   500,000   587,042
Series E-1, 4.00%, 2/1/2041
   110,000   120,716
Series E-1, 5.00%, 2/1/2030
   370,000   446,383
Series F-1, 5.00%, 5/1/2032
   5,500,000   6,660,607
Series F-1, 5.00%, 5/1/2036
   515,000   620,700
Series F-1, 5.00%, 5/1/2039
   615,000   739,456
New York, NY, General Obligation:        
4.00%, 8/1/2034
   915,000   1,041,851
5.00%, 8/1/2026
   1,335,000   1,597,680
5.00%, 8/1/2027
   1,545,000   1,900,839
Series A, 3.00%, 8/1/2036
   3,000,000   3,283,706
Series A, 4.00%, 8/1/2037
   1,900,000   2,235,128
Series A, 5.00%, 8/1/2023
   5,000,000   5,372,002
Series A, 5.00%, 8/1/2024
   3,500,000   3,912,642
Series A, 5.00%, 8/1/2026
   125,000   144,851
Series A-1, 4.00%, 8/1/2038
   1,000,000   1,174,554
Series A-1, 4.00%, 8/1/2042
   520,000   605,108
Series A-1, 5.00%, 8/1/2023
   1,380,000   1,482,673
Series A-1, 5.00%, 8/1/2028
   2,650,000   3,335,416
Series A-1, 5.00%, 8/1/2039
   5,000,000   6,254,760
Series B, 5.00%, 8/1/2025
   150,000   167,726
Series B-1, 4.00%, 10/1/2040
   545,000   639,146
Series B-1, 5.00%, 10/1/2031
   2,185,000   2,807,794
Series B-1, 5.00%, 12/1/2031
   160,000   192,652
Series B-1, 5.00%, 10/1/2032
   1,680,000   2,151,569
Series B-1, 5.00%, 10/1/2036
   400,000   486,494
Series B-1, 5.00%, 10/1/2037
   4,730,000   5,743,976
Series B-1, 5.00%, 12/1/2037
   500,000   596,707
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B-1, 5.00%, 10/1/2038
   $ 300,000   $ 364,125
Series B-1, 5.00%, 12/1/2038
   3,095,000   3,691,978
Series B-1, 5.00%, 10/1/2039
   950,000   1,153,063
Series C, 5.00%, 8/1/2024
   7,000,000   7,825,283
Series C, 5.00%, 8/1/2026
   655,000   775,820
Series C, 5.00%, 8/1/2027
   1,990,000   2,418,013
Series C, 5.00%, 8/1/2028
   1,980,000   2,411,339
Series C, 5.00%, 8/1/2035
   5,000,000   6,482,603
Series C-1, 5.00%, 8/1/2029
   520,000   669,084
Series C-1, 5.00%, 8/1/2030
   5,950,000   7,815,371
Series C-1, 5.00%, 8/1/2031
   500,000   656,040
Series C-1, 5.00%, 8/1/2033
   700,000   911,993
Series D1, 4.00%, 12/1/2042
   255,000   295,977
Series D1, 4.00%, 12/1/2043
   3,500,000   4,056,464
Series D-1, 4.00%, 3/1/2042
   550,000   642,830
Series D-1, 5.00%, 3/1/2039
   500,000   635,444
Series D-1, 5.00%, 12/1/2041
   625,000   778,877
Series D-1, 5.00%, 12/1/2042
   1,500,000   1,867,910
Series D-1, 5.00%, 3/1/2043
   2,280,000   2,876,016
Series E, 4.00%, 8/1/2026
   250,000   287,935
Series E, 5.00%, 8/1/2023
   550,000   590,920
Series E, 5.00%, 8/1/2024
   760,000   849,602
Series E, 5.00%, 8/1/2025
   380,000   440,494
Series E, 5.00%, 8/1/2032
   2,900,000   3,647,852
Series E-1, 4.00%, 3/1/2041
   500,000   573,054
Series E-1, 5.00%, 3/1/2037
   585,000   717,143
Series E-1, 5.00%, 3/1/2040
   4,000,000   4,889,866
Series F-1, 5.00%, 4/1/2023
   750,000   794,599
Series F-1, 5.00%, 6/1/2026
   165,000   189,979
Series F-1, 5.00%, 4/1/2033
   680,000   842,076
Series H, 5.00%, 1/1/2036
   2,250,000   2,795,175
Series I, 5.00%, 3/1/2022
   60,000   60,463
Series J-10-REMK 10/1, 5.00%, 8/1/2027
   1,265,000   1,556,350
Series J-SUBSER J11-REMK 12/1, 5.00%, 8/1/2026
   505,000   604,366
New York, NY, Metropolitan Transportation Authority, Dedicated Tax Fund Revenue:        
Series A, 5.25%, 11/15/2027
   250,000   302,469
Series A, 5.25%, 11/15/2034
   560,000   675,676
Series B-2, 4.00%, 11/15/2038
   255,000   282,925
New York, NY, Trust for Cultural Resources, Wildlife Conservation Society Revenue:        
4.00%, 2/1/2023
   745,000   775,535
See accompanying notes to financial statements.
67

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
4.00%, 4/1/2026
   $ 630,000   $ 715,789
4.00%, 4/1/2030
   400,000   459,873
4.00%, 4/1/2031
   230,000   264,311
New York, State Dormitory Authority Revenue, Non State Supported Debt:        
5.00%, 10/1/2023
   200,000   216,266
5.00%, 10/1/2026 (c)
   665,000   799,218
5.00%, 10/1/2028
   500,000   600,398
5.00%, 7/1/2033
   1,335,000   1,877,937
5.00%, 7/1/2034
   2,105,000   3,010,606
5.00%, 7/1/2036
   500,000   734,045
Series 1, 5.00%, 1/15/2029
   400,000   492,831
Series 1, 5.00%, 1/15/2030
   250,000   307,044
Series 1, 5.00%, 1/15/2031
   500,000   612,773
Series A, 3.00%, 7/1/2029
   315,000   336,867
Series A, 4.00%, 7/1/2034
   100,000   113,518
Series A, 4.00%, 7/1/2043
   1,350,000   1,499,122
Series A, 5.00%, 7/1/2024
   890,000   991,718
Series A, 5.00%, 7/1/2026
   1,640,000   1,958,446
Series A, 5.00%, 7/1/2028
   2,000,000   2,526,558
Series A, 5.00%, 10/1/2028
   205,000   253,704
Series A, 5.00%, 7/1/2029
   2,000,000   2,587,238
Series A, 5.00%, 10/1/2029
   4,540,000   5,572,766
Series A, 5.00%, 10/1/2030
   8,040,000   9,763,044
Series A, 5.00%, 10/1/2031
   3,750,000   4,485,537
Series A, 5.00%, 7/1/2032
   125,000   148,416
Series A, 5.00%, 10/1/2032
   3,500,000   4,182,893
Series A, 5.00%, 7/1/2033
   600,000   710,064
Series A, 5.00%, 10/1/2033
   5,000,000   5,970,412
Series A, 5.00%, 7/1/2034
   5,040,000   6,120,524
Series A, 5.00%, 7/1/2035
   100,000   118,344
Series A, 5.00%, 7/1/2040
   200,000   243,117
Series A, 5.00%, 3/15/2045
   1,750,000   2,138,658
Series B, 5.00%, 10/1/2030
   260,000   307,319
Series E, 5.00%, 3/15/2039
   1,330,000   1,658,654
New York, State Dormitory Authority Revenue, State Supported Debt:        
5.00%, 10/1/2031
   510,000   601,645
Series A, 5.00%, 10/1/2026
   125,000   140,269
New York, State Dormitory Authority, Personal Income Tax Revenue:        
3.25%, 2/15/2040
   100,000   107,069
See accompanying notes to financial statements.
68

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 2/15/2026
   $ 810,000   $ 957,686
5.00%, 2/15/2036
   5,500,000   6,602,447
Series A, 4.00%, 10/1/2024 (c)
   440,000   482,414
Series A, 4.00%, 3/15/2044
   1,230,000   1,449,045
Series A, 5.00%, 2/15/2026
   500,000   591,164
Series A, 5.00%, 3/15/2026
   245,000   279,244
Series A, 5.00%, 3/15/2028
   535,000   669,773
Series A, 5.00%, 3/15/2031
   500,000   630,763
Series A, 5.00%, 2/15/2036
   500,000   592,578
Series A, 5.00%, 7/1/2039
   525,000   672,512
Series A-GROUP 3, 3.00%, 3/15/2042
   500,000   538,938
Series A-GROUP 3, 5.00%, 3/15/2039
   5,550,000   6,958,679
Series B, 5.00%, 2/15/2026
   585,000   691,662
Series B, 5.00%, 3/15/2027
   110,000   120,722
Series B, 5.00%, 2/15/2028
   1,615,000   1,985,982
Series B, 5.00%, 3/15/2028
   170,000   186,531
Series B-BIDDING GROUP 3 BOND, 5.00%, 2/15/2038
   400,000   485,026
Series B-GROUP C, 5.00%, 2/15/2039
   200,000   225,170
Series C, 5.00%, 3/15/2037
   105,000   114,871
Series D, 4.00%, 2/15/2036
   1,000,000   1,186,456
Series D, 4.00%, 2/15/2038
   3,000,000   3,546,084
Series D, 5.00%, 2/15/2025
   730,000   833,862
Series D, 5.00%, 2/15/2026
   920,000   1,087,742
Series D, 5.00%, 2/15/2027
   625,000   759,846
Series D, 5.00%, 2/15/2028
   960,000   1,147,359
Series D, 5.00%, 2/15/2041
   2,350,000   2,976,824
Series E, 5.00%, 3/15/2022
   110,000   111,065
Series E, 5.00%, 3/15/2023
   180,000   190,344
New York, State Dormitory Authority, Sales Tax Revenue:        
Series A, 5.00%, 3/15/2022
   100,000   100,968
Series A, 5.00%, 3/15/2024
   300,000   330,797
Series A, 5.00%, 3/15/2025
   3,250,000   3,724,816
Series A, 5.00%, 3/15/2028
   500,000   616,853
Series A, 5.00%, 3/15/2030
   1,360,000   1,638,740
Series A, 5.00%, 3/15/2031
   160,000   175,595
Series A, 5.00%, 3/15/2032
   5,600,000   6,661,919
Series A, 5.00%, 3/15/2037
   4,300,000   5,288,766
Series A, 5.00%, 3/15/2038
   140,000   148,045
Series A, 5.00%, 3/15/2039
   900,000   1,106,378
Series A-GROUP B, 5.00%, 3/15/2037
   570,000   686,381
Series A-GROUP C, 5.00%, 3/15/2043
   300,000   359,736
See accompanying notes to financial statements.
69

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 5.00%, 3/15/2031
   $ 795,000   $ 920,345
Series B-B, 5.00%, 3/15/2027
   270,000   313,969
Series B-B, 5.00%, 3/15/2029
   40,000   46,354
Series C, 5.00%, 3/15/2042
   270,000   310,219
Series E, 5.00%, 3/15/2034
   5,000,000   6,263,925
Series E, 5.00%, 3/15/2041
   5,000,000   6,231,285
New York, State Environmental Facilities Corp., Revenue:        
3.00%, 6/15/2040
   3,000,000   3,345,469
4.00%, 6/15/2036
   450,000   507,191
4.00%, 10/15/2045
   1,500,000   1,789,356
5.00%, 6/15/2026
   1,515,000   1,808,843
5.00%, 6/15/2027
   1,855,000   2,280,013
5.00%, 6/15/2028
   550,000   656,141
5.00%, 6/15/2041
   3,940,000   4,626,415
5.00%, 6/15/2042
   940,000   1,145,253
Series A, 5.00%, 6/15/2026
   1,585,000   1,892,420
Series B, 5.00%, 8/15/2041
   1,210,000   1,428,029
Series B-SUB, 5.00%, 6/15/2035
   2,000,000   2,563,245
Series B-SUB, 5.00%, 6/15/2036
   8,500,000   10,873,945
Series E, 5.00%, 6/15/2034
   3,200,000   3,910,176
New York, State Urban Development Corp., Revenue:        
4.00%, 3/15/2037
   1,355,000   1,622,238
5.00%, 3/15/2033
   225,000   246,931
5.00%, 3/15/2043
   975,000   1,247,413
5.00%, 3/15/2044
   370,000   403,336
Series A, 4.00%, 3/15/2038
   1,835,000   2,191,405
Series A, 4.00%, 3/15/2043
   5,295,000   6,227,320
Series A, 4.00%, 3/15/2045
   1,690,000   1,981,970
Series A, 5.00%, 3/15/2022
   50,000   50,484
Series A, 5.00%, 3/15/2027
   565,000   667,403
Series A, 5.00%, 3/15/2035
   11,000,000   13,735,501
Series A, 5.00%, 3/15/2037
   785,000   1,016,722
Series A, 5.00%, 3/15/2042
   500,000   640,824
Series A, 5.00%, 3/15/2044
   1,850,000   2,276,913
Series A-, 5.00%, 3/15/2028
   225,000   260,923
Series A-, 5.00%, 3/15/2029
   525,000   608,193
Series A-, 5.00%, 3/15/2033
   3,610,000   4,177,742
Series A-, 5.00%, 3/15/2038
   105,000   120,724
Series A-, 5.00%, 3/15/2039
   530,000   608,531
Series A-, 5.00%, 3/15/2042
   380,000   434,812
Series C-, 5.00%, 3/15/2027
   100,000   122,094
See accompanying notes to financial statements.
70

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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C-, 5.00%, 3/15/2031
   $ 4,250,000   $ 5,208,288
Series C-, 5.00%, 3/15/2032
   590,000   722,666
Series E, 5.00%, 3/15/2033
   120,000   126,665
Series E GROUP 3, 4.00%, 3/15/2046
   2,275,000   2,647,480
Onondaga County Trust for Cultural Res., Revenue:        
5.00%, 12/1/2038
   1,500,000   1,930,267
5.00%, 12/1/2039
   1,250,000   1,605,722
5.00%, 12/1/2040
   2,750,000   3,527,349
5.00%, 12/1/2045
   3,620,000   4,597,733
Suffolk, NY, County Water Authority Revenue

Series A, 5.00%, 6/1/2037
   860,000   1,001,894
Triborough, NY, Bridge & Tunnel Authority Revenue:        
5.00%, 11/15/2033
   675,000   850,162
Series A, 5.00%, 11/15/2027
   600,000   732,606
Series A, 5.00%, 11/15/2040
   435,000   494,599
Series A, 5.00%, 11/15/2041
   350,000   408,212
Series A-1, 4.00%, 5/15/2046
   840,000   994,693
Series B, 5.00%, 11/15/2029
   2,355,000   3,003,157
Series B, 5.00%, 11/15/2037
   705,000   855,027
Series C, 5.00%, 11/15/2023
   700,000   760,980
Series C-1, 5.00%, 11/15/2025
   1,050,000   1,227,837
Series C-2, 5.00%, 11/15/2042
   4,280,000   5,250,172
Series D, 4.00%, 11/15/2037
   1,865,000   2,254,837
Utility Debt Securitization Authority Revenue:        
5.00%, 12/15/2025
   1,940,000   2,114,151
5.00%, 12/15/2032
   605,000   709,429
5.00%, 12/15/2036
   250,000   292,618
5.00%, 12/15/2038
   200,000   247,387
5.00%, 12/15/2039
   520,000   642,188
5.00%, 12/15/2040
   300,000   370,297
Series A, 5.00%, 12/15/2026
   350,000   397,287
Series A, 5.00%, 6/15/2028
   255,000   304,211
Series A, 5.00%, 12/15/2032
   260,000   308,916
Series A, 5.00%, 12/15/2033
   500,000   593,586
Series A, 5.00%, 12/15/2035
   1,975,000   2,339,902
Series B, 5.00%, 12/15/2024
   1,070,000   1,118,285
Series B, 5.00%, 12/15/2025
   315,000   343,277
          789,219,771
NORTH CAROLINA — 1.6%        
Buncombe County, NC, Limited Obligation Revenue

5.00%, 6/1/2026
   100,000   114,999
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Charlotte, NC, Water & Sewer System Revenue:        
5.00%, 7/1/2027
   $ 5,000,000   $ 6,171,355
5.00%, 7/1/2028
   165,000   190,382
5.00%, 7/1/2044
   125,000   155,814
City of Charlotte NC Airport Special Facilities Revenue

Series A, 4.00%, 7/1/2038
   510,000   618,448
City of Charlotte NC, General Obligation

Series A, 5.00%, 6/1/2027
   705,000   867,306
County of Brunswick NC Enterprise Systems Revenue

3.00%, 4/1/2046
   500,000   537,852
County of Union NC Enterprise System Revenue:        
3.00%, 6/1/2037
   1,545,000   1,735,312
3.00%, 6/1/2038
   1,675,000   1,877,683
3.00%, 6/1/2039
   1,125,000   1,258,414
3.00%, 6/1/2043
   4,825,000   5,322,710
County of Wake NC Revenue

4.00%, 9/1/2037
   740,000   892,644
Guilford County, NC, General Obligation

5.00%, 3/1/2025
   1,050,000   1,201,548
Mecklenburg County, NC, General Obligation:        
Series A, 5.00%, 9/1/2023
   110,000   118,596
Series A, 5.00%, 4/1/2027
   550,000   674,106
Mecklenburg County, NC, Public Facilities Corp., Revenue

5.00%, 2/1/2024
   165,000   180,844
North Carolina, Capital Facilities Finance Agency Revenue:        
5.00%, 1/1/2043
   3,000,000   3,635,343
Series B, 4.00%, 10/1/2039
   245,000   275,021
North Carolina, State General Obligation:        
5.00%, 6/1/2027
   360,000   427,604
Series A, 5.00%, 6/1/2023
   5,100,000   5,440,895
Series B, 5.00%, 6/1/2026
   6,850,000   8,181,835
Series B, 5.00%, 6/1/2027
   925,000   1,137,401
Series B, 5.00%, 6/1/2028
   3,700,000   4,672,090
North Carolina, State Revenue:        
Series B, 4.00%, 5/1/2035
   780,000   952,155
Series B, 5.00%, 5/1/2025
   2,530,000   2,909,054
Series B, 5.00%, 5/1/2027
   825,000   1,010,637
Series B, 5.00%, 5/1/2029
   1,300,000   1,675,451
North Carolina, Turnpike Authority Revenue:        
Zero Coupon, 1/1/2044
   1,675,000   894,716
Zero Coupon, 1/1/2045
   615,000   316,374
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Raleigh, NC, Combined Enterprise System Revenue

Series A, 4.00%, 3/1/2041
   $ 100,000   $ 114,468
State of North Carolina Revenue:        
Series A, 5.00%, 5/1/2030
   575,000   738,823
Series B, 3.00%, 5/1/2033
   795,000   899,492
Wake, NC, General Obligation:        
5.00%, 3/1/2031
   1,680,000   2,255,025
Series A, 5.00%, 3/1/2024
   100,000   110,107
Series A, 5.00%, 3/1/2026
   400,000   474,089
Wake, NC, Limited Obligation Revenue:        
4.00%, 3/1/2038
   2,780,000   3,420,998
4.00%, 9/1/2038
   700,000   843,062
5.00%, 9/1/2026
   5,000,000   6,006,778
          68,309,431
NORTH DAKOTA — 0.0% (a)        
University of North Dakota

Series A, 4.00%, 6/1/2046 (c)
   615,000   712,386
OHIO — 2.4%        
Cincinnati, OH, General Obligation

Series A, 4.00%, 12/1/2023
   150,000   160,570
Cleveland Department of Public Utilities Division of Water Revenue

Series FF, 5.00%, 1/1/2029
   1,100,000   1,402,592
Columbus, OH, General Obligation:        
Series 1, 5.00%, 7/1/2025
   165,000   190,903
Series 2017-1, 4.00%, 4/1/2023
   1,270,000   1,329,454
Series A, 3.00%, 8/15/2023
   555,000   579,400
Series A, 5.00%, 4/1/2025
   5,000,000   5,733,778
Series A, 5.00%, 4/1/2030
   5,000,000   6,335,608
Columbus, OH, Sewer Revenue

5.00%, 6/1/2030
   100,000   118,434
County of Cuyahoga OH Revenue

Series D, 4.00%, 12/1/2022
   500,000   517,305
Cuyahoga County, OH, General Obligation:        
4.00%, 12/1/2035
   2,785,000   3,124,990
5.00%, 12/1/2027
   400,000   475,845
5.00%, 12/1/2028
   300,000   356,021
5.00%, 12/1/2029
   1,015,000   1,201,623
5.00%, 12/1/2037
   600,000   701,500
Franklin County, OH, Sales Tax Revenue

5.00%, 6/1/2043
   500,000   615,017
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Hamilton County, OH, Sewer System Revenue

Series A, 5.00%, 12/1/2029
   $ 6,275,000   $ 8,135,054
Michigan, State Finance Authority Revenue

Series A, 4.00%, 9/1/2045
   1,500,000   1,765,733
Northeast Ohio, Regional Sewer District Revenue:        
3.00%, 11/15/2040
   2,755,000   3,056,804
3.25%, 11/15/2040
   100,000   110,475
4.00%, 11/15/2043
   250,000   289,888
5.00%, 11/15/2044
   245,000   277,248
Ohio, State General Obligation:        
Series A, 4.00%, 6/15/2040
   1,000,000   1,222,708
Series A, 5.00%, 9/1/2024
   120,000   134,579
Series A, 5.00%, 9/15/2024
   100,000   112,316
Series A, 5.00%, 3/15/2028
   1,275,000   1,401,933
Series A, 5.00%, 3/15/2031
   440,000   483,498
Series A, 5.00%, 2/1/2033
   875,000   1,021,471
Series A, 5.00%, 3/15/2033
   135,000   148,127
Series A, 5.00%, 3/15/2035
   200,000   219,170
Series B, 5.00%, 6/15/2027
   200,000   204,342
Series B, 5.00%, 9/1/2032
   175,000   184,709
Series B, 5.00%, 9/1/2034
   170,000   179,432
Series B, 5.00%, 6/15/2035
   200,000   204,342
Series C, 5.00%, 11/1/2030
   140,000   160,275
Series C, 5.00%, 11/1/2033
   400,000   456,647
Series T, 5.00%, 11/1/2028
   400,000   487,164
Series T, 5.00%, 5/1/2031
   250,000   304,276
Series V, 5.00%, 5/1/2024
   500,000   553,881
Ohio, State Revenue:        
Series 2016, 5.00%, 12/15/2026
   835,000   994,116
Series A, 5.00%, 12/1/2038
   5,000,000   6,230,159
Series C, 5.00%, 12/1/2028
   230,000   276,199
Series C, 5.00%, 12/1/2030
   165,000   197,351
Ohio, State Special Obligation

Series B, 5.00%, 9/15/2023
   925,000   998,895
Ohio, State University Revenue:        
3.00%, 12/1/2044
   5,150,000   5,615,402
Series A, 5.00%, 12/1/2022
   1,000,000   1,044,057
Ohio, State Water Development Authority Revenue:        
Series A, 5.00%, 6/1/2028
   175,000   208,098
Series A, 5.00%, 12/1/2028
   825,000   979,847
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Ohio, State Water Development Authority, Water Pollution Control Revenue:        
5.00%, 6/1/2025
   $ 75,000   $ 86,492
Series A, 5.00%, 12/1/2033
   525,000   686,567
Series A, 5.00%, 12/1/2038
   500,000   648,337
Series B, 3.00%, 12/1/2033
   1,710,000   1,934,711
Series B, 4.00%, 12/1/2038
   5,000,000   6,076,388
Series B, 5.00%, 12/1/2027
   1,150,000   1,431,615
Ohio, Turnpike & Infrastructure Commission, Revenue:        
Series A, 5.00%, 2/15/2026
   720,000   850,150
Series A, 5.00%, 2/15/2028
   350,000   423,745
Ohio, Water Development Authority Revenue:        
5.00%, 6/1/2023
   550,000   586,925
5.00%, 6/1/2028
   1,050,000   1,316,792
5.00%, 12/1/2037
   1,925,000   2,512,934
5.00%, 12/1/2039
   1,050,000   1,346,072
5.00%, 6/1/2044
   3,235,000   4,109,366
Series A, 5.00%, 6/1/2029
   2,000,000   2,563,423
Series B, 5.00%, 12/1/2033
   115,000   138,222
Ohio, Water Development Authority Water Pollution Control Loan Fund Revenue:        
Series A, 5.00%, 12/1/2029
   240,000   293,542
Series A, 5.00%, 12/1/2031
   500,000   608,875
Series A, 5.00%, 6/1/2032
   675,000   884,962
Series A, 5.00%, 12/1/2039
   1,135,000   1,468,993
Series B, 5.00%, 6/1/2026
   500,000   586,402
Series B, 5.00%, 12/1/2038
   2,775,000   3,563,752
Series B, 5.00%, 12/1/2039
   2,000,000   2,563,947
State of Ohio, General Obligation:        
4.00%, 3/1/2036
   940,000   1,179,166
4.00%, 3/1/2037
   500,000   625,623
4.00%, 3/1/2038
   1,400,000   1,746,716
4.00%, 3/1/2039
   750,000   932,844
5.00%, 3/1/2030
   860,000   1,043,115
Series A, 5.00%, 5/1/2032
   660,000   802,220
Series A, 5.00%, 5/1/2033
   500,000   670,426
University of Cincinnati, Revenue

Series A, 5.00%, 6/1/2044
   275,000   335,655
          102,519,213
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
OKLAHOMA — 0.5%        
Canadian County, OK, Educational Facilities Authority Revenue

3.00%, 9/1/2029
   $ 250,000   $ 271,848
Oklahoma County, Independent School District, General Obligation

Series A, 2.50%, 7/1/2023
   3,120,000   3,223,368
Oklahoma, Capital Improvement Authority, State Facilities Revenue:        
4.00%, 7/1/2038
   650,000   749,776
5.00%, 7/1/2027
   160,000   190,679
Series 2020A, 5.00%, 7/1/2025
   600,000   692,158
Series A, 5.00%, 7/1/2027
   265,000   294,629
Oklahoma, Development Finance Authority Revenue

Series D, 3.00%, 6/1/2046
   145,000   152,474
Oklahoma, State Turnpike Authority Revenue:        
Series A, 4.00%, 1/1/2033
   260,000   291,208
Series C, 5.00%, 1/1/2037
   125,000   149,722
Series E, 5.00%, 1/1/2029
   700,000   845,585
Oklahoma, State University Revenue:        
Series A, 4.00%, 9/1/2046
   655,000   780,366
Series A, 5.00%, 9/1/2031
   750,000   980,920
Oklahoma, Water Resources Board Revenue

4.00%, 4/1/2040
   880,000   1,064,593
Tulsa County, OK, Industrial Authority Revenue:        
5.00%, 9/1/2022
   60,000   61,883
5.00%, 9/1/2024
   110,000   123,146
Tulsa, OK, Public Facilities Authority Revenue:        
3.00%, 6/1/2026
   325,000   348,859
3.00%, 6/1/2027
   1,750,000   1,866,395
5.00%, 6/1/2023
   5,560,000   5,932,459
5.00%, 6/1/2024
   530,000   587,704
5.00%, 6/1/2025
   2,710,000   3,114,301
          21,722,073
OREGON — 1.7%        
City of New York NY, General Obligation

Series A, 5.00%, 6/1/2029
   1,885,000   2,437,078
City of Portland OR Sewer System Revenue:        
Series A, 3.00%, 3/1/2046
   605,000   658,957
Series A, 5.00%, 3/1/2024
   620,000   681,816
Series A, 5.00%, 3/1/2029
   2,525,000   3,237,887
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
City of Portland OR Water System Revenue

Series B, 2.13%, 5/1/2046
   $ 3,660,000   $ 3,555,219
Clackamas & Washington Counties, OR, School District No. 3, General Obligation

5.00%, 6/15/2029
   200,000   231,141
Clackamas County, OR, School District No. 12, General Obligation:        
5.00%, 6/15/2026
   75,000   83,511
Series A, Zero Coupon, 6/15/2036
   115,000   71,044
Series A, Zero Coupon, 6/15/2038
   300,000   167,996
Series A, Zero Coupon, 6/15/2042
   440,000   202,871
Series B, 5.00%, 6/15/2037
   1,770,000   2,139,684
Linn & Benton Counties, OR, School District No. 8J Greater Albany, General Obligation:        
5.00%, 6/15/2024
   3,235,000   3,598,456
5.00%, 6/15/2037
   100,000   120,886
Multnomah & Clackamas Counties, School District No 10JT Gresham-Barlow, General Obligation

Series B, 5.00%, 6/15/2029
   135,000   165,823
Multnomah County, School District No 1 Portland,General Obligation

Series B, 3.00%, 6/15/2036
   4,000,000   4,469,015
Ohio, State Revenue

Series C, 5.00%, 12/1/2029
   180,000   215,580
Oregon, State Department of Administration Services, Lottery Revenue

Series C, 5.00%, 4/1/2026
   510,000   583,601
Oregon, State Department of Transportation, Sales Tax Revenue:        
Series A, 5.00%, 11/15/2035
   1,400,000   1,846,829
Series A, 5.00%, 11/15/2039
   5,000,000   6,450,268
Series C, 5.00%, 11/15/2025
   170,000   199,077
Oregon, State General Obligation:        
4.00%, 5/1/2040
   1,700,000   2,078,988
5.00%, 5/1/2030
   1,470,000   1,932,749
Series C, 5.00%, 8/1/2041
   1,065,000   1,251,900
Series F, 5.00%, 5/1/2028
   180,000   212,979
Series F, 5.00%, 5/1/2030
   145,000   171,430
Series F, 5.00%, 5/1/2035
   100,000   117,480
Series I, 5.00%, 8/1/2024
   125,000   139,874
Series I, 5.00%, 8/1/2029
   195,000   239,660
Series L, 5.00%, 8/1/2029
   3,370,000   4,141,818
Series L, 5.00%, 8/1/2030
   1,250,000   1,533,387
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series L, 5.00%, 8/1/2042
   $ 4,540,000   $ 5,473,331
Oregon, State Health & Science University Revenue:        
Series B, 4.00%, 7/1/2046
   155,000   173,714
Series B, 5.00%, 7/1/2033
   1,150,000   1,363,762
Series B, 5.00%, 7/1/2036
   235,000   277,141
Series B, 5.00%, 7/1/2038
   285,000   335,791
Portland Community College District, General Obligation:        
5.00%, 6/15/2025
   430,000   496,402
5.00%, 6/15/2027
   1,440,000   1,713,755
5.00%, 6/15/2029
   500,000   592,139
5.00%, 6/15/2030
   660,000   780,037
5.00%, 6/15/2031
   500,000   590,697
5.00%, 6/15/2032
   500,000   589,977
5.00%, 6/15/2033
   500,000   589,258
Portland, OR, Sewer System Revenue:        
Series A, 2.50%, 6/15/2033
   325,000   341,947
Series B, 5.00%, 6/15/2023
   600,000   641,346
Salem-Keizer School District No 24J, General Obligation:        
5.00%, 6/15/2038
   500,000   620,381
Series A, Zero Coupon, 6/15/2039
   3,995,000   2,598,272
Series A, Zero Coupon, 6/15/2040
   2,850,000   1,791,591
Series B, 5.00%, 6/15/2032
   635,000   832,133
Series B, 5.00%, 6/15/2035
   750,000   977,766
State of Oregon, General Obligation

4.00%, 5/1/2046
   740,000   892,636
Tri-County Metropolitan Transportation District of Oregon Revenue:        
Series A, 3.00%, 9/1/2044
   1,405,000   1,527,146
Series A, 5.00%, 9/1/2041
   570,000   685,646
Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, General Obligation

Series J, 5.00%, 6/15/2026
   650,000   775,755
Washington & Multnomah Counties School District No. 48J Beaverton, General Obligation:        
5.00%, 6/15/2027
   120,000   133,618
Series B, Zero Coupon, 6/15/2029
   200,000   173,588
Series B, Zero Coupon, 6/15/2032
   200,000   151,752
Series B, Zero Coupon, 6/15/2034
   330,000   227,943
Washington County, OR, School District No. 1, General Obligation:        
4.00%, 6/15/2039
   1,920,000   2,308,787
5.00%, 6/15/2035
   390,000   474,407
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Yamhill County, OR, School District No. 40 McMinnville, General Obligation

4.00%, 6/15/2037
   $ 200,000   $ 224,215
          71,291,937
PENNSYLVANIA — 1.3%        
Abington, PA, School District, General Obligation

Series A, 4.00%, 10/1/2035
   535,000   616,186
Allegheny, PA, General Obligation:        
Series C-75, 5.00%, 11/1/2026
   315,000   379,857
Series C-78, 4.00%, 11/1/2045
   2,570,000   3,063,445
Bensalem Township School District, General Obligation

5.00%, 6/1/2028
   135,000   146,851
Commonwealth of Pennsylvania, General Obligation:        
2.00%, 5/15/2039
   665,000   652,989
5.00%, 7/15/2028
   815,000   1,027,033
Series 2020, 3.00%, 5/1/2035
   900,000   992,262
Delaware, State Authority Revenue:        
Series A, 3.75%, 10/1/2046
   120,000   132,673
Series A, 5.00%, 10/1/2042
   795,000   952,087
Luzerne, PA, General Obligation

Series A, 5.00%, 11/15/2029 (c)
   375,000   435,232
Pennsylvania Turnpike Commission Revenue:        
Series A, 5.00%, 12/1/2028
   105,000   126,471
Series A, 5.00%, 12/1/2030
   160,000   192,418
Pennsylvania, State College Area School District, General Obligation

5.00%, 3/15/2040
   280,000   315,331
Pennsylvania, State General Obligation:        
2.00%, 5/15/2038
   5,000,000   4,931,828
3.00%, 5/15/2034
   7,580,000   8,428,164
4.00%, 2/1/2030
   400,000   449,086
4.00%, 3/1/2038
   4,085,000   4,696,821
5.00%, 3/15/2023
   120,000   126,799
5.00%, 9/15/2023
   600,000   647,504
5.00%, 1/1/2025
   1,000,000   1,134,451
5.00%, 9/15/2026
   500,000   599,846
5.00%, 1/1/2027
   500,000   605,400
5.00%, 3/15/2028
   270,000   307,645
5.00%, 5/15/2030
   7,535,000   9,866,323
5.00%, 1/1/2024
   725,000   791,180
Series 2020, 2.00%, 5/1/2039
   1,475,000   1,448,406
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Pennsylvania, State Higher Educational Facilities Authority Revenue:        
Series A, 4.00%, 8/15/2033
   $ 190,000   $ 216,344
Series A, 4.00%, 8/15/2034
   145,000   164,922
Series A, 4.00%, 8/15/2035
   470,000   534,324
Series A, 5.00%, 9/1/2045
   2,000,000   2,531,624
Series AT-1, 5.00%, 6/15/2024
   200,000   221,951
Series AT-1, 5.00%, 6/15/2025
   100,000   115,071
Series AT-1, 5.00%, 6/15/2030
   100,000   118,404
Series B, 5.00%, 10/1/2025
   200,000   233,326
Pennsylvania, State University, Revenue:        
Series A, 5.00%, 9/1/2041
   150,000   177,192
Series A, 5.00%, 9/1/2042
   270,000   327,957
Series B, 4.00%, 9/1/2036
   490,000   557,318
Pittsburgh Water & Sewer Authority Revenue

Series B, 5.00%, 9/1/2032 (c)
   2,540,000   3,448,121
Port, PN, Authority of Allegheny County Revenue

5.00%, 3/1/2024
   900,000   989,117
State Public School Building Authority Revenue:        
5.00%, 12/1/2023
   150,000   163,170
5.00%, 12/1/2029
   610,000   732,014
Upper Merion Area School District, General Obligation

Series A, 4.00%, 1/15/2046
   500,000   579,532
          54,176,675
RHODE ISLAND — 0.1%        
Rhode Island Health & Educational Building Corp., Revenue:        
Series A, 4.00%, 5/15/2028
   485,000   547,787
Series A, 5.00%, 5/15/2027
   270,000   320,234
Series A, 5.00%, 9/1/2029
   500,000   614,031
Rhode Island, State & Providence Plantations, General Obligation:        
Series B, 5.00%, 8/1/2031
   1,195,000   1,458,266
Series C, 4.00%, 1/15/2033
   1,500,000   1,785,620
Series D, 5.00%, 8/1/2024
   250,000   279,749
State of Rhode Island, General Obligation

2.00%, 8/1/2038
   905,000   900,076
          5,905,763
SOUTH CAROLINA — 0.5%        
Charleston, SC, General Obligation

Series C, 5.00%, 11/1/2024
   350,000   395,552
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Charlotte, NC, Water & Sewer System Revenue

5.00%, 1/1/2044
   $ 1,000,000   $ 1,273,857
City of Charleston SC Waterworks & Sewer System Revenue

4.00%, 1/1/2027
   4,000,000   4,662,270
City of Columbia SC Waterworks & Sewer System Revenue

Series A, 4.00%, 2/1/2044
   2,750,000   3,223,846
County of Florence SC, General Obligation

5.00%, 6/1/2023
   3,200,000   3,414,365
Lexington County, SC, School District No. 1, General Obligation

Series B, 3.00%, 2/1/2038
   1,975,000   2,170,521
Lexington County, SC, School District No. 2, General Obligation:        
3.00%, 3/1/2038
   125,000   134,263
Series C, 3.00%, 3/1/2038
   325,000   349,631
South Carolina, General Obligation:        
Series A, 4.00%, 4/1/2031
   2,085,000   2,445,797
Series A, 5.00%, 4/1/2030
   120,000   148,407
University of South Carolina Revenue:        
Series A, 5.00%, 5/1/2041
   750,000   976,370
Series A, 5.00%, 5/1/2046
   730,000   940,627
York, SC, General Obligation

5.00%, 4/1/2027
   280,000   308,943
          20,444,449
TENNESSEE — 1.1%        
City of Knoxville TN Wastewater System Revenue

Series A, 4.00%, 4/1/2034
   4,000,000   5,037,431
City of Memphis TN Water Revenue

3.00%, 12/1/2045
   500,000   544,760
City of Memphis TN, General Obligation:        
4.00%, 5/1/2035
   750,000   921,708
5.00%, 5/1/2023
   780,000   828,843
5.00%, 5/1/2029
   4,775,000   6,126,777
Memphis, TN, General Obligation:        
4.00%, 6/1/2032
   2,320,000   2,641,551
4.00%, 6/1/2044
   500,000   564,980
Series A, 5.00%, 4/1/2026
   320,000   365,761
Metropolitan Government Nashville & Davidson County, TN, Electric Revenue:        
Series A, 5.00%, 7/1/2042
   1,040,000   1,264,924
Series B, 5.00%, 5/15/2026
   345,000   410,500
Metropolitan Government Nashville & Davidson County, TN, General Obligation:        
4.00%, 7/1/2028
   360,000   421,642
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
4.00%, 7/1/2031
   $ 750,000   $ 873,803
4.00%, 7/1/2036
   515,000   609,180
5.00%, 1/1/2024
   105,000   114,695
5.00%, 7/1/2024
   110,000   122,572
5.00%, 1/1/2025
   535,000   607,617
5.00%, 1/1/2026
   170,000   199,931
5.00%, 1/1/2027
   100,000   119,295
5.00%, 7/1/2030
   650,000   815,157
Series C, 3.00%, 1/1/2035
   2,100,000   2,373,495
Series C, 4.00%, 1/1/2032
   2,965,000   3,678,293
Series C, 5.00%, 7/1/2023
   115,000   123,069
Nashville & Davidson County, TN, Metropolitan Government General Obligation

Series C, 5.00%, 1/1/2024
   500,000   546,166
New Memphis Arena Public Building Authority Revenue:        
Zero Coupon, 4/1/2032
   1,500,000   1,234,666
Zero Coupon, 4/1/2034
   3,300,000   2,574,445
Zero Coupon, 4/1/2041
   2,015,000   1,259,637
Zero Coupon, 4/1/2042
   850,000   514,165
Sullivan County, TN, General Obligation

4.00%, 5/1/2045
   610,000   688,850
Tennessee, State General Obligation:        
Series A, 5.00%, 8/1/2022
   150,000   154,214
Series A, 5.00%, 2/1/2026
   160,000   189,113
Series A, 5.00%, 9/1/2027
   5,005,000   6,205,650
Tennessee, State School Bond Authority Revenue:        
Series A, 5.00%, 11/1/2034
   3,610,000   4,435,364
Series A, 5.00%, 11/1/2037
   435,000   533,342
Series B, 5.00%, 11/1/2022
   100,000   104,024
Series B, 5.00%, 11/1/2025
   105,000   122,713
          47,328,333
TEXAS — 10.7%        
Alamo Community College District, General Obligation:        
4.00%, 8/15/2034
   1,085,000   1,321,092
4.00%, 8/15/2038
   2,615,000   3,151,042
Alamo, TX, Community College District, General Obligation:        
5.00%, 8/15/2026
   125,000   149,836
5.00%, 8/15/2027
   575,000   708,505
5.00%, 8/15/2038
   1,000,000   1,221,571
Alamo, TX, Regional Mobility Authority Revenue

5.00%, 6/15/2039
   100,000   113,564
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Aldine, TX, Independent School District, General Obligation:        
5.00%, 2/15/2024
   $ 220,000   $ 241,502
5.00%, 2/15/2026
   150,000   170,666
5.00%, 2/15/2029
   300,000   339,936
5.00%, 2/15/2030
   215,000   259,825
Allen, TX, Independent School District, General Obligation

5.00%, 2/15/2027
   320,000   377,415
Alvin, TX, Independent School District, General Obligation:        
5.00%, 2/15/2027
   345,000   406,130
Series A, 4.00%, 2/15/2039
   255,000   281,305
Series A, 5.00%, 2/15/2030
   165,000   193,355
Arlington Higher Education Finance Corp., Revenue

Series A, 3.00%, 2/15/2046
   1,500,000   1,603,853
Arlington, TX, Independent School District, General Obligation:        
4.00%, 2/15/2041
   750,000   888,476
5.00%, 2/15/2029
   500,000   638,510
5.00%, 2/15/2030
   2,000,000   2,549,955
5.00%, 2/15/2031
   550,000   699,171
Series A, 5.00%, 2/15/2026
   225,000   237,032
Series B, 5.00%, 2/15/2025
   75,000   85,533
Austin, TX, Electric Utility System Revenue:        
5.00%, 11/15/2030
   675,000   805,980
5.00%, 11/15/2033
   250,000   297,723
Series A, 5.00%, 11/15/2022
   100,000   104,175
Series A, 5.00%, 11/15/2026
   825,000   995,132
Series A, 5.00%, 11/15/2039
   500,000   649,313
Series A, 5.00%, 11/15/2045
   1,760,000   2,257,236
Series B, 5.00%, 11/15/2044
   950,000   1,204,589
Austin, TX, General Obligation

5.00%, 9/1/2034
   420,000   470,432
Austin, TX, Independent School District, General Obligation:        
1.88%, 8/1/2038
   1,450,000   1,412,725
4.00%, 8/1/2033
   3,700,000   4,380,723
4.00%, 8/1/2034
   6,515,000   7,728,656
4.00%, 8/1/2035
   2,000,000   2,445,972
5.00%, 8/1/2028
   2,440,000   2,963,101
Series B, 5.00%, 8/1/2031
   125,000   149,221
Austin, TX, Water & Wastewater System Revenue:        
5.00%, 11/15/2027
   265,000   329,336
Series 2017, 5.00%, 11/15/2022
   485,000   505,205
Series A, 5.00%, 5/15/2022
   210,000   213,637
Series A, 5.00%, 5/15/2026
   300,000   350,183
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 5.00%, 11/15/2035
   $ 500,000   $ 658,598
Series C, 5.00%, 11/15/2045
   605,000   781,134
Bexar County, TX, General Obligation:        
4.00%, 6/15/2034
   650,000   728,996
4.00%, 6/15/2039
   5,000,000   5,891,581
4.00%, 6/15/2041
   350,000   389,962
Bexar County, TX, Hospital District, General Obligation:        
4.00%, 2/15/2036
   300,000   334,129
4.00%, 2/15/2043
   3,755,000   4,252,424
5.00%, 2/15/2026
   140,000   165,182
5.00%, 2/15/2027
   265,000   311,955
5.00%, 2/15/2029
   130,000   152,398
5.00%, 2/15/2031
   1,450,000   1,843,270
5.00%, 2/15/2032
   3,000,000   3,398,365
5.00%, 2/15/2034
   680,000   816,578
5.00%, 2/15/2045
   4,910,000   6,098,072
Birdville, TX, Independent School District, General Obligation:        
Series B, 5.00%, 2/15/2028
   200,000   226,956
Series B, 5.00%, 2/15/2030
   550,000   623,581
Board of Regents of the University of Texas System Revenue

Series A, 4.00%, 8/15/2035
   855,000   1,062,091
Braunfels, TX, Utility System Revenue

3.00%, 7/1/2045
   885,000   946,278
City of Dallas TX Waterworks & Sewer System Revenue:        
Series C, 4.00%, 10/1/2040
   505,000   609,128
Series C, 4.00%, 10/1/2043
   685,000   807,245
City of Houston TX, General Obligation

5.00%, 3/1/2024
   3,600,000   3,958,110
City of Laredo TX Waterworks & Sewer System Revenue

Series A, 4.00%, 3/1/2045
   750,000   894,825
City of San Antonio TX Electric & Gas Systems Revenue:        
1.75%, 2/1/2049 (b)
   500,000   522,436
4.00%, 2/1/2030
   650,000   795,016
Series A, 5.00%, 2/1/2041
   700,000   900,522
City of San Antonio TX, General Obligation:        
3.00%, 8/1/2040
   1,495,000   1,645,224
5.00%, 8/1/2031
   730,000   946,512
Clear Creek, TX, Independent School District, General Obligation:        
5.00%, 2/15/2032
   1,000,000   1,205,211
5.00%, 2/15/2034
   1,000,000   1,203,622
5.00%, 2/15/2037
   2,555,000   3,063,885
5.00%, 2/15/2041
   1,000,000   1,193,598
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Collin County, TX, Community College District, General Obligation:        
4.00%, 8/15/2031
   $ 495,000   $ 576,257
4.00%, 8/15/2032
   280,000   325,415
4.00%, 8/15/2034
   190,000   220,261
4.00%, 8/15/2035
   1,950,000   2,341,389
5.00%, 8/15/2025
   390,000   452,994
Series A, 4.00%, 8/15/2038
   2,015,000   2,406,737
Series A, 5.00%, 8/15/2030
   2,500,000   3,254,129
Collin County, TX, General Obligation

3.13%, 2/15/2035
   720,000   787,570
Colorado River, TX, Municipal Water District Revenue

5.00%, 1/1/2025
   500,000   565,150
Comal Independent School District, General Obligation:        
5.00%, 2/1/2028
   785,000   921,580
Series B, 5.00%, 2/1/2024
   395,000   432,843
Conroe, TX, Independent School District, General Obligation:        
5.00%, 2/15/2025
   350,000   398,805
Series A, 3.00%, 2/15/2041
   500,000   554,004
Series A, 5.00%, 2/15/2025
   205,000   233,586
Series A, 5.00%, 2/15/2031
   700,000   910,383
Coppell, TX, Independent School District, General Obligation

5.00%, 8/15/2042
   1,000,000   1,238,830
Corpus Christi, Independent School District, General Obligation

5.00%, 8/15/2030
   830,000   1,047,839
County of Travis, TX, General Obligation

Series A, 5.00%, 3/1/2038
   515,000   648,896
County of Williamson, TX, General Obligation:        
4.00%, 2/15/2040
   500,000   594,178
5.00%, 2/15/2024
   790,000   867,740
Crowley, Independent School District, General Obligation:        
Series B, 4.00%, 8/1/2037
   140,000   157,015
Series B, 5.00%, 8/1/2036
   100,000   115,688
Cypress-Fairbanks, TX, Independent School District, General Obligation:        
4.00%, 2/15/2037
   235,000   260,335
4.00%, 2/15/2041
   100,000   110,105
5.00%, 2/15/2023
   150,000   158,029
5.00%, 2/15/2028
   435,000   494,642
5.00%, 2/15/2033
   2,635,000   3,252,826
Series A, 2.25%, 2/15/2043
   550,000   549,722
Series A, 3.00%, 2/15/2035
   500,000   569,048
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 3.00%, 2/15/2039
   $ 500,000   $ 560,272
Series A, 4.00%, 2/15/2037
   500,000   612,522
Dallas county, TX, General Obligation:        
5.00%, 8/15/2025
   100,000   115,996
5.00%, 7/15/2027
   610,000   727,815
Dallas Independent School District, General Obligation:        
4.00%, 2/15/2023
   1,040,000   1,084,101
5.00%, 2/15/2030
   620,000   789,021
Dallas, TX, Area Rapid Transit, Sales Tax Revenue:        
5.00%, 12/1/2034
   1,000,000   1,287,825
Series A, 5.00%, 12/1/2028
   295,000   345,727
Series A, 5.00%, 12/1/2029
   255,000   298,849
Series A, 5.00%, 12/1/2030
   160,000   187,513
Series A, 5.00%, 12/1/2033
   100,000   113,188
Series A, 5.00%, 12/1/2034
   175,000   205,092
Series A, 5.00%, 12/1/2035
   225,000   263,690
Series A, 5.00%, 12/1/2036
   295,000   342,522
Dallas, TX, General Obligation:        
5.00%, 2/15/2023
   1,930,000   2,032,413
5.00%, 2/15/2030
   275,000   311,426
5.00%, 2/15/2031
   2,050,000   2,462,851
Series B, 3.00%, 2/15/2036
   540,000   586,247
Dallas, TX, Hospital District, General Obligation

5.00%, 8/15/2029
   2,000,000   2,524,358
Dallas, TX, Independent School District, General Obligation:        
Series A, 3.00%, 2/15/2036
   345,000   363,533
Series A, 4.00%, 2/15/2031
   255,000   280,437
Series A, 5.00%, 8/15/2024
   210,000   235,110
Series B, 5.00%, 2/15/2026
   600,000   707,385
Series B, 5.00%, 2/15/2036
   60,000   60,334
Dallas, TX, Waterworks & Sewer System Revenue:        
Series A, 5.00%, 10/1/2027
   110,000   128,018
Series A, 5.00%, 10/1/2028
   300,000   348,775
Series A, 5.00%, 10/1/2029
   100,000   120,235
Series A, 5.00%, 10/1/2033
   410,000   490,419
Series A, 5.00%, 10/1/2034
   800,000   955,678
Series A, 5.00%, 10/1/2036
   680,000   810,228
Series C, 5.00%, 10/1/2045
   3,165,000   4,086,510
Denton, TX, Independent School District, General Obligation:        
4.00%, 8/15/2023
   525,000   556,442
5.00%, 8/15/2025
   290,000   330,051
5.00%, 8/15/2028
   175,000   199,547
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 8/15/2029
   $ 500,000   $ 586,813
5.00%, 8/15/2030
   115,000   134,508
Series B, 5.00%, 8/15/2043
   2,225,000   2,709,268
Dickinson, TX, Independent School District, General Obligation

2.00%, 2/15/2046
   1,900,000   1,853,981
Eagle Mountain & Saginaw Independent School District

5.00%, 8/15/2030
   125,000   146,870
El Paso, TX, General Obligation:        
4.00%, 8/15/2042
   210,000   232,778
Series A, 4.00%, 8/15/2034
   1,000,000   1,191,185
El Paso, TX, Water & Sewer Revenue

5.00%, 3/1/2026
   165,000   181,602
Forney, TX, Independent School District, General Obligation

5.00%, 8/15/2029
   125,000   144,459
Fort Bend County, TX, General Obligation:        
Series B, 4.00%, 3/1/2029
   150,000   169,828
Series B, 5.00%, 3/1/2026
   250,000   285,150
Series B, 5.00%, 3/1/2028
   520,000   612,785
Fort Bend, TX, Independent School District, General Obligation:        
4.00%, 8/15/2032
   275,000   319,768
5.00%, 8/15/2028
   525,000   647,792
Fort Worth, TX, General Obligation

Series A, 5.00%, 3/1/2023
   50,000   52,774
Fort Worth, TX, Independent School District, General Obligation:        
5.00%, 2/15/2023
   50,000   52,671
5.00%, 2/15/2025
   195,000   222,256
Fort Worth, TX, Water & Sewer System Revenue:        
5.00%, 2/15/2028
   130,000   142,329
Series A, 5.00%, 2/15/2027
   140,000   159,335
Frisco, TX, General Obligation:        
5.00%, 2/15/2024
   125,000   137,189
Series A, 5.00%, 2/15/2024
   150,000   164,627
Series A, 5.00%, 2/15/2026
   260,000   297,038
Frisco, TX, Independent School District, General Obligation:        
4.00%, 2/15/2035
   525,000   641,014
Series A, 4.00%, 8/15/2032
   510,000   572,389
Series A, 5.00%, 8/15/2022
   300,000   308,955
Galena Park, TX, Independent School District, General Obligation

4.00%, 8/15/2034
   375,000   436,254
Garland, TX, Independent School District, General Obligation

5.00%, 2/15/2030
   260,000   295,043
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Georgetown, TX, Independent School District, General Obligation

Series A, 5.00%, 8/15/2037
   $ 110,000   $ 126,019
Goose Creek Consolidated Independent School District, General Obligation

2.13%, 2/15/2045
   1,000,000   984,199
Grand Parkway, TX, Transportation Corp., Revenue:        
Series A, 5.00%, 10/1/2031
   1,000,000   1,247,451
Series A, 5.00%, 10/1/2043
   1,300,000   1,604,741
Grand Prairie, TX, Independent School District, General Obligation

4.00%, 8/15/2030
   100,000   112,276
Grapevine-Colleyville, TX, Independent School District, General Obligation

5.00%, 8/15/2031
   500,000   578,615
Harris County, TX, Cultural Education Facilities Finance Corp., Revenue:        
4.00%, 11/15/2036
   395,000   452,478
4.00%, 11/15/2037
   840,000   959,710
5.00%, 11/15/2025
   275,000   321,231
Harris County, TX, Flood Control District Revenue:        
5.00%, 10/1/2031
   1,200,000   1,480,577
Series A, 4.00%, 10/1/2035
   900,000   1,040,357
Series A, 5.00%, 10/1/2027
   285,000   329,561
Series A, 5.00%, 10/1/2029
   530,000   656,995
Series A, 5.00%, 10/1/2030
   1,000,000   1,236,364
Series A, 5.00%, 10/1/2032
   455,000   560,786
Series A, 5.00%, 10/1/2033
   250,000   307,764
Series A, 5.00%, 10/1/2034
   500,000   615,313
Harris County, TX, Flood Control District, General Obligation:        
3.00%, 10/1/2038
   625,000   691,884
4.00%, 10/1/2035
   790,000   950,960
5.00%, 10/1/2031
   500,000   651,559
Harris County, TX, General Obligation:        
Series A, 4.00%, 10/1/2045
   1,990,000   2,351,888
Series A, 5.00%, 10/1/2025
   350,000   408,321
Series A, 5.00%, 10/1/2027
   530,000   618,315
Series A, 5.00%, 10/1/2028
   720,000   838,516
Series A, 5.00%, 10/1/2029
   1,465,000   1,894,063
Series A, 5.00%, 10/1/2034
   440,000   492,592
Series A, 5.00%, 10/1/2035
   155,000   179,701
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Harris County, TX, Metropolitan Transit Authority, Sales Tax Revenue:        
5.00%, 11/1/2026
   $ 150,000   $ 169,477
5.00%, 11/1/2028
   120,000   135,582
Series A, 5.00%, 11/1/2027
   525,000   634,485
Series A, 5.00%, 11/1/2028
   200,000   241,709
Series A, 5.00%, 11/1/2029
   300,000   361,610
Series B, 5.00%, 11/1/2024
   225,000   254,012
Harris County, TX, Revenue:        
Series A, 5.00%, 8/15/2024
   375,000   420,153
Series A, 5.00%, 8/15/2026
   185,000   221,758
Series A, 5.00%, 8/15/2027
   500,000   598,841
Series A, 5.00%, 8/15/2030
   480,000   570,551
Series A, 5.00%, 8/15/2031
   610,000   725,380
Series A, 5.00%, 8/15/2032
   540,000   641,870
Series A, 5.00%, 8/15/2035
   490,000   581,459
Series A, 5.00%, 8/15/2036
   270,000   319,992
Harris County, TX, Toll Road Authority Revenue:        
4.00%, 8/15/2036
   485,000   590,241
4.00%, 8/15/2037
   505,000   611,401
4.00%, 8/15/2045
   4,590,000   5,427,433
5.00%, 8/15/2029
   865,000   1,117,549
Series A, 4.00%, 8/15/2037
   300,000   348,500
Series A, 5.00%, 8/15/2022
   195,000   200,808
Series A, 5.00%, 8/15/2032
   1,635,000   2,021,942
Harris County, TX, Toll Road Authority, Revenue:        
4.00%, 8/15/2035
   615,000   749,882
4.00%, 8/15/2040
   510,000   611,895
Hays Consolidated Independent School District, General Obligation:        
Series A, 3.00%, 2/15/2025
   425,000   458,437
Series A, 3.00%, 2/15/2026
   1,390,000   1,524,763
Hidalgo, TX, General Obligation

Series A, 5.00%, 8/15/2036
   645,000   800,577
Houston of Harris County, TX, Port Authority General Obligation:        
Series A, 5.00%, 10/1/2022
   255,000   264,196
Series A-2, 5.00%, 10/1/2024
   500,000   562,243
Series A-2, 5.00%, 10/1/2032
   1,810,000   2,378,588
Houston, TX, Combined Utility System Revenue:        
Series A, 4.00%, 11/15/2041
   3,015,000   3,686,186
Series B, 4.00%, 11/15/2037
   250,000   281,560
Series B, 4.00%, 11/15/2044
   1,950,000   2,310,251
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 5.00%, 11/15/2025
   $ 200,000   $ 234,125
Series B, 5.00%, 11/15/2026
   300,000   362,186
Series B, 5.00%, 11/15/2032
   275,000   329,087
Series B, 5.00%, 11/15/2036
   555,000   662,987
Series C, 4.00%, 11/15/2039
   550,000   668,558
Series C, 5.00%, 11/15/2024
   1,500,000   1,695,898
Series D, 5.00%, 11/15/2028
   130,000   146,263
Series D, 5.00%, 11/15/2032
   500,000   629,834
Series D, 5.00%, 11/15/2038
   555,000   697,346
Houston, TX, General Obligation:        
Series A, 3.00%, 3/1/2040
   780,000   860,301
Series A, 4.00%, 3/1/2035
   765,000   869,658
Series A, 4.00%, 3/1/2036
   395,000   438,467
Series A, 5.00%, 3/1/2022
   185,000   186,433
Series A, 5.00%, 3/1/2025
   365,000   416,566
Series A, 5.00%, 3/1/2027
   800,000   971,829
Series A, 5.00%, 3/1/2029
   720,000   895,419
Series A, 5.00%, 3/1/2030
   695,000   827,915
Series A, 5.00%, 3/1/2031
   100,000   116,811
Series A, 5.00%, 3/1/2032
   850,000   1,075,741
Houston, TX, Independent School District, General Obligation:        
5.00%, 2/15/2022
   100,000   100,556
5.00%, 2/15/2024
   650,000   714,108
5.00%, 2/15/2025
   3,100,000   3,541,602
5.00%, 2/15/2027
   895,000   1,088,874
5.00%, 2/15/2031
   500,000   604,866
5.00%, 2/15/2035
   2,500,000   3,017,820
5.00%, 2/15/2042
   315,000   379,073
Series A, 4.00%, 2/15/2033
   700,000   784,128
Series A, 5.00%, 2/15/2027
   555,000   653,340
Series A, 5.00%, 2/15/2030
   395,000   461,830
Series A, 5.00%, 2/15/2031
   445,000   520,092
Humble, TX, Independent School District, General Obligation

Series A, 5.50%, 2/15/2025
   110,000   127,036
Hurst-Euless-Bedford, TX, Independent School District, General Obligation

Series A, 5.00%, 8/15/2028
   140,000   172,744
Hutto, TX, General Obligation

4.00%, 8/1/2043
   250,000   279,710
Irving Independent, CA, School District, General Obligation

Series A, 5.00%, 2/15/2023
   175,000   184,367
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Judson, TX, Independent School District, General Obligation

5.00%, 2/1/2025
   $ 225,000   $ 256,170
Katy, TX, Independent School District, General Obligation:        
4.00%, 2/15/2037
   185,000   211,651
5.00%, 2/15/2042
   230,000   274,750
5.00%, 2/15/2043
   1,285,000   1,576,006
Series D, 5.00%, 2/15/2024
   3,065,000   3,363,188
Series D, 5.00%, 2/15/2025
   405,000   461,745
Keller, TX, Independent School District, General Obligation

Series A, 5.00%, 8/15/2027
   145,000   170,692
Klein, TX, Independent School District, General Obligation

4.00%, 8/1/2046
   100,000   111,482
Lake Travis, TX, Independent School District, General Obligation

Series A, 5.00%, 2/15/2043
   5,095,000   6,037,756
Lamar, TX, Consolidated Independent School District, General Obligation

5.00%, 2/15/2022
   110,000   110,612
Leander, TX, Independent School District, General Obligation:        
Series A, , 8/16/2044
   100,000   45,385
Series A, 5.00%, 8/15/2026
   640,000   742,874
Lewisville, TX, Independent School District, General Obligation:        
3.25%, 8/15/2036
   100,000   107,699
5.00%, 8/15/2023
   300,000   322,693
5.00%, 8/15/2024
   135,000   151,142
5.00%, 8/15/2026
   300,000   359,608
Series A, 4.00%, 8/15/2026
   180,000   202,358
Series A, 4.00%, 8/15/2027
   110,000   123,285
Series B, 5.00%, 8/15/2028
   525,000   606,934
Liberty Hill Independent School District, General Obligation

3.00%, 2/1/2037
   1,500,000   1,677,115
Little Elm, TX, Independent School District, General Obligation

5.00%, 8/15/2042
   3,000,000   3,664,326
Lone Star, TX, College System, General Obligation

5.00%, 2/15/2033
   400,000   465,909
Lubbock, TX, General Obligation:        
5.00%, 2/15/2022
   160,000   160,886
5.00%, 2/15/2025
   2,575,000   2,930,628
5.00%, 2/15/2029
   100,000   127,544
Montgomery Independent School District

5.00%, 2/15/2028
   245,000   277,696
Montgomery, MD, State General Obligation

5.00%, 3/1/2028
   415,000   488,302
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Montgomery, TX, State General Obligation

Series A, 4.00%, 3/1/2042
   $ 405,000   $ 445,935
North Texas, TX, Municipal Water District, Water System Revenue:        
5.00%, 9/1/2024
   135,000   151,172
5.00%, 9/1/2027
   200,000   232,029
Series A, 3.00%, 9/1/2032
   685,000   778,803
Northside, TX, Independent School District, General Obligation:        
2.38%, 8/15/2045
   605,000   613,610
4.00%, 8/15/2034
   750,000   915,244
Northwest, TX, Independent School District, General Obligation:        
3.00%, 2/15/2046
   2,250,000   2,447,829
5.00%, 2/15/2042
   380,000   442,112
Series B, 5.00%, 2/15/2023
   230,000   242,072
Series B, 5.00%, 2/15/2026
   260,000   298,085
Pasadena, TX, Independent School District, General Obligation

5.00%, 2/15/2024
   500,000   548,756
Pearland, TX, Independent School District, General Obligation

5.00%, 2/15/2030
   1,190,000   1,400,854
Pecos Barstow Toyah Independent School District, General Obligation

4.00%, 2/15/2041
   500,000   548,253
Plano, TX, Independent School District, General Obligation:        
Series A, 5.00%, 2/15/2028
   200,000   235,170
Series A, 5.00%, 2/15/2029
   500,000   586,813
Round Rock, TX, Independent School District, General Obligation:        
5.00%, 8/1/2026
   150,000   179,365
Series A, 3.00%, 8/1/2033
   500,000   561,803
Series A, 4.00%, 8/1/2032
   500,000   604,755
Series A, 5.00%, 8/1/2030
   540,000   698,102
Series A, 5.00%, 8/1/2031
   610,000   786,797
San Antonio, TX, Electric & Gas Revenue:        
5.00%, 2/1/2024
   280,000   306,803
5.00%, 2/1/2025
   125,000   142,198
5.00%, 2/1/2026
   230,000   270,321
5.00%, 2/1/2027
   375,000   447,850
5.00%, 2/1/2041
   260,000   313,957
5.00%, 2/1/2042
   260,000   312,672
San Antonio, TX, Electric & Gas Systems Revenue

3.00%, 2/1/2037
   540,000   593,808
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
San Antonio, TX, General Obligation:        
5.00%, 2/1/2027
   $ 925,000   $ 1,053,447
5.00%, 8/1/2037
   320,000   399,513
San Antonio, TX, Independent School District, General Obligation:        
4.00%, 8/15/2034
   500,000   590,875
4.00%, 8/15/2040
   610,000   740,101
4.00%, 8/15/2041
   500,000   605,297
5.00%, 2/15/2027
   510,000   581,797
5.00%, 8/15/2029
   5,000,000   6,325,567
5.00%, 8/15/2043
   620,000   703,882
San Antonio, TX, Water System Revenue:        
4.00%, 5/15/2034
   865,000   1,046,797
Series A, 2.63%, 5/1/2049 (b)
   550,000   579,309
Series A, 4.00%, 5/15/2038
   2,725,000   3,282,614
Series A, 4.00%, 5/15/2040
   875,000   1,048,858
Series A, 5.00%, 5/15/2026
   2,550,000   3,024,431
Series A, 5.00%, 5/15/2029
   210,000   248,275
Series A, 5.00%, 5/15/2030
   500,000   590,187
Series C, 4.00%, 5/15/2037
   130,000   148,057
Series C, 5.00%, 5/15/2026
   200,000   237,210
Series C, 5.00%, 5/15/2030
   160,000   192,061
San Jacinto, TX, Community College District, General Obligation:        
4.00%, 2/15/2046
   500,000   592,586
Series A, 4.00%, 2/15/2041
   515,000   568,560
Schertz-Cibolo-Universal City Independent School District, General Obligation

4.00%, 2/1/2036
   110,000   118,386
Sherman, TX, Independent School District, General Obligation

Series A, 5.00%, 2/15/2041
   550,000   672,970
Socorro Independent School District, General Obligation:        
4.00%, 8/15/2045
   2,195,000   2,622,813
Series B, 5.00%, 8/15/2037
   880,000   1,076,785
Spring Branch, TX, Independent School District, General Obligation

5.00%, 2/1/2023
   600,000   630,899
Spring Independent School District, General Obligation:        
5.00%, 8/15/2022
   200,000   205,907
5.00%, 8/15/2026
   550,000   637,549
Tarrant, TX, County College District, General Obligation:        
2.00%, 8/15/2036
   1,700,000   1,735,772
4.00%, 8/15/2033
   1,170,000   1,440,197
5.00%, 8/15/2027
   1,150,000   1,420,573
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 8/15/2031
   $ 2,325,000   $ 3,089,166
Tarrant, TX, Regional Water District Revenue:        
5.00%, 3/1/2024
   240,000   264,038
5.00%, 3/1/2025
   250,000   285,658
Series A, 4.00%, 9/1/2031
   750,000   913,469
Temple, TX, County College District, General Obligation

3.00%, 7/1/2046
   12,535,000   13,569,877
Texas A&M University Revenue:        
Series A, 3.00%, 5/15/2039
   2,050,000   2,292,040
Series A, 3.00%, 5/15/2040
   750,000   837,037
Series A, 3.00%, 5/15/2041
   1,600,000   1,781,312
Texas Public Finance Authority Revenue:        
4.00%, 2/1/2035
   1,800,000   2,133,991
4.00%, 2/1/2039
   2,000,000   2,355,744
Texas Water Development Board Revenue:        
3.00%, 10/15/2033
   1,310,000   1,480,813
3.00%, 10/15/2039
   775,000   863,884
4.00%, 10/15/2032
   500,000   586,058
4.00%, 10/15/2033
   1,010,000   1,183,052
4.00%, 10/15/2036
   800,000   993,135
4.00%, 8/1/2038
   515,000   621,967
5.00%, 10/15/2023
   700,000   758,789
5.00%, 8/1/2026
   500,000   598,882
Texas, State A&M University Revenue:        
Series A, 3.00%, 5/15/2038
   2,655,000   2,982,221
Series C, 5.00%, 5/15/2025
   220,000   253,469
Series E, 5.00%, 5/15/2027
   160,000   195,928
Texas, State General Obligation:        
5.00%, 4/1/2026
   310,000   342,044
5.00%, 4/1/2028
   160,000   176,501
Series A, 4.00%, 10/1/2033
   130,000   150,558
Series A, 5.00%, 4/1/2023
   375,000   397,299
Series A, 5.00%, 10/1/2024
   165,000   185,637
Series A, 5.00%, 4/1/2025
   160,000   183,369
Series A, 5.00%, 4/1/2026
   100,000   118,523
Series A, 5.00%, 10/1/2026
   400,000   459,325
Series A, 5.00%, 10/1/2027
   280,000   325,863
Series A, 5.00%, 10/1/2028
   445,000   499,226
Series A, 5.00%, 4/1/2029
   100,000   117,970
Series A, 5.00%, 10/1/2030
   105,000   129,354
Series A, 5.00%, 10/1/2032
   200,000   245,743
Series A, 5.00%, 4/1/2033
   1,025,000   1,205,426
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 4/1/2044
   $ 500,000   $ 583,227
Series B, 5.00%, 10/1/2029
   100,000   123,644
Series B, 5.00%, 10/1/2033
   360,000   442,273
Texas, State Transportation Commission, Highway Fund Revenue:        
5.00%, 10/1/2023
   240,000   259,739
5.00%, 10/1/2024
   265,000   298,222
Series A, 5.00%, 10/1/2024
   545,000   613,324
Series A, 5.00%, 10/1/2025
   635,000   740,554
Series A, 5.00%, 10/1/2026
   275,000   331,218
Series A, 5.00%, 4/1/2033
   260,000   287,030
Texas, State University System Revenue:        
Series A, 5.00%, 3/15/2022
   250,000   252,401
Series A, 5.00%, 3/15/2023
   200,000   211,456
Series A, 5.00%, 3/15/2025
   880,000   1,005,711
Series A, 5.00%, 3/15/2026
   735,000   857,159
Series A, 5.00%, 3/15/2028
   1,245,000   1,512,339
Series A, 5.00%, 3/15/2029
   140,000   169,234
Series A, 5.00%, 3/15/2030
   2,335,000   2,809,043
Series A, 5.00%, 3/15/2031
   3,395,000   4,085,098
Series A, 5.00%, 3/15/2033
   500,000   599,793
Texas, State Water Development Board Revenue:        
3.00%, 10/15/2034
   800,000   896,297
3.00%, 10/15/2035
   2,650,000   2,973,342
3.00%, 10/15/2038
   3,075,000   3,434,634
3.00%, 10/15/2039
   600,000   665,161
3.00%, 10/15/2040
   5,670,000   6,309,502
4.00%, 10/15/2031
   640,000   736,099
4.00%, 8/1/2035
   965,000   1,179,304
4.00%, 8/1/2036
   150,000   174,289
4.00%, 10/15/2036
   4,425,000   5,144,785
4.00%, 10/15/2043
   1,725,000   2,019,854
4.00%, 10/15/2044
   2,635,000   3,131,829
4.00%, 10/15/2045
   500,000   596,452
5.00%, 4/15/2024
   220,000   243,222
5.00%, 4/15/2026
   135,000   160,203
5.00%, 4/15/2027
   90,000   108,432
5.00%, 4/15/2029
   840,000   1,045,982
5.00%, 4/15/2031
   770,000   999,831
5.00%, 8/1/2033
   3,000,000   3,857,549
5.00%, 10/15/2041
   1,820,000   2,162,474
5.00%, 10/15/2043
   5,780,000   7,119,405
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 4.00%, 10/15/2037
   $ 180,000   $ 210,693
Series A, 4.00%, 10/15/2040
   115,000   127,978
Series A, 4.00%, 10/15/2052
   125,000   143,362
Series A, 5.00%, 4/15/2026
   135,000   158,258
Series A, 5.00%, 4/15/2027
   120,000   146,678
Series A, 5.00%, 10/15/2029
   645,000   752,413
Series A, 5.00%, 10/15/2031
   575,000   669,815
Series A, 5.00%, 10/15/2040
   600,000   695,272
Series B, 5.00%, 10/15/2038
   2,020,000   2,542,546
Tomball, TX, Independent School District, General Obligation

5.00%, 2/15/2025
   115,000   131,267
Travis County of TX General Obligation

Series A, 5.00%, 3/1/2027
   600,000   709,772
Travis County, TX, General Obligation

Series A, 5.00%, 3/1/2023
   120,000   126,672
Trinity, TX, River Authority Central Regional Wastewater System Revenue:        
3.00%, 8/1/2032
   530,000   597,896
5.00%, 8/1/2024
   295,000   329,780
5.00%, 8/1/2025
   335,000   388,719
5.00%, 8/1/2028
   845,000   1,062,330
5.00%, 8/1/2029
   4,115,000   5,072,609
5.00%, 8/1/2030
   100,000   122,977
5.00%, 8/1/2037
   595,000   726,432
University of Houston, Revenue:        
Series A, 3.00%, 2/15/2039
   500,000   547,283
Series A, 3.00%, 2/15/2041
   500,000   545,239
Series A, 3.00%, 2/15/2044
   5,530,000   6,006,852
Series A, 4.00%, 2/15/2025
   265,000   293,685
Series A, 5.00%, 2/15/2025
   380,000   432,861
Series A, 5.00%, 2/15/2029
   500,000   638,116
Series A, 5.00%, 2/15/2030
   175,000   205,247
Series C, 4.00%, 2/15/2039
   1,025,000   1,144,017
Series C, 5.00%, 2/15/2027
   900,000   1,058,167
University of North Texas Revenue:        
Series A, 5.00%, 4/15/2025
   200,000   229,034
Series A, 5.00%, 4/15/2027
   1,250,000   1,522,100
Series A, 5.00%, 4/15/2029
   285,000   346,111
Series A, 5.00%, 4/15/2030
   120,000   145,874
Series A, 5.00%, 4/15/2031
   115,000   139,443
University of Texas, Permanent University Fund Revenue:        
Series A, 5.00%, 7/1/2030
   120,000   138,161
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 7/1/2032
   $ 120,000   $ 137,802
Series A, 5.25%, 7/1/2029
   85,000   98,597
Series A, 5.50%, 7/1/2025
   180,000   211,440
Series A, 5.50%, 7/1/2026
   125,000   146,358
Series A-BOARD OF REGENTS, 3.00%, 7/1/2031
   375,000   409,904
Series B, 4.00%, 7/1/2034
   300,000   339,422
Series B, 5.00%, 7/1/2024
   175,000   195,047
Series B, 5.00%, 7/1/2027
   60,000   66,762
University of Texas, Revenue:        
Series A, 5.00%, 8/15/2030
   1,765,000   2,338,927
Series A, 5.00%, 8/15/2040
   1,825,000   2,702,368
Series B, 4.00%, 8/15/2036
   350,000   392,515
Series B, 5.00%, 8/15/2027
   405,000   452,638
Series B, 5.00%, 8/15/2029
   535,000   693,473
Series C, 3.00%, 8/15/2035
   470,000   475,909
Series C, 5.00%, 8/15/2031
   1,665,000   2,256,420
Series E, 5.00%, 8/15/2026
   140,000   168,029
Series E, 5.00%, 8/15/2027
   100,000   123,652
Series H, 5.00%, 8/15/2022
   820,000   844,425
Series J, 5.00%, 8/15/2024
   315,000   352,753
Series J, 5.00%, 8/15/2025
   260,000   302,097
Series J, 5.00%, 8/15/2026
   200,000   240,041
Series J, 5.00%, 8/15/2027
   425,000   508,159
Via, TX, Metropolitan Transit Revenue:        
5.00%, 7/15/2025
   180,000   207,035
5.00%, 7/15/2026
   280,000   332,287
5.00%, 7/15/2028
   505,000   603,029
Waco, TX, General Obligation:        
5.00%, 2/1/2023
   145,000   152,451
5.00%, 2/1/2024
   125,000   136,866
Waller, TX, Consolidated Independent School District, General Obligation:        
3.00%, 2/15/2039
   4,000,000   4,442,232
3.00%, 2/15/2040
   915,000   1,014,543
4.00%, 2/15/2044
   2,000,000   2,373,823
Williamson, TX, General Obligation

5.00%, 2/15/2030
   605,000   775,669
          452,803,111
UTAH — 0.5%        
Alpine, UT, School District, General Obligation

5.00%, 3/15/2024
   100,000   110,257
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Central Utah, Water Conservancy District Revenue:        
Series B, 4.00%, 10/1/2036
   $ 530,000   $ 613,180
Series B, 5.00%, 10/1/2027
   145,000   179,174
University of Texas, Revenue

Series A, 5.00%, 8/1/2044
   1,785,000   2,230,460
University of Utah, Revenue:        
Series A, 4.00%, 8/1/2039
   800,000   960,012
Series A, 5.00%, 8/1/2030
   2,365,000   2,899,722
Series B-1, 5.00%, 8/1/2023
   170,000   182,592
Series B-1, 5.00%, 8/1/2028
   600,000   736,956
Utah, State General Obligation:        
5.00%, 7/1/2023
   425,000   455,284
5.00%, 7/1/2026
   3,645,000   4,365,302
5.00%, 7/1/2027
   360,000   436,585
5.00%, 7/1/2028
   925,000   1,170,538
5.00%, 7/1/2029
   1,655,000   2,115,990
5.00%, 7/1/2031
   655,000   834,978
Series B, 5.00%, 7/1/2023
   600,000   642,754
Utah, State Transit Authority, Sales Tax Revenue:        
5.00%, 12/15/2033
   1,585,000   1,974,235
Series A, 5.00%, 6/15/2028
   160,000   184,913
          20,092,932
VIRGINIA — 2.4%        
Alexandria, VA, General Obligation

Series C, 5.00%, 7/1/2028
   500,000   616,353
Arlington County, VA, General Obligation:        
4.00%, 6/15/2033
   700,000   844,783
5.00%, 8/15/2032
   4,690,000   5,918,585
Chesterfield County, Economic Development Authority Revenue

Series F, 2.00%, 4/1/2041
   525,000   517,004
City of Richmond VA Public Utility Revenue

5.00%, 1/15/2024
   760,000   831,969
County of Arlington VA, General Obligation

Series A, 4.00%, 8/1/2035
   900,000   1,103,147
County of Fairfax VA, General Obligation

Series A, 5.00%, 10/1/2034
   695,000   907,814
Fairfax County, VA, General Obligation:        
Series A, 4.00%, 10/1/2036
   305,000   349,997
Series A, 5.00%, 10/1/2025
   185,000   208,409
Series A, 5.00%, 10/1/2028
   500,000   636,353
Series A, 5.00%, 10/1/2031
   1,410,000   1,852,198
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 10/1/2033
   $ 750,000   $ 980,812
Fairfax County, VA, Water Authority Revenue:        
5.00%, 4/1/2026
   530,000   629,152
5.00%, 4/1/2041
   675,000   812,285
Hampton Roads, VA, Transportation Accountability Commission Revenue:        
Series A, 4.00%, 7/1/2040
   2,030,000   2,433,789
Series A, 4.00%, 7/1/2045
   885,000   1,049,727
Series A, 5.00%, 7/1/2033
   1,000,000   1,226,802
Series A, 5.00%, 7/1/2036
   1,000,000   1,225,160
Series A, 5.00%, 7/1/2038
   650,000   794,963
Series A, 5.00%, 7/1/2042
   2,495,000   3,044,945
Richmond, VA, Public Utility Revenue

4.00%, 1/15/2036
   300,000   334,511
University of Virginia, Revenue

Series A, 5.00%, 4/1/2042
   1,150,000   1,397,509
Virginia, College Building Authority Revenue

5.00%, 2/1/2030
   825,000   1,078,563
Virginia, Commonwealth Transportation Board Revenue:        
3.00%, 5/15/2037
   1,515,000   1,677,831
3.00%, 5/15/2041
   300,000   319,506
3.25%, 5/15/2043
   1,100,000   1,224,546
4.00%, 5/15/2038
   3,680,000   4,224,207
5.00%, 3/15/2022
   150,000   151,446
5.00%, 9/15/2022
   500,000   516,926
5.00%, 9/15/2023
   1,800,000   1,944,115
5.00%, 9/15/2028
   250,000   300,565
5.00%, 3/15/2029
   1,300,000   1,606,707
5.00%, 3/15/2032
   130,000   159,708
Series A, 5.00%, 5/15/2022
   500,000   508,876
Series A, 5.00%, 5/15/2029
   4,695,000   5,825,702
Series A, 5.00%, 5/15/2031
   1,260,000   1,556,366
Virginia, Public Building Authority Revenue

Series B, 5.00%, 8/1/2026
   750,000   896,449
Virginia, Public Building AuthorityRevenue

5.00%, 8/1/2024
   4,000,000   4,472,687
Virginia, State College Building Authority, Educational Facilities Revenue:        
3.00%, 2/1/2036
   3,500,000   3,907,375
3.00%, 2/1/2038
   3,000,000   3,334,993
3.00%, 2/1/2040
   1,810,000   2,004,392
4.00%, 2/1/2038
   2,660,000   3,193,306
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
4.00%, 2/1/2040
   $ 680,000   $ 813,578
5.00%, 2/1/2024
   320,000   350,798
5.00%, 2/1/2025
   155,000   176,575
5.00%, 2/1/2029
   3,870,000   4,953,151
5.00%, 2/1/2031
   5,900,000   7,425,834
Series A, 3.00%, 2/1/2039
   1,280,000   1,404,368
Series A, 5.00%, 2/1/2022
   110,000   110,404
Series A, 5.00%, 2/1/2023
   150,000   157,758
Series A, 5.00%, 2/1/2027
   500,000   607,941
Series A, 5.00%, 9/1/2028
   60,000   71,867
Series B, 5.00%, 2/1/2022
   100,000   100,367
Series D, 5.00%, 2/1/2023
   250,000   262,930
Series D, 5.00%, 2/1/2024
   210,000   230,211
Virginia, State General Obligation:        
Series B, 5.00%, 6/1/2022
   710,000   724,094
Series B, 5.00%, 6/1/2026
   900,000   1,072,816
Virginia, State Public Building Authority Revenue:        
Series A, 3.00%, 8/1/2032
   210,000   227,083
Series A, 4.00%, 8/1/2034
   820,000   986,557
Series A, 4.00%, 8/1/2035
   260,000   311,945
Series A, 4.00%, 8/1/2038
   750,000   911,852
Series A, 4.00%, 8/1/2040
   810,000   980,566
Series A, 5.00%, 8/1/2025
   100,000   115,881
Series A, 5.00%, 8/1/2028
   2,000,000   2,524,573
Series A, 5.00%, 8/1/2029
   150,000   184,170
Series A, 5.00%, 8/1/2031
   1,420,000   1,832,757
Series A-2, 4.00%, 8/1/2039
   2,000,000   2,439,438
Series B, 5.00%, 8/1/2022
   150,000   154,197
Series B, 5.00%, 8/1/2027
   2,500,000   3,075,791
Series B, 5.00%, 8/1/2028
   755,000   953,026
Series B, 5.00%, 8/1/2030
   1,500,000   1,980,305
Virginia, State Public School Authority Revenue

5.00%, 8/1/2025
   175,000   202,927
Virginia, State Resource Authority Infrastructure Revenue:        
5.00%, 10/1/2027
   515,000   601,651
5.00%, 11/1/2045
   160,000   185,611
          102,751,555
WASHINGTON — 4.2%        
Auburn, WA, School District No 408 of King & Pierce Counties, General Obligation:        
3.00%, 12/1/2037
   525,000   588,323
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
3.00%, 12/1/2038
   $ 615,000   $ 685,198
3.00%, 12/1/2040
   1,345,000   1,492,863
4.00%, 12/1/2036
   720,000   840,653
5.00%, 12/1/2028
   500,000   623,601
5.00%, 12/1/2029
   150,000   186,978
Central Puget Sound, WA, Regional Transit Authority Revenue:        
Series S-1, 5.00%, 11/1/2025
   185,000   216,362
Series S-1, 5.00%, 11/1/2027
   85,000   99,515
Series S-1, 5.00%, 11/1/2030
   385,000   450,746
Series S-1, 5.00%, 11/1/2035
   440,000   521,459
City of Seattle WA Drainage & Wastewater Revenue

5.00%, 9/1/2029
   970,000   1,255,225
City of Seattle WA Municipal Light & Power Revenue

5.00%, 4/1/2038
   3,385,000   4,269,520
City of Seattle WA, General Obligation

Series A, 5.00%, 12/1/2029
   1,500,000   1,952,559
City of Tacoma WA Electric System Revenue

5.00%, 1/1/2046
   1,800,000   2,335,308
Clark County School District No 114 Evergreen, General Obligation:        
5.00%, 12/1/2031
   3,700,000   4,838,693
5.00%, 12/1/2032
   500,000   652,568
County of King WA, General Obligation

5.00%, 7/1/2029
   560,000   634,526
Energy Northwest, WA, Electric Revenue:        
4.00%, 7/1/2042
   3,000,000   3,623,208
5.00%, 7/1/2023
   9,350,000   10,006,048
5.00%, 7/1/2025
   180,000   207,918
5.00%, 7/1/2026
   1,135,000   1,333,184
5.00%, 7/1/2028
   145,000   182,653
5.00%, 7/1/2030
   625,000   823,628
5.00%, 7/1/2035
   3,575,000   4,655,840
5.00%, 7/1/2038
   1,200,000   1,514,131
5.00%, 7/1/2039
   1,875,000   2,414,542
Series A, 5.00%, 7/1/2023
   4,050,000   4,334,170
Series A, 5.00%, 7/1/2025
   205,000   236,796
Series A, 5.00%, 7/1/2027
   1,165,000   1,385,096
Series A, 5.00%, 7/1/2028
   1,160,000   1,300,694
Series A, 5.00%, 7/1/2033
   545,000   663,140
Series A, 5.00%, 7/1/2036
   1,370,000   1,734,546
Series C, 5.00%, 7/1/2027
   125,000   138,791
Series C, 5.00%, 7/1/2030
   290,000   363,271
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C-PROJ 1 ELEC REV, 5.00%, 7/1/2025
   $ 180,000   $ 207,918
Series C-PROJECT 3 ELEC REV, 5.00%, 7/1/2026
   465,000   536,248
Grant County, Public Utility District No 2 Electric, Revenue

Series S, 2.00%, 1/1/2044 (b)
   500,000   513,096
King & Snohomish Counties School District No. 417 Northshore, General Obligation:        
5.00%, 12/1/2035
   3,000,000   3,702,133
5.00%, 12/1/2036
   3,000,000   3,697,812
King County, School District No. 401 Highline, General Obligation:        
3.13%, 12/1/2032
   470,000   512,350
4.00%, 12/1/2035
   1,300,000   1,483,214
5.00%, 12/1/2027
   700,000   847,365
King County, School District No. 405 Bellevue, General Obligation:        
5.00%, 12/1/2026
   130,000   157,438
5.00%, 12/1/2029
   300,000   361,383
King County, School District No. 411 Issaquah, General Obligation:        
3.00%, 12/1/2030
   775,000   841,542
5.00%, 12/1/2028
   100,000   120,944
5.00%, 12/1/2031
   100,000   123,542
5.00%, 12/1/2032
   300,000   370,080
King County, School District No. 414, Lake Washington, General Obligation:        
3.00%, 12/1/2027
   2,825,000   3,189,165
4.00%, 12/1/2026
   110,000   126,083
4.00%, 12/1/2030
   2,500,000   2,827,065
5.00%, 12/1/2030
   2,665,000   3,243,040
5.00%, 12/1/2031
   2,035,000   2,468,521
King County, WA, General Obligation:        
5.00%, 7/1/2025
   170,000   193,001
5.00%, 7/1/2027
   160,000   181,461
5.00%, 7/1/2031
   225,000   255,756
Series E, 5.00%, 12/1/2028
   225,000   263,690
Series E, 5.00%, 12/1/2029
   305,000   357,317
King County, WA, Sewer Revenue:        
5.00%, 7/1/2042
   200,000   239,933
Series B, 5.00%, 7/1/2027
   125,000   138,791
Series B, 5.00%, 7/1/2041
   100,000   116,851
Pierce County, School District No. 10 Tacoma, General Obligation:        
5.00%, 12/1/2027
   120,000   140,228
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 12/1/2034
   $ 100,000   $ 113,291
Pierce County, School District No. 3 Puyallup, General Obligation:        
5.00%, 12/1/2030
   495,000   602,366
5.00%, 12/1/2031
   4,750,000   6,064,636
Seattle, WA, Drainage & Wastewater Revenue:        
4.00%, 7/1/2036
   200,000   230,644
4.00%, 4/1/2041
   200,000   223,499
Seattle, WA, General Obligation:        
5.00%, 6/1/2026
   100,000   111,066
5.00%, 1/1/2038
   2,040,000   2,434,289
Series A, 5.00%, 6/1/2023
   100,000   106,772
Series A, 5.00%, 6/1/2024
   225,000   250,014
Series A, 5.00%, 12/1/2027
   6,000,000   7,465,369
Seattle, WA, Water System Revenue:        
5.00%, 5/1/2024
   100,000   110,752
5.00%, 8/1/2030
   200,000   240,808
State of Washington, General Obligation:        
5.00%, 2/1/2029
   500,000   639,548
5.00%, 2/1/2030
   910,000   1,188,046
5.00%, 8/1/2038
   2,500,000   3,246,182
5.00%, 8/1/2040
   3,425,000   4,431,833
Series A, 5.00%, 8/1/2039
   2,525,000   3,272,460
Series A, 5.00%, 8/1/2040
   855,000   1,131,098
Series C, 5.00%, 2/1/2023
   500,000   525,861
Series C, 5.00%, 2/1/2042
   720,000   936,677
Series R-2018D, 5.00%, 8/1/2030
   875,000   1,073,371
Series R-2020B, 5.00%, 1/1/2026
   730,000   857,896
Tacoma, WA, General Obligation:        
Series A, 5.00%, 12/1/2029
   615,000   740,505
Series A, 5.00%, 12/1/2031
   295,000   354,097
Series A, 5.00%, 12/1/2032
   360,000   431,735
University of Washington, Revenue:        
Series A, 4.00%, 12/1/2041
   300,000   343,986
Series A, 5.00%, 4/1/2046
   1,800,000   2,331,140
Series C, 5.00%, 4/1/2032
   1,750,000   2,276,740
Series C, 5.00%, 4/1/2034
   745,000   965,253
Washington, State General Obligation:        
5.00%, 6/1/2022
   800,000   816,091
5.00%, 8/1/2023
   100,000   107,473
5.00%, 6/1/2029
   650,000   837,682
5.00%, 8/1/2033
   255,000   311,064
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 6/1/2034
   $ 1,840,000   $ 2,398,762
5.00%, 8/1/2034
   1,000,000   1,218,302
5.00%, 6/1/2035
   925,000   1,203,879
Series 2016A, 5.00%, 7/1/2024
   165,000   183,858
Series 2017-A, 5.00%, 8/1/2030
   500,000   596,386
Series 2017-A, 5.00%, 8/1/2040
   1,000,000   1,179,417
Series 2017-A, 5.00%, 8/1/2041
   2,700,000   3,180,447
Series 2020A, 5.00%, 8/1/2044
   725,000   916,096
Series A, 5.00%, 8/1/2027
   225,000   258,961
Series A, 5.00%, 8/1/2031
   330,000   393,451
Series A, 5.00%, 8/1/2034
   300,000   356,788
Series A, 5.00%, 8/1/2035
   1,245,000   1,488,821
Series A, 5.00%, 8/1/2037
   895,000   1,088,354
Series A, 5.00%, 8/1/2041
   1,645,000   1,996,289
Series A, 5.00%, 8/1/2044
   5,000,000   6,412,213
Series A-1, 5.00%, 8/1/2033
   120,000   138,226
Series A-1, 5.00%, 8/1/2034
   300,000   345,220
Series A-1, 5.00%, 8/1/2036
   550,000   632,062
Series A-1, 5.00%, 8/1/2040
   300,000   343,502
Series B, 4.00%, 8/1/2026
   675,000   777,753
Series B, 5.00%, 7/1/2024
   115,000   128,143
Series B, 5.00%, 2/1/2029
   135,000   153,036
Series B, 5.00%, 7/1/2029
   530,000   619,879
Series B, 5.00%, 7/1/2031
   355,000   414,743
Series B, 5.00%, 7/1/2033
   285,000   332,718
Series C, 5.00%, 2/1/2023
   100,000   105,172
Series C, 5.00%, 2/1/2030
   4,000,000   5,222,180
Series C, 5.00%, 2/1/2032
   105,000   122,991
Series C, 5.00%, 2/1/2035
   450,000   508,352
Series C, 5.00%, 2/1/2036
   1,500,000   1,931,307
Series C, 5.00%, 2/1/2042
   500,000   610,044
Series D, 5.00%, 2/1/2029
   250,000   293,277
Series D, 5.00%, 2/1/2037
   100,000   116,346
Series D, 5.00%, 2/1/2040
   620,000   740,828
Series D, 5.00%, 2/1/2041
   850,000   1,015,665
Series D, 5.00%, 2/1/2042
   1,500,000   1,789,694
Series R, 5.00%, 7/1/2026
   120,000   135,751
Series R-2015, 4.00%, 7/1/2026
   450,000   488,290
Series R-2015E, 5.00%, 7/1/2024
   175,000   195,001
Series R-2015E, 5.00%, 7/1/2025
   315,000   357,655
Series R-2015E, 5.00%, 7/1/2026
   65,000   73,532
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series R-2017A, 5.00%, 8/1/2022
   $ 255,000   $ 262,210
Series R-2017A, 5.00%, 8/1/2023
   100,000   107,473
Series R-2017A, 5.00%, 8/1/2027
   500,000   598,132
Series R-2017C, 5.00%, 8/1/2022
   460,000   473,005
Series R-2017C, 5.00%, 8/1/2024
   350,000   391,264
Series R-2017C, 5.00%, 8/1/2025
   135,000   156,491
Series R-2018D, 5.00%, 8/1/2027
   500,000   616,080
Series R-2018D, 5.00%, 8/1/2029
   290,000   356,062
Series R-2020C, 5.00%, 7/1/2025
   610,000   705,071
Series R-2021C, 4.00%, 8/1/2036
   4,060,000   5,016,791
Series R-H, 5.00%, 7/1/2026
   110,000   124,438
          177,820,372
WEST VIRGINIA — 0.3%        
State of West Virginia, General Obligation:        
5.00%, 12/1/2030
   825,000   1,033,186
5.00%, 12/1/2040
   1,650,000   2,077,603
West Virginia, Parkways Authority Revenue

5.00%, 6/1/2043
   2,000,000   2,449,023
West Virginia, State General Obligation:        
5.00%, 12/1/2035
   525,000   667,068
5.00%, 6/1/2044
   500,000   625,826
Series A, 5.00%, 6/1/2024
   140,000   155,493
Series A, 5.00%, 6/1/2025
   230,000   265,073
Series A, 5.00%, 6/1/2026
   130,000   154,775
Series B-GROUP 2, 4.00%, 6/1/2042
   750,000   873,167
Series B-GROUP 2, 4.00%, 12/1/2042
   475,000   552,688
Series B-GROUP 2, 5.00%, 12/1/2038
   1,000,000   1,239,358
Series B-GROUP 2, 5.00%, 6/1/2040
   750,000   928,576
Series B-GROUP 2, 5.00%, 12/1/2040
   3,000,000   3,714,305
          14,736,141
WISCONSIN — 1.4%        
Ashwaubenon, WI, Community Development Authority Revenue

3.00%, 6/1/2044
   3,180,000   3,409,161
City of Madison WI, General Obligation

Series A, 2.50%, 10/1/2025
   2,000,000   2,141,218
Madison, WI, General Obligation:        
Series A, 4.00%, 10/1/2023
   110,000   117,137
Series A, 4.00%, 10/1/2025
   690,000   776,965
Milwaukee, WI, General Obligation:        
2.25%, 3/1/2028
   500,000   527,023
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series N2, 4.00%, 3/1/2022
   $ 200,000   $ 201,203
Series N4 & B5 CORP, 5.00%, 4/1/2024
   125,000   137,595
Series N4 & B5 CORP, 5.00%, 4/1/2027
   895,000   1,083,568
Public Finance Authority, WI, Lease Development Revenue

5.00%, 3/1/2029
   300,000   350,008
State of Wisconsin, General Obligation:        
5.00%, 5/1/2034
   575,000   657,044
Series 2021-2, 5.00%, 5/1/2025
   1,200,000   1,379,789
Series A, 5.00%, 5/1/2027
   2,375,000   2,906,623
Series B, 5.00%, 5/1/2034
   850,000   1,087,424
Wisconsin Department of Transportation, Revenue

Series A, 3.00%, 7/1/2040
   675,000   753,345
Wisconsin, Revenue:        
Series A, 5.00%, 5/1/2028
   2,000,000   2,442,969
Series B, 5.00%, 5/1/2031
   105,000   123,893
Series B, 5.00%, 5/1/2032
   550,000   649,221
Series B, 5.00%, 5/1/2033
   115,000   135,477
Series B, 5.00%, 5/1/2034
   275,000   323,455
Series B, 5.00%, 5/1/2035
   350,000   411,344
Wisconsin, State Department of Transportation Revenue:        
Series 1, 5.00%, 7/1/2024
   205,000   228,538
Series 1, 5.00%, 7/1/2026
   1,270,000   1,517,848
Series A, 3.00%, 7/1/2041
   805,000   895,063
Series A, 4.00%, 7/1/2038
   750,000   903,692
Series A, 4.00%, 7/1/2039
   910,000   1,094,380
Series A, 5.00%, 7/1/2031
   320,000   354,967
Wisconsin, State Environmental Improvement Fund Revenue:        
Series A, 5.00%, 6/1/2026
   140,000   161,606
Series A, 5.00%, 6/1/2027
   330,000   380,928
Series A, 5.00%, 6/1/2032
   910,000   1,047,095
Series A, 5.00%, 6/1/2034
   965,000   1,108,614
Series A, 5.00%, 6/1/2036
   500,000   637,716
Series A, 5.00%, 6/1/2037
   750,000   954,157
Wisconsin, State General Obligation:        
5.00%, 5/1/2025
   85,000   97,735
5.00%, 5/1/2027
   135,000   154,792
5.00%, 11/1/2028
   205,000   250,630
5.00%, 5/1/2029
   160,000   183,342
Series 1, 5.00%, 5/1/2024
   110,000   116,964
Series 1, 5.00%, 11/1/2027
   775,000   888,619
Series 1, 5.00%, 5/1/2030
   2,000,000   2,629,590
Series 2, 5.00%, 11/1/2022
   500,000   519,947
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2, 5.00%, 11/1/2024
   $ 1,145,000   $ 1,292,637
Series 2, 5.00%, 11/1/2025
   1,410,000   1,649,028
Series 2, 5.00%, 11/1/2027
   1,780,000   2,177,955
Series 3, 5.00%, 11/1/2023
   180,000   187,005
Series 3, 5.00%, 11/1/2027
   660,000   807,556
Series 3, 5.00%, 11/1/2028
   3,650,000   4,462,432
Series 3, 5.00%, 11/1/2031
   530,000   645,939
Series 4, 5.00%, 5/1/2025
   375,000   423,466
Series A, 5.00%, 5/1/2026
   355,000   392,766
Series A, 5.00%, 5/1/2027
   1,045,000   1,189,707
Series A, 5.00%, 5/1/2028
   920,000   976,468
Series A, 5.00%, 5/1/2035
   130,000   148,457
Series B, 4.00%, 5/1/2023
   355,000   372,780
Series B, 4.00%, 5/1/2029
   2,180,000   2,548,586
Series B, 5.00%, 5/1/2022
   500,000   507,917
Series B, 5.00%, 5/1/2030
   4,010,000   4,596,453
Series B, 5.00%, 5/1/2031
   2,000,000   2,291,781
Series D, 4.00%, 5/1/2029
   105,000   113,371
Series D, 5.00%, 5/1/2032
   120,000   132,789
          58,657,778
WYOMING — 0.0% (a)        
Wyoming Community Development Authority, Revenue

Series 2, 2.10%, 12/1/2035
   500,000   504,038
TOTAL MUNICIPAL BONDS & NOTES

(Cost $4,054,189,386)
   4,207,046,958  
    Shares  
SHORT-TERM INVESTMENT — 0.1%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (e) (f)

(Cost $3,577,973)
 3,577,973 3,577,973
TOTAL INVESTMENTS — 99.2%

(Cost $4,057,767,359)
 4,210,624,931
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%
34,440,333
NET ASSETS — 100.0%
 $ 4,245,065,264
    
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
(a) Amount is less than 0.05% of net assets.
(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) Bond is insured by the following:
  % of
Net Assets
Assured Guaranty Municipal Corp.
 0.1%
(d) When-issued security.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at December 31, 2021.
ETM Escrowed to Maturity
VRN Variable Rate Note
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Municipal Bonds & Notes
   $ —   $4,207,046,958   $—   $4,207,046,958
Short-Term Investment
   3,577,973   —   —   3,577,973
TOTAL INVESTMENTS
   $3,577,973   $4,207,046,958   $—   $4,210,624,931
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 12/31/21 		  Value at
12/31/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 10,638,640   $10,638,640   $134,718,311   $141,778,978   $—   $—   3,577,973   $3,577,973   $1,500
                                   
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
MUNICIPAL BONDS & NOTES — 98.6%      
ALABAMA — 0.6%        
Alabama, Federal Aid Highway Finance Authority Revenue:        
Series A, 5.00%, 9/1/2023
   $ 3,950,000   $ 4,259,376
Series B, 5.00%, 9/1/2023
   5,750,000   6,200,357
Series B, 5.00%, 9/1/2024
   3,560,000   3,996,547
Series B, 5.00%, 9/1/2026
   3,375,000   4,059,745
Alabama, Public School and College Authority Revenue

Series A, 5.00%, 11/1/2025
   670,000   784,693
Jefferson, AL Revenue:        
5.00%, 9/15/2022
   1,000,000   1,033,566
5.00%, 9/15/2025
   1,100,000   1,277,815
Jefferson, AL, General Obligation:        
Series A, 5.00%, 4/1/2023
   3,375,000   3,571,335
Series A, 5.00%, 4/1/2024
   2,750,000   3,027,747
Jefferson, AL, Revenue

5.00%, 9/15/2023
   1,150,000   1,241,255
University of Alabama Revenue

5.00%, 7/1/2024
   725,000   807,285
          30,259,721
ARIZONA — 1.4%        
Arizona School Lottery Revenue:        
5.00%, 7/1/2023
   1,750,000   1,874,153
5.00%, 7/1/2024
   9,450,000   10,529,292
Arizona State Transportation Board Revenue

5.00%, 7/1/2025
   1,000,000   1,155,102
Arizona, Phoenix Civic Improvement Corp., Lease Revenue

Series B, 5.00%, 7/1/2023
   8,000,000   8,567,556
Arizona, Salt River Project, Agricultural Improvement & Power District Revenue:        
5.00%, 1/1/2023
   6,710,000   7,028,128
5.00%, 1/1/2024
   6,275,000   6,855,697
5.00%, 1/1/2025
   4,670,000   5,306,867
5.00%, 1/1/2026
   2,010,000   2,365,640
Series A, 5.00%, 1/1/2024
   1,965,000   2,146,844
Series A, 5.00%, 1/1/2026
   8,350,000   9,827,411
Arizona, State

5.00%, 9/1/2022
   185,000   190,830
Arizona, State Transportation Board, Sales Tax Revenue

5.00%, 7/1/2023
   3,960,000   4,237,855
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Arizona, State University Revenue

Series B, 5.00%, 7/1/2022
   $ 100,000   $ 102,386
Maricopa County

Series A, 5.00%, 7/1/2023
   1,725,000   1,843,888
Maricopa County, AZ, Community College District, General Obligation

5.00%, 7/1/2022
   355,000   363,522
Maricopa County, AZ, Special Health Care District, General Obligation:        
5.00%, 7/1/2022
   250,000   255,926
5.00%, 7/1/2023
   1,000,000   1,069,698
Series D, 5.00%, 7/1/2026
   3,200,000   3,808,825
State of Arizona

Series A, 5.00%, 10/1/2023
   760,000   822,673
State of Arizona Lottery Revenue

5.00%, 7/1/2026
   5,000,000   5,974,553
          74,326,846
ARKANSAS — 0.0% (a)        
Arkansas, State General Obligation:        
5.00%, 6/15/2022
   500,000   510,966
5.00%, 6/15/2023
   565,000   604,020
          1,114,986
CALIFORNIA — 20.4%        
Bay Area Toll Authority Revenue

VRN, 2.85%, 4/1/2047 (b)
   500,000   532,551
California Infrastructure & Economic Development Bank Revenue:        
5.00%, 6/1/2026
   4,500,000   5,377,101
Series 2016, 5.00%, 10/1/2023
   500,000   541,306
Series B-2, VRN, 3.00%, 10/1/2047 (b)
   5,600,000   6,217,674
California Municipal Finance Authority Revenue

Series A, 5.00%, 10/1/2022
   245,000   253,760
California State Public Works Board Revenue:        
5.00%, 11/1/2024
   9,090,000   10,256,583
5.00%, 9/1/2026
   1,475,000   1,768,992
Series A, 5.00%, 2/1/2026
   25,020,000   29,461,595
Series B, 5.00%, 5/1/2023
   1,000,000   1,062,757
Series B, 5.00%, 5/1/2024
   1,200,000   1,328,131
Series B, 5.00%, 10/1/2024
   905,000   1,017,925
Series B, 5.00%, 5/1/2025
   1,475,000   1,693,878
Series B, 5.00%, 5/1/2026
   2,100,000   2,492,651
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 5.00%, 11/1/2022
   $ 4,410,000   $ 4,584,433
Series C, 5.00%, 11/1/2023
   5,240,000   5,686,485
Series C, 5.00%, 11/1/2024
   7,290,000   8,225,577
California, Bay Area Toll Authority Revenue

2.00%, 4/1/2053 (b)
   5,000,000   5,129,564
California, East Bay Municipal Utility District, Water System Revenue

Series A, 4.00%, 6/1/2023
   125,000   131,635
California, State Department of Water Resources Center Valley Project Revenue:        
5.00%, 12/1/2022
   600,000   626,378
5.00%, 12/1/2025
   800,000   940,283
5.00%, 12/1/2026
   670,000   813,945
Series AX, 5.00%, 12/1/2022
   3,500,000   3,653,871
Series BA, 5.00%, 12/1/2022
   575,000   600,279
Series BB, 5.00%, 12/1/2023
   2,330,000   2,539,437
Series BB, 5.00%, 12/1/2024
   12,730,000   14,428,682
Series BB, 5.00%, 12/1/2025
   8,165,000   9,596,759
California, State Department of Water Resources Power Supply Revenue

Series BA, 5.00%, 12/1/2023
   750,000   817,415
California, State General Obligation:        
3.00%, 3/1/2026
   9,495,000   10,448,303
4.00%, 9/1/2022
   700,000   717,928
4.00%, 12/1/2022
   1,800,000   1,863,138
4.00%, 10/1/2023
   10,000,000   10,646,996
4.00%, 11/1/2023
   3,655,000   3,902,055
4.00%, 4/1/2024
   10,000,000   10,817,685
4.00%, 10/1/2024
   37,530,000   41,234,275
4.00%, 10/1/2025
   8,750,000   9,884,081
4.00%, 3/1/2026
   5,000,000   5,709,471
5.00%, 8/1/2022
   790,000   812,195
5.00%, 9/1/2022
   3,080,000   3,178,938
5.00%, 11/1/2022
   3,010,000   3,130,852
5.00%, 8/1/2023
   3,850,000   4,134,958
5.00%, 9/1/2023
   325,000   350,455
5.00%, 10/1/2023
   10,000,000   10,820,621
5.00%, 11/1/2023
   1,950,000   2,117,276
5.00%, 4/1/2024
   15,050,000   16,616,425
5.00%, 8/1/2024
   20,120,000   22,508,652
5.00%, 9/1/2024
   510,000   572,394
5.00%, 10/1/2024
   5,500,000   6,192,726
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 11/1/2024
   $ 5,000,000   $ 5,647,727
5.00%, 12/1/2024
   1,100,000   1,246,440
5.00%, 4/1/2025
   700,000   802,485
5.00%, 8/1/2025
   810,000   939,573
5.00%, 10/1/2025
   3,600,000   4,199,873
5.00%, 11/1/2025
   29,970,000   35,063,053
5.00%, 12/1/2025
   14,000,000   16,425,199
5.00%, 4/1/2026
   1,095,000   1,298,838
5.00%, 8/1/2026
   8,040,000   9,638,077
5.00%, 10/1/2026
   46,770,000   56,355,432
5.00%, 12/1/2026
   17,500,000   21,193,564
Series B, 5.00%, 8/1/2022
   2,680,000   2,755,296
Series B, 5.00%, 8/1/2024
   10,000,000   11,187,203
California, State University Revenue:        
Series A, 5.00%, 11/1/2022
   4,460,000   4,638,690
Series A, 5.00%, 11/1/2023
   3,450,000   3,746,613
Series B-2-REMK 7/, 0.55%, 11/1/2049 (b)
   4,000,000   3,953,232
Chabot-Las Positas Community College District, General Obligation

Series B, 5.00%, 8/1/2024
   5,960,000   6,670,844
Chino Basin Regional Financing Authority, Revenue

Series B, 4.00%, 11/1/2025
   30,995,000   34,871,526
City of Long Beach CA Harbor Revenue:        
5.00%, 5/15/2025
   7,700,000   8,879,813
5.00%, 5/15/2026
   1,445,000   1,724,163
City of Los Angeles CA, General Obligation

Series B, 5.00%, 9/1/2022
   630,000   650,152
Coronado, CA, Community Development Agency Successor Agency, Tax Allocation

Series A, 5.00%, 9/1/2023
   2,400,000   2,585,889
Culver, CA, Redevelopment Agency Successor Agency, Tax Allocation

Series A, 5.00%, 11/1/2022
   2,425,000   2,516,794
East Side Union High School District, General Obligation:        
Series C, 2.00%, 8/1/2025
   10,000,000   10,541,285
Series C, 3.00%, 8/1/2023
   1,000,000   1,042,503
Fontana, CA, Redevelopment Agency Successor Agency, Tax Allocation

Series A, 5.00%, 10/1/2022
   4,300,000   4,453,093
Grossmont-Cuyamaca, CA, Community College District General Obligation

5.00%, 8/1/2023
   3,750,000   4,030,857
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Los Angeles County, CA, Metropolitan Transportation Authority Revenue:        
5.00%, 6/1/2024
   $ 7,245,000   $ 8,065,300
5.00%, 6/1/2025
   6,070,000   7,020,194
Series A, 5.00%, 6/1/2023
   735,000   784,561
Series A, 5.00%, 7/1/2023
   3,675,000   3,939,160
Series A, 5.00%, 7/1/2025
   4,080,000   4,725,121
Series A, 5.00%, 6/1/2026
   4,500,000   5,372,757
Series A, 5.00%, 7/1/2026
   4,280,000   5,123,681
Series B, 5.00%, 7/1/2022
   800,000   819,366
Los Angeles, CA, Community College District, General Obligation:        
Series C, 5.00%, 8/1/2022
   500,000   514,018
Series I, 3.00%, 8/1/2023
   250,000   260,868
Los Angeles, CA, Department of Airports Revenue:        
Series B, 5.00%, 5/15/2026
   2,385,000   2,840,074
Series C, 5.00%, 5/15/2023
   1,200,000   1,277,773
Series C, 5.00%, 5/15/2024
   600,000   665,382
Los Angeles, CA, Department of Water & Power Power System Revenue

Series B, 5.00%, 7/1/2024
   19,900,000   22,200,743
Los Angeles, CA, Department of Water & Power Revenue

Series A, 5.00%, 7/1/2023
   1,720,000   1,842,829
Los Angeles, CA, Department of Water & Power System Revenue:        
5.00%, 7/1/2026
   5,000,000   5,988,069
Series B, 5.00%, 7/1/2023
   11,000,000   11,785,535
Series C, 5.00%, 7/1/2025
   3,715,000   4,299,604
Los Angeles, CA, Metropolitan Transportation Authority Revenue

Series A, 5.00%, 6/1/2023
   660,000   704,892
Los Angeles, CA, Municipal Improvement Corp. Revenue:        
Series A, 5.00%, 11/1/2023
   4,410,000   4,779,676
Series A, 5.00%, 11/1/2024
   8,490,000   9,414,633
Los Angeles, CA, Unified School District, General Obligation:        
5.00%, 7/1/2023
   3,250,000   3,480,570
5.00%, 7/1/2024
   9,840,000   10,964,617
5.00%, 7/1/2025
   6,480,000   7,492,381
5.00%, 7/1/2026
   2,820,000   3,370,339
Series A, 5.00%, 7/1/2023
   22,140,000   23,710,711
Series A, 5.00%, 7/1/2024
   19,225,000   21,422,231
Series A, 5.00%, 7/1/2025
   9,015,000   10,423,429
Series A, 5.00%, 7/1/2026
   25,590,000   30,584,037
Series B-1, 5.00%, 7/1/2024
   1,845,000   2,055,866
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Los Angeles, CA, Wastewater System Revenue

Series B, 5.00%, 6/1/2022
   $ 1,570,000   $ 1,601,250
Los Rios, CL, Community College District, General Obligation

3.00%, 8/1/2024
   1,000,000   1,068,308
Metropolitan Water District of Southern California Revenue:        
Series A, 2.50%, 7/1/2025
   1,250,000   1,337,218
Series A, 5.00%, 7/1/2024
   2,245,000   2,502,176
Series B, 4.00%, 10/1/2023
   4,785,000   5,096,320
Series B, 4.00%, 10/1/2024
   3,000,000   3,296,971
Series B, 4.00%, 10/1/2025
   1,465,000   1,655,460
Series B, 5.00%, 8/1/2024
   555,000   619,755
Series C, 5.00%, 7/1/2023
   1,500,000   1,606,651
Series C, 5.00%, 7/1/2024
   2,000,000   2,230,700
Miracosta, State Community College District, General Obligation

Series B, 4.00%, 8/1/2023
   4,000,000   4,237,388
Municipal Improvement Corp. of Los Angeles, Revenue:        
5.00%, 11/1/2025
   1,955,000   2,288,041
5.00%, 11/1/2026
   9,470,000   11,434,871
Series A, 5.00%, 11/1/2024
   650,000   734,008
Orange County Transportation Authority

5.00%, 10/15/2024
   78,730,000   88,694,022
Orange County, FL, Tourist Development Tax Revenue:        
5.00%, 2/15/2023
   6,000,000   6,321,158
5.00%, 2/15/2024
   6,300,000   6,919,949
Orange County, FL, Water District

Series A, 2.00%, 8/15/2023
   18,000,000   18,350,539
Palm Springs Unified School District, General Obligation

Series A, 2.00%, 8/1/2022
   750,000   757,968
Peralta Community College District, General Obligation

Series A, 5.00%, 8/1/2022
   585,000   601,332
Riverside County Transportation Commission Revenue

Series B, 5.00%, 6/1/2025
   1,000,000   1,151,755
Riverside Unified School District, General Obligation

Series B, 4.00%, 8/1/2022
   2,000,000   2,044,581
Sacramento County Sanitation Districts Financing Authority Revenue

Series A, 5.00%, 12/1/2025
   2,390,000   2,811,128
Sacramento, CA, Municipal Utility District, Financing Authority Revenue:        
Series A, 5.00%, 8/15/2049 (b)
   7,500,000   7,944,032
Series E, 5.00%, 8/15/2022
   3,860,000   3,976,193
Series E, 5.00%, 8/15/2024
   3,610,000   4,046,688
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series E, 5.00%, 8/15/2025
   $ 785,000   $ 913,024
Series F, 5.00%, 8/15/2025
   3,125,000   3,634,648
San Diego County Water Authority Revenue

Series A-REV, 5.00%, 5/1/2026
   2,250,000   2,684,520
San Francisco, CA, Bay Area Rapid Transit District, General Obligation:        
Series C-1, 5.00%, 8/1/2024
   1,580,000   1,768,012
Series C-1, 5.00%, 8/1/2025
   1,695,000   1,968,767
San Francisco, CA, City & County Public Utilities Commission Wastewater Revenue:        
Series A, 5.00%, 10/1/2023
   2,000,000   2,164,856
Series C, 2.13%, 10/1/2048 (b)
   15,000,000   15,340,466
San Francisco, CA, City & County Public Utilities Commission, Water Revenue:        
5.00%, 11/1/2023
   3,280,000   3,560,109
5.00%, 11/1/2024
   4,845,000   5,472,647
Series C, 5.00%, 11/1/2047
   3,325,000   3,755,738
San Francisco, Unified School District, General Obligation:        
4.00%, 6/15/2024
   3,605,000   3,921,377
4.00%, 6/15/2025
   10,740,000   12,035,666
Series B, 4.00%, 6/15/2024
   2,445,000   2,659,574
San Jose Evergreen Community College District, General Obligation:        
Series B, 4.00%, 9/1/2022
   1,800,000   1,845,980
Series B, 4.00%, 9/1/2023
   1,200,000   1,274,971
San Jose Redevelopment Agency Successor Agency, Tax Allocation

Series B, 5.00%, 8/1/2022
   3,260,000   3,350,052
San Juan, Unified School District, General Obligation:        
3.00%, 8/1/2024
   7,045,000   7,518,718
3.00%, 8/1/2025
   2,500,000   2,721,982
San Mateo Foster City Public Financing Authority Revenue

Series B, 5.00%, 8/1/2025
   4,905,000   5,691,535
San Mateo Union High School District, General Obligation

Series A, 4.00%, 9/1/2023
   525,000   557,348
Santa Clara Valley, CA, Transportation Authority, Sales Tax Revenue

Series A, 5.00%, 6/1/2023
   4,385,000   4,679,392
Southern California, Metropolitan Water District Revenue

Series B, 4.00%, 8/1/2023
   255,000   269,295
Southern California, State Public Power Authority Revenue:        
5.00%, 4/1/2024
   5,750,000   6,286,941
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.00%, 7/1/2025
   $ 2,400,000   $ 2,781,296
5.00%, 7/1/2026
   750,000   899,688
Series A, 5.00%, 6/1/2025
   2,220,000   2,565,061
State Center Community College District, General Obligation

Series B, 3.00%, 8/1/2023
   16,155,000   16,852,067
University of California, Revenue:        
Series BE, 5.00%, 5/15/2023
   1,600,000   1,704,152
Series BE, 5.00%, 5/15/2024
   1,500,000   1,665,338
          1,062,297,384
COLORADO — 1.2%        
Arapahoe County, CO, School District No. 6, General Obligation

Series A, 5.00%, 12/1/2023
   1,750,000   1,906,951
Boulder Valley School District No Re-2 Boulder, General Obligation

Series B, 3.00%, 12/1/2022
   500,000   512,955
Colorado Springs, CO, Utilities System Revenue:        
Series A, 5.00%, 11/15/2024
   2,000,000   2,260,584
Series A, 5.00%, 11/15/2025
   1,050,000   1,229,596
Series A-1, 5.00%, 11/15/2023
   2,000,000   2,173,835
County of Denver, CO, General Obligation

Series B, 5.00%, 8/1/2023
   10,825,000   11,635,741
Denver, CO, City & County School District No. 1, General Obligation

5.00%, 12/1/2023
   5,150,000   5,611,883
Douglas County, CO, School District No. Re-1, General Obligation

5.00%, 12/15/2023
   5,250,000   5,729,898
Pueblo, CO, City Schools District No. 60, General Obligation:        
5.00%, 12/15/2023
   3,215,000   3,508,880
5.00%, 12/15/2024
   3,900,000   4,421,987
5.00%, 12/15/2025
   4,225,000   4,961,513
5.00%, 12/15/2026
   4,650,000   5,635,444
State of Colorado:        
Series A, 5.00%, 12/15/2024
   2,750,000   3,113,732
Series A, 5.00%, 12/15/2025
   7,250,000   8,485,920
          61,188,919
CONNECTICUT — 3.6%        
Connecticut State Health & Educational Facilities Authority, Revenue:        
Series 2010-A-, 0.25%, 7/1/2049 (b)
   5,800,000   5,774,192
Series 2017 B-2-REMK 7/1/20, 0.55%, 7/1/2037 (b)
   4,305,000   4,318,884
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Connecticut, State Health & Educational Facility Authority Revenue:        
Series 2015-A-REMK 0, 0.38%, 7/1/2035 (b)
   $ 12,000,000   $ 11,977,674
Series A, 5.00%, 7/1/2025
   1,860,000   2,151,292
Series C-2, 5.00%, 7/1/2057 (b)
   34,630,000   36,409,518
State of Connecticut Clean Water Fund - State Revolving Fund Revenue

Series A, 5.00%, 2/1/2025
   1,345,000   1,533,545
State of Connecticut, General Obligation:        
4.00%, 1/15/2027 (c)
   7,595,000   8,809,599
5.00%, 4/15/2023
   1,000,000   1,060,457
Series 2021 A, 3.00%, 1/15/2026
   5,000,000   5,472,901
Series 2021 A, 4.00%, 1/15/2026
   5,300,000   6,011,922
Series A, 3.00%, 4/15/2024
   500,000   529,729
Series A, 5.00%, 4/15/2023
   1,840,000   1,951,241
Series A, 5.00%, 4/15/2026
   6,500,000   7,695,323
Series B, 3.00%, 6/1/2025
   1,750,000   1,896,829
Series B, 4.00%, 6/1/2026
   7,445,000   8,523,026
Series B, 5.00%, 4/15/2023
   1,000,000   1,060,457
Series B, 5.00%, 2/15/2025
   4,805,000   5,475,022
Series B, 5.00%, 4/15/2025
   505,000   578,845
Series B, 5.00%, 2/15/2026
   12,000,000   14,131,615
Series B, 5.00%, 4/15/2026
   4,545,000   5,380,807
Series B, 5.00%, 2/15/2027
   2,000,000   2,427,625
Series C, 3.00%, 6/1/2023
   1,430,000   1,484,576
Series C, 4.00%, 6/1/2026
   1,075,000   1,230,659
Series D, 5.00%, 7/15/2024
   1,500,000   1,673,555
Series D, 5.00%, 7/15/2025
   3,500,000   4,046,936
Series D, 5.00%, 7/15/2026
   15,945,000   19,024,606
Series F, 5.00%, 9/15/2024
   1,815,000   2,038,007
Series F, 5.00%, 9/15/2025
   6,065,000   7,052,677
Series F, 5.00%, 9/15/2026
   1,405,000   1,684,846
State of Connecticut, Special Tax Revenue:        
4.00%, 5/1/2024
   2,000,000   2,164,874
5.00%, 1/1/2024
   655,000   714,653
5.00%, 1/1/2025
   815,000   924,056
5.00%, 5/1/2025
   750,000   860,489
5.00%, 10/1/2025
   935,000   1,088,150
5.00%, 5/1/2026
   2,975,000   3,527,054
5.00%, 11/1/2026
   1,200,000   1,444,541
Series A, 4.00%, 5/1/2023
   2,050,000   2,150,152
Series A, 5.00%, 5/1/2025
   2,105,000   2,415,107
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 5.00%, 1/1/2024
   $ 1,720,000   $ 1,876,647
Series C, 5.00%, 1/1/2026
   500,000   586,518
          189,158,606
DELAWARE — 0.7%        
Delaware, State General Obligation:        
5.00%, 2/1/2024
   6,935,000   7,611,567
5.00%, 3/1/2024
   880,000   969,145
5.00%, 2/1/2025
   2,780,000   3,173,382
Series A, 5.00%, 2/1/2022
   875,000   878,220
Series A, 5.00%, 3/1/2024
   1,040,000   1,145,354
Series A, 5.00%, 10/1/2024
   5,000,000   5,635,615
Series A, 5.00%, 1/1/2025
   3,265,000   3,715,502
Series A, 5.00%, 2/1/2025
   4,315,000   4,925,591
Series D, 5.00%, 7/1/2022
   575,000   588,803
New Castle, DE, General Obligation

5.00%, 10/1/2023
   250,000   270,607
State of Delaware, General Obligation

5.00%, 2/1/2026
   7,425,000   8,779,332
          37,693,118
DISTRICT OF COLUMBIA — 1.7%        
District of Columbia, General Obligation:        
4.00%, 2/1/2026
   2,200,000   2,508,772
4.00%, 2/1/2027
   1,350,000   1,575,656
Series A, 5.00%, 3/1/2023
   505,000   533,079
Series A, 5.00%, 6/1/2023
   2,720,000   2,902,610
Series A, 5.00%, 10/15/2023
   9,000,000   9,755,861
Series A, 5.00%, 3/1/2024
   1,780,000   1,959,504
Series A, 5.00%, 3/1/2025
   6,040,000   6,909,709
Series A, 5.00%, 3/1/2026
   9,340,000   11,057,256
Series A, 5.00%, 10/15/2026
   5,000,000   6,037,112
Series B, 5.00%, 6/1/2026
   1,695,000   2,022,921
Series C, 5.00%, 10/1/2026
   5,000,000   6,029,946
Series D, 5.00%, 6/1/2022
   525,000   535,428
Series D, 5.00%, 6/1/2023
   3,325,000   3,548,227
Series D, 5.00%, 6/1/2024
   505,000   561,531
Series D, 5.00%, 6/1/2026
   7,495,000   8,945,010
District of Columbia, Water & Sewer Authority Revenue

Series C, 1.75%, 10/1/2054 (b)
   8,250,000   8,495,377
Washington Convention & Sports Authority, Revenue

Series A, 5.00%, 10/1/2022
   1,170,000   1,210,672
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Washington Metropolitan Area Transit Authority, Revenue:        
Series A, 5.00%, 7/15/2024
   $ 2,000,000   $ 2,233,560
Series A, 5.00%, 7/15/2025
   2,635,000   3,053,796
Washington, Metropolitan Airports Authority Revenue:        
Series B, 5.00%, 10/1/2023
   3,000,000   3,243,443
Series B, 5.00%, 10/1/2024
   2,000,000   2,248,973
Washington, Metropolitan Area Transit Authority Revenue

Series A-1, 5.00%, 7/1/2025
   500,000   577,175
          85,945,618
FLORIDA — 2.2%        
City of Lakeland, FL, Department of Electric Utilities Revenue

5.00%, 10/1/2024
   1,250,000   1,406,339
Florida, State Board of Education, General Obligation:        
Series A, 5.00%, 6/1/2024
   12,375,000   13,760,281
Series A, 5.00%, 6/1/2025
   9,745,000   11,252,516
Series B, 5.00%, 6/1/2022
   555,000   566,093
Series B, 5.00%, 6/1/2024
   1,065,000   1,184,218
Series B, 5.00%, 6/1/2026
   1,000,000   1,193,946
Series C, 5.00%, 6/1/2024
   3,940,000   4,381,051
Series D, 5.00%, 6/1/2024
   4,880,000   5,426,276
Series E, 5.00%, 6/1/2022
   125,000   127,499
Series E, 5.00%, 6/1/2025
   3,030,000   3,498,730
Florida, State Board of Education, Lottery Revenue:        
Series A, 5.00%, 7/1/2023
   3,310,000   3,543,795
Series A, 5.00%, 7/1/2024
   1,450,000   1,615,337
Florida, State Department of Environmental Protection Revenue

Series A, 5.00%, 7/1/2022
   200,000   204,801
Florida, State Department of Transportation Turnpike System Revenue:        
Series A, 5.00%, 7/1/2022
   500,000   511,978
Series B, 5.00%, 7/1/2025
   6,275,000   7,250,626
Florida, State Turnpike Authority Revenue

Series B, 5.00%, 7/1/2022
   150,000   153,593
Hillsborough County, FL, School Board:        
5.00%, 7/1/2022
   275,000   281,436
5.00%, 7/1/2023
   6,855,000   7,327,451
Jacksonville, FL, Special Revenue:        
Series A, 5.00%, 10/1/2023
   7,250,000   7,846,277
Series A, 5.00%, 10/1/2024
   5,750,000   6,465,797
JEA Water & Sewer System Revenue

Series A, 5.00%, 10/1/2025
   2,070,000   2,410,734
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
JEA,FL, Water & Sewer System Revenue

Series A, 5.00%, 10/1/2024
   $ 500,000   $ 561,951
Miami-Dade County, FL, Revenue

Series B, 5.00%, 4/1/2024
   500,000   551,803
Miami-Dade County, FL, Transit System Revenue

5.00%, 7/1/2022
   200,000   204,590
Orlando County, FL, Utilities Commission Revenue:        
Series A, 5.00%, 10/1/2023
   500,000   540,665
Series A, 5.00%, 10/1/2026
   700,000   842,736
Palm Beach County, School District:        
5.00%, 8/1/2025
   785,000   906,942
Series A, 5.00%, 8/1/2023
   12,045,000   12,925,281
Polk, County School District, Revenue:        
5.00%, 10/1/2023
   1,500,000   1,621,448
5.00%, 10/1/2024
   1,250,000   1,405,242
State of Florida, General Obligation:        
5.00%, 7/1/2023
   620,000   663,792
5.00%, 7/1/2026
   3,900,000   4,663,023
Series B, 5.00%, 6/1/2025
   2,600,000   3,002,211
Volusia County, FL, School Board Corporation

Series B, 5.00%, 8/1/2024
   5,500,000   6,139,400
          114,437,858
GEORGIA — 2.7%        
Athens-Clarke County Unified Government, General Obligation

5.00%, 12/1/2026
   9,395,000   11,372,850
Atlanta, GA, Water & Wastewater System Revenue

Series F-SUB, 5.00%, 7/1/2023
   3,000,000   3,212,366
City of Atlanta GA Department of Aviation Revenue

Series A, 5.00%, 7/1/2026
   5,735,000   6,831,735
City of Atlanta GA Water & Wastewater Revenue

Series A, 5.00%, 11/1/2024
   695,000   784,614
City of Atlanta, GA, Airport & Marina Revenue

Series F-SUB, 5.00%, 7/1/2024
   5,320,000   5,925,208
Georgia, State General Obligation:        
5.00%, 2/1/2024
   1,400,000   1,536,274
Series A, 5.00%, 7/1/2023
   4,600,000   4,928,496
Series A, 5.00%, 8/1/2025
   15,500,000   18,009,476
Series A, 5.00%, 2/1/2026
   4,280,000   5,058,776
Series A, 5.00%, 7/1/2026
   4,500,000   5,389,262
Series A, 5.00%, 8/1/2026
   2,500,000   3,001,929
Series A-1, 5.00%, 2/1/2022
   175,000   175,645
Series A-1, 5.00%, 2/1/2023
   1,225,000   1,288,768
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A-BIDDING GROUP 1, 5.00%, 7/1/2026
   $ 12,500,000   $ 14,970,173
Series C, 5.00%, 7/1/2025
   3,000,000   3,475,487
Series C-1, 4.00%, 1/1/2025
   2,265,000   2,509,469
Series E, 5.00%, 12/1/2025
   5,640,000   6,628,992
Series E, 5.00%, 12/1/2026
   750,000   909,915
Series F, 5.00%, 1/1/2023
   500,000   524,065
Series F, 5.00%, 1/1/2026
   500,000   589,337
Gwinnett County, Water & Sewerage Authority Revenue

5.00%, 8/1/2023
   525,000   564,233
Henry County School District, General Obligation:        
4.00%, 8/1/2025
   1,105,000   1,243,065
4.00%, 8/1/2026
   2,500,000   2,879,345
Metropolitan Atlanta Rapid Transit Authority Revenue

Series A, 3.00%, 7/1/2023
   11,500,000   11,963,029
Private Colleges & Universities Authority Revenue

Series A, 5.00%, 9/1/2025
   2,000,000   2,320,289
Private Colleges & Universities Authority, Revenue

Series B, 5.00%, 9/1/2025
   19,325,000   22,419,793
Richmond County, Board of Education, General Obligation

5.00%, 10/1/2022
   525,000   543,732
          139,056,323
HAWAII — 0.8%        
City & County of Honolulu, HI, General Obligation:        
5.00%, 9/1/2023
   1,190,000   1,268,830
5.00%, 3/1/2026
   650,000   767,743
Series B, 5.00%, 3/1/2025
   14,780,000   16,888,116
Series D, 5.00%, 8/1/2025
   4,825,000   5,594,977
Series D, 5.00%, 9/1/2025
   510,000   593,085
Series E, 5.00%, 9/1/2024 (b)
   10,000,000   10,647,873
Hawaii, State General Obligation:        
Series EZ, 5.00%, 10/1/2022
   150,000   155,432
Series FE, 5.00%, 10/1/2022
   120,000   124,346
Series FK, 5.00%, 5/1/2025
   1,005,000   1,155,573
Series FN-REF, 5.00%, 10/1/2024
   500,000   562,829
Series FT, 5.00%, 1/1/2022
   500,000   500,000
Series FW, 5.00%, 1/1/2024
   1,200,000   1,311,301
State of Hawaii, General Obligation

Series FG, 5.00%, 10/1/2024
   575,000   647,253
          40,217,358
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
ILLINOIS — 1.1%        
Illinois, State Finance Authority Revenue:        
4.00%, 1/1/2023
   $ 575,000   $ 596,568
4.00%, 7/1/2026
   2,100,000   2,378,461
5.00%, 1/1/2022
   395,000   395,000
5.00%, 1/1/2023
   500,000   523,706
5.00%, 1/1/2024
   7,995,000   8,728,160
5.00%, 1/1/2025
   2,895,000   3,285,163
5.00%, 7/1/2025
   10,250,000   11,835,935
5.00%, 1/1/2026
   8,460,000   9,934,867
5.00%, 7/1/2026
   1,000,000   1,193,194
Series A, 5.00%, 10/1/2025
   5,500,000   6,398,658
Illinois, State Toll Highway Authority Revenue

Series A, 5.00%, 1/1/2024
   2,000,000   2,180,891
McHenry County, IL, Conservation District, General Obligation

5.00%, 2/1/2023
   250,000   262,596
New York, NY, Sales Tax Securitization Corp., Revenue

Series A, 5.00%, 1/1/2027
   5,000,000   6,015,840
Regional Transportation Authority Revenue:        
Series A, 5.00%, 7/1/2023
   2,900,000   3,102,125
Series A, 5.00%, 7/1/2025
   1,500,000   1,730,396
State of Illinois Sales Tax Revenue

Series C, 5.00%, 6/15/2022
   180,000   183,814
          58,745,374
INDIANA — 0.4%        
City of Indianapolis Department of Public Utilities Water System Revenue

Series A, 5.00%, 10/1/2026
   2,690,000   3,245,512
Indiana, State Finance Authority Revenue:        
5.00%, 2/1/2023
   500,000   525,582
5.00%, 2/1/2024
   1,500,000   1,646,667
5.00%, 10/1/2024
   500,000   562,975
5.00%, 2/1/2025
   6,785,000   7,736,135
5.00%, 10/1/2025
   1,680,000   1,958,579
Series A, 5.00%, 12/1/2022
   125,000   130,484
Series A, 5.00%, 6/1/2024
   545,000   606,287
Series A, 5.00%, 6/1/2025
   1,175,000   1,356,336
Series A, 5.00%, 6/1/2026
   2,315,000   2,761,752
Purdue, IN, University Revenue

Series CC, 5.00%, 7/1/2023
   1,100,000   1,177,868
          21,708,177
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
IOWA — 0.1%        
Iowa, Finance Authority Revenue

5.00%, 8/1/2026
   $ 2,375,000   $ 2,839,942
Iowa, State Revenue:        
5.00%, 6/15/2022
   810,000   827,431
5.00%, 6/15/2023
   2,255,000   2,408,690
5.00%, 6/15/2026
   500,000   595,521
          6,671,584
KANSAS — 0.3%        
Johnson County, Public Building Commission Revenue:        
5.00%, 9/1/2022
   1,045,000   1,078,002
5.00%, 9/1/2025
   970,000   1,125,723
Series A, 5.00%, 9/1/2023
   7,500,000   8,075,692
Johnson County, Unified School District No. 233, General Obligation:        
Series B, 5.00%, 9/1/2022
   1,000,000   1,031,716
Series B, 5.00%, 9/1/2023
   850,000   916,279
Kansas Development Finance Authority, Revenue

Series B, 5.00%, 5/1/2025
   2,000,000   2,296,784
Kansas, State Department of Transportation, Highway Revenue

Series A, 5.00%, 9/1/2023
   2,400,000   2,585,889
          17,110,085
KENTUCKY — 0.0% (a)        
Kentucky, State Turnpike Authority Revenue

Series A, 5.00%, 7/1/2023
   100,000   106,939
LOUISIANA — 0.7%        
Louisiana, State Gas & Fuels Tax Revenue

Series B, 5.00%, 5/1/2025
   1,740,000   1,990,748
Louisiana, State General Obligation

Series C, 5.00%, 8/1/2023
   125,000   134,197
State of Louisiana Gasoline & Fuels Tax Revenue

Series A, VRN, 0.60%, 5/1/2043 (b)
   10,000,000   10,011,853
State of Louisiana Revenue:        
5.00%, 9/1/2025
   1,500,000   1,735,487
5.00%, 9/1/2026
   1,150,000   1,372,789
State of Louisiana, General Obligation:        
Series A, 5.00%, 3/1/2024
   7,460,000   8,207,190
Series A, 5.00%, 3/1/2025
   9,830,000   11,228,747
Series A, 5.00%, 3/1/2026
   1,100,000   1,298,760
          35,979,771
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
MAINE — 0.4%        
Maine, State General Obligation:        
Series B, 5.00%, 6/1/2022
   $ 175,000   $ 178,483
Series B, 5.00%, 6/1/2023
   50,000   53,364
Series D, 5.00%, 6/1/2023
   4,250,000   4,535,954
Series D, 5.00%, 6/1/2026
   3,785,000   4,511,788
Maine, State Turnpike Authority Revenue

5.00%, 7/1/2022
   250,000   255,939
State of Maine, General Obligation:        
Series B, 4.00%, 6/1/2025
   1,500,000   1,678,090
Series B, 5.00%, 6/1/2024
   2,230,000   2,477,919
Series B, 5.00%, 6/1/2025
   3,000,000   3,458,571
Series B, 5.00%, 6/1/2026
   2,990,000   3,564,134
          20,714,242
MARYLAND — 5.7%        
Anne Arundel County, MD, General Obligation

5.00%, 10/1/2023
   2,205,000   2,386,350
Baltimore County, MD, General Obligation:        
5.00%, 3/1/2024
   8,310,000   9,138,532
5.00%, 3/1/2025
   6,675,000   7,636,143
Series B, 5.00%, 10/15/2022
   555,000   575,828
Baltimore, MD, State General Obligation

Series B, 5.00%, 10/15/2025
   2,480,000   2,897,063
County of Harford MD, General Obligation

Series B, 5.00%, 7/1/2025
   8,115,000   9,395,063
County of Prince George's MD, General Obligation

Series A, 5.00%, 7/15/2024
   5,000,000   5,586,596
Maryland, State Department of Transportation General Obligation

5.00%, 3/15/2024
   1,400,000   1,543,606
Maryland, State Department of Transportation Revenue:        
5.00%, 5/1/2023
   8,240,000   8,761,671
5.00%, 9/1/2025
   500,000   582,050
5.00%, 10/1/2025
   18,565,000   21,673,577
5.00%, 10/1/2026
   10,090,000   12,168,431
Series B, 5.00%, 12/1/2026
   17,615,000   21,351,846
Maryland, State General Obligation:        
5.00%, 6/1/2024
   2,500,000   2,779,855
5.00%, 8/1/2024
   2,000,000   2,238,538
Series A, 5.00%, 3/15/2022
   200,000   201,925
Series A, 5.00%, 3/15/2023
   300,000   317,184
Series A, 5.00%, 8/1/2023
   925,000   993,973
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 3/15/2024
   $ 10,000,000   $ 11,025,756
Series A, 5.00%, 8/1/2025
   525,000   609,795
Series A, 5.00%, 8/1/2026
   12,055,000   14,469,250
Series B, 5.00%, 8/1/2024
   3,345,000   3,743,955
Series B, 5.00%, 8/1/2025
   17,095,000   19,856,090
Series C, 5.00%, 8/1/2023
   500,000   537,283
Series C, 5.00%, 8/1/2024
   1,830,000   2,048,262
Maryland, State Stadium Authority Revenue:        
5.00%, 5/1/2022
   250,000   253,875
5.00%, 5/1/2023
   1,500,000   1,592,894
Montgomery County, MD, General Obligation:        
Series A, 4.00%, 8/1/2024
   16,000,000   17,498,483
Series A, 5.00%, 11/1/2022
   1,580,000   1,643,303
Series A, 5.00%, 11/1/2023
   15,765,000   17,123,421
Series A, 5.00%, 12/1/2023
   1,960,000   2,136,179
Series A, 5.00%, 11/1/2025
   1,015,000   1,188,752
Series A, 5.00%, 8/1/2026
   15,500,000   18,596,406
Series B, 4.00%, 11/1/2025
   13,335,000   15,112,929
Series C, 5.00%, 10/1/2025
   520,000   607,281
Prince George County, MD, General Obligation:        
Series A, 5.00%, 7/15/2022
   645,000   661,698
Series A, 5.00%, 7/15/2023
   12,520,000   13,432,345
Series A, 5.00%, 9/15/2023
   5,000,000   5,402,103
Series A, 5.00%, 7/15/2024
   14,860,000   16,603,362
Series A, 5.00%, 7/15/2025
   5,150,000   5,970,487
Series B, 4.00%, 7/15/2022
   105,000   107,162
Prince George's County, MD, General Obligation:        
Series A, 5.00%, 7/15/2025
   5,350,000   6,202,350
Series A, 5.00%, 9/15/2026
   3,180,000   3,829,742
State of Maryland Department of Transportation Revenue

5.00%, 5/1/2025
   940,000   1,081,508
Washington, MD, Suburban Sanitary Commission, Revenue

5.00%, 6/1/2023
   3,000,000   3,201,408
          294,764,310
MASSACHUSETTS — 4.8%        
Boston, MA, General Obligation:        
Series A, 5.00%, 5/1/2023
   3,000,000   3,189,515
Series A, 5.00%, 11/1/2023
   4,655,000   5,054,319
Series A, 5.00%, 11/1/2024
   7,475,000   8,450,135
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue:        
Series A, 5.00%, 6/15/2024
   $ 1,505,000   $ 1,606,319
Series A, 5.00%, 6/15/2025
   860,000   955,618
Commonwealth of Massachusetts, General Obligation:        
Series A, 5.00%, 9/1/2026
   26,445,000   31,783,344
Series B, 5.00%, 7/1/2025
   2,300,000   2,661,935
Series B, 5.00%, 7/1/2026
   5,595,000   6,689,644
Series D, 5.00%, 7/1/2026
   2,055,000   2,457,054
Series E, 5.00%, 11/1/2025
   3,805,000   4,454,775
Series E, 5.00%, 11/1/2026
   4,015,000   4,850,173
Massachusetts, Bay Transportation Authority, Assessment Revenue

Series A, 5.00%, 7/1/2025
   3,400,000   3,938,885
Massachusetts, Bay Transportation Authority, Revenue:        
Series A, 5.00%, 10/15/2025
   6,900,000   8,068,868
Series B, ETM, 5.00%, 8/1/2025
   2,310,000   2,679,660
Series C-GREE, ETM, 5.00%, 8/1/2023
   200,000   214,584
Series C-GREEN, 5.00%, 8/1/2023
   690,000   741,336
Massachusetts, Bay Transportation Authority, Sales Tax Revenue:        
4.00%, 5/1/2025
   20,000,000   22,330,208
5.00%, 7/1/2024
   2,500,000   2,786,388
5.00%, 7/1/2025
   2,500,000   2,890,579
Massachusetts, Development Finance Agency, Revenue

Series A, 5.00%, 7/15/2023
   5,000,000   5,365,156
Massachusetts, State Clean Water Trust, Revenue:        
5.00%, 8/1/2026
   935,000   1,122,252
Series 20, 5.00%, 2/1/2025
   1,300,000   1,482,666
Series 21-GREEN BOND, 5.00%, 8/1/2025
   510,000   592,175
Massachusetts, State Development Finance Agency Revenue

Series A, 5.00%, 7/15/2022
   555,000   569,368
Massachusetts, State Federal Highway Revenue:        
5.00%, 6/15/2024
   3,500,000   3,735,625
Series A, 5.00%, 6/15/2023
   980,000   1,000,937
Massachusetts, State General Obligation:        
Series A, 5.00%, 1/1/2024
   3,675,000   4,018,948
Series A, 5.00%, 7/1/2025
   8,000,000   9,258,904
Series B, 5.00%, 7/1/2023
   2,250,000   2,409,625
Series B, 5.00%, 7/1/2024
   1,595,000   1,779,829
Series B, 5.00%, 11/1/2024
   10,000,000   11,301,502
Series B, 5.00%, 11/1/2025
   8,500,000   9,951,535
Series C, 5.00%, 2/1/2023
   6,725,000   7,072,824
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 5.00%, 10/1/2026
   $ 500,000   $ 602,474
Series E, 3.00%, 12/1/2023
   8,000,000   8,413,206
Series E, 5.00%, 11/1/2023
   5,720,000   6,211,776
Series E, 5.00%, 11/1/2024
   10,825,000   12,237,152
Massachusetts, State School Building Authority, Sales Tax Revenue:        
Series A, 5.00%, 2/15/2035
   2,510,000   2,756,639
Series A, 5.00%, 2/15/2036
   1,300,000   1,427,742
Series A, 5.00%, 2/15/2037
   2,300,000   2,526,004
Series A, 5.00%, 2/15/2049
   1,300,000   1,534,697
Massachusetts, State Transportation Fund Revenue:        
5.00%, 6/1/2024
   2,865,000   3,183,514
Series A, 5.00%, 6/1/2023
   2,780,000   2,965,821
Massachusetts, State Water Resources Authority Revenue:        
Series B, 5.00%, 8/1/2025
   4,010,000   4,651,469
Series C-GREEN BOND, 5.00%, 8/1/2024
   4,820,000   5,389,588
Massachusetts, Transportation Trust Fund, Metropolitan Highway System Revenue:        
Series A, 5.00%, 1/1/2024
   500,000   545,956
Series A, 5.00%, 1/1/2039 (b)
   7,225,000   7,557,922
Series C, 5.00%, 1/1/2024
   2,205,000   2,406,741
University of Massachusetts Building Authority Revenue:        
Series 2019-1, 5.00%, 5/1/2025
   500,000   575,629
Series 2019-1, 5.00%, 5/1/2026
   4,190,000   4,989,254
Series 2021-1-SENIOR, 5.00%, 11/1/2025
   4,000,000   4,688,063
          248,128,332
MICHIGAN — 0.6%        
Brighton Area School District, General Obligation

Series A, 5.00%, 5/1/2025
   3,000,000   3,441,957
Michigan, State Building Authority Revenue:        
5.00%, 4/15/2025
   2,000,000   2,292,456
Series I-A, 5.00%, 10/15/2022
   200,000   207,570
Michigan, State Finance Authority Revenue:        
5.00%, 10/1/2023
   3,500,000   3,787,217
5.00%, 4/15/2024
   2,500,000   2,760,260
Series I, 5.00%, 4/15/2022
   50,000   50,685
Series I, 5.00%, 4/15/2023
   1,500,000   1,592,086
State of Michigan Trunk Line Revenue:        
5.00%, 11/15/2025
   1,290,000   1,508,485
Series A, 5.00%, 11/15/2024
   1,000,000   1,129,068
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
University of Michigan, Revenue:        
Series A, 5.00%, 4/1/2023
   $ 3,745,000   $ 3,967,212
Series A, 5.00%, 4/1/2024
   5,160,000   5,698,286
Series A, 5.00%, 4/1/2025
   3,170,000   3,637,429
Series A, 5.00%, 4/1/2026
   2,200,000   2,611,574
          32,684,285
MINNESOTA — 1.6%        
City of Minneapolis MN, General Obligation

3.00%, 12/1/2025
   8,740,000   9,582,138
County of Hennepin MN, General Obligation

Series B, 5.00%, 12/15/2025
   820,000   964,352
Minneapolis, State Paul Airports Commission Revenue

Series A, 5.00%, 1/1/2025
   2,685,000   3,042,566
Minnesota, State General Obligation:        
2.00%, 8/1/2023
   600,000   616,081
3.00%, 8/1/2026
   630,000   698,432
Series A, 5.00%, 8/1/2024
   600,000   671,068
Series A, 5.00%, 8/1/2025
   15,845,000   18,385,806
Series A, 5.00%, 8/1/2026
   520,000   623,358
Series B, 5.00%, 8/1/2025
   700,000   812,248
Series B, 5.00%, 9/1/2026
   15,550,000   18,696,955
Series D, 5.00%, 8/1/2023
   2,000,000   2,150,120
Series E, 3.00%, 8/1/2024
   5,500,000   5,869,829
Series E, 3.00%, 8/1/2025
   12,150,000   13,233,351
Series E, 5.00%, 10/1/2023
   3,685,000   3,989,422
University of Minnesota, Revenue:        
Series B, 5.00%, 12/1/2023
   500,000   544,642
Series B, 5.00%, 12/1/2024
   580,000   657,214
          80,537,582
MISSOURI — 0.5%        
Kansas, MO, Sanitary Sewer System Revenue

Series A, 4.00%, 1/1/2023
   175,000   181,671
Metropolitan State Louis Sewer District, Revenue:        
Series A, 5.00%, 5/1/2025
   850,000   977,960
Series A, 5.00%, 5/1/2026
   1,065,000   1,266,642
Missouri Highway & Transportation Commission Revenue

5.00%, 11/1/2026
   10,465,000   12,652,953
Missouri, State Board of Public Buildings Revenue

Series B, 5.00%, 10/1/2025
   10,760,000   12,531,158
          27,610,384
See accompanying notes to financial statements.
128

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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
NEBRASKA — 0.1%        
Omaha, NE, Metropolitan Utilities District Revenue

5.00%, 12/1/2022
   $ 200,000   $ 208,718
University of Nebraska Facilities Corp., Revenue:        
5.00%, 7/15/2023
   5,500,000   5,900,790
Series A, 4.00%, 7/15/2024
   1,125,000   1,228,363
          7,337,871
NEVADA — 1.1%        
Clark County, NV, General Obligation:        
5.00%, 6/1/2022
   120,000   122,383
5.00%, 6/1/2024
   6,900,000   7,663,573
Series A, 5.00%, 11/1/2023
   260,000   282,104
Series B, 5.00%, 12/1/2025
   1,150,000   1,348,725
County of Clark NV Revenue

5.00%, 7/1/2025
   14,950,000   17,257,520
Las Vegas Valley, NV, Water District, General Obligation:        
Series 2020A, 5.00%, 6/1/2025
   7,720,000   8,897,219
Series A, 5.00%, 6/1/2024
   600,000   666,244
Series B, 5.00%, 6/1/2024
   3,755,000   4,169,579
Series B, 5.00%, 6/1/2025
   500,000   576,245
Las Vegas Valley, Water District, General Obligation

Series C, 5.00%, 6/1/2026
   14,340,000   17,059,056
Nevada, State General Obligation

Series A, 5.00%, 5/1/2024
   1,000,000   1,107,022
          59,149,670
NEW JERSEY — 0.2%        
County of Union NJ,General Obligation:        
Series A & B, 3.00%, 3/1/2022
   580,000   582,674
Series A & B, 3.00%, 3/1/2025
   500,000   540,647
Series A & B, 3.00%, 3/1/2026
   4,165,000   4,533,393
Hudson County, Improvement Authority Revenue:        
4.00%, 10/1/2024
   650,000   712,657
4.00%, 10/1/2025
   535,000   602,006
New Jersey Educational Facilities Authority Revenue

Series I-PRINCETON UNIVERSITY, 5.00%, 7/1/2025
   600,000   695,097
New Jersey, Educational Facilities Authority Revenue:        
Series B, 5.00%, 7/1/2023
   2,135,000   2,286,800
Series B, 5.00%, 7/1/2025
   1,535,000   1,778,291
          11,731,565
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
NEW MEXICO — 1.2%        
New Mexico, State Finance Authority Revenue:        
5.00%, 6/1/2026
   $ 1,765,000   $ 2,099,668
Series A, 5.00%, 6/15/2023
   5,000,000   5,343,796
Series A, 5.00%, 6/15/2024
   8,000,000   8,888,420
Series A, 5.00%, 6/15/2025
   3,600,000   4,149,235
Series A, 5.00%, 6/15/2026
   3,400,000   4,049,546
Series D, 5.00%, 6/1/2022
   250,000   254,976
New Mexico, State General Obligation

Series B, 5.00%, 3/1/2025
   500,000   570,469
New Mexico, State Severance Tax Permanent Fund Revenue:        
Series A, 5.00%, 7/1/2025
   9,635,000   11,122,155
Series B, 4.00%, 7/1/2022
   335,000   341,362
Series B, 4.00%, 7/1/2023
   965,000   1,018,356
State of New Mexico Severance Tax Permanent Fund Revenue

Series A, 5.00%, 7/1/2026
   15,000,000   17,890,557
State of New Mexico, General Obligation:        
5.00%, 3/1/2023
   2,395,000   2,528,167
5.00%, 3/1/2026
   5,000,000   5,901,194
          64,157,901
NEW YORK — 16.1%        
Albany County, NY, General Obligation

5.00%, 4/1/2023
   500,000   529,539
Erie County Industrial Development Agency Revenue

5.00%, 5/1/2026
   1,000,000   1,184,624
Metropolitan Transportation Authority Revenue:        
Series A-1, 5.00%, 2/1/2023
   20,000,000   21,000,422
Series B-1-SUB-REMK 3/18/2021, 3.00%, 11/1/2022
   500,000   511,322
Monroe County, NY, Industrial Development Agency Revenue:        
5.00%, 5/1/2023
   4,350,000   4,619,392
Series 2018, 5.00%, 5/1/2022
   500,000   507,751
Monroe County, NY, Industrial Development Corp. Revenue:        
5.00%, 7/1/2024
   3,100,000   3,456,764
5.00%, 7/1/2025
   1,000,000   1,156,232
Series A, 5.00%, 7/1/2023
   500,000   535,316
Series A, 5.00%, 7/1/2024
   685,000   763,833
Series B, 5.00%, 7/1/2023
   600,000   642,380
New York City Transitional Finance Authority Building Aid Revenue:        
ETM, 5.00%, 7/15/2023
   1,030,000   1,104,226
Series S-1, 5.00%, 7/15/2025
   530,000   614,526
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
New York City Transitional Finance Authority Future Tax Secured Revenue:        
5.00%, 5/1/2026
   $ 2,100,000   $ 2,494,631
5.00%, 11/1/2026
   12,200,000   14,718,386
Series A-1, 5.00%, 11/1/2025
   12,725,000   14,866,358
Series A-1, 5.00%, 11/1/2026
   4,000,000   4,825,700
Series B-1, 5.00%, 8/1/2026
   3,000,000   3,591,793
New York City Water & Sewer System Revenue:        
4.00%, 6/15/2024
   6,240,000   6,792,425
5.00%, 6/15/2025
   1,330,000   1,498,797
Series A, 5.00%, 6/15/2023
   200,000   213,798
Series CC-, 5.00%, 6/15/2025
   8,905,000   10,286,761
Series CC-1, 5.00%, 6/15/2026
   1,000,000   1,193,470
Series DD2, 5.00%, 6/15/2024
   12,000,000   12,547,391
New York State Dormitory Authority, Revenue:        
5.00%, 2/15/2022
   5,000   5,028
5.00%, 10/1/2022 (d)
   700,000   725,136
ETM, 5.00%, 2/15/2023
   125,000   131,638
5.00%, 2/15/2024
   9,500,000   10,439,860
5.00%, 10/1/2024
   1,060,000   1,188,241
5.00%, 10/1/2025 (d)
   1,200,000   1,397,041
Series A, 5.00%, 9/15/2023
   2,500,000   2,699,715
Series A, 5.00%, 9/15/2024
   10,000,000   11,244,102
Series A, 5.00%, 3/15/2025
   2,500,000   2,863,521
Series A, 5.00%, 7/1/2025
   660,000   762,864
Series A, 5.00%, 9/15/2025
   9,000,000   10,492,459
Series A, 5.00%, 3/15/2026
   11,695,000   13,872,137
Series B, ETM, 5.00%, 2/15/2023
   1,500,000   1,579,705
Series D, 5.00%, 2/15/2025
   1,085,000   1,239,008
Series E, 5.00%, 3/15/2027
   32,950,000   40,267,839
New York State Environmental Facilities Corp. Revenue

5.00%, 6/15/2026
   3,945,000   4,710,155
New York State Urban Development Corp., Revenue:        
Series A, 5.00%, 3/15/2026
   5,000,000   5,932,385
Series A-BIDDING GROUP 1, 5.00%, 3/15/2023
   665,000   703,009
New York, NY, City Municipal Water Finance Authority, Water & Sewer System Revenue:        
5.00%, 6/15/2024
   615,000   684,416
5.00%, 6/15/2026
   46,415,000   55,394,896
Series DD-2, 5.00%, 6/15/2025
   3,150,000   3,434,708
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
New York, NY, City Transitional Finance Authority Building Aid Revenue:        
Series S-, 5.00%, 7/15/2022
   $ 160,000   $ 164,127
Series S-3-SUBSER, 5.00%, 7/15/2024
   570,000   636,157
Series S-4A, 5.00%, 7/15/2025
   3,110,000   3,597,686
New York, NY, City Transitional Finance Authority, Building Aid Revenue:        
Series S-, 5.00%, 7/15/2022
   40,000   41,027
Series S-1, 5.00%, 7/15/2022
   200,000   205,188
New York, NY, City Transitional Finance Authority, Future Tax Secured Revenue:        
5.00%, 11/1/2022
   625,000   650,094
5.00%, 11/1/2024
   14,915,000   16,824,644
5.00%, 11/1/2025
   15,795,000   18,452,976
Series 1-REMK, 5.00%, 11/1/2026
   5,000,000   6,032,125
Series 1-REMK 1/9/20, 5.00%, 11/1/2022
   1,000,000   1,040,150
Series 21-A-RE, 5.00%, 11/1/2022
   1,750,000   1,820,263
Series A, 5.00%, 8/1/2023
   4,300,000   4,621,340
Series A-1, 5.00%, 8/1/2022
   100,000   102,810
Series A-1, 5.00%, 8/1/2023
   6,870,000   7,383,396
Series A-1, 5.00%, 8/1/2024
   1,000,000   1,117,350
Series C, 5.00%, 11/1/2022
   350,000   364,053
Series C, 5.00%, 11/1/2025
   500,000   584,140
Series C-1, 5.00%, 5/1/2023
   16,000,000   17,012,954
Series D-S, 5.00%, 11/1/2024
   10,000,000   11,280,351
Series D-S, 5.00%, 11/1/2025
   1,500,000   1,752,419
New York, NY, General Obligation:        
4.00%, 3/1/2025
   900,000   999,876
Series A, 5.00%, 8/1/2023
   17,615,000   18,925,563
Series A, 5.00%, 8/1/2024
   1,105,000   1,235,277
Series A, 5.00%, 8/1/2026
   3,350,000   4,009,160
Series A-1, 5.00%, 8/1/2023
   525,000   564,060
Series A-1, 5.00%, 8/1/2025
   14,810,000   17,167,669
Series A-1, 5.00%, 8/1/2026
   17,000,000   20,344,991
Series B-1, 5.00%, 10/1/2025
   1,065,000   1,241,599
Series B-1, 5.00%, 11/1/2026
   18,060,000   21,778,489
Series C, 5.00%, 8/1/2023
   4,825,000   5,183,981
Series C, 5.00%, 8/1/2024
   12,110,000   13,537,740
Series C, 5.00%, 8/1/2025
   8,210,000   9,516,986
Series C, 5.00%, 8/1/2026
   11,615,000   13,900,416
Series C-1, 5.00%, 8/1/2023
   2,120,000   2,277,729
Series C-1, 5.00%, 8/1/2025
   1,120,000   1,298,298
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series E, 5.00%, 8/1/2022
   $ 740,000   $ 760,616
Series E, 5.00%, 8/1/2023
   5,000,000   5,372,002
Series E, 5.00%, 8/1/2024
   18,195,000   20,340,147
Series E, 5.00%, 8/1/2025
   2,250,000   2,608,187
Series J-10-REMK 10/1, 5.00%, 8/1/2026
   4,040,000   4,834,927
Series J9-REMK 12/20/16, 5.00%, 8/1/2026
   2,300,000   2,752,558
Series J-SUBSER J11-REMK 12/1, 5.00%, 8/1/2026
   685,000   819,783
Subseries D, 5.00%, 8/1/2038 (b)
   20,000,000   21,410,492
New York, NY, Sales Tax Asset Receivables Corp., Revenue

Series A, 4.00%, 10/15/2023
   100,000   106,633
New York, NY, Sales Tax Securitization Corp., Revenue

Series A, 5.00%, 1/1/2023
   180,000   188,460
New York, NY, Trust for Cultural Resources, Wildlife Conservation Society Revenue

4.00%, 2/1/2023
   1,485,000   1,544,407
New York, State Dormitory Authority Revenue:        
Series A, 5.00%, 7/1/2023
   740,000   792,499
Series A, 5.00%, 10/1/2023
   8,785,000   9,499,490
Series A, 5.00%, 7/1/2024
   1,380,000   1,535,791
Series A, 5.00%, 10/1/2024
   1,575,000   1,765,089
Series B, 5.00%, 10/1/2024
   600,000   672,590
New York, State Dormitory Authority, Personal Income Tax Revenue:        
5.00%, 2/15/2026
   6,590,000   7,791,544
Series A, 5.00%, 7/1/2022
   655,000   670,691
Series A, 5.00%, 3/15/2024
   7,000,000   7,718,585
Series B, 5.00%, 2/15/2026
   6,480,000   7,661,488
Series D, 5.00%, 2/15/2023
   6,950,000   7,322,448
Series D, 5.00%, 2/15/2024
   9,680,000   10,635,543
Series D, 5.00%, 2/15/2025
   3,500,000   3,997,970
Series D, 5.00%, 2/15/2026
   22,530,000   26,637,859
New York, State Dormitory Authority, Sales Tax Revenue:        
Series A, 5.00%, 3/15/2023
   26,995,000   28,537,291
Series A, 5.00%, 3/15/2025
   500,000   573,049
Series C, 5.00%, 3/15/2023
   930,000   983,155
Series C, 5.00%, 3/15/2025
   4,780,000   5,478,344
Series E, 5.00%, 3/15/2022
   640,000   646,197
Series E-GROUP 1, 5.00%, 3/15/2024
   3,560,000   3,925,452
New York, State Environmental Facilities Corp., Revenue:        
5.00%, 6/15/2023
   500,000   534,380
5.00%, 6/15/2024
   585,000   651,030
5.00%, 6/15/2026
   1,000,000   1,193,956
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2017A, 5.00%, 6/15/2023
   $ 540,000   $ 577,130
Series A, 5.00%, 6/15/2023
   3,655,000   3,906,315
Series A, 5.00%, 6/15/2024
   1,400,000   1,558,019
Series A, 5.00%, 6/15/2025
   2,590,000   2,990,919
Series A, 5.00%, 6/15/2026
   5,615,000   6,704,061
Series B-SUB, 5.00%, 6/15/2026
   720,000   859,648
New York, State General Obligation:        
Series A, 5.00%, 2/15/2022
   425,000   427,368
Series A, 5.00%, 2/15/2024
   500,000   549,202
New York, State Urban Development Corp., Revenue:        
5.00%, 3/15/2025
   9,450,000   10,811,108
Series A, 5.00%, 3/15/2024
   5,270,000   5,807,313
Series E, 5.00%, 3/15/2023
   125,000   132,144
Series E GROUP 1, 5.00%, 3/15/2025
   25,500,000   29,172,831
Series E GROUP 1, 5.00%, 3/15/2026
   30,000,000   35,580,558
Port Authority of New York & New Jersey Revenue:        
5.00%, 7/15/2023
   725,000   777,599
5.00%, 11/15/2024
   1,430,000   1,615,880
Series 222, 5.00%, 7/15/2026
   3,125,000   3,736,285
Town of Brookhaven NY,General Obligation:        
Series C, 5.00%, 1/15/2025
   7,585,000   8,624,294
Series C, 5.00%, 1/15/2026
   3,475,000   4,092,052
Triborough, NY, Bridge & Tunnel Authority Revenue:        
Series A-2, VRN, 2.00%, 5/15/2045 (b)
   1,100,000   1,135,674
Series B, 5.00%, 11/15/2024
   510,000   575,980
Utility Debt Securitization Authority Revenue:        
Series B, 5.00%, 6/15/2024
   1,000,000   1,021,475
Series B, 5.00%, 12/15/2024
   1,040,000   1,086,931
Westchester County, NY, General Obligation:        
5.00%, 10/15/2025
   8,240,000   9,639,249
5.00%, 10/15/2026
   8,655,000   10,463,888
Series D, 5.00%, 12/15/2024
   600,000   681,064
          837,578,424
NORTH CAROLINA — 2.2%        
City of Charlotte NC Water & Sewer System Revenue:        
5.00%, 7/1/2024
   9,605,000   10,718,031
5.00%, 7/1/2025
   2,000,000   2,316,991
5.00%, 7/1/2026
   3,735,000   4,474,926
City of Greensboro NC, General Obligation

Series B, 5.00%, 10/1/2025
   4,650,000   5,434,275
See accompanying notes to financial statements.
134

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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
County of Wake NC, General Obligation

Series A, 5.00%, 3/1/2025
   $ 7,950,000   $ 9,102,843
Guilford County, NC, General Obligation

5.00%, 3/1/2022
   725,000   730,626
Mecklenburg County, NC, General Obligation:        
5.00%, 3/1/2023
   7,500,000   7,917,919
5.00%, 3/1/2024
   9,045,000   9,959,206
5.00%, 3/1/2026
   1,750,000   2,074,138
Series A, 5.00%, 9/1/2023
   1,255,000   1,353,077
Series A, 5.00%, 4/1/2025
   4,520,000   5,189,650
Mecklenburg County, NC, Public Facilities Corp. Revenue

5.00%, 2/1/2023
   4,760,000   5,006,723
North Carolina, State General Obligation:        
Series A, 5.00%, 6/1/2023
   15,000,000   16,002,633
Series A, 5.00%, 6/1/2025
   10,000,000   11,546,964
Series B, 5.00%, 6/1/2023
   1,000,000   1,067,136
North Carolina, State University at Raleigh Revenue

5.00%, 10/1/2023
   1,250,000   1,352,349
State of North Carolina Revenue

Series B, 5.00%, 5/1/2026
   5,625,000   6,690,010
State of North Carolina, General Obligation:        
Series A, 5.00%, 6/1/2026
   3,000,000   3,581,838
Series B, 5.00%, 6/1/2025
   625,000   721,685
Wake County, NC, General Obligation

Series A, 5.00%, 3/1/2026
   1,400,000   1,659,311
Wake County, NC, Revenue:        
5.00%, 3/1/2025
   3,250,000   3,713,557
5.00%, 3/1/2026
   650,000   768,626
Series A, 5.00%, 12/1/2022
   125,000   130,496
Series A, 5.00%, 8/1/2023
   5,000,000   5,372,827
          116,885,837
OHIO — 3.0%        
City of Cincinnati OH, General Obligation:        
5.00%, 12/1/2023
   2,115,000   2,304,261
5.00%, 12/1/2025
   500,000   585,342
Cleveland Department of Public Utilities Division of Water Revenue

Series DD, 5.00%, 1/1/2023
   665,000   696,733
Columbus, OH, General Obligation:        
Series 2017-1, 5.00%, 4/1/2024
   5,000,000   5,520,407
Series 2018A, 5.00%, 4/1/2024
   6,050,000   6,676,819
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 3.00%, 8/15/2023
   $ 795,000   $ 829,951
Series A, 5.00%, 4/1/2024
   1,850,000   2,042,551
Series A, 5.00%, 4/1/2026
   9,000,000   10,671,215
County of Cuyahoga OH Revenue

Series D, 5.00%, 12/1/2025
   10,000,000   11,706,849
Gahanna-Jefferson City School District, General Obligation

2.00%, 12/1/2023 (d)
   2,015,000   2,080,364
Hamilton County, OH, Sewer System Revenue

Series A, 5.00%, 12/1/2022
   100,000   104,368
Miami University, OH, Revenue:        
5.00%, 9/1/2022
   500,000   516,061
5.00%, 9/1/2025
   3,020,000   3,508,409
Ohio State University Revenue:        
5.00%, 12/1/2025
   6,000,000   7,029,192
5.00%, 12/1/2026
   2,600,000   3,143,155
Series A, 5.00%, 12/1/2024
   7,000,000   7,918,819
Series A, 5.00%, 12/1/2025
   2,500,000   2,928,830
Ohio, State General Obligation:        
Series A, 5.00%, 9/1/2023
   325,000   350,398
Series A, 5.00%, 3/15/2025
   1,000,000   1,102,422
Series A, 5.00%, 5/1/2025
   5,165,000   5,936,990
Series A, 5.00%, 6/15/2025
   2,995,000   3,457,496
Series A, 5.00%, 5/1/2026
   2,125,000   2,526,334
Series B, 5.00%, 8/1/2023
   130,000   139,672
Series B, 5.00%, 9/15/2024
   2,500,000   2,807,892
Series B, 5.00%, 9/15/2025
   650,000   756,892
Series S, 5.00%, 5/1/2023
   105,000   111,619
Series T, 5.00%, 11/1/2025
   7,825,000   9,154,768
Series V, 5.00%, 5/1/2023
   5,725,000   6,085,866
Ohio, State Infrastructure Project Revenue:        
5.00%, 10/1/2024
   2,600,000   2,925,186
Series 1-GARVEE, 5.00%, 12/15/2025
   1,885,000   2,213,598
Series 2016-1, 5.00%, 12/15/2023
   1,335,000   1,455,662
Series 2019-1, 5.00%, 12/15/2023
   2,500,000   2,725,959
Series 2019-1, 5.00%, 12/15/2024
   2,000,000   2,269,580
Series 2019-1, 5.00%, 12/15/2025
   655,000   769,181
Series B, 5.00%, 10/1/2025
   2,550,000   2,968,713
Ohio, State University Revenue

Series A, 5.00%, 12/1/2022
   750,000   783,043
Ohio, State Water Development Authority Revenue:        
5.00%, 12/1/2023
   6,500,000   7,082,960
5.00%, 6/1/2024
   500,000   555,587
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series A, 5.00%, 12/1/2025
   $ 1,175,000   $ 1,378,544
Series A, 5.00%, 6/1/2026
   3,960,000   4,722,299
Ohio, State Water Development Authority, Water Pollution Control Revenue:        
5.00%, 12/1/2023
   300,000   326,906
Series B, 5.00%, 6/1/2024
   3,925,000   4,361,359
Series B, 5.00%, 12/1/2024
   6,675,000   7,561,548
Series B, 5.00%, 12/1/2025
   1,480,000   1,736,378
Ohio, Water Development Authority Revenue

5.00%, 6/1/2023
   700,000   746,995
State of Ohio Revenue

Series 1-A, 5.00%, 12/15/2026
   1,000,000   1,209,209
State of Ohio, General Obligation:        
ETM, 5.00%, 8/1/2025
   5,000,000   5,797,886
Series A, 5.00%, 5/1/2026
   1,000,000   1,188,863
Series A, 5.00%, 6/15/2026
   2,820,000   3,365,585
Series B, 5.00%, 9/15/2026
   1,000,000   1,202,776
          158,041,492
OKLAHOMA — 0.7%        
City of Tulsa OK, General Obligation:        
5.00%, 3/1/2023
   500,000   527,861
5.00%, 3/1/2025
   2,950,000   3,367,765
Oklahoma Capitol Improvement Authority Revenue

5.00%, 7/1/2023
   500,000   535,083
Oklahoma County, Independent School District, General Obligation:        
Series A, 0.05%, 7/1/2022
   500,000   499,694
Series A, 2.50%, 7/1/2023
   14,100,000   14,567,144
Oklahoma, Capital Improvement Authority, State Facilities Revenue

Series 2020A, 5.00%, 7/1/2025
   3,900,000   4,499,029
Oklahoma, State Turnpike Authority Revenue:        
Series D, 4.00%, 1/1/2023
   630,000   653,888
Series D, 5.00%, 1/1/2024
   505,000   551,945
Oklahoma, State University, Revenue:        
Series A, 5.00%, 1/1/2025
   2,000,000   2,270,184
Series A, 5.00%, 9/1/2025
   800,000   929,696
Series A, 5.00%, 1/1/2026
   4,250,000   4,994,603
Tulsa County, OK, Industrial Authority Revenue

5.00%, 9/1/2022
   160,000   165,020
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Tulsa, OK, Public Facilities Authority Revenue

3.00%, 6/1/2022
   $ 225,000   $ 227,624
          33,789,536
OREGON — 0.7%        
City of Portland OR Sewer System Revenue

Series A, 5.00%, 3/1/2023
   600,000   632,856
Multnomah County School District No 1, General Obligation:        
5.00%, 6/15/2023
   2,500,000   2,672,276
5.00%, 6/15/2025
   2,230,000   2,574,363
Oregon, State General Obligation:        
5.00%, 5/1/2026
   6,745,000   8,018,881
Series A, 5.00%, 5/1/2024
   11,000,000   12,188,098
Series A, 5.00%, 5/1/2025
   770,000   886,193
Portland, OR, Sewer System Revenue

Series A, 5.00%, 5/1/2023
   6,470,000   6,880,507
Salem-Keizer School District No 24J, General Obligation

5.00%, 6/15/2025
   705,000   813,868
          34,667,042
PENNSYLVANIA — 1.8%        
Commonwealth of Pennsylvania, General Obligation:        
5.00%, 5/15/2025
   9,245,000   10,628,012
5.00%, 7/15/2025
   7,000,000   8,093,872
5.00%, 5/15/2026
   10,035,000   11,916,317
Series 2020, 5.00%, 5/1/2025
   16,950,000   19,459,178
Series 2020, 5.00%, 5/1/2026
   1,500,000   1,779,053
Pennsylvania Turnpike Commission Revenue

Series A, 5.00%, 12/1/2023
   500,000   543,839
Pennsylvania, State General Obligation:        
5.00%, 3/1/2022
   850,000   856,541
5.00%, 9/15/2024
   1,000,000   1,121,719
5.00%, 1/1/2025
   4,000,000   4,537,806
5.00%, 1/1/2024
   605,000   660,226
Series 2016, 5.00%, 9/15/2023
   615,000   663,692
Series 2018A, 5.00%, 3/1/2024
   28,500,000   31,309,045
Series D, 5.00%, 8/15/2022
   200,000   205,919
Series REF, 5.00%, 1/15/2024
   2,260,000   2,470,145
Pennsylvania, State Higher Educational Facilities Authority Revenue

Series AT-1, 5.00%, 6/15/2023
   275,000   293,535
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Port, PN, Authority of Allegheny County Revenue

5.00%, 3/1/2024
   $ 1,000,000   $ 1,099,019
          95,637,918
SOUTH CAROLINA — 0.5%        
Carolina, State General Obligation:        
Series A, 5.00%, 4/1/2023
   650,000   688,820
Series A, 5.00%, 4/1/2025
   13,690,000   15,713,426
County of Florence SC, General Obligation

5.00%, 6/1/2023
   2,000,000   2,133,978
Fort Mill School District No 4, General Obligation

Series B, 5.00%, 3/1/2024
   1,250,000   1,375,770
Richmond County, Board of Education, General Obligation

Series A, 5.00%, 3/1/2026
   1,750,000   2,071,756
South Carolina, State General Obligation

Series A, 5.00%, 4/1/2024
   4,985,000   5,507,400
          27,491,150
TENNESSEE — 0.9%        
City of Knoxville, TN,General Obligation

5.00%, 5/1/2025
   8,235,000   9,474,703
City of Memphis TN, General Obligation

5.00%, 5/1/2024
   5,000,000   5,535,111
Hamilton, TN, General Obligation:        
Series A, 5.00%, 4/1/2023
   4,350,000   4,610,923
Series A, 5.00%, 4/1/2025
   1,880,000   2,157,870
Nashville & Davidson County, TN, Metropolitan Government General Obligation

Series C, 5.00%, 1/1/2024
   1,000,000   1,092,331
Nashville & Davidson County, TN, Metropolitan Government Revenue:        
Series A, 5.00%, 7/1/2025
   2,000,000   2,313,972
Series A, 5.00%, 7/1/2026
   1,500,000   1,794,207
Series B, 5.00%, 5/15/2023
   1,200,000   1,277,261
Series B, 5.00%, 7/1/2023
   750,000   802,624
Series B, 5.00%, 7/1/2025
   1,000,000   1,156,986
Shelby Country, TN, General Obligation

Series B, 5.00%, 4/1/2026
   3,855,000   4,570,837
Tennessee, State General Obligation:        
Series A, 5.00%, 2/1/2023
   4,970,000   5,227,054
Series A, 5.00%, 2/1/2026
   3,405,000   4,024,564
          44,038,443
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
TEXAS — 9.2%        
Aldine Independent School District, General Obligation

5.00%, 2/15/2025 (d)
   $ 575,000   $ 655,372
Austin Independent School District, General Obligation:        
5.00%, 8/1/2025 (d)
   475,000   550,434
5.00%, 8/1/2026 (d)
   1,250,000   1,495,955
Austin, TX, Electric Utility System Revenue

Series A, 5.00%, 11/15/2026
   500,000   603,110
Austin, TX, Independent School District, General Obligation:        
5.00%, 8/1/2024 (d)
   5,910,000   6,608,395
5.00%, 8/1/2025 (d)
   3,800,000   4,403,471
Series 2019, 5.00%, 8/1/2023 (d)
   660,000   709,322
Austin, TX, Water & Wastewater System Revenue:        
5.00%, 11/15/2023
   3,315,000   3,605,083
Series 2017, 5.00%, 11/15/2022
   1,145,000   1,192,700
Bexar County, TX, Hospital District, General Obligation:        
5.00%, 2/15/2023
   500,000   526,416
5.00%, 2/15/2024
   1,325,000   1,455,090
5.00%, 2/15/2025
   2,015,000   2,298,670
5.00%, 2/15/2026
   8,495,000   10,022,986
Birdville, Independent School District, General Obligation

Series A, 5.00%, 2/15/2022 (d)
   245,000   246,368
Board of Regents of the University of Texas System Revenue

Series H, 5.00%, 8/15/2025
   2,300,000   2,672,401
Brazosport Independent School District, General Obligation:        
5.00%, 2/15/2023 (d)
   530,000   558,124
5.00%, 2/15/2025 (d)
   6,500,000   7,402,038
City of Austin TX Water & Wastewater System, Revenue

Series A, 5.00%, 11/15/2022
   500,000   520,830
City of Austin TX, General Obligation

5.00%, 9/1/2026
   9,105,000   10,947,638
City of Conroe, Independent School District, General Obligation:        
5.00%, 2/15/2026 (d)
   2,475,000   2,916,856
Series A, 5.00%, 2/15/2025 (d)
   2,000,000   2,278,885
Series A, 5.00%, 2/15/2026 (d)
   2,400,000   2,828,467
City of Fort Worth TX, General Obligation:        
5.00%, 3/1/2024
   9,390,000   10,317,647
5.00%, 3/1/2025
   9,630,000   10,977,447
City of Houston TX, General Obligation

Series A, 5.00%, 3/1/2026
   3,500,000   4,129,255
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Collin County, TX, Community College District, General Obligation:        
5.00%, 8/15/2023
   $ 8,955,000   $ 9,638,430
Series A, 5.00%, 8/15/2024
   3,000,000   3,360,390
Series A, 5.00%, 8/15/2025
   3,990,000   4,634,474
Series A, 5.00%, 8/15/2026
   750,000   899,776
Comal Independent School District, General Obligation:        
5.00%, 2/1/2025 (d)
   3,225,000   3,670,702
5.00%, 2/1/2026 (d)
   3,000,000   3,532,565
Series B, 5.00%, 2/1/2024 (d)
   640,000   701,315
County of Harris TX, General Obligation

Series A, 5.00%, 10/1/2026
   2,390,000   2,873,618
County of Williamson, TX, General Obligation:        
4.00%, 2/15/2026
   4,250,000   4,845,610
5.00%, 2/15/2024
   800,000   878,724
Cypress-Fairbanks Independent School District,General Obligation:        
Series A, 5.00%, 2/15/2025 (d)
   7,000,000   7,973,762
Series A, 5.00%, 2/15/2026 (d)
   9,910,000   11,673,484
Dallas county, TX, General Obligation

5.00%, 8/15/2025
   1,615,000   1,873,335
Dallas, TX, Area Rapid Transit Revenue:        
5.00%, 12/1/2023
   9,000,000   9,801,748
5.00%, 12/1/2025
   1,185,000   1,389,270
Dallas, TX, General Obligation:        
5.00%, 2/15/2022
   250,000   251,396
5.00%, 2/15/2023
   3,155,000   3,322,417
5.00%, 2/15/2024
   15,100,000   16,565,682
Series A, 5.00%, 2/15/2025
   8,125,000   9,244,419
Dallas, TX, Independent School District, General Obligation:        
4.00%, 2/15/2026 (d)
   4,460,000   5,077,225
Series B, 5.00%, 2/15/2025 (d)
   11,945,000   13,618,622
Denton, TX, Independent School District, General Obligation:        
Zero Coupon, 8/15/2022 (d)
   115,000   114,892
5.00%, 8/15/2025 (d)
   1,625,000   1,884,300
El Paso, TX, Water & Sewer Revenue

5.00%, 3/1/2023
   250,000   263,901
Fort Bend, TX, Independent School District, General Obligation:        
5.00%, 8/15/2024 (d)
   2,250,000   2,520,292
5.00%, 8/15/2025 (d)
   3,990,000   4,631,355
Series B, 0.72%, 8/1/2051 (b)  (d)
   3,000,000   2,991,925
Series B, 5.00%, 2/15/2022 (d)
   770,000   774,309
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series E, 5.00%, 2/15/2023 (d)
   $ 500,000   $ 526,359
Fort Worth, TX, Independent School District, General Obligation:        
5.00%, 2/15/2022 (d)
   120,000   120,666
5.00%, 2/15/2024 (d)
   1,815,000   1,991,983
5.00%, 2/15/2025 (d)
   1,745,000   1,988,910
Frisco, TX, General Obligation

Series 2016, 5.00%, 2/15/2023
   500,000   526,763
Frisco, TX, Independent School District, General Obligation

3.00%, 2/15/2026 (d)
   6,100,000   6,699,242
Harris County, Toll Road Authority Revenue:        
5.00%, 8/15/2025
   2,000,000   2,322,263
Series A, 5.00%, 8/15/2023
   2,150,000   2,314,448
Series A, 5.00%, 8/15/2026
   500,000   599,598
Harris County, TX, Flood Control District Revenue:        
Series A, 5.00%, 10/1/2023
   2,875,000   3,110,403
Series A, 5.00%, 10/1/2024
   3,500,000   3,936,726
Harris County, TX, General Obligation:        
Series A, 5.00%, 10/1/2022
   1,030,000   1,067,301
Series A, 5.00%, 10/1/2024
   5,000,000   5,628,286
Series A, 5.00%, 10/1/2025
   10,000,000   11,666,315
Harris County, TX, Metropolitan Transit Authority, Sales Tax Revenue

Series B, 5.00%, 11/1/2023
   1,475,000   1,600,680
Hays Consolidated Independent School District, General Obligation

Series A, 3.00%, 2/15/2026 (d)
   1,055,000   1,157,284
Houston of Harris County, TX, Port Authority General Obligation:        
Series A-2, 5.00%, 10/1/2024
   2,735,000   3,075,470
Series A-2, 5.00%, 10/1/2025
   2,000,000   2,329,212
Houston, TX, General Obligation:        
Series A, 5.00%, 3/1/2024
   4,225,000   4,645,281
Series C, 5.00%, 3/1/2022
   660,000   665,111
Houston, TX, Independent School District Revenue

Series B, 5.00%, 11/15/2025
   545,000   637,991
Houston, TX, Independent School District, General Obligation:        
5.00%, 2/15/2023 (d)
   20,735,000   21,844,868
5.00%, 2/15/2024 (d)
   4,165,000   4,575,786
5.00%, 2/15/2025 (d)
   4,530,000   5,175,309
Humble, TX, Independent School District, General Obligation

Series B, 5.00%, 2/15/2024 (d)
   1,505,000   1,650,747
Katy, TX, Independent School District, General Obligation:        
Series B, 5.00%, 2/15/2024 (d)
   2,250,000   2,468,898
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series B, 5.00%, 2/15/2025 (d)
   $ 4,260,000   $ 4,856,872
Series D, 5.00%, 2/15/2024 (d)
   5,000,000   5,486,441
Lewisville, TX, Independent School District, General Obligation:        
Series A, 5.00%, 8/15/2022 (d)
   650,000   669,361
Series A, 5.00%, 8/15/2023 (d)
   3,300,000   3,549,619
Lubbock, TX, General Obligation

5.00%, 2/15/2023
   1,935,000   2,038,126
McKinney Independent School District, General Obligation

5.00%, 2/15/2024 (d)
   4,500,000   4,942,821
Pasadena, TX, Independent School District, General Obligation

Series B-REMK 0, 1.50%, 2/15/2044 (b)  (d)
   5,700,000   5,839,278
Pearland, TX, Independent School District, General Obligation

5.00%, 2/15/2025 (d)
   5,830,000   6,637,114
Plano, TX, Independent School District, General Obligation

5.00%, 2/15/2022 (d)
   500,000   502,798
Richardson, TX, Independent School District, General Obligation

5.00%, 2/15/2023 (d)
   750,000   790,145
Round Rock, TX, Independent School District, General Obligation:        
5.00%, 8/1/2024 (d)
   6,790,000   7,596,111
Series A, 5.00%, 8/1/2023 (d)
   6,500,000   6,984,674
Series A, 5.00%, 8/1/2024 (d)
   8,505,000   9,514,716
San Antonio Water System Revenue

Series A, 2.00%, 5/15/2025
   500,000   524,149
San Antonio, TX, Electric & Gas Revenue:        
4.00%, 2/1/2026
   1,040,000   1,180,554
5.00%, 2/1/2022
   540,000   541,978
5.00%, 2/1/2023
   1,830,000   1,923,525
5.00%, 2/1/2024
   475,000   520,092
San Antonio, TX, Water System Revenue

Series A, 2.63%, 5/1/2049 (b)
   33,000,000   34,758,560
Spring Branch Independent School District, General Obligation

5.00%, 2/1/2025 (d)
   1,290,000   1,469,557
Tarrant, TX, Regional Water District Revenue

5.00%, 3/1/2022
   135,000   136,043
Texas Water Development Board Revenue:        
5.00%, 10/15/2023
   945,000   1,024,365
5.00%, 8/1/2024
   1,500,000   1,677,669
5.00%, 8/1/2025
   1,820,000   2,111,140
5.00%, 8/1/2026
   1,700,000   2,036,200
Series A, 5.00%, 3/15/2026
   1,005,000   1,187,609
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Texas, State General Obligation:        
5.00%, 4/1/2022
   $ 50,000   $ 50,589
5.00%, 4/1/2024
   1,000,000   1,103,369
5.00%, 10/1/2024
   645,000   725,671
Series A, 5.00%, 4/1/2023
   500,000   529,733
Series A, 5.00%, 10/1/2023
   5,000,000   5,409,396
Series C, 5.00%, 8/1/2022
   700,000   719,543
Series REF, 5.00%, 8/1/2023
   500,000   537,365
Texas, State Public Finance Authority Revenue:        
5.00%, 2/1/2026
   1,605,000   1,887,793
Series A, 5.00%, 2/1/2023
   1,500,000   1,577,080
Series A, 5.00%, 2/1/2024
   1,500,000   1,642,395
Texas, State Transportation Commission, Highway Fund Revenue:        
Series 2016-B-REMK, 0.43%, 4/1/2025
   660,000   658,820
Series A, 5.00%, 10/1/2023
   600,000   649,347
Series A, 5.00%, 10/1/2025
   3,935,000   4,589,099
Texas, State University System Revenue

Series A, 5.00%, 3/15/2026
   1,185,000   1,400,315
Texas, State Water Development Board Revenue:        
5.00%, 8/1/2023
   3,750,000   4,030,238
5.00%, 8/1/2024
   6,070,000   6,788,967
5.00%, 8/1/2025
   1,000,000   1,159,967
5.00%, 10/15/2025
   2,220,000   2,593,339
5.00%, 4/15/2026
   4,280,000   5,079,042
Series B, 5.00%, 10/15/2023
   2,000,000   2,167,969
Trinity River, TX, Authority Regional Wastewater System Revenue

5.00%, 8/1/2022
   160,000   164,467
Trinity, TX, River Authority Central Regional Wastewater System Revenue

5.00%, 8/1/2025
   4,730,000   5,488,473
University of Houston, Revenue

Series C, 5.00%, 2/15/2023
   1,000,000   1,053,526
University of Texas, Permanent University Fund Revenue:        
5.00%, 7/1/2022
   200,000   204,791
Series B, 5.00%, 7/1/2023
   3,380,000   3,619,266
University of Texas, Revenue:        
Series C, 5.00%, 8/15/2022
   150,000   154,468
Series D, 5.00%, 8/15/2025
   2,675,000   3,108,118
Series E, 5.00%, 8/15/2022
   915,000   942,254
Series H, 5.00%, 8/15/2023
   1,800,000   1,937,677
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Wisconsin, TX, State General Obligation

5.00%, 2/15/2025
   $ 530,000   $ 604,968
          480,334,360
UTAH — 0.9%        
Alpine School District, General Obligation:        
2.00%, 3/15/2025
   600,000   630,445
5.00%, 3/15/2024
   525,000   578,852
Central Utah Water Conservancy District Revenue

Series B, 5.00%, 10/1/2024
   740,000   832,553
State of Utah, General Obligation:        
5.00%, 7/1/2025
   10,000,000   11,577,404
5.00%, 7/1/2026
   6,715,000   8,041,977
Series B, 5.00%, 7/1/2025
   13,565,000   15,714,993
University of Utah, Revenue

Series B-1, 5.00%, 8/1/2023
   225,000   241,666
Utah, State General Obligation:        
5.00%, 7/1/2023
   925,000   990,912
5.00%, 7/1/2025
   5,275,000   6,111,064
          44,719,866
VIRGINIA — 3.0%        
Arlington County, VA, General Obligation

Series 2017, 5.00%, 8/15/2024
   1,480,000   1,659,443
County of Arlington VA, General Obligation:        
5.00%, 8/15/2025
   1,850,000   2,152,436
Series A, 5.00%, 8/1/2025
   7,770,000   9,027,976
County of Fairfax VA, General Obligation:        
Series A, 4.00%, 10/1/2026
   5,000,000   5,791,404
Series A, 5.00%, 10/1/2025
   1,335,000   1,557,453
County of Loudoun VA, General Obligation:        
Series A, 5.00%, 12/1/2024
   10,970,000   12,430,410
Series A, 5.00%, 12/1/2025
   10,995,000   12,904,316
Series B, 5.00%, 12/1/2023
   1,000,000   1,090,290
Fairfax County, VA, General Obligation:        
Series A, 4.00%, 10/1/2023
   5,250,000   5,590,623
Series A, 4.00%, 10/1/2025
   2,815,000   3,179,850
Series A, 5.00%, 10/1/2022
   215,000   222,737
Series A, 5.00%, 10/1/2023
   700,000   757,572
Fairfax County, VA, Water Development Authority, Improvement Revenue

5.00%, 4/1/2022
   995,000   1,006,777
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Loudoun, VA, General Obligation

Series A, 5.00%, 12/1/2023
   $ 4,675,000   $ 5,097,104
Richmond, VA, General Obligation:        
Series B, 5.00%, 7/15/2026
   500,000   599,045
Series D, 5.00%, 3/1/2025
   840,000   960,667
Richmond, VA, Public Utility Revenue

5.00%, 1/15/2023
   175,000   183,687
Virginia College Building Authority Revenue:        
5.00%, 2/1/2023
   700,000   736,205
5.00%, 2/1/2026
   13,955,000   16,450,857
Virginia Commonwealth Transportation Board Revenue

5.00%, 3/15/2023
   2,300,000   2,432,318
Virginia Public Building Authority revenue:        
Series A, 5.00%, 8/1/2025
   10,500,000   12,167,486
Series B, 5.00%, 8/1/2024
   8,500,000   9,504,460
Virginia, Commonwealth Transportation Board Revenue

5.00%, 3/15/2025
   2,210,000   2,527,984
Virginia, Public Building Authority Revenue

Series B, 5.00%, 8/1/2026
   1,500,000   1,792,898
Virginia, State Beach Development Authority, Revenue

Series B, 5.00%, 8/1/2022
   550,000   565,258
Virginia, State College Building Authority, Educational Facilities Revenue:        
5.00%, 2/1/2025
   3,725,000   4,244,718
5.00%, 2/1/2026
   5,000,000   5,894,251
Series A, 5.00%, 2/1/2022
   600,000   602,203
Series A, 5.00%, 9/1/2022
   765,000   789,470
Series A, 5.00%, 2/1/2023
   5,225,000   5,495,243
Series B, 5.00%, 9/1/2022
   440,000   453,956
Series B, 5.00%, 2/1/2023
   6,020,000   6,331,361
Series B, 5.00%, 9/1/2024
   300,000   336,532
Series D, 5.00%, 2/1/2022
   130,000   130,477
Series E, 5.00%, 2/1/2023
   5,000,000   5,258,606
Series E, 5.00%, 2/1/2024
   4,000,000   4,388,478
Virginia, State Commonwealth Transportation Board Revenue:        
5.00%, 9/15/2022
   100,000   103,385
5.00%, 9/15/2024
   3,745,000   4,205,145
5.00%, 3/15/2025
   4,000,000   4,575,537
Series C, 5.00%, 5/15/2023
   250,000   266,309
Virginia, State General Obligation:        
Series B, 5.00%, 6/1/2022
   775,000   790,370
Series B, 5.00%, 6/1/2023
   535,000   570,918
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Virginia, State Public Building Authority Revenue

Series B, 5.00%, 8/1/2022
   $ 100,000   $ 102,798
Virginia, State Public School Authority Revenue

5.00%, 8/1/2024
   1,035,000   1,157,024
Virginia, State Resources Authority Revenue

5.00%, 10/1/2022
   260,000   269,356
          156,355,393
WASHINGTON — 3.7%        
Central Puget Sound, WA, Regional Transit Authority Revenue

Series S-1, 5.00%, 11/1/2022
   500,000   520,032
Chelan County Public Utility District No. 1 Revenue:        
Series A, 5.00%, 7/1/2024
   1,250,000   1,389,558
Series A, 5.00%, 7/1/2025
   2,390,000   2,749,922
City of Seattle WA Municipal Light & Power Revenue

Series B, 5.00%, 2/1/2024
   2,170,000   2,378,848
County of King WA, General Obligation:        
Series A, 4.00%, 1/1/2025
   2,500,000   2,768,253
Series A, 4.00%, 1/1/2026
   8,250,000   9,377,174
Series A, 4.00%, 1/1/2027
   7,000,000   8,151,476
Energy Northwest, WA, Electric Revenue:        
5.00%, 7/1/2023
   8,500,000   9,096,407
Series A, 5.00%, 7/1/2026
   2,200,000   2,626,105
King County, WA, School District No. 412, General Obligation:        
5.00%, 12/1/2023
   7,310,000   7,961,197
Series A, 4.00%, 12/1/2026
   3,645,000   4,242,246
Pierce County, School District No 10 Tacoma, General Obligation

Series B, 5.00%, 12/1/2025
   17,005,000   19,943,534
State of Washington, General Obligation:        
5.00%, 8/1/2025
   500,000   579,597
Series R-2020C, 5.00%, 7/1/2024
   15,000,000   16,714,354
University of Washington, Revenue:        
Series C, 5.00%, 4/1/2025
   2,000,000   2,290,721
Series C, 5.00%, 4/1/2026
   1,000,000   1,185,228
Washington, State General Obligation:        
5.00%, 7/1/2022
   275,000   281,505
Series 2020A, 5.00%, 8/1/2023
   5,255,000   5,647,707
Series 2020C, 5.00%, 2/1/2025
   3,000,000   3,416,585
Series A, 5.00%, 8/1/2024
   12,630,000   14,119,047
Series A, 5.00%, 8/1/2025
   13,275,000   15,388,306
Series B, 5.00%, 7/1/2022
   500,000   512,104
Series B, 5.00%, 8/1/2025
   540,000   625,965
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series C, 5.00%, 2/1/2024
   $ 11,860,000   $ 12,998,846
Series D, 5.00%, 7/1/2022
   575,000   588,601
Series D, 5.00%, 2/1/2023
   800,000   841,377
Series D, 5.00%, 2/1/2026
   515,000   606,880
Series R-2015-C, 5.00%, 7/1/2022
   255,000   261,173
Series R-2017A, 5.00%, 8/1/2022
   500,000   514,136
Series R-2017A, 5.00%, 8/1/2025
   6,200,000   7,187,005
Series R-2017C, 5.00%, 8/1/2022
   500,000   514,136
Series R-2018D, 5.00%, 8/1/2023
   1,015,000   1,090,851
Series R-2020A, 5.00%, 1/1/2023
   505,000   529,150
Series R-2020A, 5.00%, 1/1/2025
   9,960,000   11,308,706
Series R-2020C, 5.00%, 7/1/2022
   840,000   860,334
Series R-2020C, 5.00%, 7/1/2023
   1,010,000   1,081,654
Series R-2020C, 5.00%, 7/1/2025
   10,550,000   12,194,269
Series R-2021B, 5.00%, 1/1/2025
   10,000,000   11,354,122
          193,897,111
WEST VIRGINIA — 0.2%        
West Virginia, State General Obligation

Series A, 5.00%, 12/1/2024
   8,430,000   9,544,389
WISCONSIN — 1.6%        
City of Milwaukee WI, General Obligation:        
Series N3, 5.00%, 4/1/2022
   760,000   768,807
Series N-4, 5.00%, 4/1/2025
   10,140,000   11,568,120
Madison, WI, General Obligation:        
Series A, 2.00%, 10/1/2025
   1,000,000   1,027,402
Series A, 4.00%, 10/1/2023
   125,000   133,110
Milwaukee, WI, General Obligation:        
Series N2, 4.00%, 3/15/2023
   415,000   433,453
Series N3, 5.00%, 4/1/2024
   1,665,000   1,832,769
Series N4, 5.00%, 4/1/2022
   110,000   111,275
State of Wisconsin, General Obligation:        
Series 2021-2, 5.00%, 5/1/2025
   4,240,000   4,875,253
Series B, 5.00%, 5/1/2030
   1,555,000   1,653,232
Wisconsin, State Revenue:        
Series A, 5.00%, 5/1/2023
   8,500,000   9,038,132
Series A, 5.00%, 5/1/2024
   6,000,000   6,634,744
Wisconsin, State Department of Transportation Revenue:        
Series 1, 5.00%, 7/1/2026
   2,615,000   3,125,332
Series 2, 5.00%, 7/1/2022
   65,000   66,554
Series 2, 5.00%, 7/1/2026
   1,000,000   1,195,156
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Wisconsin, State Environmental Improvement Fund Revenue

Series A, 5.00%, 6/1/2024
   $ 730,000   $ 811,157
Wisconsin, State General Obligation:        
Series 1, 5.00%, 11/1/2023
   2,500,000   2,714,937
Series 1, 5.00%, 11/1/2024
   5,000,000   5,644,705
Series 2, 5.00%, 11/1/2022
   4,400,000   4,575,536
Series 2, 5.00%, 11/1/2023
   13,745,000   14,924,859
Series 2, 5.00%, 11/1/2026
   2,770,000   3,341,798
Series A, 5.00%, 5/1/2022
   125,000   126,979
Series A, 5.00%, 5/1/2023
   185,000   187,935
Series A, 5.00%, 5/1/2024
   505,000   559,171
Series A, 5.00%, 5/1/2025
   3,850,000   4,426,823
Series A, 5.00%, 5/1/2026
   3,060,000   3,514,079
Series B, 5.00%, 5/1/2025
   2,000,000   2,299,648
          85,590,966
TOTAL MUNICIPAL BONDS & NOTES

(Cost $5,117,017,891)
   5,141,406,736  
    Shares  
SHORT-TERM INVESTMENT — 0.4%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (e) (f)

(Cost $19,772,510)
 19,772,510 19,772,510
TOTAL INVESTMENTS — 99.0%

(Cost $5,136,790,401)
 5,161,179,246
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%
53,827,286
NET ASSETS — 100.0%
 $ 5,215,006,532
(a) Amount is less than 0.05% of net assets.
(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) When-issued security.
(d) Bond is insured by the following:
  % of
Net Assets
Permanent School Fund Guaranteed
 4.0%
Assured Guaranty Municipal Corp.
 0.0%
    
See accompanying notes to financial statements.
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SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at December 31, 2021.
ETM Escrowed to Maturity
VRN Variable Rate Note
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Municipal Bonds & Notes
   $ —   $5,141,406,736   $—   $5,141,406,736
Short-Term Investment
   19,772,510   —   —   19,772,510
TOTAL INVESTMENTS
   $19,772,510   $5,141,406,736   $—   $5,161,179,246
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 12/31/21 		  Value at
12/31/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 44,558,201   $44,558,201   $757,586,358   $782,372,049   $—   $—   19,772,510   $19,772,510   $3,648
See accompanying notes to financial statements.
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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)
  SPDR Nuveen Bloomberg Municipal Bond ETF   SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
ASSETS      
Investments in unaffiliated issuers, at value
 $4,207,046,958   $5,141,406,736
Investments in affiliated issuers, at value
 3,577,973   19,772,510
Total Investments
 4,210,624,931   5,161,179,246
Dividends receivable — affiliated issuers
 272   —
Interest receivable — unaffiliated issuers
 46,013,326   63,514,926
Receivable from Adviser
 1,370   —
TOTAL ASSETS
4,256,639,899   5,224,694,172
LIABILITIES      
Payable for investments purchased
 10,752,380   8,805,947
Advisory fee payable
 817,943   876,109
Trustees’ fees and expenses payable
 4,312   5,584
TOTAL LIABILITIES
11,574,635   9,687,640
NET ASSETS
$4,245,065,264   $5,215,006,532
NET ASSETS CONSIST OF:      
Paid-in Capital
 $4,095,214,766   $5,191,216,038
Total distributable earnings (loss)
 149,850,498   23,790,494
NET ASSETS
$4,245,065,264   $5,215,006,532
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 51.74   $ 49.17
Shares outstanding (unlimited amount authorized, $0.01 par value)
 82,051,036   106,051,082
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $4,054,189,386   $ 5,117,017,891
Investments in affiliated issuers
 3,577,973   19,772,510
Total cost of investments
 $4,057,767,359   $5,136,790,401
See accompanying notes to financial statements.
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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)
  SPDR Nuveen Bloomberg Municipal Bond ETF   SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
INVESTMENT INCOME      
Interest income — unaffiliated issuers
 $ 36,238,440   $ 21,429,479
Dividend income — affiliated issuers
 1,500   3,648
TOTAL INVESTMENT INCOME (LOSS)
 36,239,940   21,433,127
EXPENSES      
Advisory fee
 4,548,792   5,058,601
Trustees’ fees and expenses
 20,377   26,734
Miscellaneous expenses
 47   61
TOTAL EXPENSES
 4,569,216   5,085,396
NET INVESTMENT INCOME (LOSS)
 $ 31,670,724   $ 16,347,731
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 2,262,460   8,280,224
In-kind redemptions — unaffiliated issuers
 19,086,711   411,301
Net realized gain (loss)
 21,349,171   8,691,525
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers
 (39,248,285)   (35,699,402)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (17,899,114)   (27,007,877)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ 13,771,610   $(10,660,146)
See accompanying notes to financial statements.
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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Nuveen Bloomberg
Municipal Bond ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 31,670,724   $ 62,930,628
Net realized gain (loss)
 21,349,171   33,403,374
Net change in unrealized appreciation/depreciation
 (39,248,285)   (6,816,425)
Net increase (decrease) in net assets resulting from operations
 13,771,610   89,517,577
Net equalization credits and charges
 270,415   203,964
Distributions to shareholders
 (37,355,477)   (67,372,641)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 978,559,172   1,005,230,069
Cost of shares redeemed
 (442,008,169)   (657,241,480)
Net income equalization
 (270,415)   (203,964)
Other Capital
 16,269   65,341
Net increase (decrease) in net assets from beneficial interest transactions
 536,296,857   347,849,966
Net increase (decrease) in net assets during the period
 512,983,405   370,198,866
Net assets at beginning of period
 3,732,081,859   3,361,882,993
NET ASSETS AT END OF PERIOD
 $4,245,065,264   $3,732,081,859
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 18,900,000   19,300,000
Shares redeemed
 (8,500,000)   (12,600,000)
Net increase (decrease) from share transactions
 10,400,000   6,700,000
See accompanying notes to financial statements.
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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Nuveen Bloomberg
Short Term Municipal Bond ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 16,347,731   $ 42,296,547
Net realized gain (loss)
 8,691,525   16,242,613
Net change in unrealized appreciation/depreciation
 (35,699,402)   (40,104,073)
Net increase (decrease) in net assets resulting from operations
 (10,660,146)   18,435,087
Net equalization credits and charges
 105,162   308,646
Distributions to shareholders
 (24,846,774)   (46,698,983)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 494,110,542   984,291,179
Cost of shares redeemed
 (59,268,475)   (153,699,355)
Net income equalization
 (105,162)   (308,646)
Other Capital
 149,063   326,294
Net increase (decrease) in net assets from beneficial interest transactions
 434,885,968   830,609,472
Net increase (decrease) in net assets during the period
 399,484,210   802,654,222
Net assets at beginning of period
 4,815,522,322   4,012,868,100
NET ASSETS AT END OF PERIOD
 $5,215,006,532   $4,815,522,322
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 10,000,000   19,800,000
Shares redeemed
 (1,200,000)   (3,100,000)
Net increase (decrease) from share transactions
 8,800,000   16,700,000
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Nuveen Bloomberg Municipal Bond ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18 		  Year
Ended
6/30/17
Net asset value, beginning of period
 $ 52.09   $ 51.76   $ 50.24   $ 48.11   $ 48.77   $ 50.59
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.42   0.96   1.06   1.10   1.06   1.05
Net realized and unrealized gain (loss) (b)
 (0.28)   0.33   1.51   2.13   (0.67)   (1.75)
Total from investment operations
 0.14   1.29   2.57   3.23   0.39   (0.70)
Net equalization credits and charges (a)
 0.00(c)   0.00(c)   0.01   0.00(c)   0.01   0.01
Other capital (a)
 0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.00(c)
Distributions to shareholders from:                      
Net investment income
 (0.49)   (0.96)   (1.06)   (1.10)   (1.06)   (1.04)
Net realized gains
 —   —   —   —   —   (0.09)
Total distributions
 (0.49)   (0.96)   (1.06)   (1.10)   (1.06)   (1.13)
Net asset value, end of period
 $ 51.74   $ 52.09   $ 51.76   $ 50.24   $ 48.11   $ 48.77
Total return (d)
 0.28%   2.64%   5.20%   6.82%   0.81%   (1.34)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $4,245,065   $3,732,082   $3,361,883   $2,926,367   $2,696,593   $2,411,847
Ratios to average net assets:                      
Total expenses
 0.23%(e)   0.28%   0.30%   0.30%   0.30%   0.30%
Net expenses
 0.23%(e)   0.23%   0.23%   0.23%   0.23%   0.23%
Net investment income (loss)
 1.60%(e)   1.84%   2.08%   2.27%   2.19%   2.15%
Portfolio turnover rate (f)
 2%(g)   9%   15%   22%   20%   23%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(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) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
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 Nuveen Bloomberg Short Term Municipal Bond ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18 		  Year
Ended
6/30/17
Net asset value, beginning of period
 $ 49.52   $ 49.82   $ 48.93   $ 47.98   $ 48.54   $ 49.07
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.16   0.48   0.66   0.65   0.54   0.49
Net realized and unrealized gain (loss) (b)
 0.04   (0.25)   0.90   0.94   (0.57)   (0.52)
Total from investment operations
 0.20   0.23   1.56   1.59   (0.03)   (0.03)
Net equalization credits and charges (a)
 0.00(c)   0.00(c)   0.00(c)   (0.00)(c)   0.00(c)   0.00(c)
Other capital (a)
 0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.00(c)
Distributions to shareholders from:                      
Net investment income
 (0.55)   (0.49)   (0.67)   (0.64)   (0.53)   (0.48)
Net realized gains
 —   (0.04)   —   —   —   (0.02)
Total distributions
 (0.55)   (0.53)   (0.67)   (0.64)   (0.53)   (0.50)
Net asset value, end of period
 $ 49.17   $ 49.52   $ 49.82   $ 48.93   $ 47.98   $ 48.54
Total return (d)
 (0.20)%   0.47%   3.21%   3.34%   (0.06)%   (0.04)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $5,215,007   $4,815,522   $4,012,868   $3,613,514   $3,654,095   $3,458,648
Ratios to average net assets:                      
Total expenses
 0.20%(e)   0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)
 0.65%(e)   0.96%   1.34%   1.36%   1.11%   1.01%
Portfolio turnover rate (f)
 17%(g)   20%   23%   35%   27%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(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) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2021 (Unaudited)
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 December 31, 2021, the Trust consists of eighty-two (82) 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 Nuveen Bloomberg Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Municipal Bond ETF)
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF)
Each Fund is classified as a diversified investment company under the 1940 Act.
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
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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:
•   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.
•   Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.
•   Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 December 31, 2021, is disclosed in each Fund’s respective Summary Schedule of Investments.
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. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized for financial reporting purposes. Distributions received by the Funds 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.
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 monthly. 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.
3.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA Funds Management, Inc. (the “Adviser” or “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 Nuveen Bloomberg Municipal Bond ETF
 0.23%
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
 0.20
Effective March 24, 2021, the Adviser agreed to reduce the SPDR Nuveen Bloomberg Municipal Bond ETF Management fee from 0.30% to 0.23% of the Fund’s average daily net assets. In connection with this Management fee reduction, the Board approved the termination of the existing contractual fee waiver, whereby the Adviser agreed to limit the Fund’s total annual operating expenses to 0.23% of the Fund’s average daily net assets. The contractual fee waiver did not provide for the recoupment by the Adviser of any fees the Adviser previously waived. For the period ended December 31, 2021, fees waived by the Adviser amounted to $4,548,792 for the SPDR Nuveen Bloomberg Municipal Bond ETF.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2022 except with the approval of the Funds’ Board.
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.
Nuveen Asset Management receives fees from the Adviser for its services as the sub-adviser to the Funds.
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
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedules of Investments.
4.    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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
5.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:
  Purchases   Sales
SPDR Nuveen Bloomberg Municipal Bond ETF
 $ 110,103,377   $ 70,487,554
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
 1,217,017,347   866,748,811
For the period ended December 31, 2021, 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 Nuveen Bloomberg Municipal Bond ETF
 $975,195,278   $447,227,358   $19,086,711
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
 202,149,511   59,695,280   411,301
6.    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.
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.
7.    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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 (the "IRS") for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2021,SSGA FM has analyzed each Funds' 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.
As of December 31, 2021, 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 Nuveen Bloomberg Municipal Bond ETF
 $4,057,352,140   $159,617,217   $ 6,344,426   $153,272,791
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
 5,137,127,961   37,985,346   13,934,061   24,051,285
8.    Line of Credit
The Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $1.1 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2022 unless extended or renewed.
The Funds had no outstanding loans as of December 31, 2021.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating . A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate.
Prior to October 7, 2021, the Funds had access to $200 million of a $500 million revolving credit facility and interest was calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
9.    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.
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 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 (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
10.    Recent Accounting Pronouncement
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.
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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SPDR SERIES TRUST
OTHER INFORMATION
December 31, 2021 (Unaudited)
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 July 1, 2021 to December 31, 2021.
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.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
  SPDR Nuveen Bloomberg Municipal Bond ETF   SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
Annualized Expense Ratio
 0.23%   0.20%
Actual:      
Ending Account Value
 $1,002.80   $1,002.00
Expenses Paid During Period(a)
 1.16   1.01
Hypothetical (assuming a 5% return before expenses):      
Ending Account Value
 1,024.00   1,024.20
Expenses Paid During Period(a)
 1.17   1.02
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
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. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 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 an investment in the Fund may be subject.
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.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
Information regarding how the investment adviser voted for the 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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SPDR Series Trust
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
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.

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SPDR® Series Trust - Fixed Income 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.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, has been licensed for use in connection with the
listing and trading of the SPDR Bloomberg ETFs.
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.
SSGA Funds Management Inc. has retained Nuveen Asset Management as the sub-adviser for the SPDR Nuveen Bloomberg Municipal Bond ETF and SPDR Nuveen Bloomberg Short Term Municipal Bond ETF.
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.
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