Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Equity Funds
SPDR Russell 1000® Yield Focus ETF
SPDR Russell 1000 Momentum Focus ETF
SPDR Russell 1000 Low Volatility Focus ETF
SPDR S&P 1500 Value Tilt ETF
SPDR S&P 1500 Momentum Tilt ETF
SPDR SSGA US Large Cap Low Volatility Index ETF
SPDR SSGA US Small Cap Low Volatility Index 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.


Table of Contents
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Table of Contents
SPDR Russell 1000 Yield Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  HP, Inc. 2.3%  
  Progressive Corp. 2.0  
  Kroger Co. 1.4  
  Kimberly-Clark Corp. 1.3  
  General Mills, Inc. 1.3  
  Tyson Foods, Inc. Class A 1.1  
  Altria Group, Inc. 1.1  
  Quest Diagnostics, Inc. 1.1  
  Best Buy Co., Inc. 1.1  
  Clorox Co. 1.0  
  TOTAL 13.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Financials 20.2%  
  Consumer Staples 12.0  
  Real Estate 11.6  
  Utilities 10.9  
  Materials 10.2  
  Information Technology 9.1  
  Industrials 8.8  
  Consumer Discretionary 7.6  
  Energy 3.4  
  Communication Services 3.3  
  Health Care 2.5  
  Short-Term Investments 0.3  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


Table of Contents
SPDR Russell 1000 Momentum Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  HP, Inc. 1.0%  
  AutoZone, Inc. 0.6  
  Dell Technologies, Inc. Class C 0.6  
  KLA Corp. 0.5  
  Best Buy Co., Inc. 0.5  
  NetApp, Inc. 0.5  
  Applied Materials, Inc. 0.5  
  Kroger Co. 0.5  
  Williams-Sonoma, Inc. 0.5  
  Tapestry, Inc. 0.5  
  TOTAL 5.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 21.7%  
  Industrials 15.3  
  Consumer Discretionary 14.7  
  Financials 14.7  
  Health Care 8.9  
  Materials 6.5  
  Real Estate 5.3  
  Consumer Staples 4.1  
  Utilities 3.9  
  Communication Services 2.6  
  Energy 2.1  
  Short-Term Investments 0.2  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR Russell 1000 Low Volatility Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Cognizant Technology Solutions Corp. Class A 1.4%  
  HP, Inc. 1.1  
  Progressive Corp. 1.0  
  Dollar General Corp. 1.0  
  Quest Diagnostics, Inc. 0.8  
  Dollar Tree, Inc. 0.8  
  O'Reilly Automotive, Inc. 0.8  
  Synopsys, Inc. 0.7  
  Tractor Supply Co. 0.7  
  Amphenol Corp. Class A 0.7  
  TOTAL 9.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 18.2%  
  Industrials 17.5  
  Financials 14.3  
  Health Care 10.0  
  Consumer Discretionary 9.6  
  Consumer Staples 8.4  
  Utilities 8.1  
  Real Estate 6.2  
  Materials 5.4  
  Communication Services 1.9  
  Energy 0.2  
  Short-Term Investments 0.1  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR S&P 1500 Value Tilt ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 2.6%  
  Apple, Inc. 2.4  
  Walmart, Inc. 2.2  
  AT&T, Inc. 1.9  
  Bank of America Corp. 1.8  
  Microsoft Corp. 1.6  
  Amazon.com, Inc. 1.6  
  CVS Health Corp. 1.5  
  Exxon Mobil Corp. 1.4  
  UnitedHealth Group, Inc. 1.2  
  TOTAL 18.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Financials 20.6%  
  Information Technology 13.6  
  Health Care 12.6  
  Consumer Discretionary 10.4  
  Communication Services 9.0  
  Industrials 8.8  
  Consumer Staples 8.7  
  Energy 6.1  
  Utilities 3.6  
  Materials 3.3  
  Real Estate 3.2  
  Short-Term Investments 0.1  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR S&P 1500 Momentum Tilt ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Microsoft Corp. 7.2%  
  Apple, Inc. 5.3  
  Tesla, Inc. 3.6  
  Alphabet, Inc. Class A 3.3  
  Alphabet, Inc. Class C 2.8  
  NVIDIA Corp. 2.8  
  JPMorgan Chase & Co. 1.8  
  Meta Platforms, Inc. Class A 1.4  
  Bank of America Corp. 1.4  
  Berkshire Hathaway, Inc. Class B 1.3  
  TOTAL 30.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 29.3%  
  Financials 16.1  
  Consumer Discretionary 11.8  
  Health Care 10.5  
  Communication Services 10.2  
  Industrials 8.0  
  Energy 4.6  
  Real Estate 3.3  
  Consumer Staples 2.8  
  Materials 2.5  
  Utilities 0.7  
  Short-Term Investments 0.2  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5


Table of Contents
SPDR SSGA US Large Cap Low Volatility Index ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Public Storage REIT 1.8%  
  Crown Castle International Corp. REIT 1.8  
  Prologis, Inc. REIT 1.8  
  American Tower Corp. REIT 1.7  
  Republic Services, Inc. 1.6  
  Waste Management, Inc. 1.3  
  Procter & Gamble Co. 1.3  
  Costco Wholesale Corp. 1.3  
  Dominion Energy, Inc. 1.3  
  Marsh & McLennan Cos., Inc. 1.3  
  TOTAL 15.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Industrials 16.4%  
  Financials 16.0  
  Information Technology 13.7  
  Real Estate 12.9  
  Consumer Discretionary 9.8  
  Utilities 9.4  
  Health Care 8.5  
  Consumer Staples 5.1  
  Materials 5.1  
  Communication Services 1.9  
  Energy 0.9  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6


Table of Contents
SPDR SSGA US Small Cap Low Volatility Index ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Equity Commonwealth REIT 1.6%  
  Terreno Realty Corp. REIT 0.8  
  National Storage Affiliates Trust REIT 0.8  
  Hawaiian Electric Industries, Inc. 0.7  
  MGE Energy, Inc. 0.7  
  PS Business Parks, Inc. REIT 0.7  
  IDACORP, Inc. 0.6  
  American National Group, Inc. 0.6  
  Portland General Electric Co. 0.6  
  Black Hills Corp. 0.6  
  TOTAL 7.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Financials 29.9%  
  Industrials 14.8  
  Real Estate 13.0  
  Information Technology 11.2  
  Health Care 8.6  
  Consumer Discretionary 5.9  
  Materials 4.6  
  Utilities 4.4  
  Consumer Staples 3.6  
  Communication Services 2.5  
  Energy 1.3  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (0.1)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.6%   
AEROSPACE & DEFENSE — 1.1%  
BWX Technologies, Inc.

  10,460   $ 500,825
General Dynamics Corp.

  23,491   4,897,168
Huntington Ingalls Industries, Inc.

  14,185   2,648,907
          8,046,900
AIR FREIGHT & LOGISTICS — 0.6%  
C.H. Robinson Worldwide, Inc.

  44,599   4,800,190
AUTO COMPONENTS — 0.3%  
Gentex Corp.

  61,951   2,158,992
AUTOMOBILES — 0.2%  
Thor Industries, Inc.

  16,322   1,693,734
BANKS — 4.0%  
Bank of Hawaii Corp.

  7,354   615,971
Bank OZK

  30,407   1,414,838
BOK Financial Corp.

  2,760   291,152
Citizens Financial Group, Inc.

  34,719   1,640,473
Comerica, Inc.

  26,453   2,301,411
Cullen/Frost Bankers, Inc.

  8,618   1,086,471
East West Bancorp, Inc.

  12,400   975,632
First Hawaiian, Inc.

  33,334   911,018
First Horizon Corp.

  109,348   1,785,653
FNB Corp.

  78,822   956,111
Huntington Bancshares, Inc.

  137,261   2,116,565
KeyCorp.

  124,337   2,875,915
M&T Bank Corp.

  14,170   2,176,228
People's United Financial, Inc.

  91,039   1,622,315
Popular, Inc.

  15,563   1,276,788
Prosperity Bancshares, Inc.

  23,616   1,707,437
Regions Financial Corp.

  107,890   2,352,002
Synovus Financial Corp.

  18,933   906,323
Webster Financial Corp.

  18,313   1,022,598
Zions Bancorp NA

  26,137   1,650,813
          29,685,714
BUILDING PRODUCTS — 0.6%  
A.O. Smith Corp.

  36,747   3,154,730
Carlisle Cos., Inc.

  5,380   1,334,886
          4,489,616
CAPITAL MARKETS — 4.1%  
Carlyle Group, Inc.

  11,352   623,225
Cboe Global Markets, Inc.

  28,688   3,740,915
Evercore, Inc. Class A

  14,317   1,944,965
Franklin Resources, Inc.

  88,814   2,974,381
Invesco, Ltd.

  66,078   1,521,116
Janus Henderson Group PLC

  60,862   2,552,552
Jefferies Financial Group, Inc.

  59,355   2,302,974
Lazard, Ltd. Class A

  36,597   1,596,727
Northern Trust Corp.

  15,807   1,890,675
Raymond James Financial, Inc.

  13,641   1,369,556
SEI Investments Co.

  16,720   1,018,917
State Street Corp. (a)

  33,580   3,122,940
T Rowe Price Group, Inc.

  22,774   4,478,279
Security Description     Shares   Value
Virtu Financial, Inc. Class A

  33,000   $ 951,390
          30,088,612
CHEMICALS — 4.7%  
Celanese Corp.

  25,315   4,254,439
CF Industries Holdings, Inc.

  76,739   5,431,586
Chemours Co.

  59,067   1,982,289
Dow, Inc.

  130,461   7,399,748
Eastman Chemical Co.

  31,510   3,809,874
FMC Corp.

  16,144   1,774,064
Huntsman Corp.

  75,454   2,631,836
LyondellBasell Industries NV Class A

  29,352   2,707,135
NewMarket Corp.

  2,408   825,270
RPM International, Inc.

  19,128   1,931,928
Scotts Miracle-Gro Co.

  5,720   920,920
Valvoline, Inc.

  25,280   942,691
Westlake Chemical Corp.

  3,593   348,988
          34,960,768
COMMERCIAL SERVICES & SUPPLIES — 0.0% (b)  
ADT, Inc.

  17,910   150,623
COMMUNICATIONS EQUIPMENT — 0.6%  
Juniper Networks, Inc.

  116,593   4,163,536
CONSUMER FINANCE — 1.1%  
OneMain Holdings, Inc.

  31,832   1,592,873
Santander Consumer USA Holdings, Inc.

  12,535   526,721
Synchrony Financial

  137,234   6,366,285
          8,485,879
CONTAINERS & PACKAGING — 3.4%  
Amcor PLC

  550,861   6,615,841
Ardagh Group SA (c)  (d)

  6,370   143,803
Graphic Packaging Holding Co.

  100,640   1,962,480
International Paper Co.

  139,806   6,568,086
Packaging Corp. of America

  32,544   4,430,865
Sealed Air Corp.

  21,572   1,455,463
Silgan Holdings, Inc.

  12,180   521,791
Sonoco Products Co.

  35,799   2,072,404
Westrock Co.

  36,004   1,597,137
          25,367,870
DISTRIBUTORS — 1.0%  
Genuine Parts Co.

  50,509   7,081,362
DIVERSIFIED CONSUMER SERVICES — 0.6%  
H&R Block, Inc.

  48,246   1,136,676
Service Corp. International

  42,600   3,024,174
          4,160,850
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%  
Lumen Technologies, Inc.

  395,489   4,963,387
ELECTRIC UTILITIES — 5.9%  
Alliant Energy Corp.

  24,566   1,510,072
American Electric Power Co., Inc.

  33,584   2,987,968
Avangrid, Inc.

  9,264   462,088
Edison International

  56,532   3,858,309
 
See accompanying notes to financial statements.
8


Table of Contents
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Entergy Corp.

  34,355   $ 3,870,091
Evergy, Inc.

  50,835   3,487,789
Eversource Energy

  25,873   2,353,926
Exelon Corp.

  74,697   4,314,499
FirstEnergy Corp.

  87,443   3,636,754
Hawaiian Electric Industries, Inc.

  32,770   1,359,955
IDACORP, Inc.

  13,143   1,489,233
NRG Energy, Inc.

  87,484   3,768,811
OGE Energy Corp.

  44,474   1,706,912
Pinnacle West Capital Corp.

  31,975   2,257,115
PPL Corp.

  155,013   4,659,691
Xcel Energy, Inc.

  28,315   1,916,926
          43,640,139
ELECTRICAL EQUIPMENT — 0.6%  
Hubbell, Inc.

  14,480   3,015,750
nVent Electric PLC

  43,259   1,643,842
          4,659,592
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%  
Avnet, Inc.

  35,873   1,479,044
National Instruments Corp.

  47,030   2,053,800
          3,532,844
ENTERTAINMENT — 0.0% (b)  
World Wrestling Entertainment, Inc. Class A

  4,640   228,938
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 11.6%  
Alexandria Real Estate Equities, Inc. REIT

  9,806   2,186,346
American Campus Communities, Inc. REIT

  17,063   977,539
AvalonBay Communities, Inc. REIT

  12,417   3,136,410
Boston Properties, Inc. REIT

  31,132   3,585,784
Brixmor Property Group, Inc. REIT

  26,649   677,151
Camden Property Trust REIT

  7,360   1,315,085
Cousins Properties, Inc. REIT

  43,608   1,756,530
CubeSmart REIT

  32,838   1,868,811
CyrusOne, Inc. REIT

  8,580   769,798
Douglas Emmett, Inc. REIT

  18,225   610,537
Duke Realty Corp. REIT

  25,302   1,660,823
Equity LifeStyle Properties, Inc. REIT

  18,762   1,644,677
Equity Residential REIT

  36,671   3,318,725
Essex Property Trust, Inc. REIT

  8,418   2,965,072
Extra Space Storage, Inc. REIT

  14,267   3,234,757
Federal Realty Investment Trust REIT

  9,474   1,291,496
First Industrial Realty Trust, Inc. REIT

  21,818   1,444,352
Gaming and Leisure Properties, Inc. REIT

  41,950   2,041,287
Healthcare Trust of America, Inc. Class A REIT

  29,637   989,579
Healthpeak Properties, Inc. REIT

  63,631   2,296,443
Highwoods Properties, Inc. REIT

  36,919   1,646,218
Security Description     Shares   Value
Hudson Pacific Properties, Inc. REIT

  14,900   $ 368,179
Iron Mountain, Inc. REIT

  74,598   3,903,713
Kilroy Realty Corp. REIT

  15,440   1,026,142
Kimco Realty Corp. REIT

  178,770   4,406,680
Lamar Advertising Co. Class A REIT

  13,501   1,637,671
Life Storage, Inc. REIT

  11,823   1,811,047
Medical Properties Trust, Inc. REIT

  111,508   2,634,934
Mid-America Apartment Communities, Inc. REIT

  7,740   1,775,866
National Retail Properties, Inc. REIT

  38,831   1,866,606
Omega Healthcare Investors, Inc. REIT

  49,655   1,469,291
Orion Office REIT, Inc. (c)

  4,413   82,391
Public Storage REIT

  9,592   3,592,780
Rayonier, Inc. REIT

  13,376   539,855
Realty Income Corp. REIT

  44,130   3,159,267
Regency Centers Corp. REIT

  11,596   873,759
Simon Property Group, Inc. REIT

  21,439   3,425,309
SL Green Realty Corp. REIT

  25,148   1,803,112
Spirit Realty Capital, Inc. REIT

  12,838   618,663
STORE Capital Corp. REIT

  39,900   1,372,560
UDR, Inc. REIT

  16,820   1,009,032
Ventas, Inc. REIT

  37,157   1,899,466
VICI Properties, Inc. REIT

  146,790   4,419,847
WP Carey, Inc. REIT

  38,184   3,132,997
          86,246,587
FOOD & STAPLES RETAILING — 1.4%  
Kroger Co.

  228,573   10,345,214
FOOD PRODUCTS — 6.9%  
Campbell Soup Co.

  70,227   3,052,065
Conagra Brands, Inc.

  168,258   5,746,011
Flowers Foods, Inc.

  67,308   1,848,951
General Mills, Inc.

  142,393   9,594,440
Hershey Co.

  21,776   4,213,003
Hormel Foods Corp.

  56,310   2,748,491
Ingredion, Inc.

  24,006   2,319,940
J.M. Smucker Co.

  38,114   5,176,643
Kellogg Co.

  90,409   5,824,148
Kraft Heinz Co.

  65,404   2,348,004
Tyson Foods, Inc. Class A

  95,766   8,346,964
          51,218,660
GAS UTILITIES — 0.8%  
Atmos Energy Corp.

  17,738   1,858,410
National Fuel Gas Co.

  24,575   1,571,326
UGI Corp.

  49,921   2,291,873
          5,721,609
HEALTH CARE PROVIDERS & SERVICES — 2.2%  
Cardinal Health, Inc.

  104,339   5,372,415
Encompass Health Corp.

  21,515   1,404,069
Premier, Inc. Class A

  43,699   1,799,088
 
See accompanying notes to financial statements.
9


Table of Contents
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Quest Diagnostics, Inc.

  46,785   $ 8,094,273
          16,669,845
HOTELS, RESTAURANTS & LEISURE — 0.1%  
Wendy's Co.

  17,460   416,421
HOUSEHOLD DURABLES — 2.0%  
Garmin, Ltd.

  22,459   3,058,242
Leggett & Platt, Inc.

  47,381   1,950,202
Newell Brands, Inc.

  136,895   2,989,787
PulteGroup, Inc.

  34,579   1,976,535
Whirlpool Corp.

  21,448   5,032,988
          15,007,754
HOUSEHOLD PRODUCTS — 2.6%  
Clorox Co.

  43,597   7,601,573
Kimberly-Clark Corp.

  67,614   9,663,393
Reynolds Consumer Products, Inc.

  5,620   176,468
Spectrum Brands Holdings, Inc.

  15,011   1,526,919
          18,968,353
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.8%  
AES Corp.

  90,132   2,190,208
Vistra Corp.

  172,194   3,920,857
          6,111,065
INSURANCE — 10.0%  
Aflac, Inc.

  81,546   4,761,471
Allstate Corp.

  36,892   4,340,344
American Financial Group, Inc.

  8,816   1,210,613
Assurant, Inc.

  9,341   1,455,888
Assured Guaranty, Ltd.

  24,067   1,208,163
Axis Capital Holdings, Ltd.

  14,019   763,615
Cincinnati Financial Corp.

  32,858   3,743,512
CNA Financial Corp.

  7,587   334,435
Erie Indemnity Co. Class A

  8,224   1,584,436
Everest Re Group, Ltd.

  11,955   3,274,714
Fidelity National Financial, Inc.

  98,801   5,155,436
First American Financial Corp.

  37,939   2,967,968
Hanover Insurance Group, Inc.

  12,727   1,668,001
Hartford Financial Services Group, Inc.

  62,487   4,314,103
Kemper Corp.

  19,298   1,134,529
Lincoln National Corp.

  28,812   1,966,707
Mercury General Corp.

  9,379   497,650
Old Republic International Corp.

  99,726   2,451,265
Primerica, Inc.

  3,700   567,099
Principal Financial Group, Inc.

  57,215   4,138,361
Progressive Corp.

  142,437   14,621,158
Prudential Financial, Inc.

  33,417   3,617,056
Reinsurance Group of America, Inc.

  15,334   1,678,920
RenaissanceRe Holdings, Ltd.

  4,240   717,959
Travelers Cos., Inc.

  25,973   4,062,956
Unum Group

  73,158   1,797,492
          74,033,851
IT SERVICES — 3.1%  
Amdocs, Ltd.

  46,522   3,481,707
Security Description     Shares   Value
Broadridge Financial Solutions, Inc.

  13,240   $ 2,420,537
Cognizant Technology Solutions Corp. Class A

  73,986   6,564,038
Jack Henry & Associates, Inc.

  9,183   1,533,469
Paychex, Inc.

  47,228   6,446,622
Western Union Co.

  145,392   2,593,793
          23,040,166
LEISURE EQUIPMENT & PRODUCTS — 0.7%  
Brunswick Corp.

  16,695   1,681,687
Hasbro, Inc.

  14,263   1,451,688
Polaris, Inc.

  20,645   2,269,092
          5,402,467
MACHINERY — 2.3%  
Allison Transmission Holdings, Inc.

  32,828   1,193,298
Crane Co.

  10,829   1,101,634
Cummins, Inc.

  20,805   4,538,403
Donaldson Co., Inc.

  24,922   1,476,878
Flowserve Corp.

  35,540   1,087,524
Lincoln Electric Holdings, Inc.

  12,779   1,782,287
Pentair PLC

  20,515   1,498,210
Snap-on, Inc.

  17,541   3,777,980
Timken Co.

  12,882   892,594
          17,348,808
MEDIA — 2.6%  
Fox Corp. Class A

  44,451   1,640,242
Fox Corp. Class B

  21,815   747,600
Interpublic Group of Cos., Inc.

  140,162   5,249,067
Nexstar Media Group, Inc. Class A

  14,737   2,224,992
Omnicom Group, Inc.

  76,525   5,606,987
ViacomCBS, Inc. Class A

  2,880   96,105
ViacomCBS, Inc. Class B

  114,572   3,457,783
          19,022,776
METALS & MINING — 1.8%  
Newmont Corp.

  71,629   4,442,430
Nucor Corp.

  29,993   3,423,701
Reliance Steel & Aluminum Co.

  20,842   3,380,989
Steel Dynamics, Inc.

  30,210   1,875,135
          13,122,255
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.5%  
AGNC Investment Corp. REIT

  83,265   1,252,306
Starwood Property Trust, Inc. REIT

  89,565   2,176,429
          3,428,735
MULTI-UTILITIES — 3.4%  
Ameren Corp.

  24,099   2,145,052
CenterPoint Energy, Inc.

  43,075   1,202,223
CMS Energy Corp.

  29,544   1,921,837
Consolidated Edison, Inc.

  40,784   3,479,691
DTE Energy Co.

  27,105   3,240,132
MDU Resources Group, Inc.

  71,541   2,206,324
NiSource, Inc.

  73,065   2,017,325
 
See accompanying notes to financial statements.
10


Table of Contents
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Public Service Enterprise Group, Inc.

  56,501   $ 3,770,312
Sempra Energy

  23,646   3,127,893
WEC Energy Group, Inc.

  24,713   2,398,891
          25,509,680
OIL, GAS & CONSUMABLE FUELS — 3.4%  
Antero Midstream Corp.

  118,288   1,145,028
Coterra Energy, Inc.

  140,617   2,671,723
DTE Midstream LLC (c)

  13,393   642,596
HollyFrontier Corp.

  18,728   613,904
Kinder Morgan, Inc.

  297,803   4,723,156
ONEOK, Inc.

  122,106   7,174,949
Targa Resources Corp.

  24,542   1,282,074
Williams Cos., Inc.

  265,038   6,901,589
          25,155,019
PAPER & FOREST PRODUCTS — 0.3%  
Louisiana-Pacific Corp.

  19,537   1,530,724
Sylvamo Corp. (c)

  12,613   351,777
          1,882,501
PHARMACEUTICALS — 0.2%  
Perrigo Co. PLC

  47,952   1,865,333
PROFESSIONAL SERVICES — 1.3%  
Booz Allen Hamilton Holding Corp.

  31,191   2,644,685
ManpowerGroup, Inc.

  19,490   1,896,962
Robert Half International, Inc.

  30,645   3,417,530
Science Applications International Corp.

  20,760   1,735,328
          9,694,505
ROAD & RAIL — 0.3%  
Ryder System, Inc.

  18,718   1,542,925
Schneider National, Inc. Class B

  18,300   492,453
          2,035,378
SOFTWARE — 0.7%  
Citrix Systems, Inc.

  30,165   2,853,307
NortonLifeLock, Inc.

  94,557   2,456,591
          5,309,898
SPECIALTY RETAIL — 2.5%  
Best Buy Co., Inc.

  79,243   8,051,089
Dick's Sporting Goods, Inc. (d)

  22,386   2,574,166
Foot Locker, Inc.

  13,885   605,803
Penske Automotive Group, Inc.

  8,605   922,628
Tractor Supply Co.

  10,474   2,499,096
Williams-Sonoma, Inc.

  23,122   3,910,624
          18,563,406
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.3%  
Hewlett Packard Enterprise Co.

  386,642   6,097,344
HP, Inc.

  447,306   16,850,017
NetApp, Inc.

  79,872   7,347,425
Security Description     Shares   Value
Xerox Holdings Corp.

  54,224   $ 1,227,632
          31,522,418
TEXTILES, APPAREL & LUXURY GOODS — 0.3%  
Hanesbrands, Inc.

  123,656   2,067,528
THRIFTS & MORTGAGE FINANCE — 0.5%  
MGIC Investment Corp.

  121,325   1,749,506
New York Community Bancorp, Inc.

  156,636   1,912,526
TFS Financial Corp.

  5,380   96,141
          3,758,173
TOBACCO — 1.1%  
Altria Group, Inc.

  174,245   8,257,471
TRADING COMPANIES & DISTRIBUTORS — 1.9%  
Air Lease Corp.

  22,234   983,410
Fastenal Co.

  85,213   5,458,745
MSC Industrial Direct Co., Inc. Class A

  15,898   1,336,386
W.W. Grainger, Inc.

  5,122   2,654,425
Watsco, Inc.

  11,746   3,675,088
          14,108,054
TOTAL COMMON STOCKS

(Cost $628,068,174)

        738,193,476
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (e)  (f)

  1,842,122   1,842,306
State Street Navigator Securities Lending Portfolio II (a)  (g)

  543,018   543,018
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,385,324)

  2,385,324  
TOTAL INVESTMENTS — 99.9%

(Cost $630,453,498)

  740,578,800  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  571,321  
NET ASSETS — 100.0%

  $ 741,150,121  
(a) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(b) Amount is less than 0.05% of net assets.
(c) Non-income producing security.
(d) All or a portion of the shares of the security are on loan at December 31, 2021.
(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.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
11


Table of Contents
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

At December 31, 2021, open futures contracts purchased were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-Mini S&P 500 Index (long)   10   03/18/2022   $2,359,285   $2,379,250   $19,965
 
During the period ended December 31, 2021, average notional value related to futures contracts was $1,893,931.
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:                
Common Stocks

  $738,193,476   $—   $—   $738,193,476
Short-Term Investments

  2,385,324       2,385,324
TOTAL INVESTMENTS

  $740,578,800   $—   $—   $740,578,800
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)

  19,965       19,965
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 19,965   $—   $—   $ 19,965
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
 
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 Corp.

31,020   $2,552,326   $ 278,385   $ 46,221   $1,483   $336,967   33,580   $3,122,940   $37,493
State Street Institutional Liquid Reserves Fund, Premier Class

1,526,114   1,526,572   16,570,815   16,254,835   (183)   (63)   1,842,122   1,842,306   323
State Street Navigator Securities Lending Portfolio II

    6,327,964   5,784,946       543,018   543,018   1,026
Total

    $4,078,898   $23,177,164   $22,086,002   $1,300   $336,904       $5,508,264   $38,842
See accompanying notes to financial statements.
12


Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.2%  
Axon Enterprise, Inc. (a)

  709   $ 111,313
BWX Technologies, Inc.

  999   47,832
Curtiss-Wright Corp.

  1,135   157,390
General Dynamics Corp.

  3,156   657,931
HEICO Corp.

  375   54,083
HEICO Corp. Class A

  817   105,001
Hexcel Corp. (a)

  1,274   65,993
Howmet Aerospace, Inc.

  958   30,493
Huntington Ingalls Industries, Inc.

  2,754   514,282
L3Harris Technologies, Inc.

  2,568   547,600
Lockheed Martin Corp.

  1,031   366,428
Northrop Grumman Corp.

  1,593   616,603
Raytheon Technologies Corp.

  213   18,331
Textron, Inc.

  6,274   484,353
TransDigm Group, Inc. (a)

  132   83,989
          3,861,622
AIR FREIGHT & LOGISTICS — 0.7%  
C.H. Robinson Worldwide, Inc.

  3,181   342,371
Expeditors International of Washington, Inc.

  7,479   1,004,355
FedEx Corp.

  1,256   324,852
GXO Logistics, Inc. (a)

  2,391   217,174
United Parcel Service, Inc. Class B

  1,429   306,292
          2,195,044
AUTO COMPONENTS — 0.3%  
Aptiv PLC (a)

  1,725   284,539
BorgWarner, Inc.

  2,859   128,855
Gentex Corp.

  9,831   342,610
Lear Corp.

  1,092   199,782
          955,786
AUTOMOBILES — 0.7%  
Ford Motor Co.

  42,329   879,173
General Motors Co. (a)

  11,066   648,800
Harley-Davidson, Inc.

  5,172   194,933
Tesla, Inc. (a)

  31   32,760
Thor Industries, Inc.

  5,605   581,631
          2,337,297
BANKS — 2.4%  
Bank of America Corp.

  1,469   65,356
Bank of Hawaii Corp.

  621   52,015
Bank OZK

  5,355   249,168
BOK Financial Corp.

  598   63,083
Citigroup, Inc.

  813   49,097
Citizens Financial Group, Inc.

  5,703   269,467
Comerica, Inc.