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.
   4,059   353,133
Commerce Bancshares, Inc.
   1,832   125,932
Cullen/Frost Bankers, Inc.
   1,642   207,007
East West Bancorp, Inc.
   4,603   362,164
Fifth Third Bancorp
   7,772   338,471
First Citizens BancShares, Inc. Class A
   174   144,392
Security Description     Shares   Value
First Hawaiian, Inc.
   3,211   $ 87,757
First Horizon Corp.
   17,192   280,745
First Republic Bank
   1,079   222,824
FNB Corp.
   10,157   123,204
Huntington Bancshares, Inc.
   16,014   246,936
KeyCorp.
   20,334   470,325
M&T Bank Corp.
   1,966   301,938
People's United Financial, Inc.
   12,817   228,399
Pinnacle Financial Partners, Inc.
   2,297   219,364
PNC Financial Services Group, Inc.
   1,019   204,330
Popular, Inc.
   3,903   320,202
Prosperity Bancshares, Inc.
   2,032   146,914
Regions Financial Corp.
   20,585   448,753
Signature Bank
   1,020   329,939
Sterling Bancorp
   6,956   179,395
SVB Financial Group (a)
   476   322,842
Synovus Financial Corp.
   3,724   178,268
Truist Financial Corp.
   4,842   283,499
US Bancorp
   3,611   202,830
Webster Financial Corp.
   2,602   145,296
Wells Fargo & Co.
   1,782   85,500
Western Alliance Bancorp
   3,406   366,656
Wintrust Financial Corp.
   782   71,021
Zions Bancorp NA
   4,919   310,684
          8,056,906
BEVERAGES — 0.3%  
Brown-Forman Corp. Class B
   750   54,645
Coca-Cola Co.
   1,040   61,578
Constellation Brands, Inc. Class A
   1,278   320,740
Keurig Dr. Pepper, Inc.
   3,495   128,826
Molson Coors Beverage Co. Class B
   2,807   130,104
Monster Beverage Corp. (a)
   2,006   192,656
PepsiCo, Inc.
   601   104,400
          992,949
BIOTECHNOLOGY — 1.1%  
AbbVie, Inc.
   157   21,258
Amgen, Inc.
   794   178,626
Biogen, Inc. (a)
   2,780   666,978
BioMarin Pharmaceutical, Inc. (a)
   350   30,922
Exelixis, Inc. (a)
   4,395   80,341
Gilead Sciences, Inc.
   3,152   228,867
Horizon Therapeutics Plc (a)
   4,394   473,497
Moderna, Inc. (a)
   621   157,722
Neurocrine Biosciences, Inc. (a)
   1,138   96,923
Regeneron Pharmaceuticals, Inc. (a)
   1,017   642,256
Seagen, Inc. (a)
   649   100,335
United Therapeutics Corp. (a)
   3,620   782,210
Vertex Pharmaceuticals, Inc. (a)
   732   160,747
          3,620,682
BUILDING PRODUCTS — 2.4%  
A.O. Smith Corp.
   10,758   923,574
Advanced Drainage Systems, Inc.
   4,151   565,076
 
See accompanying notes to financial statements.
13

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Allegion PLC
   2,277   $ 301,566
Armstrong World Industries, Inc.
   669   77,684
AZEK Co., Inc. (a)
   2,146   99,231
Builders FirstSource, Inc. (a)
   6,041   517,774
Carlisle Cos., Inc.
   2,535   628,984
Carrier Global Corp.
   17,178   931,735
Fortune Brands Home & Security, Inc.
   3,448   368,591
Johnson Controls International PLC
   10,767   875,465
Lennox International, Inc.
   1,260   408,694
Masco Corp.
   11,758   825,647
Owens Corning
   4,264   385,892
Trane Technologies PLC
   2,697   544,875
Trex Co., Inc. (a)
   3,916   528,777
          7,983,565
CAPITAL MARKETS — 4.7%  
Affiliated Managers Group, Inc.
   3,084   507,349
Ameriprise Financial, Inc.
   2,124   640,726
Apollo Global Management, Inc.
   867   62,797
Ares Management Corp. Class A
   1,336   108,577
Bank of New York Mellon Corp.
   7,955   462,026
BlackRock, Inc.
   172   157,476
Blackstone, Inc.
   2,114   273,530
Carlyle Group, Inc.
   2,461   135,109
Cboe Global Markets, Inc.
   7,930   1,034,072
Charles Schwab Corp.
   1,411   118,665
CME Group, Inc.
   720   164,491
Evercore, Inc. Class A
   5,621   763,613
FactSet Research Systems, Inc.
   1,227   596,334
Franklin Resources, Inc.
   26,744   895,657
Goldman Sachs Group, Inc.
   299   114,382
Interactive Brokers Group, Inc. Class A
   2,354   186,955
Intercontinental Exchange, Inc.
   1,148   157,012
Invesco, Ltd.
   16,347   376,308
Janus Henderson Group PLC
   7,838   328,726
Jefferies Financial Group, Inc.
   14,380   557,944
KKR & Co., Inc.
   1,606   119,647
Lazard, Ltd. Class A
   9,626   419,982
LPL Financial Holdings, Inc.
   7,043   1,127,514
MarketAxess Holdings, Inc.
   80   32,902
Moody's Corp.
   1,182   461,666
Morgan Stanley
   1,639   160,884
Morningstar, Inc.
   953   325,916
MSCI, Inc.
   856   524,463
Nasdaq, Inc.
   2,609   547,916
Northern Trust Corp.
   2,577   308,235
Raymond James Financial, Inc.
   9,917   995,667
S&P Global, Inc.
   988   466,267
SEI Investments Co.
   5,371   327,309
State Street Corp. (b)
   4,942   459,606
Stifel Financial Corp.
   6,698   471,673
T Rowe Price Group, Inc.
   5,014   985,953
Tradeweb Markets, Inc. Class A
   2,025   202,783
Security Description     Shares   Value
Virtu Financial, Inc. Class A
   9,545   $ 275,182
          15,855,314
CHEMICALS — 2.8%  
Air Products & Chemicals, Inc.
   980   298,175
Albemarle Corp.
   1,316   307,641
Ashland Global Holdings, Inc.
   3,252   350,110
Axalta Coating Systems, Ltd. (a)
   3,646   120,756
Celanese Corp.
   5,420   910,885
CF Industries Holdings, Inc.
   12,285   869,532
Chemours Co.
   8,046   270,024
Corteva, Inc.
   16,393   775,061
Diversey Holdings, Ltd. (a)
   1,670   22,228
Dow, Inc.
   8,216   466,012
DuPont de Nemours, Inc.
   2,087   168,588
Eastman Chemical Co.
   3,097   374,458
Ecolab, Inc.
   766   179,696
Element Solutions, Inc.
   7,779   188,874
FMC Corp.
   1,126   123,736
Huntsman Corp.
   11,910   415,421
International Flavors & Fragrances, Inc.
   1,601   241,191
LyondellBasell Industries NV Class A
   1,499   138,253
Mosaic Co.
   28,447   1,117,683
NewMarket Corp.
   149   51,065
Olin Corp.
   2,173   124,991
PPG Industries, Inc.
   1,776   306,253
RPM International, Inc.
   3,034   306,434
Scotts Miracle-Gro Co.
   269   43,309
Sherwin-Williams Co.
   1,282   451,469
Valvoline, Inc.
   16,604   619,163
Westlake Chemical Corp.
   1,231   119,567
          9,360,575
COMMERCIAL SERVICES & SUPPLIES — 0.7%  
ADT, Inc.
   3,167   26,635
Cintas Corp.
   960   425,443
Clean Harbors, Inc. (a)
   3,922   391,298
Copart, Inc. (a)
   3,037   460,470
IAA, Inc. (a)
   671   33,966
MSA Safety, Inc.
   831   125,448
Republic Services, Inc.
   2,989   416,816
Rollins, Inc.
   1,836   62,810
Stericycle, Inc. (a)
   955   56,956
Waste Management, Inc.
   2,296   383,202
          2,383,044
COMMUNICATIONS EQUIPMENT — 1.3%  
Arista Networks, Inc. (a)
   4,390   631,063
Ciena Corp. (a)
   6,156   473,827
Cisco Systems, Inc.
   3,968   251,452
F5, Inc. (a)
   5,095   1,246,797
Juniper Networks, Inc.
   15,611   557,469
Lumentum Holdings, Inc. (a)
   3,072   324,925
Motorola Solutions, Inc.
   2,065   561,061
Ubiquiti, Inc.
   130   39,871
 
See accompanying notes to financial statements.
14

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Viasat, Inc. (a)
   6,896   $ 307,148
          4,393,613
CONSTRUCTION & ENGINEERING — 1.1%  
AECOM (a)
   14,454   1,118,017
MasTec, Inc. (a)
   6,970   643,192
Quanta Services, Inc.
   12,691   1,455,150
Valmont Industries, Inc.
   1,731   433,615
          3,649,974
CONSTRUCTION MATERIALS — 0.6%  
Eagle Materials, Inc.
   5,453   907,707
Martin Marietta Materials, Inc.
   1,508   664,304
Vulcan Materials Co.
   2,335   484,699
          2,056,710
CONSUMER FINANCE — 1.8%  
Ally Financial, Inc.
   11,319   538,898
American Express Co.
   1,221   199,756
Capital One Financial Corp.
   9,534   1,383,288
Credit Acceptance Corp. (a)
   849   583,840
Discover Financial Services
   4,516   521,869
OneMain Holdings, Inc.
   8,558   428,242
Santander Consumer USA Holdings, Inc.
   4,398   184,804
SLM Corp.
   21,891   430,596
Synchrony Financial
   33,027   1,532,123
Upstart Holdings, Inc. (a)
   475   71,867
          5,875,283
CONTAINERS & PACKAGING — 1.4%  
Amcor PLC
   28,875   346,789
AptarGroup, Inc.
   1,149   140,729
Ardagh Group SA (a)  (c)
   1,422   32,102
Ardagh Metal Packaging SA (a)
   3,761   33,962
Avery Dennison Corp.
   2,340   506,774
Ball Corp.
   1,688   162,504
Berry Global Group, Inc. (a)
   7,513   554,309
Crown Holdings, Inc.
   3,166   350,223
Graphic Packaging Holding Co.
   19,828   386,646
International Paper Co.
   9,224   433,343
Packaging Corp. of America
   1,939   263,995
Sealed Air Corp.
   8,866   598,189
Silgan Holdings, Inc.
   3,096   132,632
Sonoco Products Co.
   4,284   248,001
Westrock Co.
   8,963   397,599
          4,587,797
DISTRIBUTORS — 1.0%  
Genuine Parts Co.
   9,217   1,292,223
LKQ Corp.
   19,148   1,149,455
Pool Corp.
   1,372   776,552
          3,218,230
DIVERSIFIED CONSUMER SERVICES — 0.3%  
Frontdoor, Inc. (a)
   687   25,178
Grand Canyon Education, Inc. (a)
   972   83,310
H&R Block, Inc.
   14,016   330,217
Security Description     Shares   Value
Mister Car Wash, Inc. (a)
   2,575   $ 46,891
Service Corp. International
   7,734   549,037
Terminix Global Holdings, Inc. (a)
   659   29,807
          1,064,440
DIVERSIFIED FINANCIAL SERVICES — 0.1%  
Berkshire Hathaway, Inc. Class B (a)
   598   178,802
Equitable Holdings, Inc.
   2,846   93,320
Voya Financial, Inc.
   2,590   171,743
          443,865
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%  
AT&T, Inc.
   4,335   106,641
Lumen Technologies, Inc.
   58,592   735,330
Verizon Communications, Inc.
   1,850   96,126
          938,097
ELECTRIC UTILITIES — 1.9%  
Alliant Energy Corp.
   4,037   248,154
American Electric Power Co., Inc.
   3,730   331,858
Avangrid, Inc.
   960   47,885
Duke Energy Corp.
   3,008   315,539
Edison International
   3,995   272,659
Entergy Corp.
   4,225   475,946
Evergy, Inc.
   8,600   590,046
Eversource Energy
   2,469   224,630
Exelon Corp.
   10,792   623,346
FirstEnergy Corp.
   15,320   637,159
Hawaiian Electric Industries, Inc.
   4,851   201,317
IDACORP, Inc.
   2,014   228,206
NextEra Energy, Inc.
   1,279   119,407
NRG Energy, Inc.
   13,348   575,032
OGE Energy Corp.
   5,428   208,327
Pinnacle West Capital Corp.
   1,996   140,898
PPL Corp.
   15,038   452,042
Southern Co.
   5,088   348,935
Xcel Energy, Inc.
   3,753   254,078
          6,295,464
ELECTRICAL EQUIPMENT — 1.7%  
Acuity Brands, Inc.
   5,017   1,062,199
AMETEK, Inc.
   2,792   410,536
Eaton Corp. PLC
   3,049   526,928
Emerson Electric Co.
   5,819   540,992
Fluence Energy, Inc. (a)
   1,042   37,054
Generac Holdings, Inc. (a)
   1,462   514,507
Hubbell, Inc.
   2,279   474,647
nVent Electric PLC
   8,547   324,786
Regal Rexnord Corp.
   2,597   441,958
Rockwell Automation, Inc.
   778   271,405
Sensata Technologies Holding PLC (a)
   3,662   225,909
Shoals Technologies Group, Inc. Class A (a)
   3,404   82,717
Vertiv Holdings Co.
   24,943   622,827
          5,536,465
 
See accompanying notes to financial statements.
15

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.9%  
Amphenol Corp. Class A
   9,343   $ 817,139
Arrow Electronics, Inc. (a)
   10,224   1,372,776
Avnet, Inc.
   6,066   250,101
CDW Corp.
   6,337   1,297,691
Cognex Corp.
   2,226   173,094
Coherent, Inc. (a)
   683   182,047
Corning, Inc.
   8,783   326,991
IPG Photonics Corp. (a)
   391   67,306
Jabil, Inc.
   21,637   1,522,163
Keysight Technologies, Inc. (a)
   4,263   880,352
Littelfuse, Inc.
   691   217,444
National Instruments Corp.
   8,152   355,998
TD SYNNEX Corp.
   6,142   702,399
Teledyne Technologies, Inc. (a)
   837   365,677
Trimble, Inc. (a)
   4,025   350,940
Vontier Corp.
   6,478   199,069
Zebra Technologies Corp. Class A (a)
   1,134   674,957
          9,756,144
ENERGY EQUIPMENT & SERVICES — 0.1%  
Baker Hughes Co.
   3,248   78,147
Halliburton Co.
   3,028   69,251
Nov, Inc.
   5,664   76,747
Schlumberger NV
   3,477   104,136
          328,281
ENTERTAINMENT — 0.2%  
Activision Blizzard, Inc.
   1,179   78,439
Electronic Arts, Inc.
   1,766   232,935
Liberty Media Corp.-Liberty Formula One Class C (a)
   466   29,470
Netflix, Inc. (a)
   70   42,171
Playtika Holding Corp. (a)
   3,672   63,489
Roku, Inc. (a)
   120   27,384
Take-Two Interactive Software, Inc. (a)
   763   135,600
World Wrestling Entertainment, Inc. Class A
   2,452   120,982
          730,470
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 4.7%  
Alexandria Real Estate Equities, Inc. REIT
   1,208   269,336
American Campus Communities, Inc. REIT
   2,021   115,783
American Homes 4 Rent Class A REIT
   3,472   151,414
American Tower Corp. REIT
   513   150,052
Americold Realty Trust REIT
   843   27,642
Apartment Income REIT Corp.
   3,431   187,573
AvalonBay Communities, Inc. REIT
   2,193   553,930
Boston Properties, Inc. REIT
   4,320   497,578
Brixmor Property Group, Inc. REIT
   9,124   231,841
Camden Property Trust REIT
   1,485   265,340
Cousins Properties, Inc. REIT
   4,554   183,435
Security Description     Shares   Value
Crown Castle International Corp. REIT
   877   $ 183,065
CubeSmart REIT
   6,434   366,159
CyrusOne, Inc. REIT
   1,167   104,703
Digital Realty Trust, Inc. REIT
   815   144,149
Douglas Emmett, Inc. REIT
   2,351   78,758
Duke Realty Corp. REIT
   5,766   378,480
Equinix, Inc. REIT
   103   87,121
Equity LifeStyle Properties, Inc. REIT
   4,554   399,204
Equity Residential REIT
   6,560   593,680
Essex Property Trust, Inc. REIT
   1,516   533,981
Extra Space Storage, Inc. REIT
   2,948   668,400
Federal Realty Investment Trust REIT
   1,603   218,521
First Industrial Realty Trust, Inc. REIT
   5,795   383,629
Gaming and Leisure Properties, Inc. REIT
   5,860   285,148
Healthcare Trust of America, Inc. Class A REIT
   2,923   97,599
Healthpeak Properties, Inc. REIT
   5,991   216,215
Highwoods Properties, Inc. REIT
   7,612   339,419
Hudson Pacific Properties, Inc. REIT
   1,549   38,276
Invitation Homes, Inc. REIT
   4,616   209,289
Iron Mountain, Inc. REIT
   11,203   586,253
Kilroy Realty Corp. REIT
   2,430   161,498
Kimco Realty Corp. REIT
   45,829   1,129,685
Lamar Advertising Co. Class A REIT
   3,085   374,210
Life Storage, Inc. REIT
   2,378   364,262
Medical Properties Trust, Inc. REIT
   6,568   155,202
Mid-America Apartment Communities, Inc. REIT
   1,533   351,731
National Retail Properties, Inc. REIT
   3,880   186,512
Omega Healthcare Investors, Inc. REIT
   1,390   41,130
Prologis, Inc. REIT
   1,384   233,010
Public Storage REIT
   1,717   643,119
Rayonier, Inc. REIT
   2,525   101,909
Realty Income Corp. REIT
   2,506   179,404
Regency Centers Corp. REIT
   2,225   167,654
Rexford Industrial Realty, Inc. REIT
   2,126   172,440
SBA Communications Corp. REIT
   263   102,312
Simon Property Group, Inc. REIT
   3,443   550,088
SL Green Realty Corp. REIT
   4,003   287,015
Spirit Realty Capital, Inc. REIT
   1,193   57,491
STORE Capital Corp. REIT
   2,943   101,239
Sun Communities, Inc. REIT
   848   178,055
UDR, Inc. REIT
   3,034   182,010
Ventas, Inc. REIT
   3,092   158,063
VICI Properties, Inc. REIT (c)
   14,271   429,700
Vornado Realty Trust REIT
   539   22,563
Welltower, Inc. REIT
   1,333   114,331
Weyerhaeuser Co. REIT
   10,287   423,619
 
See accompanying notes to financial statements.
16

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
WP Carey, Inc. REIT
   2,985   $ 244,919
          15,659,144
FOOD & STAPLES RETAILING — 1.3%  
Albertsons Cos., Inc. Class A
   22,164   669,131
Casey's General Stores, Inc.
   1,079   212,941
Costco Wholesale Corp.
   789   447,915
Grocery Outlet Holding Corp. (a)
   879   24,858
Kroger Co.
   34,933   1,581,068
Sysco Corp.
   3,956   310,744
US Foods Holding Corp. (a)
   665   23,162
Walmart, Inc.
   250   36,172
Walgreens Boots Alliance, Inc.
   18,405   960,005
          4,265,996
FOOD PRODUCTS — 1.7%  
Archer-Daniels-Midland Co.
   2,326   157,214
Campbell Soup Co.
   2,270   98,654
Conagra Brands, Inc.
   4,925   168,189
Darling Ingredients, Inc. (a)
   5,465   378,670
Flowers Foods, Inc.
   13,781   378,564
General Mills, Inc.
   5,853   394,375
Hain Celestial Group, Inc. (a)
   3,602   153,481
Hershey Co.
   2,570   497,218
Hormel Foods Corp.
   2,932   143,111
Ingredion, Inc.
   4,068   393,132
J.M. Smucker Co.
   3,763   511,091
Kellogg Co.
   4,329   278,874
Kraft Heinz Co.
   4,685   168,191
Lamb Weston Holdings, Inc.
   677   42,908
McCormick & Co., Inc.
   1,186   114,579
Mondelez International, Inc. Class A
   3,296   218,558
Pilgrim's Pride Corp. (a)
   5,018   141,508
Post Holdings, Inc. (a)
   1,237   139,447
Seaboard Corp.
   18   70,830
Tyson Foods, Inc. Class A
   14,966   1,304,437
          5,753,031
GAS UTILITIES — 0.4%  
Atmos Energy Corp.
   466   48,823
National Fuel Gas Co.
   10,459   668,748
UGI Corp.
   16,993   780,149
          1,497,720
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%  
Abbott Laboratories
   788   110,903
ABIOMED, Inc. (a)
   740   265,786
Align Technology, Inc. (a)
   591   388,393
Baxter International, Inc.
   2,278   195,544
Becton Dickinson and Co.
   763   191,879
Boston Scientific Corp. (a)
   2,957   125,613
Cooper Cos., Inc.
   1,191   498,958
DENTSPLY SIRONA, Inc.
   1,530   85,359
DexCom, Inc. (a)
   379   203,504
Edwards Lifesciences Corp. (a)
   3,477   450,445
Envista Holdings Corp. (a)
   3,347   150,816
Figs, Inc. Class A (a)
   3,066   84,499
Security Description     Shares   Value
Globus Medical, Inc. Class A (a)
   1,656   $ 119,563
Hologic, Inc. (a)
   7,709   590,201
ICU Medical, Inc. (a)
   850   201,739
IDEXX Laboratories, Inc. (a)
   612   402,977
Insulet Corp. (a)
   271   72,105
Integra LifeSciences Holdings Corp. (a)
   1,091   73,086
Intuitive Surgical, Inc. (a)
   666   239,294
Masimo Corp. (a)
   834   244,179
Medtronic PLC
   733   75,829
Quidel Corp. (a)
   879   118,656
ResMed, Inc.
   1,334   347,480
STERIS PLC
   946   230,266
Stryker Corp.
   381   101,887
Teleflex, Inc.
   104   34,162
Zimmer Biomet Holdings, Inc.
   389   49,419
          5,652,542
HEALTH CARE PROVIDERS & SERVICES — 3.3%  
Acadia Healthcare Co., Inc. (a)
   602   36,541
Amedisys, Inc. (a)
   117   18,940
AmerisourceBergen Corp.
   902   119,867
Anthem, Inc.
   2,545   1,179,709
Cardinal Health, Inc.
   4,287   220,738
Centene Corp. (a)
   2,353   193,887
Chemed Corp.
   401   212,145
Cigna Corp.
   3,109   713,920
CVS Health Corp.
   6,942   716,137
DaVita, Inc. (a)
   1,101   125,250
Encompass Health Corp.
   844   55,079
HCA Healthcare, Inc.
   2,885   741,214
Henry Schein, Inc. (a)
   7,350   569,846
Humana, Inc.
   2,187   1,014,462
Laboratory Corp. of America Holdings (a)
   3,383   1,062,972
McKesson Corp.
   3,449   857,318
Molina Healthcare, Inc. (a)
   4,286   1,363,291
Premier, Inc. Class A
   8,885   365,795
Quest Diagnostics, Inc.
   6,230   1,077,852
UnitedHealth Group, Inc.
   218   109,467
Universal Health Services, Inc. Class B
   1,977   256,338
          11,010,768
HEALTH CARE TECHNOLOGY — 0.2%  
Cerner Corp.
   4,001   371,573
Veeva Systems, Inc. Class A (a)
   775   197,997
          569,570
HOTELS, RESTAURANTS & LEISURE — 1.1%  
Aramark
   2,875   105,944
Booking Holdings, Inc. (a)
   15   35,989
Boyd Gaming Corp. (a)
   1,113   72,979
Chipotle Mexican Grill, Inc. (a)
   203   354,895
Choice Hotels International, Inc.
   464   72,379
Churchill Downs, Inc.
   191   46,012
Darden Restaurants, Inc.
   5,010   754,706
 
See accompanying notes to financial statements.
17

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Domino's Pizza, Inc.
   1,100   $ 620,763
Hilton Worldwide Holdings, Inc. (a)
   960   149,750
Marriott International, Inc. Class A (a)
   568   93,856
Marriott Vacations Worldwide Corp.
   361   61,002
McDonald's Corp.
   426   114,198
Planet Fitness, Inc. Class A (a)
   299   27,084
Starbucks Corp.
   2,059   240,841
Travel + Leisure Co.
   1,174   64,887
Vail Resorts, Inc.
   635   208,217
Wendy's Co.
   2,679   63,894
Wyndham Hotels & Resorts, Inc.
   1,157   103,725
Yum China Holdings, Inc.
   1,377   68,630
Yum! Brands, Inc.
   2,363   328,126
          3,587,877
HOUSEHOLD DURABLES — 2.6%  
D.R. Horton, Inc.
   11,326   1,228,305
Garmin, Ltd.
   3,539   481,906
Leggett & Platt, Inc.
   4,499   185,179
Lennar Corp. Class A
   12,799   1,486,732
Lennar Corp. Class B
   460   43,985
Mohawk Industries, Inc. (a)
   4,170   759,690
Newell Brands, Inc.
   12,437   271,624
NVR, Inc. (a)
   99   584,978
PulteGroup, Inc.
   17,051   974,635
Tempur Sealy International, Inc.
   20,628   970,135
Toll Brothers, Inc.
   10,381   751,480
TopBuild Corp. (a)
   1,682   464,081
Whirlpool Corp.
   2,750   645,315
          8,848,045
HOUSEHOLD PRODUCTS — 0.4%  
Church & Dwight Co., Inc.
   3,278   335,995
Clorox Co.
   968   168,781
Colgate-Palmolive Co.
   2,624   223,932
Kimberly-Clark Corp.
   2,641   377,452
Procter & Gamble Co.
   471   77,046
Spectrum Brands Holdings, Inc.
   1,049   106,704
          1,289,910
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.3%  
AES Corp.
   16,692   405,616
Vistra Corp.
   30,620   697,217
          1,102,833
INDUSTRIAL CONGLOMERATES — 0.2%  
3M Co.
   1,668   296,287
General Electric Co.
   1,684   159,088
Honeywell International, Inc.
   614   128,025
Roper Technologies, Inc.
   469   230,682
          814,082
INSURANCE — 5.3%  
Aflac, Inc.
   15,083   880,696
Alleghany Corp. (a)
   242   161,557
Allstate Corp.
   5,526   650,134
Security Description     Shares   Value
American Financial Group, Inc.
   3,988   $ 547,632
American International Group, Inc.
   1,073   61,011
Aon PLC Class A
   2,099   630,876
Arch Capital Group, Ltd. (a)
   15,599   693,376
Arthur J Gallagher & Co.
   2,739   464,726
Assurant, Inc.
   1,884   293,640
Assured Guaranty, Ltd.
   8,185   410,887
Athene Holding, Ltd. Class A (a)
   5,789   482,397
Axis Capital Holdings, Ltd.
   814   44,339
Brighthouse Financial, Inc. (a)
   3,141   162,704
Brown & Brown, Inc.
   7,001   492,030
Chubb, Ltd.
   2,027   391,839
Cincinnati Financial Corp.
   7,801   888,768
CNA Financial Corp.
   774   34,118
Erie Indemnity Co. Class A
   423   81,495
Everest Re Group, Ltd.
   1,259   344,865
Fidelity National Financial, Inc.
   20,512   1,070,316
First American Financial Corp.
   14,104   1,103,356
Globe Life, Inc.
   2,399   224,834
Hanover Insurance Group, Inc.
   1,572   206,026
Hartford Financial Services Group, Inc.
   14,334   989,619
Kemper Corp.
   753   44,269
Lincoln National Corp.
   5,535   377,819
Loews Corp.
   1,911   110,379
Markel Corp. (a)
   351   433,134
Marsh & McLennan Cos., Inc.
   3,358   583,688
Mercury General Corp.
   1,830   97,100
MetLife, Inc.
   7,769   485,485
Old Republic International Corp.
   24,972   613,812
Primerica, Inc.
   1,509   231,284
Principal Financial Group, Inc.
   8,208   593,685
Progressive Corp.
   6,201   636,533
Prudential Financial, Inc.
   4,547   492,167
Reinsurance Group of America, Inc.
   908   99,417
RenaissanceRe Holdings, Ltd.
   1,237   209,461
Travelers Cos., Inc.
   3,069   480,084
Unum Group
   8,659   212,752
White Mountains Insurance Group, Ltd.
   248   251,447
Willis Towers Watson PLC
   1,370   325,361
WR Berkley Corp.
   3,791   312,341
          17,901,459
INTERACTIVE MEDIA & SERVICES — 0.3%  
Alphabet, Inc. Class A (a)
   80   231,763
Alphabet, Inc. Class C (a)
   77   222,806
IAC/InterActiveCorp. (a)
   156   20,391
Match Group, Inc. (a)
   1,658   219,270
Meta Platforms, Inc. Class A (a)
   385   129,495
Pinterest, Inc. Class A (a)
   937   34,060
Twitter, Inc. (a)
   1,066   46,073
Vimeo, Inc. (a)
   2,107   37,842
          941,700
INTERNET & DIRECT MARKETING RETAIL — 0.7%  
Amazon.com, Inc. (a)
   24   80,024
 
See accompanying notes to financial statements.
18

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
DoorDash, Inc. Class A (a)
   150   $ 22,335
eBay, Inc.
   21,428   1,424,962
Etsy, Inc. (a)
   2,294   502,249
Qurate Retail, Inc. Class A
   15,330   116,508
Wayfair, Inc. Class A (a)  (c)
   1,331   252,850
          2,398,928
IT SERVICES — 3.6%  
Accenture PLC Class A
   709   293,916
Akamai Technologies, Inc. (a)
   4,528   529,957
Alliance Data Systems Corp.
   2,937   195,516
Amdocs, Ltd.
   14,480   1,083,683
Automatic Data Processing, Inc.
   2,042   503,516
Block, Inc. (a)
   243   39,247
Broadridge Financial Solutions, Inc.
   2,476   452,662
Cloudflare, Inc. Class A (a)
   272   35,768
Cognizant Technology Solutions Corp. Class A
   11,746   1,042,105
Concentrix Corp.
   3,319   592,840
DXC Technology Co. (a)
   16,107   518,484
EPAM Systems, Inc. (a)
   2,326   1,554,815
Fidelity National Information Services, Inc.
   328   35,801
Fiserv, Inc. (a)
   762   79,088
FleetCor Technologies, Inc. (a)
   482   107,891
Gartner, Inc. (a)
   3,741   1,250,691
Genpact, Ltd.
   6,930   367,844
Global Payments, Inc.
   250   33,795
Globant SA (a)
   724   227,401
GoDaddy, Inc. Class A (a)
   906   76,883
International Business Machines Corp.
   4,115   550,011
Jack Henry & Associates, Inc.
   1,259   210,241
Kyndryl Holdings, Inc. (a)
   33,094   599,001
Mastercard, Inc. Class A
   113   40,603
MongoDB, Inc. (a)
   74   39,172
Paychex, Inc.
   4,406   601,419
PayPal Holdings, Inc. (a)
   125   23,573
Snowflake, Inc. Class A (a)
   90   30,488
SolarWinds Corp.
   2,738   38,852
Switch, Inc. Class A
   9,853   282,190
Thoughtworks Holding, Inc. (a)
   1,437   38,526
VeriSign, Inc. (a)
   2,490   632,012
Visa, Inc. Class A
   201   43,559
Western Union Co.
   3,773   67,310
          12,218,860
LEISURE EQUIPMENT & PRODUCTS — 0.7%  
Brunswick Corp.
   7,492   754,669
Hasbro, Inc.
   806   82,034
Hayward Holdings, Inc. (a)
   1,247   32,709
Mattel, Inc. (a)
   10,216   220,257
Polaris, Inc.
   5,792   636,599
YETI Holdings, Inc. (a)
   5,442   450,761
          2,177,029
Security Description     Shares   Value
LIFE SCIENCES TOOLS & SERVICES — 2.0%  
10X Genomics, Inc. Class A (a)
   128   $ 19,067
Agilent Technologies, Inc.
   3,676   586,873
Avantor, Inc. (a)
   8,339   351,405
Bio-Rad Laboratories, Inc. Class A (a)
   1,240   936,907
Bio-Techne Corp.
   1,175   607,874
Bruker Corp.
   2,560   214,810
Charles River Laboratories International, Inc. (a)
   928   349,652
Danaher Corp.
   118   38,823
Illumina, Inc. (a)
   425   161,687
IQVIA Holdings, Inc. (a)
   1,236   348,725
Maravai LifeSciences Holdings, Inc. Class A (a)
   2,845   119,206
Mettler-Toledo International, Inc. (a)
   354   600,812
PerkinElmer, Inc.
   2,630   528,788
QIAGEN NV (a)
   2,746   152,623
Repligen Corp. (a)
   453   119,973
Syneos Health, Inc. (a)
   2,559   262,758
Thermo Fisher Scientific, Inc.
   231   154,132
Waters Corp. (a)
   1,613   601,004
West Pharmaceutical Services, Inc.
   1,396   654,738
          6,809,857
MACHINERY — 3.3%  
AGCO Corp.
   4,100   475,682
Allison Transmission Holdings, Inc.
   1,592   57,869
Caterpillar, Inc.
   624   129,006
Colfax Corp. (a)
   2,940   135,152
Crane Co.
   1,948   198,170
Cummins, Inc.
   1,911   416,865
Deere & Co.
   982   336,718
Donaldson Co., Inc.
   5,580   330,671
Dover Corp.
   3,135   569,316
Flowserve Corp.
   1,952   59,731
Fortive Corp.
   3,537   269,838
Gates Industrial Corp. PLC (a)
   1,926   30,643
Graco, Inc.
   3,730   300,713
IDEX Corp.
   1,344   317,614
Illinois Tool Works, Inc.
   1,250   308,500
ITT, Inc.
   4,803   490,818
Lincoln Electric Holdings, Inc.
   2,216   309,065
Middleby Corp. (a)
   1,809   355,939
Nordson Corp.
   1,357   346,401
Oshkosh Corp.
   9,628   1,085,172
Otis Worldwide Corp.
   9,558   832,215
PACCAR, Inc.
   1,837   162,134
Parker-Hannifin Corp.
   1,800   572,616
Pentair PLC
   10,066   735,120
Snap-on, Inc.
   3,701   797,121
Stanley Black & Decker, Inc.
   1,966   370,827
Timken Co.
   1,487   103,034
Toro Co.
   3,171   316,815
Westinghouse Air Brake Technologies Corp.
   3,673   338,320
Woodward, Inc.
   1,223   133,870
 
See accompanying notes to financial statements.
19

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Xylem, Inc.
   2,608   $ 312,751
          11,198,706
MARINE — 0.0% (d)  
Kirby Corp. (a)
   1,058   62,866
MEDIA — 1.8%  
Cable One, Inc.
   24   42,323
Charter Communications, Inc. Class A (a)
   218   142,130
Comcast Corp. Class A
   1,862   93,714
Discovery, Inc. Class A (a)  (c)
   2,721   64,052
Discovery, Inc. Class C (a)
   8,006   183,337
DISH Network Corp. Class A (a)
   10,629   344,805
Fox Corp. Class A
   21,577   796,191
Fox Corp. Class B
   9,042   309,869
Interpublic Group of Cos., Inc.
   33,523   1,255,436
Liberty Broadband Corp. Class C (a)
   257   41,403
Liberty Media Corp.-Liberty SiriusXM Class A (a)
   1,941   98,700
Liberty Media Corp.-Liberty SiriusXM Class C (a)
   3,227   164,093
Loyalty Ventures, Inc. (a)
   2,904   87,323
New York Times Co. Class A
   2,518   121,619
News Corp. Class A
   20,099   448,409
News Corp. Class B
   6,535   147,038
Nexstar Media Group, Inc. Class A
   5,810   877,194
Omnicom Group, Inc.
   6,906   506,003
Sirius XM Holdings, Inc.
   9,417   59,798
ViacomCBS, Inc. Class B
   7,413   223,724
          6,007,161
METALS & MINING — 1.3%  
Alcoa Corp.
   10,773   641,855
Freeport-McMoRan, Inc.
   13,462   561,769
Newmont Corp.
   6,996   433,892
Nucor Corp.
   9,486   1,082,827
Reliance Steel & Aluminum Co.
   5,452   884,424
Royal Gold, Inc.
   1,534   161,392
Southern Copper Corp.
   413   25,486
Steel Dynamics, Inc.
   9,435   585,631
United States Steel Corp.
   1,419   33,786
          4,411,062
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.1%  
AGNC Investment Corp. REIT
   4,977   74,854
Starwood Property Trust, Inc. REIT
   8,900   216,270
          291,124
MULTI-UTILITIES — 1.1%  
Ameren Corp.
   3,692   328,625
CenterPoint Energy, Inc.
   8,195   228,722
CMS Energy Corp.
   3,904   253,955
Consolidated Edison, Inc.
   4,586   391,278
Dominion Energy, Inc.
   2,363   185,637
DTE Energy Co.
   4,604   550,362
MDU Resources Group, Inc.
   11,021   339,888
Security Description     Shares   Value
NiSource, Inc.
   10,671   $ 294,626
Public Service Enterprise Group, Inc.
   7,358   490,999
Sempra Energy
   2,192   289,958
WEC Energy Group, Inc.
   2,897   281,212
          3,635,262
MULTILINE RETAIL — 1.0%  
Dollar General Corp.
   3,021   712,443
Dollar Tree, Inc. (a)
   7,910   1,111,513
Kohl's Corp.
   8,371   413,444
Ollie's Bargain Outlet Holdings, Inc. (a)  (c)
   1,405   71,922
Target Corp.
   4,035   933,860
          3,243,182
OIL, GAS & CONSUMABLE FUELS — 2.0%  
Antero Midstream Corp.
   22,014   213,095
APA Corp.
   7,428   199,739
Cheniere Energy, Inc.
   3,696   374,848
Chevron Corp.
   645   75,691
ConocoPhillips
   2,888   208,456
Continental Resources, Inc.
   1,337   59,844
Coterra Energy, Inc.
   14,805   281,295
Devon Energy Corp.
   4,017   176,949
Diamondback Energy, Inc.
   1,330   143,440
DTE Midstream LLC (a)
   5,603   268,832
EOG Resources, Inc.
   10,328   917,436
EQT Corp. (a)
   10,876   237,206
Exxon Mobil Corp.
   991   60,639
Hess Corp.
   516   38,199
HollyFrontier Corp.
   1,410   46,220
Kinder Morgan, Inc.
   22,293   353,567
Marathon Oil Corp.
   12,495   205,168
Marathon Petroleum Corp.
   1,424   91,122
Occidental Petroleum Corp.
   8,808   255,344
ONEOK, Inc.
   10,118   594,534
Phillips 66
   635   46,012
Pioneer Natural Resources Co.
   2,426   441,241
Targa Resources Corp.
   8,553   446,809
Texas Pacific Land Corp.
   327   408,380
Valero Energy Corp.
   1,352   101,549
Williams Cos., Inc.
   19,805   515,722
          6,761,337
PAPER & FOREST PRODUCTS — 0.3%  
Louisiana-Pacific Corp.
   12,943   1,014,084
Sylvamo Corp. (a)
   5,252   146,478
          1,160,562
PERSONAL PRODUCTS — 0.2%  
Coty, Inc. Class A (a)
   9,323   97,891
Estee Lauder Cos., Inc. Class A
   1,561   577,882
Herbalife Nutrition, Ltd. (a)
   3,078   125,983
          801,756
PHARMACEUTICALS — 0.7%  
Bristol-Myers Squibb Co.
   1,403   87,477
 
See accompanying notes to financial statements.
20

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Catalent, Inc. (a)
   1,385   $ 177,322
Eli Lilly & Co.
   589   162,694
Jazz Pharmaceuticals PLC (a)
   791   100,773
Johnson & Johnson
   298   50,979
Merck & Co., Inc.
   1,468   112,507
Organon & Co.
   33,057   1,006,586
Perrigo Co. PLC
   2,004   77,956
Pfizer, Inc.
   1,987   117,332
Royalty Pharma PLC Class A
   1,460   58,181
Zoetis, Inc.
   1,102   268,921
          2,220,728
PROFESSIONAL SERVICES — 1.4%  
Booz Allen Hamilton Holding Corp.
   2,624   222,489
CACI International, Inc. Class A (a)
   2,071   557,534
CoStar Group, Inc. (a)
   885   69,942
Equifax, Inc.
   1,556   455,581
FTI Consulting, Inc. (a)
   3,882   595,576
IHS Markit, Ltd.
   2,393   318,078
Jacobs Engineering Group, Inc.
   2,403   334,570
Leidos Holdings, Inc.
   1,773   157,620
ManpowerGroup, Inc.
   3,168   308,341
Nielsen Holdings PLC
   9,499   194,824
Robert Half International, Inc.
   7,796   869,410
Science Applications International Corp.
   1,710   142,939
TransUnion
   1,942   230,282
Verisk Analytics, Inc.
   936   214,091
          4,671,277
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%  
CBRE Group, Inc. Class A (a)
   10,944   1,187,533
Jones Lang LaSalle, Inc. (a)
   3,506   944,306
          2,131,839
ROAD & RAIL — 1.5%  
AMERCO
   669   485,848
CSX Corp.
   7,863   295,649
JB Hunt Transport Services, Inc.
   4,100   838,040
Knight-Swift Transportation Holdings, Inc.
   15,592   950,177
Landstar System, Inc.
   2,415   432,333
Norfolk Southern Corp.
   1,117   332,542
Old Dominion Freight Line, Inc.
   1,950   698,841
Ryder System, Inc.
   5,645   465,317
Schneider National, Inc. Class B
   7,637   205,512
Union Pacific Corp.
   809   203,811
XPO Logistics, Inc. (a)
   2,672   206,893
          5,114,963
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.8%  
Advanced Micro Devices, Inc. (a)
   2,958   425,656
Allegro MicroSystems, Inc. (a)
   2,894   104,705
Analog Devices, Inc.
   290   50,973
Applied Materials, Inc.
   10,210   1,606,646
Azenta, Inc.
   4,646   479,049
Broadcom, Inc.
   426   283,465
Security Description     Shares   Value
Cirrus Logic, Inc. (a)
   4,877   $ 448,782
Enphase Energy, Inc. (a)
   1,851   338,622
Entegris, Inc.
   6,899   956,063
First Solar, Inc. (a)
   1,434   124,988
Intel Corp.
   13,324   686,186
KLA Corp.
   4,296   1,847,753
Lam Research Corp.
   1,759   1,264,985
Marvell Technology, Inc.
   9,717   850,140
Microchip Technology, Inc.
   4,640   403,958
Micron Technology, Inc.
   16,240   1,512,756
MKS Instruments, Inc.
   2,037   354,784
Monolithic Power Systems, Inc.
   2,136   1,053,753
NVIDIA Corp.
   247   72,645
NXP Semiconductors NV
   3,312   754,407
ON Semiconductor Corp. (a)
   12,623   857,354
Qorvo, Inc. (a)
   4,250   664,658
QUALCOMM, Inc.
   3,192   583,721
Skyworks Solutions, Inc.
   7,171   1,112,509
Teradyne, Inc.
   7,859   1,285,182
Texas Instruments, Inc.
   2,431   458,171
Universal Display Corp.
   244   40,267
Xilinx, Inc.
   3,014   639,058
          19,261,236
SOFTWARE — 5.1%  
Adobe, Inc. (a)
   318   180,325
ANSYS, Inc. (a)
   980   393,098
Aspen Technology, Inc. (a)
   4,477   681,399
Atlassian Corp. PLC Class A (a)
   2,055   783,551
Autodesk, Inc. (a)
   1,863   523,857
Avalara, Inc. (a)
   185   23,885
Bentley Systems, Inc. Class B
   10,100   488,133
Bill.Com Holdings, Inc. (a)
   231   57,554
Black Knight, Inc. (a)
   337   27,934
Cadence Design Systems, Inc. (a)
   5,818   1,084,184
CDK Global, Inc.
   2,473   103,223
Ceridian HCM Holding, Inc. (a)
   605   63,198
Citrix Systems, Inc.
   1,411   133,466
Crowdstrike Holdings, Inc. Class A (a)
   2,341   479,320
Datadog, Inc. Class A (a)
   352   62,695
DocuSign, Inc. (a)
   1,020   155,356
Dolby Laboratories, Inc. Class A
   3,407   324,415
DoubleVerify Holdings, Inc. (a)
   2,323   77,309
Dropbox, Inc. Class A (a)
   12,048   295,658
Dynatrace, Inc. (a)
   7,682   463,609
Elastic NV (a)
   1,305   160,632
Fair Isaac Corp. (a)
   135   58,545
Fortinet, Inc. (a)
   3,638   1,307,497
Guidewire Software, Inc. (a)
   787   89,348
HubSpot, Inc. (a)
   378   249,159
Informatica, Inc. Class A (a)
   508   18,786
Intuit, Inc.
   467   300,384
Jamf Holding Corp. (a)  (c)
   892   33,905
Mandiant, Inc. (a)
   1,042   18,277
Manhattan Associates, Inc. (a)
   4,805   747,129
McAfee Corp. Class A
   5,664   146,075
 
See accompanying notes to financial statements.
21

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Microsoft Corp.
   1,875   $ 630,600
NCR Corp. (a)
   8,421   338,524
New Relic, Inc. (a)
   453   49,812
NortonLifeLock, Inc.
   19,740   512,845
Nuance Communications, Inc. (a)
   2,555   141,343
Oracle Corp.
   2,555   222,822
Palo Alto Networks, Inc. (a)
   775   431,489
Paycom Software, Inc. (a)
   704   292,294
Paycor HCM, Inc. (a)
   681   19,620
Paylocity Holding Corp. (a)
   895   211,363
Procore Technologies, Inc. (a)  (c)
   1,352   108,119
PTC, Inc. (a)
   1,558   188,752
salesforce.com, Inc. (a)
   703   178,653
ServiceNow, Inc. (a)
   436   283,012
Smartsheet, Inc. Class A (a)
   925   71,641
SS&C Technologies Holdings, Inc.
   4,855   398,013
Synopsys, Inc. (a)
   3,294   1,213,839
Teradata Corp. (a)
   15,904   675,443
Trade Desk, Inc. Class A (a)
   2,028   185,846
Tyler Technologies, Inc. (a)
   1,210   650,920
Unity Software, Inc. (a)
   227   32,459
VMware, Inc. Class A
   1,764   204,412
Workday, Inc. Class A (a)
   1,160   316,889
Zoom Video Communications, Inc. Class A (a)
   174   32,000
Zscaler, Inc. (a)
   470   151,025
          17,073,641
SPECIALTY RETAIL — 5.1%  
Advance Auto Parts, Inc.
   5,763   1,382,428
AutoNation, Inc. (a)
   6,101   712,902
AutoZone, Inc. (a)
   959   2,010,438
Bath & Body Works, Inc.
   14,717   1,027,099
Best Buy Co., Inc.
   16,831   1,710,030
Burlington Stores, Inc. (a)
   99   28,859
CarMax, Inc. (a)
   3,272   426,113
Dick's Sporting Goods, Inc. (c)
   9,277   1,066,762
Five Below, Inc. (a)
   2,097   433,848
Floor & Decor Holdings, Inc. Class A (a)
   3,467   450,745
Foot Locker, Inc.
   13,246   577,923
GameStop Corp. Class A (a)
   664   98,531
Gap, Inc.
   2,849   50,285
Home Depot, Inc.
   248   102,922
Lithia Motors, Inc.
   138   40,979
Lowe's Cos., Inc.
   2,641   682,646
O'Reilly Automotive, Inc. (a)
   1,668   1,177,992
Penske Automotive Group, Inc.
   2,800   300,216
Petco Health & Wellness Co., Inc. (a)  (c)
   1,300   25,727
RH (a)
   508   272,257
Ross Stores, Inc.
   1,717   196,219
TJX Cos., Inc.
   2,524   191,622
Tractor Supply Co.
   6,025   1,437,565
Ulta Beauty, Inc. (a)
   1,734   714,998
Victoria's Secret & Co. (a)
   7,864   436,767
Security Description     Shares   Value
Williams-Sonoma, Inc.
   9,307   $ 1,574,093
          17,129,966
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.0%  
Apple, Inc.
   3,280   582,430
Dell Technologies, Inc. Class C (a)
   34,621   1,944,661
Hewlett Packard Enterprise Co.
   98,288   1,550,002
HP, Inc.
   94,840   3,572,623
NetApp, Inc.
   17,742   1,632,086
Pure Storage, Inc. Class A (a)
   2,027   65,979
Western Digital Corp. (a)
   9,739   635,080
Xerox Holdings Corp.
   2,572   58,230
          10,041,091
TEXTILES, APPAREL & LUXURY GOODS — 1.3%  
Capri Holdings, Ltd. (a)
   5,059   328,380
Carter's, Inc.
   2,554   258,516
Columbia Sportswear Co.
   1,762   171,689
Deckers Outdoor Corp. (a)
   2,046   749,470
Hanesbrands, Inc.
   15,163   253,525
Lululemon Athletica, Inc. (a)
   634   248,179
NIKE, Inc. Class B
   949   158,170
PVH Corp.
   698   74,442
Ralph Lauren Corp.
   696   82,727
Skechers U.S.A., Inc. Class A (a)
   4,661   202,287
Tapestry, Inc.
   38,665   1,569,799
Under Armour, Inc. Class A (a)
   2,328   49,330
Under Armour, Inc. Class C (a)
   2,436   43,946
VF Corp.
   588   43,053
          4,233,513
THRIFTS & MORTGAGE FINANCE — 0.2%  
MGIC Investment Corp.
   32,527   469,039
New York Community Bancorp, Inc.
   11,370   138,828
          607,867
TOBACCO — 0.2%  
Altria Group, Inc.
   9,391   445,039
Philip Morris International, Inc.
   3,086   293,170
          738,209
TRADING COMPANIES & DISTRIBUTORS — 1.2%  
Air Lease Corp.
   3,830   169,401
Core & Main, Inc. Class A (a)
   899   27,276
Fastenal Co.
   9,965   638,358
MSC Industrial Direct Co., Inc. Class A
   1,562   131,302
SiteOne Landscape Supply, Inc. (a)
   1,799   435,862
United Rentals, Inc. (a)
   2,646   879,239
Univar Solutions, Inc. (a)
   8,519   241,513
W.W. Grainger, Inc.
   1,035   536,378
Watsco, Inc.
   2,526   790,335
          3,849,664
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.
   1,623   306,520
 
See accompanying notes to financial statements.
22

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Essential Utilities, Inc.
   1,585   $ 85,098
          391,618
TOTAL COMMON STOCKS

(Cost $270,032,671)
         334,015,598
SHORT-TERM INVESTMENTS — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (e)  (f)
   235,651   235,674
State Street Navigator Securities Lending Portfolio II (b)  (g)
   662,810   662,810
TOTAL SHORT-TERM INVESTMENTS

(Cost $898,485)
   898,484  
TOTAL INVESTMENTS — 100.0%

(Cost $270,931,156)
   334,914,082  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)
   (142,546)  
NET ASSETS — 100.0%
   $ 334,771,536  
    
(a) Non-income producing security.
(b) 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.
(c) All or a portion of the shares of the security are on loan at December 31, 2021.
(d) Amount is less than 0.05% of net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended 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
 
At December 31, 2021, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-Mini S&P 500 Index (long)   2   03/18/2022   $470,287   $475,850   $5,563
 
During the period ended December 31, 2021, average notional value related to futures contracts was $417,476.
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
   $334,015,598   $—   $—   $334,015,598
Short-Term Investments
   898,484   —   —   898,484
TOTAL INVESTMENTS
   $334,914,082   $—   $—   $334,914,082
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   5,563   —   —   5,563
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 5,563   $—   $—   $ 5,563
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
23

Table of Contents
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
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.
 3,598   $ 296,043   $ 125,457   $ 1,904   $337   $39,673   4,942   $ 459,606   $1,871
State Street Institutional Liquid Reserves Fund, Premier Class
 331,497   331,596   3,570,485   3,666,327   (80)   —   235,651   235,674   71
State Street Navigator Securities Lending Portfolio II
 1,147,495   1,147,495   14,748,995   15,233,680   —   —   662,810   662,810   4,635
Total
     $1,775,134   $18,444,937   $ 18,901,911   $257   $39,673       $1,358,090   $6,577
See accompanying notes to financial statements.
24

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.8%  
BWX Technologies, Inc.
   11,700   $ 560,196
Curtiss-Wright Corp.
   3,730   517,239
General Dynamics Corp.
   11,458   2,388,649
Huntington Ingalls Industries, Inc.
   11,277   2,105,867
L3Harris Technologies, Inc.
   10,737   2,289,558
Mercury Systems, Inc. (a)
   3,468   190,948
Northrop Grumman Corp.
   7,245   2,804,322
Textron, Inc.
   7,738   597,374
          11,454,153
AIR FREIGHT & LOGISTICS — 1.0%  
C.H. Robinson Worldwide, Inc.
   24,547   2,641,994
Expeditors International of Washington, Inc.
   27,967   3,755,688
          6,397,682
AUTO COMPONENTS — 0.3%  
Gentex Corp.
   56,134   1,956,270
AUTOMOBILES — 0.0% (b)  
Harley-Davidson, Inc.
   5,959   224,595
BANKS — 0.8%  
Bank of Hawaii Corp.
   2,605   218,195
Commerce Bancshares, Inc.
   8,115   557,825
Cullen/Frost Bankers, Inc.
   2,412   304,081
First Citizens BancShares, Inc. Class A
   257   213,269
First Hawaiian, Inc.
   7,344   200,711
First Horizon Corp.
   18,080   295,246
FNB Corp.
   11,885   144,165
M&T Bank Corp.
   5,103   783,719
People's United Financial, Inc.
   24,770   441,401
Pinnacle Financial Partners, Inc.
   2,497   238,463
Popular, Inc.
   2,940   241,198
Prosperity Bancshares, Inc.
   7,792   563,362
Zions Bancorp NA
   8,231   519,870
          4,721,505
BEVERAGES — 0.7%  
Boston Beer Co., Inc. Class A (a)
   395   199,515
Brown-Forman Corp. Class A
   1,684   114,158
Brown-Forman Corp. Class B
   6,536   476,213
Constellation Brands, Inc. Class A
   6,536   1,640,340
Molson Coors Beverage Co. Class B
   12,529   580,719
Monster Beverage Corp. (a)
   13,491   1,295,676
          4,306,621
BIOTECHNOLOGY — 0.3%  
United Therapeutics Corp. (a)
   8,013   1,731,449
BUILDING PRODUCTS — 2.3%  
A.O. Smith Corp.
   30,743   2,639,287
Advanced Drainage Systems, Inc.
   2,426   330,251
Allegion PLC
   9,283   1,229,440
Carlisle Cos., Inc.
   8,167   2,026,396
Security Description     Shares   Value
Fortune Brands Home & Security, Inc.
   7,886   $ 843,013
Lennox International, Inc.
   5,286   1,714,567
Masco Corp.
   54,112   3,799,745
Owens Corning
   5,004   452,862
Trane Technologies PLC
   8,123   1,641,090
          14,676,651
CAPITAL MARKETS — 4.5%  
Affiliated Managers Group, Inc.
   3,996   657,382
Cboe Global Markets, Inc.
   28,605   3,730,092
Evercore, Inc. Class A
   7,022   953,939
FactSet Research Systems, Inc.
   6,550   3,183,365
Franklin Resources, Inc.
   25,688   860,291
Interactive Brokers Group, Inc. Class A
   7,594   603,115
Invesco, Ltd.
   19,540   449,811
Janus Henderson Group PLC
   13,800   578,772
Jefferies Financial Group, Inc.
   22,331   866,443
Lazard, Ltd. Class A
   29,578   1,290,488
LPL Financial Holdings, Inc.
   4,236   678,141
MarketAxess Holdings, Inc.
   2,386   981,290
Morningstar, Inc.
   3,544   1,212,013
MSCI, Inc.
   2,866   1,755,969
Nasdaq, Inc.
   10,762   2,260,128
Northern Trust Corp.
   7,361   880,449
Raymond James Financial, Inc.
   16,782   1,684,913
SEI Investments Co.
   27,554   1,679,141
Stifel Financial Corp.
   6,964   490,405
T Rowe Price Group, Inc.
   14,723   2,895,131
Virtu Financial, Inc. Class A
   10,759   310,182
          28,001,460
CHEMICALS — 1.3%  
Axalta Coating Systems, Ltd. (a)
   10,657   352,960
Celanese Corp.
   10,833   1,820,594
Eastman Chemical Co.
   8,331   1,007,301
FMC Corp.
   7,264   798,241
Huntsman Corp.
   18,652   650,582
NewMarket Corp.
   1,901   651,511
RPM International, Inc.
   15,593   1,574,893
Scotts Miracle-Gro Co.
   5,835   939,435
Valvoline, Inc.
   6,430   239,775
Westlake Chemical Corp.
   1,405   136,467
          8,171,759
COMMERCIAL SERVICES & SUPPLIES — 0.8%  
Copart, Inc. (a)
   10,175   1,542,734
MSA Safety, Inc.
   3,791   572,289
Republic Services, Inc.
   13,139   1,832,234
Rollins, Inc.
   24,544   839,650
Stericycle, Inc. (a)
   5,580   332,791
          5,119,698
COMMUNICATIONS EQUIPMENT — 1.5%  
Ciena Corp. (a)
   17,474   1,344,974
F5, Inc. (a)
   14,880   3,641,285
Juniper Networks, Inc.
   55,169   1,970,085
 
See accompanying notes to financial statements.
25

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Motorola Solutions, Inc.
   8,571   $ 2,328,741
Viasat, Inc. (a)
   2,412   107,430
          9,392,515
CONSTRUCTION & ENGINEERING — 0.6%  
Quanta Services, Inc.
   23,857   2,735,444
Valmont Industries, Inc.
   3,754   940,377
          3,675,821
CONSTRUCTION MATERIALS — 0.4%  
Eagle Materials, Inc.
   6,670   1,110,288
Martin Marietta Materials, Inc.
   2,633   1,159,889
          2,270,177
CONSUMER FINANCE — 0.2%  
Credit Acceptance Corp. (a)
   1,125   773,640
SLM Corp.
   16,362   321,841
          1,095,481
CONTAINERS & PACKAGING — 3.0%  
Amcor PLC
   151,080   1,814,471
AptarGroup, Inc.
   10,755   1,317,272
Ardagh Group SA (a)  (c)
   1,132   25,555
Avery Dennison Corp.
   6,558   1,420,266
Ball Corp.
   15,691   1,510,573
Berry Global Group, Inc. (a)
   28,185   2,079,489
Crown Holdings, Inc.
   13,604   1,504,874
Graphic Packaging Holding Co.
   79,616   1,552,512
International Paper Co.
   36,613   1,720,079
Packaging Corp. of America
   13,660   1,859,809
Sealed Air Corp.
   14,483   977,168
Silgan Holdings, Inc.
   18,027   772,277
Sonoco Products Co.
   28,944   1,675,568
Westrock Co.
   13,300   589,988
          18,819,901
DISTRIBUTORS — 1.2%  
Genuine Parts Co.
   27,052   3,792,691
LKQ Corp.
   17,808   1,069,014
Pool Corp.
   4,674   2,645,484
          7,507,189
DIVERSIFIED CONSUMER SERVICES — 0.6%  
Frontdoor, Inc. (a)
   3,596   131,794
Grand Canyon Education, Inc. (a)
   10,022   858,986
H&R Block, Inc.
   7,061   166,357
Service Corp. International
   36,070   2,560,609
Terminix Global Holdings, Inc. (a)
   5,453   246,639
          3,964,385
DIVERSIFIED FINANCIAL SERVICES — 0.1%  
Voya Financial, Inc.
   8,420   558,330
ELECTRIC UTILITIES — 4.1%  
Alliant Energy Corp.
   20,732   1,274,396
American Electric Power Co., Inc.
   23,824   2,119,621
Avangrid, Inc.
   6,200   309,256
Edison International
   23,138   1,579,169
Entergy Corp.
   21,162   2,383,899
Security Description     Shares   Value
Evergy, Inc.
   33,409   $ 2,292,191
Eversource Energy
   19,795   1,800,949
Exelon Corp.
   48,925   2,825,908
FirstEnergy Corp.
   39,364   1,637,149
Hawaiian Electric Industries, Inc.
   18,799   780,159
IDACORP, Inc.
   10,728   1,215,590
NRG Energy, Inc.
   20,053   863,883
OGE Energy Corp.
   24,699   947,948
Pinnacle West Capital Corp.
   18,098   1,277,538
PPL Corp.
   80,289   2,413,487
Xcel Energy, Inc.
   26,399   1,787,212
          25,508,355
ELECTRICAL EQUIPMENT — 0.9%  
Acuity Brands, Inc.
   2,492   527,606
AMETEK, Inc.
   12,783   1,879,612
Hubbell, Inc.
   7,378   1,536,616
Regal Rexnord Corp.
   5,719   973,260
Sensata Technologies Holding PLC (a)
   7,529   464,464
Shoals Technologies Group, Inc. Class A (a)
   5,280   128,304
          5,509,862
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.3%  
Amphenol Corp. Class A
   49,582   4,336,442
Arrow Electronics, Inc. (a)
   21,131   2,837,259
Avnet, Inc.
   28,834   1,188,826
CDW Corp.
   19,893   4,073,689
Cognex Corp.
   6,857   533,200
Jabil, Inc.
   23,239   1,634,864
Keysight Technologies, Inc. (a)
   10,516   2,171,659
Littelfuse, Inc.
   1,483   466,670
National Instruments Corp.
   23,981   1,047,250
TD SYNNEX Corp.
   8,217   939,696
Teledyne Technologies, Inc. (a)
   1,684   735,723
Vontier Corp.
   20,663   634,974
          20,600,252
ENTERTAINMENT — 0.5%  
Electronic Arts, Inc.
   11,336   1,495,218
Madison Square Garden Sports Corp. (a)
   689   119,700
Playtika Holding Corp. (a)
   2,640   45,646
Take-Two Interactive Software, Inc. (a)
   6,437   1,143,984
World Wrestling Entertainment, Inc. Class A
   3,059   150,931
          2,955,479
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 5.7%  
Alexandria Real Estate Equities, Inc. REIT
   8,343   1,860,155
American Homes 4 Rent Class A REIT
   14,656   639,148
Americold Realty Trust REIT
   9,704   318,194
AvalonBay Communities, Inc. REIT
   7,840   1,980,306
 
See accompanying notes to financial statements.
26

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Boston Properties, Inc. REIT
   12,032   $ 1,385,846
Camden Property Trust REIT
   5,334   953,079
Cousins Properties, Inc. REIT
   14,798   596,063
CubeSmart REIT
   20,108   1,144,346
Douglas Emmett, Inc. REIT
   8,916   298,686
Duke Realty Corp. REIT
   23,924   1,570,371
Equity LifeStyle Properties, Inc. REIT
   16,921   1,483,295
Equity Residential REIT
   22,709   2,055,164
Essex Property Trust, Inc. REIT
   5,039   1,774,887
Extra Space Storage, Inc. REIT
   10,936   2,479,519
First Industrial Realty Trust, Inc. REIT
   18,982   1,256,608
Healthcare Trust of America, Inc. Class A REIT
   12,863   429,496
Healthpeak Properties, Inc. REIT
   21,820   787,484
Highwoods Properties, Inc. REIT
   25,097   1,119,075
Iron Mountain, Inc. REIT
   25,612   1,340,276
Kilroy Realty Corp. REIT
   8,983   597,010
Kimco Realty Corp. REIT
   22,175   546,614
Lamar Advertising Co. Class A REIT
   5,226   633,914
Life Storage, Inc. REIT
   7,704   1,180,099
Medical Properties Trust, Inc. REIT
   34,350   811,691
Mid-America Apartment Communities, Inc. REIT
   5,862   1,344,977
National Retail Properties, Inc. REIT
   8,426   405,038
Public Storage REIT
   6,975   2,612,556
Rayonier, Inc. REIT
   7,896   318,683
Rexford Industrial Realty, Inc. REIT
   6,801   551,629
SL Green Realty Corp. REIT
   5,238   375,565
UDR, Inc. REIT
   10,231   613,758
Weyerhaeuser Co. REIT
   29,826   1,228,235
WP Carey, Inc. REIT
   15,685   1,286,954
          35,978,721
FOOD & STAPLES RETAILING — 1.0%  
Albertsons Cos., Inc. Class A
   24,348   735,066
Casey's General Stores, Inc.
   6,725   1,327,179
Grocery Outlet Holding Corp. (a)
   9,176   259,497
Kroger Co.
   91,444   4,138,756
          6,460,498
FOOD PRODUCTS — 4.3%  
Campbell Soup Co.
   31,532   1,370,381
Conagra Brands, Inc.
   63,091   2,154,557
Darling Ingredients, Inc. (a)
   6,855   474,983
Flowers Foods, Inc.
   53,511   1,469,947
General Mills, Inc.
   53,919   3,633,062
Hain Celestial Group, Inc. (a)
   6,536   278,499
Hershey Co.
   14,978   2,897,793
Hormel Foods Corp.
   35,496   1,732,560
Ingredion, Inc.
   16,376   1,582,576
J.M. Smucker Co.
   25,224   3,425,924
Kellogg Co.
   39,007   2,512,831
Lamb Weston Holdings, Inc.
   6,410   406,266
Security Description     Shares   Value
McCormick & Co., Inc.
   18,323   $ 1,770,185
Pilgrim's Pride Corp. (a)
   8,129   229,238
Post Holdings, Inc. (a)
   9,323   1,050,982
Seaboard Corp.
   75   295,126
Tyson Foods, Inc. Class A
   22,962   2,001,368
          27,286,278
GAS UTILITIES — 0.7%  
Atmos Energy Corp.
   16,784   1,758,460
National Fuel Gas Co.
   16,137   1,031,800
UGI Corp.
   28,287   1,298,656
          4,088,916
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%  
Baxter International, Inc.
   20,007   1,717,401
Cooper Cos., Inc.
   2,012   842,907
Globus Medical, Inc. Class A (a)
   7,558   545,688
Hologic, Inc. (a)
   24,860   1,903,282
ICU Medical, Inc. (a)
   3,348   794,614
Integra LifeSciences Holdings Corp. (a)
   4,336   290,469
Masimo Corp. (a)
   4,875   1,427,302
ResMed, Inc.
   7,154   1,863,474
STERIS PLC
   5,846   1,422,975
          10,808,112
HEALTH CARE PROVIDERS & SERVICES — 4.6%  
Amedisys, Inc. (a)
   2,926   473,661
AmerisourceBergen Corp.
   8,579   1,140,063
Cardinal Health, Inc.
   34,219   1,761,936
Chemed Corp.
   4,465   2,362,164
DaVita, Inc. (a)
   9,833   1,118,602
Encompass Health Corp.
   11,905   776,920
Henry Schein, Inc. (a)
   39,042   3,026,926
Humana, Inc.
   7,960   3,692,326
Laboratory Corp. of America Holdings (a)
   8,645   2,716,346
McKesson Corp.
   11,925   2,964,197
Molina Healthcare, Inc. (a)
   2,540   807,923
Premier, Inc. Class A
   35,267   1,451,942
Quest Diagnostics, Inc.
   31,007   5,364,521
Universal Health Services, Inc. Class B
   8,210   1,064,509
          28,722,036
HEALTH CARE TECHNOLOGY — 0.6%  
Cerner Corp.
   40,888   3,797,269
HOTELS, RESTAURANTS & LEISURE — 0.7%  
Domino's Pizza, Inc.
   3,977   2,244,340
Vail Resorts, Inc.
   1,356   444,632
Yum! Brands, Inc.
   12,268   1,703,535
          4,392,507
HOUSEHOLD DURABLES — 0.9%  
Garmin, Ltd.
   14,989   2,041,052
Leggett & Platt, Inc.
   9,971   410,406
NVR, Inc. (a)
   237   1,400,402
PulteGroup, Inc.
   15,490   885,409
 
See accompanying notes to financial statements.
27

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Whirlpool Corp.
   4,743   $ 1,112,992
          5,850,261
HOUSEHOLD PRODUCTS — 2.2%  
Church & Dwight Co., Inc.
   30,993   3,176,782
Clorox Co.
   21,065   3,672,893
Colgate-Palmolive Co.
   31,346   2,675,068
Kimberly-Clark Corp.
   28,379   4,055,927
Reynolds Consumer Products, Inc.
   2,568   80,635
          13,661,305
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.3%  
AES Corp.
   30,353   737,578
Vistra Corp.
   46,365   1,055,731
          1,793,309
INSURANCE — 8.6%  
Aflac, Inc.
   28,656   1,673,224
Alleghany Corp. (a)
   1,408   939,967
Allstate Corp.
   32,834   3,862,920
American Financial Group, Inc.
   2,307   316,797
Aon PLC Class A
   8,738   2,626,293
Arch Capital Group, Ltd. (a)
   65,405   2,907,252
Arthur J Gallagher & Co.
   15,101   2,562,187
Assurant, Inc.
   6,893   1,074,343
Assured Guaranty, Ltd.
   4,092   205,418
Axis Capital Holdings, Ltd.
   5,788   315,272
Brown & Brown, Inc.
   36,886   2,592,348
Cincinnati Financial Corp.
   17,874   2,036,385
CNA Financial Corp.
   3,327   146,654
Erie Indemnity Co. Class A
   5,340   1,028,804
Everest Re Group, Ltd.
   6,372   1,745,418
Fidelity National Financial, Inc.
   40,468   2,111,620
First American Financial Corp.
   22,790   1,782,862
Globe Life, Inc.
   18,750   1,757,250
Hanover Insurance Group, Inc.
   10,174   1,333,404
Hartford Financial Services Group, Inc.
   19,761   1,364,300
Kemper Corp.
   12,873   756,804
Markel Corp. (a)
   1,569   1,936,146
Mercury General Corp.
   7,572   401,770
Old Republic International Corp.
   58,634   1,441,224
Primerica, Inc.
   5,242   803,441
Principal Financial Group, Inc.
   12,330   891,829
Progressive Corp.
   60,677   6,228,494
Reinsurance Group of America, Inc.
   4,834   529,275
RenaissanceRe Holdings, Ltd.
   11,604   1,964,905
Travelers Cos., Inc.
   16,083   2,515,864
Unum Group
   7,045   173,096
White Mountains Insurance Group, Ltd.
   879   891,218
Willis Towers Watson PLC
   6,551   1,555,797
WR Berkley Corp.
   19,763   1,628,274
          54,100,855
INTERNET & DIRECT MARKETING RETAIL — 0.6%  
eBay, Inc.
   58,480   3,888,920
Security Description     Shares   Value
IT SERVICES — 6.0%  
Akamai Technologies, Inc. (a)
   25,549   $ 2,990,255
Amdocs, Ltd.
   37,196   2,783,749
Broadridge Financial Solutions, Inc.
   16,953   3,099,347
Cognizant Technology Solutions Corp. Class A
   98,832   8,768,375
Concentrix Corp.
   3,317   592,483
EPAM Systems, Inc. (a)
   4,851   3,242,651
FleetCor Technologies, Inc. (a)
   3,465   775,606
Gartner, Inc. (a)
   7,532   2,518,098
Genpact, Ltd.
   29,534   1,567,665
Jack Henry & Associates, Inc.
   14,774   2,467,110
Paychex, Inc.
   24,125   3,293,062
Paysafe, Ltd. (a)
   11,160   43,636
VeriSign, Inc. (a)
   17,040   4,325,093
Western Union Co.
   79,453   1,417,441
          37,884,571
LEISURE EQUIPMENT & PRODUCTS — 0.2%  
Brunswick Corp.
   7,226   727,875
Hayward Holdings, Inc. (a)
   1,484   38,925
Polaris, Inc.
   4,469   491,188
          1,257,988
LIFE SCIENCES TOOLS & SERVICES — 2.4%  
Bio-Rad Laboratories, Inc. Class A (a)
   4,570   3,452,955
Bio-Techne Corp.
   1,922   994,327
Bruker Corp.
   5,949   499,181
Maravai LifeSciences Holdings, Inc. Class A (a)
   5,380   225,422
Mettler-Toledo International, Inc. (a)
   1,315   2,231,831
PerkinElmer, Inc.
   12,780   2,569,547
QIAGEN NV (a)
   20,864   1,159,621
Waters Corp. (a)
   4,744   1,767,614
West Pharmaceutical Services, Inc.
   4,482   2,102,103
          15,002,601
MACHINERY — 4.1%  
AGCO Corp.
   7,275   844,045
Allison Transmission Holdings, Inc.
   17,989   653,900
Crane Co.
   3,761   382,606
Cummins, Inc.
   10,509   2,292,433
Donaldson Co., Inc.
   20,599   1,220,697
Dover Corp.
   8,513   1,545,961
Flowserve Corp.
   5,030   153,918
Fortive Corp.
   19,074   1,455,155
Graco, Inc.
   24,034   1,937,621
IDEX Corp.
   6,730   1,590,434
ITT, Inc.
   8,221   840,104
Lincoln Electric Holdings, Inc.
   8,340   1,163,180
Nordson Corp.
   4,003   1,021,846
Oshkosh Corp.
   2,647   298,343
Otis Worldwide Corp.
   25,414   2,212,797
PACCAR, Inc.
   13,400   1,182,684
Pentair PLC
   19,867   1,450,887
Snap-on, Inc.
   9,627   2,073,463
 
See accompanying notes to financial statements.
28

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Timken Co.
   2,754   $ 190,825
Toro Co.
   18,492   1,847,536
Woodward, Inc.
   2,289   250,554
Xylem, Inc.
   9,204   1,103,744
          25,712,733
MEDIA — 1.4%  
Altice USA, Inc. Class A (a)
   14,425   233,397
Cable One, Inc.
   401   707,143
Discovery, Inc. Class C (a)
   11,548   264,449
DISH Network Corp. Class A (a)
   13,882   450,332
Interpublic Group of Cos., Inc.
   61,246   2,293,663
Liberty Media Corp.-Liberty SiriusXM Class A (a)
   4,563   232,029
Liberty Media Corp.-Liberty SiriusXM Class C (a)
   10,765   547,400
New York Times Co. Class A
   17,758   857,711
News Corp. Class A
   14,893   332,263
News Corp. Class B
   4,520   101,700
Nexstar Media Group, Inc. Class A
   2,112   318,870
Omnicom Group, Inc.
   30,194   2,212,314
Sirius XM Holdings, Inc. (c)
   68,532   435,178
          8,986,449
METALS & MINING — 0.6%  
Nucor Corp.
   11,577   1,321,515
Reliance Steel & Aluminum Co.
   12,668   2,055,003
Royal Gold, Inc.
   4,120   433,465
          3,809,983
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.1%  
AGNC Investment Corp. REIT
   19,922   299,627
Starwood Property Trust, Inc. REIT
   18,685   454,045
          753,672
MULTI-UTILITIES — 2.8%  
Ameren Corp.
   22,634   2,014,652
CenterPoint Energy, Inc.
   22,813   636,711
CMS Energy Corp.
   26,198   1,704,180
Consolidated Edison, Inc.
   25,344   2,162,350
DTE Energy Co.
   17,448   2,085,734
MDU Resources Group, Inc.
   36,623   1,129,453
NiSource, Inc.
   47,303   1,306,036
Public Service Enterprise Group, Inc.
   37,397   2,495,502
Sempra Energy
   15,119   1,999,941
WEC Energy Group, Inc.
   19,227   1,866,365
          17,400,924
MULTILINE RETAIL — 1.8%  
Dollar General Corp.
   25,649   6,048,804
Dollar Tree, Inc. (a)
   37,529   5,273,575
Ollie's Bargain Outlet Holdings, Inc. (a)  (c)
   4,424   226,464
          11,548,843
OIL, GAS & CONSUMABLE FUELS — 0.2%  
Coterra Energy, Inc.
   57,092   1,084,748
Security Description     Shares   Value
DTE Midstream LLC (a)
   8,633   $ 414,211
          1,498,959
PAPER & FOREST PRODUCTS — 0.1%  
Louisiana-Pacific Corp.
   6,108   478,562
Sylvamo Corp. (a)
   3,328   92,818
          571,380
PERSONAL PRODUCTS — 0.1%  
Herbalife Nutrition, Ltd. (a)
   19,643   803,988
PHARMACEUTICALS — 0.4%  
Jazz Pharmaceuticals PLC (a)
   7,443   948,238
Organon & Co.
   48,154   1,466,289
Perrigo Co. PLC
   9,904   385,266
          2,799,793
PROFESSIONAL SERVICES — 2.7%  
Booz Allen Hamilton Holding Corp.
   24,456   2,073,624
CACI International, Inc. Class A (a)
   6,705   1,805,053
FTI Consulting, Inc. (a)
   9,729   1,492,623
Jacobs Engineering Group, Inc.
   16,614   2,313,167
Leidos Holdings, Inc.
   21,476   1,909,216
ManpowerGroup, Inc.
   10,774   1,048,633
Nielsen Holdings PLC
   20,752   425,624
Robert Half International, Inc.
   16,221   1,808,966
Science Applications International Corp.
   10,945   914,893
TransUnion
   7,164   849,507
Verisk Analytics, Inc.
   9,223   2,109,577
          16,750,883
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%  
CBRE Group, Inc. Class A (a)
   15,091   1,637,525
Jones Lang LaSalle, Inc. (a)
   4,145   1,116,414
          2,753,939
ROAD & RAIL — 1.9%  
AMERCO
   2,219   1,611,504
JB Hunt Transport Services, Inc.
   15,438   3,155,527
Knight-Swift Transportation Holdings, Inc.
   42,707   2,602,565
Landstar System, Inc.
   9,886   1,769,792
Old Dominion Freight Line, Inc.
   4,970   1,781,149
Ryder System, Inc.
   4,839   398,879
Schneider National, Inc. Class B
   14,772   397,514
          11,716,930
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.6%  
Allegro MicroSystems, Inc. (a)
   5,580   201,884
Cirrus Logic, Inc. (a)
   14,970   1,377,540
MKS Instruments, Inc.
   2,012   350,430
Monolithic Power Systems, Inc.
   4,550   2,244,652
Qorvo, Inc. (a)
   12,082   1,889,504
Skyworks Solutions, Inc.
   12,216   1,895,190
Teradyne, Inc.
   12,110   1,980,348
          9,939,548
 
See accompanying notes to financial statements.
29

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
SOFTWARE — 4.0%  
Aspen Technology, Inc. (a)
   12,328   $ 1,876,322
Cadence Design Systems, Inc. (a)
   21,545   4,014,911
CDK Global, Inc.
   25,974   1,084,155
Citrix Systems, Inc.
   35,559   3,363,526
Datto Holding Corp. (a)  (c)
   1,784   47,008
Dolby Laboratories, Inc. Class A
   18,528   1,764,236
Fair Isaac Corp. (a)
   1,319   572,011
NortonLifeLock, Inc.
   40,708   1,057,594
SS&C Technologies Holdings, Inc.
   19,397   1,590,166
Synopsys, Inc. (a)
   12,328   4,542,868
Tyler Technologies, Inc. (a)
   6,909   3,716,696
VMware, Inc. Class A
   13,913   1,612,238
          25,241,731
SPECIALTY RETAIL — 3.0%  
Advance Auto Parts, Inc.
   12,042   2,888,635
AutoNation, Inc. (a)
   3,185   372,167
AutoZone, Inc. (a)
   1,793   3,758,827
Best Buy Co., Inc.
   20,933   2,126,793
Foot Locker, Inc.
   4,199   183,203
O'Reilly Automotive, Inc. (a)
   6,618   4,673,830
Penske Automotive Group, Inc.
   1,256   134,668
Petco Health & Wellness Co., Inc. (a)  (c)
   3,168   62,695
Tractor Supply Co.
   18,248   4,353,973
          18,554,791
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.9%  
Hewlett Packard Enterprise Co.
   127,584   2,012,000
HP, Inc.
   175,875   6,625,211
NetApp, Inc.
   32,945   3,030,611
          11,667,822
TEXTILES, APPAREL & LUXURY GOODS — 0.2%  
Carter's, Inc.
   8,478   858,143
Columbia Sportswear Co.
   6,587   641,837
          1,499,980
THRIFTS & MORTGAGE FINANCE — 0.1%  
MGIC Investment Corp.
   19,223   277,196
New York Community Bancorp, Inc.
   39,854   486,617
TFS Financial Corp.
   2,112   37,741
          801,554
TRADING COMPANIES & DISTRIBUTORS — 1.4%  
Fastenal Co.
   43,442   2,782,894
Security Description     Shares   Value
MSC Industrial Direct Co., Inc. Class A
   13,028   $ 1,095,134
SiteOne Landscape Supply, Inc. (a)
   1,584   383,772
W.W. Grainger, Inc.
   3,896   2,019,063
Watsco, Inc.
   8,972   2,807,159
          9,088,022
WATER UTILITIES — 0.3%  
American Water Works Co., Inc.
   8,299   1,567,349
Essential Utilities, Inc.
   8,775   471,130
          2,038,479
TOTAL COMMON STOCKS

(Cost $471,747,449)
         627,534,140
SHORT-TERM INVESTMENTS — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)
   515,784   515,836
State Street Navigator Securities Lending Portfolio II (f)  (g)
   123,346   123,346
TOTAL SHORT-TERM INVESTMENTS

(Cost $639,182)
   639,182  
TOTAL INVESTMENTS — 99.9%

(Cost $472,386,631)
   628,173,322  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
  595,911  
NET ASSETS — 100.0%
   $ 628,769,233  
(a) Non-income producing security.
(b) Amount is less than 0.05% of net assets.
(c) All or a portion of the shares of the security are on loan at December 31, 2021.
(d) 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.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) 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.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
At December 31, 2021, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-Mini S&P 500 Index (long)   4   03/18/2022   $933,384   $951,700   $18,316
See accompanying notes to financial statements.
30

Table of Contents
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
During the period ended December 31, 2021, average notional value related to futures contracts was $832,535.
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
   $627,534,140   $—   $—   $627,534,140
Short-Term Investments
   639,182   —   —   639,182
TOTAL INVESTMENTS
   $628,173,322   $—   $—   $628,173,322
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   18,316   —   —   18,316
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 18,316   $—   $—   $ 18,316
(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 Institutional Liquid Reserves Fund, Premier Class
 312,600   $ 312,694   $ 8,462,546   $ 8,259,351   $(53)   $—   515,784   $515,836   $ 132
State Street Navigator Securities Lending Portfolio II
 788,589   788,589   13,697,403   14,362,646   —   —   123,346   123,346   13,917
Total
     $1,101,283   $22,159,949   $22,621,997   $(53)   $—       $639,182   $14,049
See accompanying notes to financial statements.
31

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 1.5%  
AAR Corp. (a)
   336   $ 13,114
Aerojet Rocketdyne Holdings, Inc.
   332   15,524
AeroVironment, Inc. (a)
   8   496
Axon Enterprise, Inc. (a)
   36   5,652
Boeing Co. (a)
   1,930   388,548
Curtiss-Wright Corp.
   278   38,550
General Dynamics Corp.
   2,557   533,058
Hexcel Corp. (a)
   496   25,693
Howmet Aerospace, Inc.
   1,678   53,411
Huntington Ingalls Industries, Inc.
   446   83,286
Kaman Corp.
   176   7,594
L3Harris Technologies, Inc.
   771   164,408
Lockheed Martin Corp.
   1,899   674,924
Mercury Systems, Inc. (a)
   167   9,195
Moog, Inc. Class A
   337   27,287
National Presto Industries, Inc.
   8   656
Northrop Grumman Corp.
   1,150   445,130
Park Aerospace Corp.
   167   2,204
Raytheon Technologies Corp.
   9,748   838,913
Textron, Inc.
   1,715   132,398
TransDigm Group, Inc. (a)
   53   33,723
Triumph Group, Inc. (a)
   584   10,822
          3,504,586
AIR FREIGHT & LOGISTICS — 0.8%  
Atlas Air Worldwide Holdings, Inc. (a)
   724   68,143
C.H. Robinson Worldwide, Inc.
   1,056   113,657
Expeditors International of Washington, Inc.
   636   85,409
FedEx Corp.
   1,899   491,157
Forward Air Corp.
   168   20,343
GXO Logistics, Inc. (a)
   732   66,488
Hub Group, Inc. Class A (a)
   467   39,340
United Parcel Service, Inc. Class B
   4,527   970,317
          1,854,854
AIRLINES — 0.5%  
Alaska Air Group, Inc. (a)
   938   48,870
Allegiant Travel Co. (a)
   40   7,482
American Airlines Group, Inc. (a)
   7,011   125,917
Delta Air Lines, Inc. (a)
   8,333   325,654
Hawaiian Holdings, Inc. (a)
   1,399   25,700
JetBlue Airways Corp. (a)
   3,477   49,512
SkyWest, Inc. (a)
   1,256   49,361
Southwest Airlines Co. (a)
   2,678   114,725
United Airlines Holdings, Inc. (a)
   8,286   362,761
          1,109,982
AUTO COMPONENTS — 0.4%  
Adient PLC (a)
   2,398   114,816
American Axle & Manufacturing Holdings, Inc. (a)
   3,018   28,158
Aptiv PLC (a)
   874   144,166
BorgWarner, Inc.
   2,097   94,512
Security Description     Shares   Value
Cooper-Standard Holdings, Inc. (a)
   500   $ 11,205
Dana, Inc.
   1,867   42,605
Dorman Products, Inc. (a)
   168   18,986
Fox Factory Holding Corp. (a)
   112   19,051
Gentex Corp.
   1,066   37,150
Gentherm, Inc. (a)
   145   12,601
Goodyear Tire & Rubber Co. (a)
   7,075   150,839
LCI Industries
   172   26,810
Lear Corp.
   794   145,262
Patrick Industries, Inc.
   180   14,524
Standard Motor Products, Inc.
   170   8,906
Visteon Corp. (a)
   120   13,337
          882,928
AUTOMOBILES — 2.2%  
Ford Motor Co.
   100,371   2,084,706
General Motors Co. (a)
   37,124   2,176,580
Harley-Davidson, Inc.
   1,679   63,281
Tesla, Inc. (a)
   733   774,620
Thor Industries, Inc.
   434   45,036
Winnebago Industries, Inc.
   259   19,404
          5,163,627
BANKS — 7.6%  
Ameris Bancorp
   543   26,976
Associated Banc-Corp.
   3,897   88,033
Banc of California, Inc.
   586   11,497
BancFirst Corp.
   263   18,557
Bank of America Corp.
   94,799   4,217,608
Bank of Hawaii Corp.
   317   26,552
Bank OZK
   1,057   49,182
BankUnited, Inc.
   1,212   51,280
Banner Corp.
   408   24,753
Berkshire Hills Bancorp, Inc.
   647   18,394
Brookline Bancorp, Inc.
   719   11,641
Cadence Bank
   2,127   63,363
Cathay General Bancorp
   801   34,435
Central Pacific Financial Corp.
   339   9,550
CIT Group, Inc.
   1,077   55,293
Citigroup, Inc.
   26,118   1,577,266
Citizens Financial Group, Inc.
   5,569   263,135
City Holding Co.
   166   13,577
Columbia Banking System, Inc.
   726   23,755
Comerica, Inc.
   1,818   158,166
Commerce Bancshares, Inc.
   594   40,832
Community Bank System, Inc.
   332   24,727
Cullen/Frost Bankers, Inc.
   479   60,388
Customers Bancorp, Inc. (a)
   393   25,690
CVB Financial Corp.
   1,098   23,508
Dime Community Bancshares, Inc.
   308   10,829
Eagle Bancorp, Inc.
   177   10,326
East West Bancorp, Inc.
   884   69,553
FB Financial Corp.
   206   9,027
Fifth Third Bancorp
   6,208   270,358
First BanCorp
   1,925   26,526
First BanCorp
   265   12,116
 
See accompanying notes to financial statements.
32

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
First Commonwealth Financial Corp.
   720   $ 11,585
First Financial Bancorp
   886   21,601
First Financial Bankshares, Inc.
   346   17,591
First Hawaiian, Inc.
   1,415   38,672
First Horizon Corp.
   3,923   64,063
First Midwest Bancorp, Inc.
   1,354   27,730
First Republic Bank
   611   126,178
FNB Corp.
   4,585   55,616
Fulton Financial Corp.
   1,959   33,303
Glacier Bancorp, Inc.
   502   28,463
Great Western Bancorp, Inc.
   561   19,052
Hancock Whitney Corp.
   939   46,969
Hanmi Financial Corp.
   557   13,190
Heritage Financial Corp.
   505   12,342
Hilltop Holdings, Inc.
   867   30,466
Home BancShares, Inc.
   1,400   34,090
HomeStreet, Inc.
   178   9,256
Hope Bancorp, Inc.
   2,093   30,788
Huntington Bancshares, Inc.
   15,975   246,334
Independent Bank Corp.
   336   27,394
Independent Bank Group, Inc.
   288   20,779
International Bancshares Corp.
   505   21,407
Investors Bancorp, Inc.
   2,458   37,239
JPMorgan Chase & Co.
   18,349   2,905,564
KeyCorp.
   12,632   292,178
M&T Bank Corp.
   1,408   216,241
Meta Financial Group, Inc.
   505   30,128
National Bank Holdings Corp. Class A
   289   12,699
NBT Bancorp, Inc.
   344   13,251
OFG Bancorp
   504   13,386
Old National Bancorp
   1,941   35,171
Pacific Premier Bancorp, Inc.
   601   24,058
PacWest Bancorp
   1,522   68,749
Park National Corp.
   133   18,262
People's United Financial, Inc.
   4,415   78,675
Pinnacle Financial Partners, Inc.
   464   44,312
PNC Financial Services Group, Inc.
   3,742   750,346
Preferred Bank
   134   9,620
Prosperity Bancshares, Inc.
   732   52,924
Regions Financial Corp.
   12,555   273,699
Renasant Corp.
   479   18,178
S&T Bancorp, Inc.
   177   5,579
Seacoast Banking Corp. of Florida
   345   12,210
ServisFirst Bancshares, Inc.
   177   15,034
Signature Bank
   264   85,396
Simmons First National Corp. Class A
   1,222   36,147
Southside Bancshares, Inc.
   177   7,402
Sterling Bancorp
   2,125   54,804
SVB Financial Group (a)
   180   122,083
Synovus Financial Corp.
   1,114   53,327
Texas Capital Bancshares, Inc. (a)
   1,259   75,855
Tompkins Financial Corp.
   133   11,116
Triumph Bancorp, Inc. (a)
   115   13,694
Security Description     Shares   Value
Truist Financial Corp.
   10,313   $ 603,826
Trustmark Corp.
   563   18,275
UMB Financial Corp.
   355   37,669
Umpqua Holdings Corp.
   2,423   46,619
United Bankshares, Inc.
   1,011   36,679
United Community Banks, Inc.
   731   26,272
US Bancorp
   14,862   834,799
Valley National Bancorp
   4,438   61,022
Veritex Holdings, Inc.
   334   13,287
Webster Financial Corp.
   778   43,444
Wells Fargo & Co.
   52,483   2,518,134
Westamerica BanCorp
   163   9,410
Wintrust Financial Corp.
   483   43,866
Zions Bancorp NA
   1,809   114,256
          18,058,647
BEVERAGES — 1.2%  
Boston Beer Co., Inc. Class A (a)
   19   9,597
Brown-Forman Corp. Class B
   1,264   92,095
Coca-Cola Co.
   17,623   1,043,458
Coca-Cola Consolidated, Inc.
   128   79,256
Constellation Brands, Inc. Class A
   763   191,490
Molson Coors Beverage Co. Class B
   4,750   220,162
Monster Beverage Corp. (a)
   1,264   121,395
National Beverage Corp.
   304   13,780
PepsiCo, Inc.
   6,005   1,043,129
          2,814,362
BIOTECHNOLOGY — 1.4%  
AbbVie, Inc.
   8,022   1,086,179
Amgen, Inc.
   2,592   583,122
Arrowhead Pharmaceuticals, Inc. (a)
   171   11,337
Biogen, Inc. (a)
   1,317   315,975
Coherus Biosciences, Inc. (a)
   652   10,406
Emergent BioSolutions, Inc. (a)
   174   7,564
Enanta Pharmaceuticals, Inc. (a)
   138   10,320
Exelixis, Inc. (a)
   1,404   25,665
Gilead Sciences, Inc.
   9,604   697,346
Incyte Corp. (a)
   344   25,250
Ligand Pharmaceuticals, Inc. (a)
   51   7,877
Myriad Genetics, Inc. (a)
   501   13,828
Neurocrine Biosciences, Inc. (a)
   191   16,267
Regeneron Pharmaceuticals, Inc. (a)
   468   295,551
Spectrum Pharmaceuticals, Inc. (a)
   165   210
United Therapeutics Corp. (a)
   310   66,985
Vanda Pharmaceuticals, Inc. (a)
   500   7,845
Vericel Corp. (a)
   602   23,659
Vertex Pharmaceuticals, Inc. (a)
   907   199,177
          3,404,563
BUILDING PRODUCTS — 0.6%  
A.O. Smith Corp.
   601   51,596
AAON, Inc.
   161   12,788
Allegion PLC
   279   36,951
 
See accompanying notes to financial statements.
33

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
American Woodmark Corp. (a)
   171   $ 11,149
Apogee Enterprises, Inc.
   333   16,034
Builders FirstSource, Inc. (a)
   923   79,110
Carlisle Cos., Inc.
   320   79,398
Carrier Global Corp.
   2,800   151,872
Fortune Brands Home & Security, Inc.
   600   64,140
Gibraltar Industries, Inc. (a)
   177   11,802
Griffon Corp.
   724   20,620
Johnson Controls International PLC
   5,497   446,961
Lennox International, Inc.
   135   43,789
Masco Corp.
   1,228   86,230
Owens Corning
   745   67,422
PGT Innovations, Inc. (a)
   564   12,684
Quanex Building Products Corp.
   338   8,376
Resideo Technologies, Inc. (a)
   1,085   28,243
Simpson Manufacturing Co., Inc.
   170   23,642
Trane Technologies PLC
   904   182,635
Trex Co., Inc. (a)
   161   21,740
UFP Industries, Inc.
   515   47,385
          1,504,567
CAPITAL MARKETS — 3.5%  
Affiliated Managers Group, Inc.
   319   52,479
Ameriprise Financial, Inc.
   998   301,057
Bank of New York Mellon Corp.
   10,001   580,858
BlackRock, Inc.
   621   568,563
Blucora, Inc. (a)
   335   5,802
Brightsphere Investment Group, Inc.
   710   18,176
Cboe Global Markets, Inc.
   643   83,847
Charles Schwab Corp.
   6,822   573,730
CME Group, Inc.
   1,632   372,847
Donnelley Financial Solutions, Inc. (a)
   273   12,869
Evercore, Inc. Class A
   316   42,929
FactSet Research Systems, Inc.
   115   55,891
Federated Hermes, Inc.
   895   33,634
Franklin Resources, Inc.
   7,237   242,367
Goldman Sachs Group, Inc.
   2,987   1,142,677
Greenhill & Co., Inc.
   341   6,114
Interactive Brokers Group, Inc. Class A
   2,223   176,551
Intercontinental Exchange, Inc.
   1,795   245,502
Invesco, Ltd.
   4,466   102,807
Janus Henderson Group PLC
   2,242   94,029
Jefferies Financial Group, Inc.
   5,141   199,471
MarketAxess Holdings, Inc.
   39   16,039
Moody's Corp.
   365   142,562
Morgan Stanley
   15,904   1,561,137
MSCI, Inc.
   71   43,501
Nasdaq, Inc.
   725   152,257
Northern Trust Corp.
   1,571   187,907
Piper Sandler Cos.
   165   29,454
Raymond James Financial, Inc.
   2,025   203,310
S&P Global, Inc.
   331   156,209
SEI Investments Co.
   741   45,157
Security Description     Shares   Value
State Street Corp. (b)
   4,776   $ 444,168
Stifel Financial Corp.
   914   64,364
StoneX Group, Inc. (a)
   501   30,686
T Rowe Price Group, Inc.
   959   188,578
Virtus Investment Partners, Inc.
   30   8,913
WisdomTree Investments, Inc.
   475   2,907
          8,189,349
CHEMICALS — 2.0%  
AdvanSix, Inc.
   726   34,304
Air Products & Chemicals, Inc.
   859   261,359
Albemarle Corp.
   422   98,651
American Vanguard Corp.
   169   2,770
Ashland Global Holdings, Inc.
   475   51,138
Avient Corp.
   718   40,172
Balchem Corp.
   85   14,331
Cabot Corp.
   482   27,088
Celanese Corp.
   790   132,767
CF Industries Holdings, Inc.
   1,852   131,085
Chemours Co.
   2,146   72,020
Corteva, Inc.
   4,571   216,117
Dow, Inc.
   5,723   324,609
DuPont de Nemours, Inc.
   6,845   552,939
Eastman Chemical Co.
   1,194   144,367
Ecolab, Inc.
   722   169,374
Ferro Corp. (a)
   508   11,090
FMC Corp.
   478   52,527
FutureFuel Corp.
   725   5,539
GCP Applied Technologies, Inc. (a)
   558   17,666
Hawkins, Inc.
   328   12,940
HB Fuller Co.
   504   40,824
Ingevity Corp. (a)
   333   23,876
Innospec, Inc.
   165   14,906
International Flavors & Fragrances, Inc.
   338   50,920
Koppers Holdings, Inc. (a)
   341   10,673
Kraton Corp. (a)
   902   41,781
Linde PLC
   1,821   630,849
Livent Corp. (a)
   428   10,435
LyondellBasell Industries NV Class A
   6,717   619,509
Minerals Technologies, Inc.
   273   19,970
Mosaic Co.
   4,086   160,539
NewMarket Corp.
   103   35,300
Olin Corp.
   1,235   71,037
PPG Industries, Inc.
   1,034   178,303
Quaker Chemical Corp.
   21   4,846
Rayonier Advanced Materials, Inc. (a)
   1,402   8,005
RPM International, Inc.
   557   56,257
Scotts Miracle-Gro Co.
   145   23,345
Sensient Technologies Corp.
   262   26,216
Sherwin-Williams Co.
   709   249,681
Stepan Co.
   171   21,254
Tredegar Corp.
   506   5,981
Trinseo PLC
   433   22,715
 
See accompanying notes to financial statements.
34

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Valvoline, Inc.
   732   $ 27,296
          4,727,371
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
ABM Industries, Inc.
   744   30,392
Brady Corp. Class A
   335   18,057
Brink's Co.
   171   11,213
Cintas Corp.
   279   123,644
Clean Harbors, Inc. (a)
   331   33,024
Copart, Inc. (a)
   589   89,304
CoreCivic, Inc. REIT (a)
   3,343   33,330
Deluxe Corp.
   563   18,078
Harsco Corp. (a)
   1,358   22,692
Healthcare Services Group, Inc.
   583   10,372
HNI Corp.
   563   23,674
IAA, Inc. (a)
   405   20,501
Interface, Inc.
   1,786   28,487
KAR Auction Services, Inc. (a)
   3,304   51,609
Matthews International Corp. Class A
   345   12,651
MillerKnoll, Inc.
   644   25,238
MSA Safety, Inc.
   123   18,568
Pitney Bowes, Inc.
   2,266   15,024
Republic Services, Inc.
   1,831   255,333
Rollins, Inc.
   726   24,836
Stericycle, Inc. (a)
   502   29,939
Tetra Tech, Inc.
   173   29,375
UniFirst Corp.
   138   29,035
US Ecology, Inc. (a)
   332   10,604
Viad Corp. (a)
   167   7,146
Waste Management, Inc.
   1,675   279,558
          1,251,684
COMMUNICATIONS EQUIPMENT — 1.0%  
ADTRAN, Inc.
   346   7,899
Arista Networks, Inc. (a)
   866   124,488
Ciena Corp. (a)
   717   55,187
Cisco Systems, Inc.
   26,187   1,659,470
Comtech Telecommunications Corp.
   175   4,146
Digi International, Inc. (a)
   177   4,349
Extreme Networks, Inc. (a)
   1,089   17,097
F5, Inc. (a)
   255   62,401
Harmonic, Inc. (a)
   732   8,608
Juniper Networks, Inc.
   2,862   102,202
Lumentum Holdings, Inc. (a)
   309   32,683
Motorola Solutions, Inc.
   471   127,971
NETGEAR, Inc. (a)
   177   5,170
NetScout Systems, Inc. (a)
   499   16,507
Plantronics, Inc. (a)
   254   7,452
Viasat, Inc. (a)
   563   25,076
Viavi Solutions, Inc. (a)
   901   15,876
          2,276,582
CONSTRUCTION & ENGINEERING — 0.2%  
AECOM (a)
   1,265   97,848
Arcosa, Inc.
   335   17,655
Security Description     Shares   Value
Comfort Systems USA, Inc.
   280   $ 27,703
Dycom Industries, Inc. (a)
   256   24,003
EMCOR Group, Inc.
   475   60,510
Fluor Corp. (a)
   3,712   91,946
Granite Construction, Inc.
   503   19,466
MasTec, Inc. (a)
   616   56,844
MYR Group, Inc. (a)
   174   19,236
Quanta Services, Inc.
   870   99,754
Valmont Industries, Inc.
   110   27,555
          542,520
CONSTRUCTION MATERIALS — 0.1%  
Eagle Materials, Inc.
   167   27,799
Martin Marietta Materials, Inc.
   223   98,236
Vulcan Materials Co.
   460   95,487
          221,522
CONSUMER FINANCE — 1.5%  
American Express Co.
   4,457   729,165
Capital One Financial Corp.
   10,883   1,579,015
Discover Financial Services
   2,618   302,536
Encore Capital Group, Inc. (a)  (c)
   783   48,632
Enova International, Inc. (a)
   900   36,864
EZCORP, Inc. Class A (a)
   1,790   13,192
FirstCash Holdings, Inc.
   341   25,510
Green Dot Corp. Class A (a)
   504   18,265
LendingTree, Inc. (a)
   4   490
Navient Corp.
   4,266   90,525
PRA Group, Inc. (a)
   502   25,206
Prog Holdings, Inc.
   407   18,360
SLM Corp.
   2,159   42,468
Synchrony Financial
   13,993   649,135
World Acceptance Corp. (a)
   103   25,279
          3,604,642
CONTAINERS & PACKAGING — 0.5%  
Amcor PLC
   11,964   143,688
AptarGroup, Inc.
   172   21,067
Avery Dennison Corp.
   340   73,634
Ball Corp.
   1,165   112,155
Greif, Inc. Class A
   725   43,768
International Paper Co.
   5,139   241,430
Myers Industries, Inc.
   335   6,703
O-I Glass, Inc. (a)
   3,977   47,843
Packaging Corp. of America
   722   98,300
Sealed Air Corp.
   1,071   72,260
Silgan Holdings, Inc.
   1,066   45,667
Sonoco Products Co.
   877   50,770
Westrock Co.
   6,679   296,281
          1,253,566
DISTRIBUTORS — 0.1%  
Genuine Parts Co.
   1,092   153,098
LKQ Corp.
   2,432   145,993
Pool Corp.
   60   33,960
          333,051
 
See accompanying notes to financial statements.
35

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
DIVERSIFIED CONSUMER SERVICES — 0.1%  
Adtalem Global Education, Inc. (a)
   346   $ 10,228
American Public Education, Inc. (a)
   164   3,649
Graham Holdings Co. Class B
   105   66,132
Grand Canyon Education, Inc. (a)
   174   14,914
H&R Block, Inc.
   2,404   56,638
Perdoceo Education Corp. (a)
   558   6,562
Regis Corp. (a)  (c)
   10   17
Service Corp. International
   1,035   73,475
Strategic Education, Inc.
   176   10,180
WW International, Inc. (a)  (c)
   556   8,968
          250,763
DIVERSIFIED FINANCIAL SERVICES — 2.6%  
Berkshire Hathaway, Inc. Class B (a)
   20,290   6,066,710
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%  
AT&T, Inc.
   182,593   4,491,788
ATN International, Inc.
   166   6,632
Cogent Communications Holdings, Inc.
   183   13,392
Consolidated Communications Holdings, Inc. (a)
   2,126   15,902
Iridium Communications, Inc. (a)
   558   23,040
Lumen Technologies, Inc.
   23,562   295,703
Verizon Communications, Inc.
   54,496   2,831,612
          7,678,069
ELECTRIC UTILITIES — 2.2%  
ALLETE, Inc.
   582   38,616
Alliant Energy Corp.
   1,532   94,172
American Electric Power Co., Inc.
   4,353   387,286
Duke Energy Corp.
   5,894   618,281
Edison International
   3,318   226,453
Entergy Corp.
   2,185   246,140
Evergy, Inc.
   1,977   135,642
Eversource Energy
   2,420   220,172
Exelon Corp.
   12,742   735,978
FirstEnergy Corp.
   4,727   196,596
Hawaiian Electric Industries, Inc.
   939   38,969
IDACORP, Inc.
   331   37,506
NextEra Energy, Inc.
   7,412   691,984
NRG Energy, Inc.
   3,252   140,096
OGE Energy Corp.
   2,118   81,289
Pinnacle West Capital Corp.
   1,230   86,826
PNM Resources, Inc.
   709   32,337
PPL Corp.
   10,028   301,442
Southern Co.
   9,228   632,856
Xcel Energy, Inc.
   3,789   256,515
          5,199,156
ELECTRICAL EQUIPMENT — 0.5%  
Acuity Brands, Inc.
   200   42,344
AMETEK, Inc.
   652   95,870
AZZ, Inc.
   172   9,510
Eaton Corp. PLC
   2,443   422,199
Emerson Electric Co.
   2,709   251,856
Security Description     Shares   Value
Encore Wire Corp.
   165   $ 23,612
EnerSys
   337   26,643
Generac Holdings, Inc. (a)
   112   39,415
Hubbell, Inc.
   263   54,775
nVent Electric PLC
   1,194   45,372
Powell Industries, Inc.
   174   5,131
Regal Rexnord Corp.
   477   81,176
Rockwell Automation, Inc.
   337   117,562
Sunrun, Inc. (a)  (c)
   339   11,628
Vicor Corp. (a)
   6   762
          1,227,855
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0%  
Advanced Energy Industries, Inc.
   174   15,845
Amphenol Corp. Class A
   1,790   156,553
Arrow Electronics, Inc. (a)
   1,781   239,135
Avnet, Inc.
   2,540   104,724
Badger Meter, Inc.
   8   853
Belden, Inc.
   336   22,085
Benchmark Electronics, Inc.
   918   24,878
CDW Corp.
   607   124,302
Cognex Corp.
   176   13,686
Coherent, Inc. (a)
   106   28,253
Corning, Inc.
   3,319   123,566
CTS Corp.
   332   12,191
ePlus, Inc. (a)
   316   17,026
Fabrinet (a)
   168   19,903
FARO Technologies, Inc. (a)
   8   560
II-VI, Inc. (a)  (c)
   501   34,233
Insight Enterprises, Inc. (a)
   457   48,716
IPG Photonics Corp. (a)
   169   29,092
Itron, Inc. (a)
   171   11,717
Jabil, Inc.
   3,705   260,647
Keysight Technologies, Inc. (a)
   499   103,049
Knowles Corp. (a)
   895   20,898
Littelfuse, Inc.
   106   33,356
Methode Electronics, Inc.
   341   16,767
National Instruments Corp.
   714   31,180
OSI Systems, Inc. (a)
   166   15,471
PC Connection, Inc.
   335   14,449
Plexus Corp. (a)
   175   16,781
Rogers Corp. (a)
   48   13,104
Sanmina Corp. (a)
   1,653   68,533
ScanSource, Inc. (a)
   724   25,398
TD SYNNEX Corp.
   1,051   120,192
TE Connectivity, Ltd.
   1,407   227,005
Teledyne Technologies, Inc. (a)
   161   70,339
Trimble, Inc. (a)
   761   66,352
TTM Technologies, Inc. (a)
   2,684   39,992
Vishay Intertechnology, Inc.
   1,229   26,878
Vontier Corp.
   714   21,941
Zebra Technologies Corp. Class A (a)
   152   90,470
          2,310,120
 
See accompanying notes to financial statements.
36

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
ENERGY EQUIPMENT & SERVICES — 0.5%  
Archrock, Inc.
   1,673   $ 12,514
Baker Hughes Co.
   9,684   232,997
Bristow Group, Inc. (a)
   715   22,644
ChampionX Corp. (a)
   721   14,572
Core Laboratories NV
   145   3,235
Dril-Quip, Inc. (a)
   337   6,632
Halliburton Co.
   7,747   177,174
Helix Energy Solutions Group, Inc. (a)
   4,255   13,276
Helmerich & Payne, Inc.
   2,733   64,772
Nabors Industries, Ltd. (a)
   168   13,623
Nov, Inc.
   9,848   133,441
Oceaneering International, Inc. (a)
   1,318   14,907
Oil States International, Inc. (a)
   897   4,458
Patterson-UTI Energy, Inc.
   5,474   46,255
ProPetro Holding Corp. (a)
   2,463   19,950
RPC, Inc. (a)
   2,145   9,738
Schlumberger NV
   12,183   364,881
US Silica Holdings, Inc. (a)
   951   8,939
          1,164,008
ENTERTAINMENT — 0.7%  
Activision Blizzard, Inc.
   1,705   113,434
Cinemark Holdings, Inc. (a)  (c)
   1,194   19,247
Electronic Arts, Inc.
   885   116,732
Live Nation Entertainment, Inc. (a)
   486   58,169
Marcus Corp. (a)  (c)
   661   11,805
Netflix, Inc. (a)
   638   384,357
Take-Two Interactive Software, Inc. (a)
   329   58,470
Walt Disney Co. (a)
   5,148   797,374
World Wrestling Entertainment, Inc. Class A (c)
   186   9,177
          1,568,765
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 3.0%  
Acadia Realty Trust REIT
   506   11,046
Agree Realty Corp. REIT
   165   11,774
Alexander & Baldwin, Inc. REIT (a)
   624   15,656
Alexandria Real Estate Equities, Inc. REIT
   611   136,229
American Assets Trust, Inc. REIT
   511   19,178
American Campus Communities, Inc. REIT
   1,056   60,498
American Tower Corp. REIT
   1,011   295,717
Apartment Income REIT Corp.
   1,250   68,337
Armada Hoffler Properties, Inc. REIT
   503   7,656
AvalonBay Communities, Inc. REIT
   875   221,016
Boston Properties, Inc. REIT
   1,019   117,368
Brandywine Realty Trust REIT
   2,242   30,088
Brixmor Property Group, Inc. REIT
   2,586   65,710
Camden Property Trust REIT
   444   79,334
CareTrust REIT, Inc.
   499   11,392
Centerspace REIT
   163   18,077
Chatham Lodging Trust REIT (a)
   725   9,947
Security Description     Shares   Value
Corporate Office Properties Trust REIT
   886   $ 24,781
Cousins Properties, Inc. REIT
   1,113   44,832
Crown Castle International Corp. REIT
   1,507   314,571
CyrusOne, Inc. REIT
   455   40,823
DiamondRock Hospitality Co. REIT (a)
   1,627   15,635
Digital Realty Trust, Inc. REIT
   1,062   187,836
Diversified Healthcare Trust REIT
   6,537   20,199
Douglas Emmett, Inc. REIT
   1,247   41,774
Duke Realty Corp. REIT
   1,566   102,792
Easterly Government Properties, Inc. REIT
   502   11,506
EastGroup Properties, Inc. REIT
   130   29,620
EPR Properties REIT
   575   27,307
Equinix, Inc. REIT
   202   170,860
Equity Residential REIT
   2,419   218,919
Essential Properties Realty Trust, Inc. REIT
   556   16,029
Essex Property Trust, Inc. REIT
   302   106,373
Extra Space Storage, Inc. REIT
   420   95,227
Federal Realty Investment Trust REIT
   323   44,031
First Industrial Realty Trust, Inc. REIT
   559   37,006
Four Corners Property Trust, Inc. REIT
   342   10,058
Franklin Street Properties Corp. REIT
   1,564   9,306
GEO Group, Inc. REIT (a)  (c)
   3,687   28,574
Getty Realty Corp. REIT
   483   15,499
Global Net Lease, Inc. REIT
   1,407   21,499
Healthcare Realty Trust, Inc. REIT
   996   31,513
Healthpeak Properties, Inc. REIT
   3,901   140,787
Hersha Hospitality Trust REIT (a)
   1,055   9,674
Highwoods Properties, Inc. REIT
   906   40,399
Host Hotels & Resorts, Inc. REIT (a)
   6,174   107,366
Hudson Pacific Properties, Inc. REIT
   1,332   32,914
Independence Realty Trust, Inc. REIT
   647   16,712
Industrial Logistics Properties Trust REIT
   720   18,036
Innovative Industrial Properties, Inc. REIT (c)
   49   12,883
Iron Mountain, Inc. REIT
   2,536   132,709
iStar, Inc. REIT (c)
   888   22,937
JBG SMITH Properties REIT
   866   24,863
Kilroy Realty Corp. REIT
   794   52,769
Kimco Realty Corp. REIT
   5,242   129,215
Kite Realty Group Trust REIT
   1,771   38,572
Lamar Advertising Co. Class A REIT
   410   49,733
Life Storage, Inc. REIT
   315   48,252
LTC Properties, Inc. REIT
   340   11,608
 
See accompanying notes to financial statements.
37

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
LXP Industrial Trust REIT
   1,958   $ 30,584
Macerich Co. REIT
   5,417   93,606
Medical Properties Trust, Inc. REIT
   4,089   96,623
Mid-America Apartment Communities, Inc. REIT
   558   128,028
National Retail Properties, Inc. REIT
   1,228   59,030
National Storage Affiliates Trust REIT
   343   23,736
NexPoint Residential Trust, Inc. REIT
   177   14,838
Office Properties Income Trust REIT
   1,221   30,330
Omega Healthcare Investors, Inc. REIT
   2,006   59,358
Park Hotels & Resorts, Inc. REIT (a)
   3,069   57,943
Pebblebrook Hotel Trust REIT
   1,023   22,885
Physicians Realty Trust REIT
   1,630   30,693
PotlatchDeltic Corp. REIT
   503   30,291
Prologis, Inc. REIT
   2,324   391,269
PS Business Parks, Inc. REIT
   167   30,756
Public Storage REIT
   690   258,446
Rayonier, Inc. REIT
   729   29,422
Realty Income Corp. REIT
   3,404   243,692
Regency Centers Corp. REIT
   1,233   92,907
Retail Opportunity Investments Corp. REIT
   1,232   24,147
Rexford Industrial Realty, Inc. REIT
   351   28,470
RPT Realty REIT
   724   9,687
Sabra Health Care REIT, Inc.
   2,452   33,200
Safehold, Inc. REIT
   106   8,464
Saul Centers, Inc. REIT
   382   20,254
SBA Communications Corp. REIT
   115   44,737
Service Properties Trust REIT
   4,200   36,918
Simon Property Group, Inc. REIT
   1,049   167,599
SITE Centers Corp. REIT
   1,474   23,333
SL Green Realty Corp. REIT
   741   53,130
Spirit Realty Capital, Inc. REIT
   1,021   49,202
STORE Capital Corp. REIT
   1,831   62,986
Summit Hotel Properties, Inc. REIT (a)
   1,178   11,497
Tanger Factory Outlet Centers, Inc. REIT
   1,106   21,324
UDR, Inc. REIT
   1,179   70,728
Uniti Group, Inc. REIT
   1,011   14,164
Universal Health Realty Income Trust REIT
   8   476
Urban Edge Properties REIT
   893   16,967
Urstadt Biddle Properties, Inc. Class A REIT
   501   10,671
Ventas, Inc. REIT
   3,439   175,802
Veris Residential, Inc. REIT (a)
   887   16,303
Vornado Realty Trust REIT
   3,967   166,059
Washington Real Estate Investment Trust
   922   23,834
Welltower, Inc. REIT
   3,092   265,201
Security Description     Shares   Value
Weyerhaeuser Co. REIT
   4,587   $ 188,893
Whitestone REIT
   1,235   12,511
Xenia Hotels & Resorts, Inc. REIT (a)
   883   15,991
          7,032,007
FOOD & STAPLES RETAILING — 3.7%  
Andersons, Inc.
   726   28,104
BJ's Wholesale Club Holdings, Inc. (a)
   1,203   80,565
Casey's General Stores, Inc.
   252   49,732
Chefs' Warehouse, Inc. (a)
   336   11,189
Costco Wholesale Corp.
   2,004   1,137,671
Grocery Outlet Holding Corp. (a)
   411   11,623
Kroger Co.
   17,288   782,455
PriceSmart, Inc.
   177   12,951
SpartanNash Co.
   914   23,545
Sprouts Farmers Market, Inc. (a)
   1,630   48,378
Sysco Corp.
   3,919   307,837
United Natural Foods, Inc. (a)
   1,620   79,510
Walmart, Inc.
   36,406   5,267,584
Walgreens Boots Alliance, Inc.
   18,371   958,231
          8,799,375
FOOD PRODUCTS — 1.8%  
Archer-Daniels-Midland Co.
   7,286   492,461
B&G Foods, Inc.
   726   22,310
Calavo Growers, Inc.
   6   254
Cal-Maine Foods, Inc. (a)
   345   12,762
Campbell Soup Co.
   2,627   114,169
Conagra Brands, Inc.
   3,756   128,267
Darling Ingredients, Inc. (a)
   612   42,405
Flowers Foods, Inc.
   1,804   49,556
Fresh Del Monte Produce, Inc.
   896   24,730
General Mills, Inc.
   4,687   315,810
Hain Celestial Group, Inc. (a)
   558   23,776
Hershey Co.
   905   175,090
Hormel Foods Corp.
   3,069   149,798
Ingredion, Inc.
   887   85,720
J&J Snack Foods Corp.
   111   17,534
J.M. Smucker Co.
   1,207   163,935
John B Sanfilippo & Son, Inc.
   161   14,516
Kellogg Co.
   2,775   178,765
Kraft Heinz Co.
   18,074   648,857
Lamb Weston Holdings, Inc.
   492   31,183
Lancaster Colony Corp.
   130   21,528
McCormick & Co., Inc.
   780   75,356
Mondelez International, Inc. Class A
   8,678   575,438
Pilgrim's Pride Corp. (a)
   1,238   34,912
Post Holdings, Inc. (a)
   502   56,590
Sanderson Farms, Inc.
   163   31,146
Seneca Foods Corp. Class A (a)
   170   8,151
Simply Good Foods Co. (a)
   396   16,462
Tootsie Roll Industries, Inc.
   332   12,028
TreeHouse Foods, Inc. (a)
   717   29,060
 
See accompanying notes to financial statements.
38

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Tyson Foods, Inc. Class A
   7,460   $ 650,214
          4,202,783
GAS UTILITIES — 0.2%  
Atmos Energy Corp.
   959   100,474
Chesapeake Utilities Corp.
   106   15,456
National Fuel Gas Co.
   732   46,804
New Jersey Resources Corp.
   862   35,394
Northwest Natural Holding Co.
   175   8,536
ONE Gas, Inc.
   502   38,950
South Jersey Industries, Inc.
   1,330   34,740
Southwest Gas Holdings, Inc. (a)
   751   52,607
Spire, Inc.
   580   37,828
UGI Corp.
   2,457   112,801
          483,590
HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%  
Abbott Laboratories
   4,565   642,478
ABIOMED, Inc. (a)
   71   25,501
Align Technology, Inc. (a)
   190   124,864
Avanos Medical, Inc. (a)
   329   11,406
Baxter International, Inc.
   1,624   139,404
Becton Dickinson and Co.
   918   230,859
Boston Scientific Corp. (a)
   4,553   193,411
CONMED Corp.
   44   6,237
Cooper Cos., Inc.
   165   69,125
CryoLife, Inc. (a)
   8   163
DENTSPLY SIRONA, Inc.
   761   42,456
DexCom, Inc. (a)
   90   48,325
Edwards Lifesciences Corp. (a)
   1,381   178,909
Globus Medical, Inc. Class A (a)
   330   23,826
Haemonetics Corp. (a)
   168   8,911
Hologic, Inc. (a)
   888   67,985
ICU Medical, Inc. (a)
   106   25,158
IDEXX Laboratories, Inc. (a)
   131   86,258
Integer Holdings Corp. (a)
   176   15,064
Integra LifeSciences Holdings Corp. (a)
   175   11,723
Intuitive Surgical, Inc. (a)
   546   196,178
LivaNova PLC (a)
   167   14,601
Masimo Corp. (a)
   125   36,598
Medtronic PLC
   5,795   599,493
Meridian Bioscience, Inc. (a)
   138   2,815
Merit Medical Systems, Inc. (a)
   169   10,529
Natus Medical, Inc. (a)
   177   4,200
Neogen Corp. (a)
   326   14,804
NuVasive, Inc. (a)
   176   9,236
Penumbra, Inc. (a)
   8   2,299
Quidel Corp. (a)
   161   21,733
ResMed, Inc.
   217   56,524
STERIS PLC
   324   78,865
Stryker Corp.
   961   256,991
Surmodics, Inc. (a)
   5   241
Teleflex, Inc.
   62   20,366
Varex Imaging Corp. (a)
   174   5,490
Zimmer Biomet Holdings, Inc.
   735   93,374
          3,376,400
Security Description     Shares   Value
HEALTH CARE PROVIDERS & SERVICES — 5.7%  
Acadia Healthcare Co., Inc. (a)
   621   $ 37,695
Addus HomeCare Corp. (a)
   3   280
Amedisys, Inc. (a)
   112   18,131
AmerisourceBergen Corp.
   3,832   509,234
AMN Healthcare Services, Inc. (a)
   290   35,476
Anthem, Inc.
   2,132   988,267
Cardinal Health, Inc.
   7,205   370,985
Centene Corp. (a)
   7,589   625,334
Chemed Corp.
   31   16,400
Cigna Corp.
   4,363   1,001,876
Community Health Systems, Inc. (a)
   3,072   40,888
CorVel Corp. (a)
   80   16,640
Covetrus, Inc. (a)
   719   14,358
Cross Country Healthcare, Inc. (a)
   406   11,271
CVS Health Corp.
   33,676   3,474,016
DaVita, Inc. (a)
   1,704   193,847
Encompass Health Corp.
   610   39,809
Ensign Group, Inc.
   171   14,357
HCA Healthcare, Inc.
   2,107   541,330
HealthEquity, Inc. (a)
   169   7,477
Henry Schein, Inc. (a)
   1,233   95,594
Humana, Inc.
   1,001   464,324
Laboratory Corp. of America Holdings (a)
   692   217,433
LHC Group, Inc. (a)
   159   21,820
Magellan Health, Inc. (a)
   593   56,329
McKesson Corp.
   3,933   977,626
MEDNAX, Inc. (a)
   1,100   29,931
ModivCare, Inc. (a)
   107   15,867
Molina Healthcare, Inc. (a)
   490   155,859
Owens & Minor, Inc.
   944   41,064
Patterson Cos., Inc.
   1,112   32,637
Pennant Group, Inc. (a)
   161   3,716
Quest Diagnostics, Inc.
   937   162,110
RadNet, Inc. (a)
   352   10,599
Select Medical Holdings Corp.
   1,394   40,984
Tenet Healthcare Corp. (a)
   2,704   220,890
Tivity Health, Inc. (a)
   482   12,744
UnitedHealth Group, Inc.
   5,830   2,927,476
Universal Health Services, Inc. Class B
   1,030   133,550
          13,578,224
HEALTH CARE TECHNOLOGY — 0.1%  
Allscripts Healthcare Solutions, Inc. (a)
   1,401   25,849
Cerner Corp.
   952   88,412
Computer Programs & Systems, Inc. (a)
   8   235
NextGen Healthcare, Inc. (a)
   332   5,906
Omnicell, Inc. (a)
   114   20,570
          140,972
HOTELS, RESTAURANTS & LEISURE — 1.4%  
BJ's Restaurants, Inc. (a)
   116   4,008
 
See accompanying notes to financial statements.
39

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Bloomin' Brands, Inc. (a)
   719   $ 15,085
Booking Holdings, Inc. (a)
   118   283,109
Boyd Gaming Corp. (a)
   333   21,835
Brinker International, Inc. (a)
   287   10,501
Caesars Entertainment, Inc. (a)
   299   27,966
Carnival Corp. (a)  (c)
   20,217   406,766
Cheesecake Factory, Inc. (a)
   178   6,969
Chipotle Mexican Grill, Inc. (a)
   37   64,685
Choice Hotels International, Inc.
   168   26,206
Churchill Downs, Inc.
   33   7,950
Chuy's Holdings, Inc. (a)
   51   1,536
Cracker Barrel Old Country Store, Inc.
   196   25,213
Darden Restaurants, Inc.
   480   72,307
Dave & Buster's Entertainment, Inc. (a)
   171   6,566
Dine Brands Global, Inc.
   151   11,447
Domino's Pizza, Inc.
   72   40,632
El Pollo Loco Holdings, Inc. (a)
   562   7,975
Expedia Group, Inc. (a)
   306   55,300
Fiesta Restaurant Group, Inc. (a)
   896   9,865
Hilton Worldwide Holdings, Inc. (a)
   415   64,736
Jack in the Box, Inc.
   50   4,374
Las Vegas Sands Corp. (a)
   4,552   171,337
Marriott International, Inc. Class A (a)
   921   152,186
Marriott Vacations Worldwide Corp.
   146   24,671
McDonald's Corp.
   2,591   694,569
MGM Resorts International
   3,157   141,686
Monarch Casino & Resort, Inc. (a)
   163   12,054
Norwegian Cruise Line Holdings, Ltd. (a)
   2,764   57,325
Papa John's International, Inc.
   115   15,349
Penn National Gaming, Inc. (a)
   472   24,473
Red Robin Gourmet Burgers, Inc. (a)
   341   5,637
Royal Caribbean Cruises, Ltd. (a)
   1,929   148,340
Ruth's Hospitality Group, Inc. (a)
   142   2,826
Scientific Games Corp. Class A (a)
   846   56,538
Shake Shack, Inc. Class A (a)
   35   2,526
Six Flags Entertainment Corp. (a)
   319   13,583
Starbucks Corp.
   2,605   304,707
Texas Roadhouse, Inc.
   303   27,052
Travel + Leisure Co.
   606   33,494
Wendy's Co.
   1,067   25,448
Wyndham Hotels & Resorts, Inc.
   178   15,958
Wynn Resorts, Ltd. (a)  (c)
   346   29,424
Yum! Brands, Inc.
   894   124,141
          3,258,355
HOUSEHOLD DURABLES — 0.8%  
Cavco Industries, Inc. (a)
   46   14,612
Century Communities, Inc.
   446   36,478
D.R. Horton, Inc.
   2,314   250,953
Ethan Allen Interiors, Inc.
   341   8,965
Garmin, Ltd.
   730   99,404
Helen of Troy, Ltd. (a)
   123   30,070
Security Description     Shares   Value
Installed Building Products, Inc.
   117   $ 16,347
iRobot Corp. (a)
   163   10,739
KB Home
   770   34,442
La-Z-Boy, Inc.
   507   18,409
Leggett & Platt, Inc.
   1,177   48,445
Lennar Corp. Class A
   2,405   279,365
LGI Homes, Inc. (a)
   180   27,806
M/I Homes, Inc. (a)
   489   30,406
MDC Holdings, Inc.
   608   33,945
Meritage Homes Corp. (a)
   426   51,998
Mohawk Industries, Inc. (a)
   766   139,550
Newell Brands, Inc.
   4,134   90,287
NVR, Inc. (a)
   14   82,724
PulteGroup, Inc.
   2,305   131,754
Taylor Morrison Home Corp. (a)
   1,677   58,628
Tempur Sealy International, Inc.
   803   37,765
Toll Brothers, Inc.
   1,480   107,137
TopBuild Corp. (a)
   145   40,007
Tri Pointe Homes, Inc. (a)
   3,026   84,395
Tupperware Brands Corp. (a)
   437   6,682
Universal Electronics, Inc. (a)
   167   6,805
Whirlpool Corp.
   711   166,843
          1,944,961
HOUSEHOLD PRODUCTS — 1.0%  
Central Garden & Pet Co. Class A (a)
   341   16,317
Church & Dwight Co., Inc.
   871   89,277
Clorox Co.
   469   81,775
Colgate-Palmolive Co.
   3,199   273,003
Energizer Holdings, Inc.
   424   17,002
Kimberly-Clark Corp.
   2,094   299,274
Procter & Gamble Co.
   9,196   1,504,282
WD-40 Co.
   4   979
          2,281,909
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (d)  
AES Corp.
   4,705   114,332
INDUSTRIAL CONGLOMERATES — 0.9%  
3M Co.
   3,595   638,580
General Electric Co.
   7,719   729,214
Honeywell International, Inc.
   2,612   544,628
Roper Technologies, Inc.
   299   147,066
          2,059,488
INSURANCE — 5.1%  
Aflac, Inc.
   15,691   916,197
Alleghany Corp. (a)
   154   102,809
Allstate Corp.
   7,330   862,374
Ambac Financial Group, Inc. (a)
   883   14,172
American Equity Investment Life Holding Co.
   2,161   84,106
American Financial Group, Inc.
   1,680   230,698
American International Group, Inc.
   21,231   1,207,195
AMERISAFE, Inc.
   167   8,990
Aon PLC Class A
   630   189,353
 
See accompanying notes to financial statements.
40

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Arthur J Gallagher & Co.
   772   $ 130,985
Assurant, Inc.
   757   117,986
Assured Guaranty, Ltd.
   1,951   97,940
Brighthouse Financial, Inc. (a)
   2,234   115,721
Brown & Brown, Inc.
   1,026   72,107
Chubb, Ltd.
   4,772   922,475
Cincinnati Financial Corp.
   1,326   151,071
CNO Financial Group, Inc.
   3,389   80,794
eHealth, Inc. (a)
   8   204
Employers Holdings, Inc.
   332   13,738
Everest Re Group, Ltd.
   537   147,095
First American Financial Corp.
   2,768   216,541
Genworth Financial, Inc. Class A (a)
   13,806   55,914
Globe Life, Inc.
   1,232   115,463
Hanover Insurance Group, Inc.
   469   61,467
Hartford Financial Services Group, Inc.
   4,544   313,718
HCI Group, Inc.
   55   4,595
Horace Mann Educators Corp.
   559   21,633
James River Group Holdings, Ltd.
   505   14,549
Kemper Corp.
   789   46,385
Kinsale Capital Group, Inc.
   56   13,322
Lincoln National Corp.
   4,344   296,521
Loews Corp.
   5,167   298,446
Marsh & McLennan Cos., Inc.
   1,786   310,443
Mercury General Corp.
   729   38,681
MetLife, Inc.
   18,282   1,142,442
Old Republic International Corp.
   7,159   175,968
Primerica, Inc.
   285   43,682
Principal Financial Group, Inc.
   6,410   463,635
ProAssurance Corp.
   725   18,343
Progressive Corp.
   5,125   526,081
Prudential Financial, Inc.
   9,666   1,046,248
Reinsurance Group of America, Inc.
   1,706   186,790
RenaissanceRe Holdings, Ltd.
   644   109,049
RLI Corp.
   161   18,048
Safety Insurance Group, Inc.
   164   13,945
Selective Insurance Group, Inc.
   501   41,052
SiriusPoint, Ltd. (a)
   2,455   19,959
Stewart Information Services Corp.
   335   26,710
Travelers Cos., Inc.
   3,238   506,520
United Fire Group, Inc.
   340   7,885
Universal Insurance Holdings, Inc.
   337   5,729
Unum Group
   5,163   126,855
Willis Towers Watson PLC
   589   139,882
WR Berkley Corp.
   1,219   100,433
          11,992,944
INTERACTIVE MEDIA & SERVICES — 3.3%  
Alphabet, Inc. Class A (a)
   920   2,665,277
Alphabet, Inc. Class C (a)
   860   2,488,487
Meta Platforms, Inc. Class A (a)
   7,574   2,547,515
QuinStreet, Inc. (a)
   557   10,132
TripAdvisor, Inc. (a)
   468   12,758
Twitter, Inc. (a)
   730   31,550
Yelp, Inc. (a)
   441   15,982
Security Description     Shares   Value
Ziff Davis, Inc. (a)
   170   $ 18,846
          7,790,547
INTERNET & DIRECT MARKETING RETAIL — 1.7%  
Amazon.com, Inc. (a)
   1,135   3,784,476
eBay, Inc.
   4,553   302,774
Etsy, Inc. (a)
   125   27,368
Liquidity Services, Inc. (a)
   167   3,687
PetMed Express, Inc. (c)
   495   12,504
Shutterstock, Inc.
   101   11,199
          4,142,008
IT SERVICES — 2.4%  
Accenture PLC Class A
   2,230   924,447
Akamai Technologies, Inc. (a)
   721   84,386
Alliance Data Systems Corp.
   1,245   82,880
Automatic Data Processing, Inc.
   1,499   369,623
Broadridge Financial Solutions, Inc.
   332   60,696
Cognizant Technology Solutions Corp. Class A
   2,400   212,928
Concentrix Corp.
   155   27,686
CSG Systems International, Inc.
   170   9,795
DXC Technology Co. (a)
   6,476   208,462
EVERTEC, Inc.
   175   8,747
ExlService Holdings, Inc. (a)
   168   24,321
Fidelity National Information Services, Inc.
   1,865   203,565
Fiserv, Inc. (a)
   2,257   234,254
FleetCor Technologies, Inc. (a)
   311   69,614
Gartner, Inc. (a)
   240   80,237
Global Payments, Inc.
   641   86,650
International Business Machines Corp.
   9,903   1,323,635
Jack Henry & Associates, Inc.
   207   34,567
Kyndryl Holdings, Inc. (a)
   1,980   35,838
LiveRamp Holdings, Inc. (a)
   339   16,255
Mastercard, Inc. Class A
   779   279,910
MAXIMUS, Inc.
   334   26,610
Paychex, Inc.
   1,213   165,575
PayPal Holdings, Inc. (a)
   1,670   314,929
Perficient, Inc. (a)
   107   13,834
Sabre Corp. (a)
   1,959   16,828
TTEC Holdings, Inc.
   191   17,295
Unisys Corp. (a)
   1,621   33,344
VeriSign, Inc. (a)
   289   73,354
Visa, Inc. Class A
   2,422   524,872
Western Union Co.
   2,848   50,808
WEX, Inc. (a)
   134   18,812
          5,634,757
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Brunswick Corp.
   335   33,745
Callaway Golf Co. (a)
   422   11,580
Hasbro, Inc.
   778   79,185
Mattel, Inc. (a)
   1,329   28,653
Polaris, Inc.
   341   37,479
Sturm Ruger & Co., Inc.
   158   10,747
 
See accompanying notes to financial statements.
41

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Vista Outdoor, Inc. (a)
   449   $ 20,685
YETI Holdings, Inc. (a)
   193   15,986
          238,060
LIFE SCIENCES TOOLS & SERVICES — 0.9%  
Agilent Technologies, Inc.
   674   107,604
Bio-Rad Laboratories, Inc. Class A (a)
   241   182,092
Bio-Techne Corp.
   24   12,416
Charles River Laboratories International, Inc. (a)
   151   56,894
Danaher Corp.
   1,646   541,550
Illumina, Inc. (a)
   350   133,154
IQVIA Holdings, Inc. (a)
   647   182,545
Medpace Holdings, Inc. (a)
   113   24,593
Mettler-Toledo International, Inc. (a)
   48   81,466
PerkinElmer, Inc.
   361   72,583
Repligen Corp. (a)
   82   21,717
Syneos Health, Inc. (a)
   767   78,755
Thermo Fisher Scientific, Inc.
   886   591,175
Waters Corp. (a)
   166   61,852
West Pharmaceutical Services, Inc.
   59   27,672
          2,176,068
MACHINERY — 1.5%  
AGCO Corp.
   467   54,181
Alamo Group, Inc.
   65   9,567
Albany International Corp. Class A
   163   14,417
Astec Industries, Inc.
   164   11,360
Barnes Group, Inc.
   422   19,661
Caterpillar, Inc.
   2,381   492,248
Chart Industries, Inc. (a)
   125   19,936
CIRCOR International, Inc. (a)
   153   4,159
Colfax Corp. (a)
   878   40,362
Crane Co.
   355   36,114
Cummins, Inc.
   1,016   221,630
Deere & Co.
   866   296,943
Donaldson Co., Inc.
   507   30,045
Dover Corp.
   615   111,684
Enerpac Tool Group Corp.
   338   6,855
EnPro Industries, Inc.
   202   22,234
ESCO Technologies, Inc.
   163   14,668
Federal Signal Corp.
   337   14,606
Flowserve Corp.
   915   27,999
Fortive Corp.
   1,567   119,546
Franklin Electric Co., Inc.
   177   16,737
Graco, Inc.
   342   27,572
Greenbrier Cos., Inc.
   437   20,054
Hillenbrand, Inc.
   460   23,915
IDEX Corp.
   232   54,826
Illinois Tool Works, Inc.
   913   225,328
Ingersoll Rand, Inc.
   1,319   81,607
ITT, Inc.
   319   32,599
John Bean Technologies Corp.
   124   19,041
Kennametal, Inc.
   496   17,811
Lincoln Electric Holdings, Inc.
   202   28,173
Lindsay Corp.
   6   912
Security Description     Shares   Value
Meritor, Inc. (a)
   1,833   $ 45,422
Middleby Corp. (a)
   192   37,778
Mueller Industries, Inc.
   443   26,296
Nordson Corp.
   168   42,885
Oshkosh Corp.
   502   56,580
Otis Worldwide Corp.
   908   79,060
PACCAR, Inc.
   2,631   232,212
Parker-Hannifin Corp.
   477   151,743
Pentair PLC
   729   53,239
Proto Labs, Inc. (a)
   30   1,541
Snap-on, Inc.
   324   69,783
SPX Corp. (a)
   319   19,038
SPX FLOW, Inc.
   277   23,955
Standex International Corp.
   94   10,402
Stanley Black & Decker, Inc.
   735   138,636
Tennant Co.
   146   11,832
Terex Corp.
   478   21,008
Timken Co.
   501   34,714
Titan International, Inc. (a)
   1,534   16,813
Toro Co.
   336   33,570
Trinity Industries, Inc.
   2,095   63,269
Wabash National Corp.
   656   12,805
Watts Water Technologies, Inc. Class A
   167   32,426
Westinghouse Air Brake Technologies Corp.
   1,189   109,519
Woodward, Inc.
   199   21,783
Xylem, Inc.
   563   67,515
          3,530,614
MARINE — 0.0% (d)  
Kirby Corp. (a)
   560   33,275
Matson, Inc.
   323   29,080
          62,355
MEDIA — 1.5%  
AMC Networks, Inc. Class A (a)
   884   30,445
Cable One, Inc.
   13   22,925
Charter Communications, Inc. Class A (a)
   971   633,063
Comcast Corp. Class A
   32,438   1,632,604
Discovery, Inc. Class A (a)  (c)
   1,796   42,278
Discovery, Inc. Class C (a)
   3,183   72,891
DISH Network Corp. Class A (a)
   6,256   202,945
EW Scripps Co. Class A
   1,472   28,483
Fox Corp. Class A
   3,663   135,165
Fox Corp. Class B
   1,682   57,642
Gannett Co., Inc. (a)
   4,077   21,730
Interpublic Group of Cos., Inc.
   3,386   126,806
John Wiley & Sons, Inc. Class A
   496   28,406
Loyalty Ventures, Inc. (a)
   497   14,945
New York Times Co. Class A
   316   15,263
News Corp. Class A
   2,747   61,285
News Corp. Class B
   1,110   24,975
Omnicom Group, Inc.
   2,383   174,602
Scholastic Corp.
   760   30,370
TEGNA, Inc.
   2,417   44,859
 
See accompanying notes to financial statements.
42

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
ViacomCBS, Inc. Class B
   5,366   $ 161,946
          3,563,628
METALS & MINING — 0.7%  
Allegheny Technologies, Inc. (a)
   3,206   51,072
Arconic Corp. (a)
   1,257   41,494
Carpenter Technology Corp.
   787   22,973
Century Aluminum Co. (a)
   1,222   20,236
Cleveland-Cliffs, Inc. (a)
   1,713   37,292
Commercial Metals Co.
   1,551   56,286
Compass Minerals International, Inc.
   333   17,010
Freeport-McMoRan, Inc.
   5,056   210,987
Haynes International, Inc.
   166   6,695
Kaiser Aluminum Corp.
   164   15,406
Materion Corp.
   167   15,354
Newmont Corp.
   4,904   304,146
Nucor Corp.
   2,593   295,991
Olympic Steel, Inc.
   333   7,825
Reliance Steel & Aluminum Co.
   728   118,096
Royal Gold, Inc.
   172   18,096
Steel Dynamics, Inc.
   2,185   135,623
SunCoke Energy, Inc.
   3,022   19,915
TimkenSteel Corp. (a)
   731   12,061
United States Steel Corp. (c)
   3,446   82,049
Warrior Met Coal, Inc.
   1,564   40,210
Worthington Industries, Inc.
   885   48,374
          1,577,191
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.1%  
Apollo Commercial Real Estate Finance, Inc. REIT
   3,238   42,612
ARMOUR Residential REIT, Inc. (c)
   1,623   15,922
Franklin BSP Realty Trust, Inc.
   783   11,698
Granite Point Mortgage Trust, Inc. REIT
   732   8,572
Invesco Mortgage Capital, Inc. REIT
   7,974   22,168
KKR Real Estate Finance Trust, Inc. REIT
   723   15,060
New York Mortgage Trust, Inc. REIT
   5,781   21,505
PennyMac Mortgage Investment Trust REIT
   1,071   18,560
Ready Capital Corp. REIT
   1,220   19,069
Redwood Trust, Inc. REIT
   1,780   23,478
          198,644
MULTI-UTILITIES — 1.1%  
Ameren Corp.
   1,950   173,569
Avista Corp.
   504   21,415
Black Hills Corp.
   712   50,246
CenterPoint Energy, Inc.
   6,967   194,449
CMS Energy Corp.
   2,015   131,076
Consolidated Edison, Inc.
   3,924   334,796
Dominion Energy, Inc.
   6,183   485,736
DTE Energy Co.
   1,683   201,186
Security Description     Shares   Value
MDU Resources Group, Inc.
   1,792   $ 55,265
NiSource, Inc.
   3,441   95,006
NorthWestern Corp. (c)
   572   32,696
Public Service Enterprise Group, Inc.
   4,404   293,879
Sempra Energy
   2,411   318,927
WEC Energy Group, Inc.
   2,239   217,340
          2,605,586
MULTILINE RETAIL — 0.8%  
Big Lots, Inc.
   873   39,329
Dollar General Corp.
   1,022   241,018
Dollar Tree, Inc. (a)
   1,777   249,704
Kohl's Corp.
   3,980   196,572
Macy's, Inc.
   7,877   206,220
Nordstrom, Inc. (a)  (c)
   2,751   62,228
Ollie's Bargain Outlet Holdings, Inc. (a)  (c)
   177   9,061
Target Corp.
   3,467   802,402
          1,806,534
OIL, GAS & CONSUMABLE FUELS — 5.6%  
Antero Midstream Corp.
   2,474   23,948
APA Corp.
   4,907   131,949
Callon Petroleum Co. (a)
   1,203   56,842
Chevron Corp.
   21,389   2,509,999
Civitas Resources, Inc.
   1,843   90,252
CNX Resources Corp. (a)
   5,584   76,780
ConocoPhillips
   9,371   676,399
CONSOL Energy, Inc. (a)
   731   16,601
Coterra Energy, Inc.
   6,097   115,843
Devon Energy Corp.
   5,560   244,918
Diamondback Energy, Inc.
   1,378   148,617
Dorian LPG, Ltd.
   714   9,061
DTE Midstream LLC (a)
   844   40,495
EOG Resources, Inc.
   4,445   394,849
EQT Corp. (a)
   7,670   167,283
Equitrans Midstream Corp.
   5,319   54,998
Exxon Mobil Corp.
   55,613   3,402,960
Green Plains, Inc. (a)  (c)
   461   16,024
Hess Corp.
   1,189   88,022
HollyFrontier Corp.
   3,790   124,236
Kinder Morgan, Inc.
   25,386   402,622
Laredo Petroleum, Inc. (a)
   342   20,564
Marathon Oil Corp.
   20,022   328,761
Marathon Petroleum Corp.
   15,741   1,007,267
Matador Resources Co.
   1,208   44,599
Murphy Oil Corp.
   3,654   95,406
Occidental Petroleum Corp.
   11,612   336,632
ONEOK, Inc.
   3,384   198,844
Par Pacific Holdings, Inc. (a)
   1,227   20,233
PBF Energy, Inc. Class A (a)
   2,433   31,556
PDC Energy, Inc.
   1,085   52,926
Phillips 66
   11,204   811,842
Pioneer Natural Resources Co.
   1,003   182,426
Range Resources Corp. (a)
   3,363   59,962
Ranger Oil Corp. Class A (a)
   342   9,207
 
See accompanying notes to financial statements.
43

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Renewable Energy Group, Inc. (a)
   408   $ 17,316
REX American Resources Corp. (a)
   8   768
SM Energy Co.
   3,166   93,334
Southwestern Energy Co. (a)
   13,360   62,258
Talos Energy, Inc. (a)
   924   9,055
Valero Energy Corp.
   10,345   777,013
Williams Cos., Inc.
   10,598   275,972
World Fuel Services Corp.
   1,622   42,934
          13,271,573
PAPER & FOREST PRODUCTS — 0.1%  
Clearwater Paper Corp. (a)
   346   12,688
Glatfelter Corp.
   1,055   18,146
Louisiana-Pacific Corp.
   640   50,144
Mercer International, Inc.
   1,232   14,771
Neenah, Inc.
   164   7,590
Schweitzer-Mauduit International, Inc.
   341   10,196
Sylvamo Corp. (a)
   466   12,997
          126,532
PERSONAL PRODUCTS — 0.2%  
Coty, Inc. Class A (a)
   8,461   88,841
Edgewell Personal Care Co.
   557   25,460
Estee Lauder Cos., Inc. Class A
   597   221,009
Inter Parfums, Inc.
   165   17,639
Medifast, Inc.
   24   5,026
Nu Skin Enterprises, Inc. Class A
   447   22,685
USANA Health Sciences, Inc. (a)
   165   16,698
          397,358
PHARMACEUTICALS — 3.0%  
Bristol-Myers Squibb Co.
   9,672   603,049
Catalent, Inc. (a)
   500   64,015
Corcept Therapeutics, Inc. (a)
   723   14,315
Eli Lilly & Co.
   2,794   771,759
Endo International PLC (a)
   3,016   11,340
Innoviva, Inc. (a)
   1,579   27,238
Jazz Pharmaceuticals PLC (a)
   333   42,424
Johnson & Johnson
   11,413   1,952,422
Merck & Co., Inc.
   11,382   872,317
Nektar Therapeutics (a)
   563   7,606
Organon & Co.
   1,143   34,804
Pacira BioSciences, Inc. (a)
   163   9,808
Perrigo Co. PLC
   1,715   66,714
Pfizer, Inc.
   39,878   2,354,796
Phibro Animal Health Corp. Class A
   496   10,128
Prestige Consumer Healthcare, Inc. (a)
   506   30,689
Supernus Pharmaceuticals, Inc. (a)
   340   9,914
Viatris, Inc.
   13,247   179,232
Zoetis, Inc.
   436   106,397
          7,168,967
PROFESSIONAL SERVICES — 0.5%  
ASGN, Inc. (a)
   351   43,313
CACI International, Inc. Class A (a)
   198   53,304
Equifax, Inc.
   281   82,274
Security Description     Shares   Value
Exponent, Inc.
   32   $ 3,735
Forrester Research, Inc. (a)
   8   470
FTI Consulting, Inc. (a)
   167   25,621
Heidrick & Struggles International, Inc.
   170   7,434
IHS Markit, Ltd.
   893   118,698
Insperity, Inc.
   277   32,717
Jacobs Engineering Group, Inc.
   787   109,574
KBR, Inc.
   1,014   48,287
Kelly Services, Inc. Class A
   890   14,925
Korn Ferry
   330   24,991
Leidos Holdings, Inc.
   1,034   91,923
ManpowerGroup, Inc.
   1,385   134,802
ManTech International Corp. Class A
   322   23,483
Nielsen Holdings PLC
   2,736   56,115
Resources Connection, Inc.
   894   15,949
Robert Half International, Inc.
   716   79,848
Science Applications International Corp.
   496   41,461
TrueBlue, Inc. (a)
   900   24,903
Verisk Analytics, Inc.
   256   58,555
          1,092,382
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%  
CBRE Group, Inc. Class A (a)
   2,384   258,688
Douglas Elliman, Inc.
   975   11,212
Jones Lang LaSalle, Inc. (a)
   563   151,638
Marcus & Millichap, Inc. (a)
   335   17,239
RE/MAX Holdings, Inc. Class A
   330   10,062
Realogy Holdings Corp. (a)
   3,348   56,280
St. Joe Co.
   177   9,213
          514,332
ROAD & RAIL — 0.9%  
ArcBest Corp.
   355   42,547
Avis Budget Group, Inc. (a)
   1,025   212,554
CSX Corp.
   8,643   324,977
Heartland Express, Inc.
   507   8,528
JB Hunt Transport Services, Inc.
   560   114,464
Knight-Swift Transportation Holdings, Inc.
   2,170   132,240
Landstar System, Inc.
   164   29,359
Marten Transport, Ltd.
   885   15,187
Norfolk Southern Corp.
   1,078   320,931
Old Dominion Freight Line, Inc.
   175   62,717
Ryder System, Inc.
   1,363   112,352
Saia, Inc. (a)
   111   37,410
Union Pacific Corp.
   2,468   621,763
Werner Enterprises, Inc.
   728   34,696
XPO Logistics, Inc. (a)
   732   56,679
          2,126,404
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.2%  
Advanced Micro Devices, Inc. (a)
   1,709   245,925
Amkor Technology, Inc.
   2,720   67,429
Analog Devices, Inc.
   1,619   284,572
 
See accompanying notes to financial statements.
44

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Applied Materials, Inc.
   2,019   $ 317,710
Axcelis Technologies, Inc. (a)
   197   14,688
Azenta, Inc.
   158   16,291
Broadcom, Inc.
   1,318   877,010
CEVA, Inc. (a)
   166   7,178
Cirrus Logic, Inc. (a)
   330   30,367
CMC Materials, Inc.
   109   20,894
Cohu, Inc. (a)
   120   4,571
Diodes, Inc. (a)
   177   19,436
Enphase Energy, Inc. (a)
   127   23,233
First Solar, Inc. (a)
   657   57,264
FormFactor, Inc. (a)
   327   14,950
Ichor Holdings, Ltd. (a)
   131   6,030
Intel Corp.
   35,644   1,835,666
KLA Corp.
   341   146,668
Kulicke & Soffa Industries, Inc.
   171   10,352
Lam Research Corp.
   313   225,094
MaxLinear, Inc. (a)
   339   25,557
Microchip Technology, Inc.
   1,202   104,646
Micron Technology, Inc.
   6,995   651,584
MKS Instruments, Inc.
   176   30,654
Monolithic Power Systems, Inc.
   43   21,213
NVIDIA Corp.
   2,241   659,101
NXP Semiconductors NV
   689   156,940
Onto Innovation, Inc. (a)
   159   16,096
Photronics, Inc. (a)
   900   16,965
Power Integrations, Inc.
   93   8,639
Qorvo, Inc. (a)
   414   64,745
QUALCOMM, Inc.
   2,916   533,249
Rambus, Inc. (a)
   732   21,514
Semtech Corp. (a)
   173   15,385
Silicon Laboratories, Inc. (a)
   160   33,027
Skyworks Solutions, Inc.
   486   75,398
SMART Global Holdings, Inc. (a)
   343   24,350
SolarEdge Technologies, Inc. (a)
   82   23,007
Synaptics, Inc. (a)
   124   35,899
Teradyne, Inc.
   345   56,418
Texas Instruments, Inc.
   2,598   489,645
Ultra Clean Holdings, Inc. (a)
   177   10,153
Universal Display Corp.
   6   990
Veeco Instruments, Inc. (a)
   178   5,068
Wolfspeed, Inc. (a)
   160   17,883
Xilinx, Inc.
   633   134,215
          7,457,669
SOFTWARE — 3.0%  
ACI Worldwide, Inc. (a)
   557   19,328
Adobe, Inc. (a)
   716   406,015
Agilysys, Inc. (a)
   27   1,200
Alarm.com Holdings, Inc. (a)
   126   10,686
ANSYS, Inc. (a)
   199   79,823
Autodesk, Inc. (a)
   310   87,169
Blackbaud, Inc. (a)
   164   12,953
Bottomline Technologies DE, Inc. (a)
   163   9,205
Cadence Design Systems, Inc. (a)
   616   114,792
CDK Global, Inc.
   434   18,115
Security Description     Shares   Value
Ceridian HCM Holding, Inc. (a)
   176   $ 18,385
Citrix Systems, Inc.
   334   31,593
CommVault Systems, Inc. (a)
   167   11,510
Consensus Cloud Solutions, Inc. (a)
   54   3,125
Ebix, Inc.
   306   9,302
Fair Isaac Corp. (a)
   24   10,408
Fortinet, Inc. (a)
   302   108,539
InterDigital, Inc.
   175   12,535
Intuit, Inc.
   254   163,378
LivePerson, Inc. (a)
   164   5,858
Manhattan Associates, Inc. (a)
   110   17,104
Microsoft Corp.
   11,301   3,800,752
NCR Corp. (a)
   1,112   44,702
NortonLifeLock, Inc.
   4,437   115,273
OneSpan, Inc. (a)
   159   2,692
Oracle Corp.
   12,451   1,085,852
Paycom Software, Inc. (a)
   70   29,063
Paylocity Holding Corp. (a)
   54   12,753
Progress Software Corp.
   163   7,868
PTC, Inc. (a)
   177   21,443
Qualys, Inc. (a)
   97   13,310
SailPoint Technologies Holding, Inc. (a)
   176   8,508
salesforce.com, Inc. (a)
   2,179   553,749
ServiceNow, Inc. (a)
   170   110,349
SPS Commerce, Inc. (a)
   102   14,520
Synopsys, Inc. (a)
   340   125,290
Teradata Corp. (a)
   504   21,405
Tyler Technologies, Inc. (a)
   63   33,891
Vonage Holdings Corp. (a)
   900   18,711
Xperi Holding Corp.
   788   14,901
          7,186,055
SPECIALTY RETAIL — 2.3%  
Aaron's Co., Inc.
   867   21,372
Abercrombie & Fitch Co. Class A (a)
   797   27,759
Advance Auto Parts, Inc.
   420   100,750
American Eagle Outfitters, Inc. (c)
   1,056   26,738
Asbury Automotive Group, Inc. (a)
   297   51,301
AutoNation, Inc. (a)
   1,108   129,470
AutoZone, Inc. (a)
   96   201,253
Barnes & Noble Education, Inc. (a)
   901   6,136
Bath & Body Works, Inc.
   2,033   141,883
Bed Bath & Beyond, Inc. (a)
   2,707   39,468
Best Buy Co., Inc.
   2,909   295,554
Boot Barn Holdings, Inc. (a)
   123   15,135
Buckle, Inc.
   444   18,786
Caleres, Inc.
   954   21,637
CarMax, Inc. (a)
   1,020   132,835
Cato Corp. Class A
   499   8,563
Chico's FAS, Inc. (a)
   3,452   18,572
Children's Place, Inc. (a)
   178   14,114
Conn's, Inc. (a)
   724   17,028
Designer Brands, Inc. Class A (a)  (c)
   1,925   27,354
 
See accompanying notes to financial statements.
45

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Dick's Sporting Goods, Inc. (c)
   1,667   $ 191,688
Five Below, Inc. (a)
   164   33,930
Foot Locker, Inc.
   1,180   51,483
GameStop Corp. Class A (a)
   227   33,684
Gap, Inc.
   5,197   91,727
Genesco, Inc. (a)
   355   22,780
Group 1 Automotive, Inc.
   439   85,702
Guess?, Inc.
   1,055   24,982
Haverty Furniture Cos., Inc.
   173   5,289
Hibbett, Inc.
   186   13,379
Home Depot, Inc.
   3,397   1,409,789
Lithia Motors, Inc.
   255   75,722
Lowe's Cos., Inc.
   2,675   691,434
Lumber Liquidators Holdings, Inc. (a)
   268   4,575
MarineMax, Inc. (a)
   330   19,483
Monro, Inc.
   167   9,731
Murphy USA, Inc.
   631   125,720
ODP Corp. (a)
   1,360   53,421
O'Reilly Automotive, Inc. (a)
   263   185,738
Rent-A-Center, Inc.
   352   16,910
RH (a)
   55   29,477
Ross Stores, Inc.
   1,069   122,165
Sally Beauty Holdings, Inc. (a)
   1,486   27,432
Shoe Carnival, Inc.
   250   9,770
Signet Jewelers, Ltd.
   1,402   122,016
Sleep Number Corp. (a)
   148   11,337
Sonic Automotive, Inc. Class A (c)
   539   26,654
TJX Cos., Inc.
   4,202   319,016
Tractor Supply Co.
   421   100,451
Ulta Beauty, Inc. (a)
   197   81,231
Urban Outfitters, Inc. (a)
   899   26,395
Victoria's Secret & Co. (a)
   675   37,489
Williams-Sonoma, Inc.
   262   44,312
Zumiez, Inc. (a)
   282   13,533
          5,434,153
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.1%  
3D Systems Corp. (a)
   186   4,006
Apple, Inc.
   32,038   5,688,988
Diebold Nixdorf, Inc. (a)
   1,033   9,349
Hewlett Packard Enterprise Co.
   32,966   519,874
HP, Inc.
   12,769   481,008
NetApp, Inc.
   1,369   125,934
Seagate Technology Holdings PLC
   1,774   200,426
Western Digital Corp. (a)
   2,322   151,418
Xerox Holdings Corp.
   3,494   79,104
          7,260,107
TEXTILES, APPAREL & LUXURY GOODS — 0.5%  
Capri Holdings, Ltd. (a)
   1,063   68,999
Carter's, Inc.
   326   32,998
Columbia Sportswear Co.
   278   27,088
Crocs, Inc. (a)
   184   23,592
Deckers Outdoor Corp. (a)
   92   33,701
Fossil Group, Inc. (a)
   1,233   12,688
Security Description     Shares   Value
G-III Apparel Group, Ltd. (a)
   1,239   $ 34,246
Hanesbrands, Inc.
   2,689   44,960
Kontoor Brands, Inc. (c)
   420   21,525
Movado Group, Inc.
   170   7,111
NIKE, Inc. Class B
   2,844   474,009
Oxford Industries, Inc.
   165   16,751
PVH Corp.
   774   82,547
Ralph Lauren Corp.
   506   60,143
Skechers U.S.A., Inc. Class A (a)
   1,030   44,702
Steven Madden, Ltd.
   344   15,986
Tapestry, Inc.
   1,238   50,263
Under Armour, Inc. Class A (a)
   641   13,583
Under Armour, Inc. Class C (a)
   922   16,633
Unifi, Inc. (a)
   170   3,935
Vera Bradley, Inc. (a)
   1,060   9,021
VF Corp.
   1,468   107,487
Wolverine World Wide, Inc.
   491   14,146
          1,216,114
THRIFTS & MORTGAGE FINANCE — 0.2%  
Axos Financial, Inc. (a)
   506   28,290
Capitol Federal Financial, Inc.
   1,106   12,531
Essent Group, Ltd.
   961   43,754
Flagstar Bancorp, Inc.
   500   23,970
MGIC Investment Corp.
   4,413   63,635
Mr Cooper Group, Inc. (a)
   1,921   79,933
New York Community Bancorp, Inc.
   6,075   74,176
NMI Holdings, Inc. Class A (a)
   638   13,940
Northfield Bancorp, Inc.
   557   9,001
Northwest Bancshares, Inc.
   1,054   14,925
Provident Financial Services, Inc.
   901   21,822
TrustCo Bank Corp.
   351   11,692
Walker & Dunlop, Inc.
   171   25,801
Washington Federal, Inc.
   1,057   35,283
WSFS Financial Corp.
   325   16,289
          475,042
TOBACCO — 0.8%  
Altria Group, Inc.
   16,219   768,618
Philip Morris International, Inc.
   11,937   1,134,015
Universal Corp.
   617   33,886
Vector Group, Ltd.
   1,950   22,386
          1,958,905
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Applied Industrial Technologies, Inc.
   345   35,432
Boise Cascade Co.
   494   35,173
DXP Enterprises, Inc. (a)
   333   8,548
Fastenal Co.
   1,991   127,543
GATX Corp.
   341   35,529
GMS, Inc. (a)
   474   28,492
MSC Industrial Direct Co., Inc. Class A
   507   42,618
NOW, Inc. (a)
   3,345   28,566
United Rentals, Inc. (a)
   461   153,186
Univar Solutions, Inc. (a)
   2,231   63,249
 
See accompanying notes to financial statements.
46

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Veritiv Corp. (a)
   331   $ 40,571
W.W. Grainger, Inc.
   281   145,625
Watsco, Inc.
   211   66,018
          810,550
WATER UTILITIES — 0.1%  
American States Water Co.
   163   16,861
American Water Works Co., Inc.
   624   117,849
California Water Service Group
   167   12,000
Essential Utilities, Inc.
   946   50,791
          197,501
WIRELESS TELECOMMUNICATION SERVICES — 0.3%  
Shenandoah Telecommunications Co.
   209   5,329
Telephone & Data Systems, Inc.
   2,542   51,221
T-Mobile US, Inc. (a)
   5,115   593,238
          649,788
TOTAL COMMON STOCKS

(Cost $210,912,331)
         236,098,613
WARRANTS — 0.0% (a) (d)          
ENERGY EQUIPMENT & SERVICES — 0.0% (d)          
Nabors Industries, Ltd. (expiring 06/11/26) (a)
     62   232
TOTAL WARRANTS

(Cost $0)
         232
SHORT-TERM INVESTMENTS — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (e)  (f)
   164,710   164,726
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (b)  (g)
   154,143   $ 154,143
TOTAL SHORT-TERM INVESTMENTS

(Cost $318,869)
   318,869  
TOTAL INVESTMENTS — 100.0%

(Cost $211,231,200)
   236,417,714  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (d)
   69,983  
NET ASSETS — 100.0%
   $ 236,487,697  
(a) Non-income producing security.
(b) 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.
(c) All or a portion of the shares of the security are on loan at December 31, 2021.
(d) Amount is less than 0.05% of net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended 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
 
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
   $236,098,613   $—   $—   $236,098,613
Warrants
   232   —   —   232
Short-Term Investments
   318,869   —   —   318,869
TOTAL INVESTMENTS
   $236,417,714   $—   $—   $236,417,714
See accompanying notes to financial statements.
47

Table of Contents
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
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.
 4,428   $364,336   $ 60,611   $ 27,833   $4,905   $42,149   4,776   $444,168   $5,341
State Street Institutional Liquid Reserves Fund, Premier Class
 323,676   323,773   3,950,166   4,109,158   (55)   —   164,710   164,726   59
State Street Navigator Securities Lending Portfolio II
 267,714   267,714   1,440,986   1,554,557   —   —   154,143   154,143   334
Total
     $955,823   $5,451,763   $5,691,548   $4,850   $42,149       $763,037   $5,734
See accompanying notes to financial statements.
48

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.5%  
AAR Corp. (a)
   146   $ 5,698
Aerojet Rocketdyne Holdings, Inc.
   239   11,176
AeroVironment, Inc. (a)
   18   1,117
Axon Enterprise, Inc. (a)
   249   39,093
Boeing Co. (a)
   1,734   349,089
Curtiss-Wright Corp.
   104   14,422
General Dynamics Corp.
   730   152,183
Hexcel Corp. (a)
   333   17,250
Howmet Aerospace, Inc.
   1,466   46,663
Huntington Ingalls Industries, Inc.
   91   16,993
Kaman Corp.
   58   2,503
L3Harris Technologies, Inc.
   501   106,833
Lockheed Martin Corp.
   27   9,596
Mercury Systems, Inc. (a)
   6   330
Moog, Inc. Class A
   35   2,834
Northrop Grumman Corp.
   212   82,059
Raytheon Technologies Corp.
   5,072   436,496
Textron, Inc.
   900   69,480
TransDigm Group, Inc. (a)
   108   68,718
Triumph Group, Inc. (a)
   285   5,281
          1,437,814
AIR FREIGHT & LOGISTICS — 0.3%  
Atlas Air Worldwide Holdings, Inc. (a)
   57   5,365
C.H. Robinson Worldwide, Inc.
   16   1,722
Expeditors International of Washington, Inc.
   387   51,970
FedEx Corp.
   27   6,983
Forward Air Corp.
   56   6,781
GXO Logistics, Inc. (a)
   289   26,250
Hub Group, Inc. Class A (a)
   91   7,666
United Parcel Service, Inc. Class B
   711   152,396
          259,133
AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)
   394   20,527
Allegiant Travel Co. (a)
   44   8,230
American Airlines Group, Inc. (a)
   2,459   44,163
Delta Air Lines, Inc. (a)
   1,597   62,411
Hawaiian Holdings, Inc. (a)
   278   5,107
JetBlue Airways Corp. (a)
   449   6,394
SkyWest, Inc. (a)
   197   7,742
Southwest Airlines Co. (a)
   963   41,255
United Airlines Holdings, Inc. (a)
   808   35,374
          231,203
AUTO COMPONENTS — 0.3%  
Adient PLC (a)
   374   17,907
American Axle & Manufacturing Holdings, Inc. (a)
   235   2,193
Aptiv PLC (a)
   851   140,372
BorgWarner, Inc.
   286   12,890
Cooper-Standard Holdings, Inc. (a)
   2   45
Dana, Inc.
   489   11,159
Security Description     Shares   Value
Dorman Products, Inc. (a)
   9   $ 1,017
Fox Factory Holding Corp. (a)
   160   27,216
Gentex Corp.
   233   8,120
Gentherm, Inc. (a)
   138   11,992
Goodyear Tire & Rubber Co. (a)
   1,189   25,350
LCI Industries
   42   6,547
Lear Corp.
   97   17,746
Patrick Industries, Inc.
   71   5,729
Standard Motor Products, Inc.
   29   1,519
Visteon Corp. (a)
   9   1,000
          290,802
AUTOMOBILES — 4.3%  
Ford Motor Co.
   15,754   327,210
General Motors Co. (a)
   4,568   267,822
Harley-Davidson, Inc.
   117   4,410
Tesla, Inc. (a)
   3,283   3,469,409
Thor Industries, Inc.
   162   16,811
Winnebago Industries, Inc.
   79   5,918
          4,091,580
BANKS — 7.2%  
Ameris Bancorp
   252   12,519
Associated Banc-Corp.
   491   11,092
Banc of California, Inc.
   138   2,708
BancFirst Corp.
   78   5,504
Bancorp, Inc. (a)
   239   6,049
Bank of America Corp.
   29,065   1,293,102
Bank of Hawaii Corp.
   101   8,460
Bank OZK
   505   23,498
BankUnited, Inc.
   332   14,047
Banner Corp.
   141   8,554
Berkshire Hills Bancorp, Inc.
   240   6,823
Brookline Bancorp, Inc.
   361   5,845
Cadence Bank
   317   9,443
Cathay General Bancorp
   323   13,886
Central Pacific Financial Corp.
   160   4,507
CIT Group, Inc.
   377   19,355
Citigroup, Inc.
   7,575   457,454
Citizens Financial Group, Inc.
   1,618   76,450
City Holding Co.
   20   1,636
Columbia Banking System, Inc.
   177   5,791
Comerica, Inc.
   538   46,806
Commerce Bancshares, Inc.
   109   7,493
Community Bank System, Inc.
   53   3,947
Cullen/Frost Bankers, Inc.
   222   27,988
Customers Bancorp, Inc. (a)
   170   11,113
CVB Financial Corp.
   184   3,939
Dime Community Bancshares, Inc.
   159   5,590
Eagle Bancorp, Inc.
   161   9,393
East West Bancorp, Inc.
   625   49,175
FB Financial Corp.
   138   6,047
Fifth Third Bancorp
   2,773   120,764
First BanCorp (b)
   963   13,270
First BanCorp (b)
   133   6,081
First Commonwealth Financial Corp.
   405   6,516
 
See accompanying notes to financial statements.
49

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
First Financial Bancorp
   337   $ 8,216
First Financial Bankshares, Inc.
   403   20,489
First Hawaiian, Inc.
   454   12,408
First Horizon Corp.
   1,848   30,178
First Midwest Bancorp, Inc.
   341   6,984
First Republic Bank
   555   114,613
FNB Corp.
   1,112   13,489
Fulton Financial Corp.
   478   8,126
Glacier Bancorp, Inc.
   371   21,036
Great Western Bancorp, Inc.
   190   6,452
Hancock Whitney Corp.
   382   19,108
Heritage Financial Corp.
   34   831
Hilltop Holdings, Inc.
   183   6,431
Home BancShares, Inc.
   442   10,763
HomeStreet, Inc.
   29   1,508
Hope Bancorp, Inc.
   397   5,840
Huntington Bancshares, Inc.
   4,646   71,641
Independent Bank Corp.
   108   8,805
Independent Bank Group, Inc.
   93   6,710
International Bancshares Corp.
   192   8,139
Investors Bancorp, Inc.
   778   11,787
JPMorgan Chase & Co.
   10,637   1,684,369
KeyCorp.
   3,632   84,008
Lakeland Financial Corp.
   69   5,530
M&T Bank Corp.
   389   59,743
Meta Financial Group, Inc.
   150   8,949
National Bank Holdings Corp. Class A
   112   4,921
NBT Bancorp, Inc.
   66   2,542
OFG Bancorp
   214   5,684
Old National Bancorp
   198   3,588
Pacific Premier Bancorp, Inc.
   339   13,570
PacWest Bancorp
   496   22,404
Park National Corp.
   46   6,316
People's United Financial, Inc.
   1,532   27,300
Pinnacle Financial Partners, Inc.
   335   31,992
PNC Financial Services Group, Inc.
   1,614   323,639
Preferred Bank
   58   4,164
Prosperity Bancshares, Inc.
   212   15,328
Regions Financial Corp.
   3,418   74,512
Renasant Corp.
   92   3,491
S&T Bancorp, Inc.
   77   2,427
Seacoast Banking Corp. of Florida
   233   8,246
ServisFirst Bancshares, Inc.
   186   15,799
Signature Bank
   257   83,132
Simmons First National Corp. Class A
   374   11,063
Southside Bancshares, Inc.
   92   3,847
Sterling Bancorp
   809   20,864
SVB Financial Group (a)
   248   168,204
Synovus Financial Corp.
   556   26,616
Texas Capital Bancshares, Inc. (a)
   104   6,266
Tompkins Financial Corp.
   36   3,009
Triumph Bancorp, Inc. (a)
   86   10,241
Truist Financial Corp.
   3,911   228,989
Trustmark Corp.
   191   6,200
Security Description     Shares   Value
UMB Financial Corp.
   145   $ 15,386
Umpqua Holdings Corp.
   788   15,161
United Bankshares, Inc.
   404   14,657
United Community Banks, Inc.
   299   10,746
US Bancorp
   4,538   254,899
Valley National Bancorp
   1,596   21,945
Veritex Holdings, Inc.
   207   8,234
Webster Financial Corp.
   344   19,209
Wells Fargo & Co.
   16,961   813,789
Westamerica BanCorp
   15   866
Wintrust Financial Corp.
   204   18,527
Zions Bancorp NA
   647   40,865
          6,909,636
BEVERAGES — 0.5%  
Boston Beer Co., Inc. Class A (a)
   1   505
Brown-Forman Corp. Class B
   20   1,457
Celsius Holdings, Inc. (a)  (c)
   183   13,646
Coca-Cola Co.
   2,951   174,729
Coca-Cola Consolidated, Inc.
   20   12,384
Constellation Brands, Inc. Class A
   274   68,766
MGP Ingredients, Inc.
   56   4,759
Molson Coors Beverage Co. Class B
   388   17,984
Monster Beverage Corp. (a)
   285   27,371
National Beverage Corp.
   63   2,856
PepsiCo, Inc.
   1,050   182,396
          506,853
BIOTECHNOLOGY — 1.2%  
AbbVie, Inc.
   3,643   493,262
Amgen, Inc.
   69   15,523
Anika Therapeutics, Inc. (a)
   5   179
Arrowhead Pharmaceuticals, Inc. (a)
   57   3,779
Biogen, Inc. (a)
   113   27,111
Coherus Biosciences, Inc. (a)
   7   112
Cytokinetics, Inc. (a)
   353   16,090
Eagle Pharmaceuticals, Inc. (a)
   17   866
Emergent BioSolutions, Inc. (a)
   5   217
Enanta Pharmaceuticals, Inc. (a)
   34   2,542
Exelixis, Inc. (a)
   38   695
Gilead Sciences, Inc.
   1,497   108,697
Halozyme Therapeutics, Inc. (a)
   417   16,768
Incyte Corp. (a)
   22   1,615
Ligand Pharmaceuticals, Inc. (a)
   60   9,268
Moderna, Inc. (a)
   1,486   377,414
Myriad Genetics, Inc. (a)
   314   8,666
Organogenesis Holdings, Inc. (a)
   235   2,171
Regeneron Pharmaceuticals, Inc. (a)
   57   35,997
REGENXBIO, Inc. (a)
   135   4,414
Spectrum Pharmaceuticals, Inc. (a)
   26   33
United Therapeutics Corp. (a)
   102   22,040
Vanda Pharmaceuticals, Inc. (a)
   248   3,891
Vericel Corp. (a)  (c)
   213   8,371
Vertex Pharmaceuticals, Inc. (a)
   30   6,588
 
See accompanying notes to financial statements.
50

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Xencor, Inc. (a)
   6   $ 241
          1,166,550
BUILDING PRODUCTS — 0.8%  
A.O. Smith Corp.
   130   11,160
AAON, Inc.
   15   1,191
Allegion PLC
   204   27,018
American Woodmark Corp. (a)
   2   130
Apogee Enterprises, Inc.
   113   5,441
Builders FirstSource, Inc. (a)
   731   62,654
Carlisle Cos., Inc.
   175   43,421
Carrier Global Corp.
   2,919   158,327
Fortune Brands Home & Security, Inc.
   75   8,017
Gibraltar Industries, Inc. (a)
   39   2,601
Griffon Corp.
   36   1,025
Insteel Industries, Inc.
   106   4,220
Johnson Controls International PLC
   2,396   194,819
Lennox International, Inc.
   19   6,163
Masco Corp.
   91   6,390
Owens Corning
   213   19,276
PGT Innovations, Inc. (a)
   45   1,012
Quanex Building Products Corp.
   47   1,165
Resideo Technologies, Inc. (a)
   610   15,878
Simpson Manufacturing Co., Inc.
   37   5,146
Trane Technologies PLC
   490   98,995
Trex Co., Inc. (a)
   348   46,990
UFP Industries, Inc.
   152   13,986
          735,025
CAPITAL MARKETS — 4.1%  
Affiliated Managers Group, Inc.
   188   30,928
Ameriprise Financial, Inc.
   407   122,776
B Riley Financial, Inc.
   83   7,375
Bank of New York Mellon Corp.
   2,403   139,566
BlackRock, Inc.
   388   355,237
Blucora, Inc. (a)
   54   935
Brightsphere Investment Group, Inc.
   132   3,379
Cboe Global Markets, Inc.
   336   43,814
Charles Schwab Corp.
   5,701   479,454
CME Group, Inc.
   740   169,060
Donnelley Financial Solutions, Inc. (a)
   171   8,061
Evercore, Inc. Class A
   151   20,513
FactSet Research Systems, Inc.
   61   29,647
Federated Hermes, Inc.
   258   9,696
Franklin Resources, Inc.
   944   31,615
Goldman Sachs Group, Inc.
   1,444   552,402
Interactive Brokers Group, Inc. Class A
   185   14,693
Intercontinental Exchange, Inc.
   672   91,910
Invesco, Ltd.
   1,371   31,561
Janus Henderson Group PLC
   655   27,471
Jefferies Financial Group, Inc.
   793   30,768
MarketAxess Holdings, Inc.
   4   1,645
Moody's Corp.
   369   144,124
Security Description     Shares   Value
Morgan Stanley
   6,106   $ 599,365
MSCI, Inc.
   313   191,772
Nasdaq, Inc.
   394   82,744
Northern Trust Corp.
   565   67,580
Piper Sandler Cos.
   64   11,425
Raymond James Financial, Inc.
   744   74,698
S&P Global, Inc.
   497   234,549
SEI Investments Co.
   97   5,911
State Street Corp. (d)
   1,071   99,603
Stifel Financial Corp.
   398   28,027
StoneX Group, Inc. (a)
   15   919
T Rowe Price Group, Inc.
   763   150,036
Virtus Investment Partners, Inc.
   33   9,804
WisdomTree Investments, Inc.
   36   220
          3,903,283
CHEMICALS — 1.5%  
AdvanSix, Inc.
   131   6,190
Air Products & Chemicals, Inc.
   26   7,911
Albemarle Corp.
   495   115,716
American Vanguard Corp.
   35   574
Ashland Global Holdings, Inc.
   60   6,460
Avient Corp.
   287   16,058
Balchem Corp.
   101   17,029
Cabot Corp.
   129   7,250
Celanese Corp.
   253   42,519
CF Industries Holdings, Inc.
   927   65,613
Chemours Co.
   520   17,451
Corteva, Inc.
   1,195   56,500
Dow, Inc.
   1,538   87,235
DuPont de Nemours, Inc.
   624   50,407
Eastman Chemical Co.
   192   23,215
Ecolab, Inc.
   189   44,337
Ferro Corp. (a)
   306   6,680
FMC Corp.
   14   1,538
HB Fuller Co.
   154   12,474
Ingevity Corp. (a)
   64   4,589
Innospec, Inc.
   62   5,601
International Flavors & Fragrances, Inc.
   513   77,283
Koppers Holdings, Inc. (a)
   3   94
Kraton Corp. (a)
   108   5,002
Linde PLC
   1,177   407,748
Livent Corp. (a)
   684   16,676
LyondellBasell Industries NV Class A
   774   71,386
Minerals Technologies, Inc.
   47   3,438
Mosaic Co.
   1,489   58,503
NewMarket Corp.
   3   1,028
Olin Corp.
   611   35,145
PPG Industries, Inc.
   129   22,245
Quaker Chemical Corp.
   18   4,154
Rayonier Advanced Materials, Inc. (a)
   5   28
RPM International, Inc.
   14   1,414
Scotts Miracle-Gro Co.
   10   1,610
Sensient Technologies Corp.
   114   11,407
 
See accompanying notes to financial statements.
51

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Sherwin-Williams Co.
   289   $ 101,774
Stepan Co.
   2   248
Tredegar Corp.
   77   910
Trinseo PLC
   147   7,712
Valvoline, Inc.
   608   22,672
          1,445,824
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
ABM Industries, Inc.
   109   4,453
Brady Corp. Class A
   82   4,420
Brink's Co.
   157   10,294
Cintas Corp.
   104   46,090
Clean Harbors, Inc. (a)
   210   20,952
Copart, Inc. (a)
   300   45,486
CoreCivic, Inc. REIT (a)
   132   1,316
Deluxe Corp.
   177   5,683
Harsco Corp. (a)
   163   2,724
Healthcare Services Group, Inc.
   81   1,441
HNI Corp.
   33   1,388
IAA, Inc. (a)
   15   759
Interface, Inc.
   264   4,211
KAR Auction Services, Inc. (a)
   66   1,031
Matthews International Corp. Class A
   125   4,584
MillerKnoll, Inc.
   106   4,154
MSA Safety, Inc.
   36   5,434
Pitney Bowes, Inc.
   413   2,738
Republic Services, Inc.
   524   73,072
Rollins, Inc.
   26   889
Stericycle, Inc. (a)
   50   2,982
Tetra Tech, Inc.
   150   25,470
UniFirst Corp.
   26   5,470
US Ecology, Inc. (a)
   3   96
Viad Corp. (a)
   97   4,151
Waste Management, Inc.
   1,051   175,412
          454,700
COMMUNICATIONS EQUIPMENT — 1.3%  
ADTRAN, Inc.
   250   5,708
Arista Networks, Inc. (a)
   752   108,100
CalAmp Corp. (a)
   3   21
Ciena Corp. (a)
   252   19,397
Cisco Systems, Inc.
   13,341   845,419
Comtech Telecommunications Corp.
   138   3,269
Digi International, Inc. (a)
   182   4,472
Extreme Networks, Inc. (a)
   587   9,216
F5, Inc. (a)
   195   47,719
Harmonic, Inc. (a)
   432   5,080
Juniper Networks, Inc.
   953   34,032
Lumentum Holdings, Inc. (a)
   8   846
Motorola Solutions, Inc.
   533   144,816
NETGEAR, Inc. (a)
   76   2,220
NetScout Systems, Inc. (a)
   152   5,028
Plantronics, Inc. (a)
   174   5,105
Viasat, Inc. (a)
   247   11,001
Security Description     Shares   Value
Viavi Solutions, Inc. (a)
   373   $ 6,572
          1,258,021
CONSTRUCTION & ENGINEERING — 0.2%  
AECOM (a)
   391   30,244
Arcosa, Inc.
   26   1,370
Comfort Systems USA, Inc.
   122   12,070
Dycom Industries, Inc. (a)
   17   1,594
EMCOR Group, Inc.
   192   24,459
Fluor Corp. (a)
   384   9,512
Granite Construction, Inc.
   212   8,204
MasTec, Inc. (a)
   217   20,025
MYR Group, Inc. (a)
   71   7,849
Quanta Services, Inc.
   559   64,095
Valmont Industries, Inc.
   76   19,038
          198,460
CONSTRUCTION MATERIALS — 0.1%  
Eagle Materials, Inc.
   132   21,973
Martin Marietta Materials, Inc.
   102   44,933
Vulcan Materials Co.
   130   26,985
          93,891
CONSUMER FINANCE — 1.0%  
American Express Co.
   2,532   414,235
Capital One Financial Corp.
   1,810   262,613
Discover Financial Services
   1,202   138,903
Encore Capital Group, Inc. (a)  (c)
   79   4,907
Enova International, Inc. (a)
   161   6,594
FirstCash Holdings, Inc.
   164   12,269
Green Dot Corp. Class A (a)
   6   217
LendingTree, Inc. (a)
   5   613
Navient Corp.
   812   17,231
PRA Group, Inc. (a)
   5   251
Prog Holdings, Inc.
   10   451
SLM Corp.
   1,228   24,155
Synchrony Financial
   2,287   106,094
World Acceptance Corp. (a)
   23   5,645
          994,178
CONTAINERS & PACKAGING — 0.2%  
Amcor PLC
   1,300   15,613
AptarGroup, Inc.
   39   4,777
Avery Dennison Corp.
   261   56,525
Ball Corp.
   53   5,102
Greif, Inc. Class A
   105   6,339
International Paper Co.
   806   37,866
Myers Industries, Inc.
   96   1,921
O-I Glass, Inc. (a)
   621   7,470
Packaging Corp. of America
   113   15,385
Sealed Air Corp.
   374   25,234
Silgan Holdings, Inc.
   84   3,598
Sonoco Products Co.
   117   6,773
Westrock Co.
   608   26,971
          213,574
DISTRIBUTORS — 0.1%  
Genuine Parts Co.
   326   45,705
 
See accompanying notes to financial statements.
52

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
LKQ Corp.
   909   $ 54,567
Pool Corp.
   48   27,168
          127,440
DIVERSIFIED CONSUMER SERVICES — 0.1%  
Adtalem Global Education, Inc. (a)
   166   4,907
Graham Holdings Co. Class B
   12   7,558
Grand Canyon Education, Inc. (a)
   5   429
H&R Block, Inc.
   560   13,194
Perdoceo Education Corp. (a)
   78   917
Service Corp. International
   345   24,491
Strategic Education, Inc.
   30   1,735
WW International, Inc. (a)
   6   97
          53,328
DIVERSIFIED FINANCIAL SERVICES — 1.3%  
Berkshire Hathaway, Inc. Class B (a)
   4,195   1,254,305
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%  
AT&T, Inc.
   2,324   57,170
ATN International, Inc.
   2   80
Cogent Communications Holdings, Inc.
   87   6,367
Consolidated Communications Holdings, Inc. (a)
   80   598
Iridium Communications, Inc. (a)
   354   14,617
Lumen Technologies, Inc.
   3,130   39,282
Verizon Communications, Inc.
   449   23,330
          141,444
ELECTRIC UTILITIES — 0.4%  
ALLETE, Inc.
   69   4,578
Alliant Energy Corp.
   109   6,700
American Electric Power Co., Inc.
   60   5,338
Duke Energy Corp.
   417   43,743
Edison International
   124   8,463
Entergy Corp.
   24   2,704
Evergy, Inc.
   224   15,369
Eversource Energy
   41   3,730
Exelon Corp.
   1,379   79,651
FirstEnergy Corp.
   768   31,941
Hawaiian Electric Industries, Inc.
   85   3,528
IDACORP, Inc.
   69   7,818
NextEra Energy, Inc.
   1,064   99,335
NRG Energy, Inc.
   505   21,756
OGE Energy Corp.
   98   3,761
Pinnacle West Capital Corp.
   14   988
PNM Resources, Inc.
   9   411
PPL Corp.
   251   7,545
Southern Co.
   804   55,138
Xcel Energy, Inc.
   65   4,401
          406,898
ELECTRICAL EQUIPMENT — 0.7%  
Acuity Brands, Inc.
   150   31,758
AMETEK, Inc.
   326   47,935
AZZ, Inc.
   111   6,137
Security Description     Shares   Value
Eaton Corp. PLC
   1,168   $ 201,854
Emerson Electric Co.
   1,751   162,790
Encore Wire Corp.
   67   9,588
EnerSys
   14   1,107
Generac Holdings, Inc. (a)
   253   89,036
Hubbell, Inc.
   77   16,037
nVent Electric PLC
   708   26,904
Regal Rexnord Corp.
   205   34,887
Rockwell Automation, Inc.
   164   57,211
Sunrun, Inc. (a)
   22   755
Vicor Corp. (a)
   81   10,285
          696,284
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%  
Advanced Energy Industries, Inc.
   62   5,646
Amphenol Corp. Class A
   1,223   106,964
Arrow Electronics, Inc. (a)
   210   28,197
Avnet, Inc.
   348   14,348
Badger Meter, Inc.
   93   9,910
Belden, Inc.
   167   10,977
Benchmark Electronics, Inc.
   47   1,274
CDW Corp.
   433   88,670
Cognex Corp.
   211   16,407
Coherent, Inc. (a)
   99   26,387
Corning, Inc.
   751   27,960
CTS Corp.
   25   918
ePlus, Inc. (a)
   84   4,526
Fabrinet (a)
   140   16,586
FARO Technologies, Inc. (a)
   10   700
II-VI, Inc. (a)
   171   11,684
Insight Enterprises, Inc. (a)
   139   14,817
IPG Photonics Corp. (a)
   4   689
Itron, Inc. (a)
   25   1,713
Jabil, Inc.
   565   39,748
Keysight Technologies, Inc. (a)
   620   128,036
Knowles Corp. (a)
   75   1,751
Littelfuse, Inc.
   61   19,195
Methode Electronics, Inc.
   87   4,278
National Instruments Corp.
   145   6,332
OSI Systems, Inc. (a)
   20   1,864
Plexus Corp. (a)
   42   4,027
Rogers Corp. (a)
   69   18,837
Sanmina Corp. (a)
   177   7,338
ScanSource, Inc. (a)
   7   246
TD SYNNEX Corp.
   140   16,010
TE Connectivity, Ltd.
   961   155,048
Teledyne Technologies, Inc. (a)
   116   50,679
Trimble, Inc. (a)
   956   83,354
TTM Technologies, Inc. (a)
   138   2,056
Vishay Intertechnology, Inc.
   187   4,090
Vontier Corp.
   165   5,070
Zebra Technologies Corp. Class A (a)
   203   120,826
          1,057,158
 
See accompanying notes to financial statements.
53

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
ENERGY EQUIPMENT & SERVICES — 0.4%  
Archrock, Inc.
   566   $ 4,234
Baker Hughes Co.
   3,146   75,693
Bristow Group, Inc. (a)
   7   222
ChampionX Corp. (a)
   854   17,259
Core Laboratories NV
   153   3,413
DMC Global, Inc. (a)
   6   237
Dril-Quip, Inc. (a)
   4   79
Halliburton Co.
   3,324   76,020
Helix Energy Solutions Group, Inc. (a)
   331   1,033
Helmerich & Payne, Inc.
   481   11,400
Nabors Industries, Ltd. (a)
   42   3,406
Nov, Inc.
   1,229   16,653
Oceaneering International, Inc. (a)
   438   4,954
Oil States International, Inc. (a)
   6   30
Patterson-UTI Energy, Inc.
   783   6,616
ProPetro Holding Corp. (a)
   381   3,086
Schlumberger NV
   5,896   176,585
US Silica Holdings, Inc. (a)
   315   2,961
          403,881
ENTERTAINMENT — 1.3%  
Activision Blizzard, Inc.
   253   16,832
Cinemark Holdings, Inc. (a)
   522   8,415
Electronic Arts, Inc.
   278   36,668
Live Nation Entertainment, Inc. (a)
   529   63,316
Marcus Corp. (a)
   26   464
Netflix, Inc. (a)
   624   375,923
Take-Two Interactive Software, Inc. (a)
   13   2,310
Walt Disney Co. (a)
   4,535   702,426
World Wrestling Entertainment, Inc. Class A (c)
   158   7,796
          1,214,150
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 3.0%  
Acadia Realty Trust REIT
   314   6,855
Agree Realty Corp. REIT
   43   3,069
Alexander & Baldwin, Inc. REIT (a)
   253   6,348
Alexandria Real Estate Equities, Inc. REIT
   226   50,389
American Assets Trust, Inc. REIT
   177   6,643
American Campus Communities, Inc. REIT
   317   18,161
American Tower Corp. REIT
   444   129,870
Apartment Income REIT Corp.
   342   18,697
Armada Hoffler Properties, Inc. REIT
   48   731
AvalonBay Communities, Inc. REIT
   470   118,717
Boston Properties, Inc. REIT
   447   51,486
Brandywine Realty Trust REIT
   392   5,261
Brixmor Property Group, Inc. REIT
   1,323   33,617
Camden Property Trust REIT
   346   61,823
CareTrust REIT, Inc.
   116   2,648
Centerspace REIT
   45   4,991
Chatham Lodging Trust REIT (a)
   311   4,267
Security Description     Shares   Value
Community Healthcare Trust, Inc. REIT
   8   $ 378
Corporate Office Properties Trust REIT
   86   2,405
Cousins Properties, Inc. REIT
   468   18,851
Crown Castle International Corp. REIT
   328   68,467
CyrusOne, Inc. REIT
   94   8,434
DiamondRock Hospitality Co. REIT (a)
   727   6,987
Digital Realty Trust, Inc. REIT
   92   16,272
Diversified Healthcare Trust REIT
   54   167
Douglas Emmett, Inc. REIT
   438   14,673
Duke Realty Corp. REIT
   534   35,052
Easterly Government Properties, Inc. REIT
   27   619
EastGroup Properties, Inc. REIT
   68   15,494
EPR Properties REIT
   315   14,959
Equinix, Inc. REIT
   49   41,446
Equity Residential REIT
   1,294   117,107
Essential Properties Realty Trust, Inc. REIT
   530   15,280
Essex Property Trust, Inc. REIT
   219   77,138
Extra Space Storage, Inc. REIT
   392   88,878
Federal Realty Investment Trust REIT
   265   36,125
First Industrial Realty Trust, Inc. REIT
   294   19,463
Four Corners Property Trust, Inc. REIT
   56   1,647
Franklin Street Properties Corp. REIT
   300   1,785
GEO Group, Inc. REIT (a)  (c)
   132   1,023
Getty Realty Corp. REIT
   36   1,155
Global Net Lease, Inc. REIT
   106   1,620
Healthcare Realty Trust, Inc. REIT
   149   4,714
Healthpeak Properties, Inc. REIT
   836   30,171
Highwoods Properties, Inc. REIT
   328   14,626
Host Hotels & Resorts, Inc. REIT (a)
   2,247   39,075
Hudson Pacific Properties, Inc. REIT
   414   10,230
Independence Realty Trust, Inc. REIT
   381   9,841
Industrial Logistics Properties Trust REIT
   187   4,684
Innovative Industrial Properties, Inc. REIT (c)
   106   27,868
Iron Mountain, Inc. REIT
   1,077   56,359
iStar, Inc. REIT (c)
   309   7,982
JBG SMITH Properties REIT
   133   3,818
Kilroy Realty Corp. REIT
   307   20,403
Kimco Realty Corp. REIT
   2,685   66,185
Kite Realty Group Trust REIT
   878   19,123
Lamar Advertising Co. Class A REIT
   334   40,514
Life Storage, Inc. REIT
   246   37,682
 
See accompanying notes to financial statements.
54

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
LTC Properties, Inc. REIT
   60   $ 2,048
LXP Industrial Trust REIT
   572   8,935
Macerich Co. REIT
   1,033   17,850
Medical Properties Trust, Inc. REIT
   582   13,753
Mid-America Apartment Communities, Inc. REIT
   390   89,482
National Retail Properties, Inc. REIT
   486   23,362
National Storage Affiliates Trust REIT
   291   20,137
NexPoint Residential Trust, Inc. REIT
   68   5,700
Office Properties Income Trust REIT
   101   2,509
Omega Healthcare Investors, Inc. REIT
   130   3,847
Park Hotels & Resorts, Inc. REIT (a)
   1,044   19,711
Pebblebrook Hotel Trust REIT
   580   12,975
Physicians Realty Trust REIT
   154   2,900
PotlatchDeltic Corp. REIT
   105   6,323
Prologis, Inc. REIT
   1,203   202,537
PS Business Parks, Inc. REIT
   55   10,129
Public Storage REIT
   314   117,612
Rayonier, Inc. REIT
   352   14,207
Realty Income Corp. REIT
   538   38,515
Regency Centers Corp. REIT
   590   44,457
Retail Opportunity Investments Corp. REIT
   412   8,075
Rexford Industrial Realty, Inc. REIT
   174   14,113
RPT Realty REIT
   441   5,901
Sabra Health Care REIT, Inc.
   216   2,925
Safehold, Inc. REIT
   4   319
Saul Centers, Inc. REIT
   60   3,181
SBA Communications Corp. REIT
   83   32,289
Service Properties Trust REIT
   649   5,705
Simon Property Group, Inc. REIT
   1,391   222,240
SITE Centers Corp. REIT
   736   11,651
SL Green Realty Corp. REIT
   255   18,284
Spirit Realty Capital, Inc. REIT
   420   20,240
STORE Capital Corp. REIT
   398   13,691
Summit Hotel Properties, Inc. REIT (a)
   169   1,649
Tanger Factory Outlet Centers, Inc. REIT
   414   7,982
UDR, Inc. REIT
   1,060   63,589
Uniti Group, Inc. REIT
   684   9,583
Universal Health Realty Income Trust REIT
   20   1,189
Urban Edge Properties REIT
   490   9,310
Urstadt Biddle Properties, Inc. Class A REIT
   171   3,642
Ventas, Inc. REIT
   1,153   58,941
Veris Residential, Inc. REIT (a)
   302   5,551
Vornado Realty Trust REIT
   474   19,842
Washington Real Estate Investment Trust
   284   7,341
Security Description     Shares   Value
Welltower, Inc. REIT
   1,421   $ 121,879
Weyerhaeuser Co. REIT
   1,546   63,664
Xenia Hotels & Resorts, Inc. REIT (a)
   502   9,091
          2,921,129
FOOD & STAPLES RETAILING — 0.8%  
Andersons, Inc.
   59   2,284
BJ's Wholesale Club Holdings, Inc. (a)
   402   26,922
Casey's General Stores, Inc.
   28   5,526
Chefs' Warehouse, Inc. (a)
   86   2,864
Costco Wholesale Corp.
   720   408,744
Grocery Outlet Holding Corp. (a)
   51   1,442
Kroger Co.
   959   43,404
Performance Food Group Co. (a)
   384   17,622
PriceSmart, Inc.
   18   1,317
SpartanNash Co.
   4   103
Sprouts Farmers Market, Inc. (a)
   15   445
Sysco Corp.
   1,499   117,746
United Natural Foods, Inc. (a)
   238   11,681
Walmart, Inc.
   155   22,427
Walgreens Boots Alliance, Inc.
   2,103   109,693
          772,220
FOOD PRODUCTS — 0.5%  
Archer-Daniels-Midland Co.
   1,153   77,931
B&G Foods, Inc.
   86   2,643
Calavo Growers, Inc.
   6   254
Cal-Maine Foods, Inc. (a)
   4   148
Campbell Soup Co.
   24   1,043
Conagra Brands, Inc.
   58   1,981
Darling Ingredients, Inc. (a)
   580   40,188
Flowers Foods, Inc.
   118   3,241
Fresh Del Monte Produce, Inc.
   122   3,367
General Mills, Inc.
   197   13,274
Hain Celestial Group, Inc. (a)
   209   8,905
Hershey Co.
   193   37,340
Hormel Foods Corp.
   34   1,660
Ingredion, Inc.
   104   10,051
J&J Snack Foods Corp.
   11   1,738
J.M. Smucker Co.
   59   8,013
John B Sanfilippo & Son, Inc.
   30   2,705
Kellogg Co.
   29   1,868
Kraft Heinz Co.
   949   34,069
Lamb Weston Holdings, Inc.
   16   1,014
Lancaster Colony Corp.
   6   994
McCormick & Co., Inc.
   29   2,802
Mondelez International, Inc. Class A
   1,062   70,421
Pilgrim's Pride Corp. (a)
   217   6,119
Post Holdings, Inc. (a)
   87   9,808
Sanderson Farms, Inc.
   62   11,847
Seneca Foods Corp. Class A (a)
   13   623
Simply Good Foods Co. (a)
   358   14,882
Tootsie Roll Industries, Inc.
   7   254
TreeHouse Foods, Inc. (a)
   6   243
 
See accompanying notes to financial statements.
55

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Tyson Foods, Inc. Class A
   800   $ 69,728
          439,154
GAS UTILITIES — 0.1%  
Atmos Energy Corp.
   14   1,467
Chesapeake Utilities Corp.
   21   3,062
National Fuel Gas Co.
   231   14,770
New Jersey Resources Corp.
   115   4,722
Northwest Natural Holding Co.
   24   1,171
ONE Gas, Inc.
   6   466
South Jersey Industries, Inc.
   45   1,175
Southwest Gas Holdings, Inc. (a)
   45   3,152
Spire, Inc.
   43   2,804
UGI Corp.
   476   21,853
          54,642
HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%  
Abbott Laboratories
   1,347   189,577
ABIOMED, Inc. (a)
   74   26,579
Align Technology, Inc. (a)
   231   151,809
AngioDynamics, Inc. (a)
   96   2,648
Avanos Medical, Inc. (a)
   51   1,768
Baxter International, Inc.
   163   13,992
Becton Dickinson and Co.
   93   23,388
BioLife Solutions, Inc. (a)
   106   3,951
Boston Scientific Corp. (a)
   2,009   85,342
Cardiovascular Systems, Inc. (a)
   4   75
CONMED Corp.
   113   16,019
Cooper Cos., Inc.
   80   33,515
CryoLife, Inc. (a)
   79   1,608
Cutera, Inc. (a)
   84   3,471
DENTSPLY SIRONA, Inc.
   261   14,561
DexCom, Inc. (a)
   367   197,061
Edwards Lifesciences Corp. (a)
   2,097   271,666
Envista Holdings Corp. (a)
   542   24,422
Glaukos Corp. (a)
   5   222
Globus Medical, Inc. Class A (a)
   229   16,534
Haemonetics Corp. (a)
   5   265
Heska Corp. (a)
   46   8,395
Hologic, Inc. (a)
   95   7,273
ICU Medical, Inc. (a)
   41   9,731
IDEXX Laboratories, Inc. (a)
   249   163,957
Inogen, Inc. (a)
   83   2,822
Integer Holdings Corp. (a)
   100   8,559
Integra LifeSciences Holdings Corp. (a)
   228   15,274
Intuitive Surgical, Inc. (a)
   1,045   375,468
Lantheus Holdings, Inc. (a)
   232   6,702
LeMaitre Vascular, Inc.
   77   3,868
LivaNova PLC (a)
   206   18,011
Masimo Corp. (a)
   49   14,346
Medtronic PLC
   1,896   196,141
Meridian Bioscience, Inc. (a)
   33   673
Merit Medical Systems, Inc. (a)
   148   9,220
Natus Medical, Inc. (a)
   3   71
Neogen Corp. (a)
   117   5,313
NuVasive, Inc. (a)
   118   6,193
Security Description     Shares   Value
OraSure Technologies, Inc. (a)
   8   $ 70
Orthofix Medical, Inc. (a)
   25   777
Penumbra, Inc. (a)
   4   1,149
Quidel Corp. (a)
   4   540
ResMed, Inc.
   363   94,554
STAAR Surgical Co. (a)
   180   16,434
STERIS PLC
   76   18,499
Stryker Corp.
   692   185,055
Tactile Systems Technology, Inc. (a)
   2   38
Tandem Diabetes Care, Inc. (a)
   34   5,118
Teleflex, Inc.
   46   15,110
Varex Imaging Corp. (a)
   166   5,237
Zimmer Biomet Holdings, Inc.
   113   14,355
          2,287,426
HEALTH CARE PROVIDERS & SERVICES — 2.5%  
Acadia Healthcare Co., Inc. (a)
   341   20,699
Addus HomeCare Corp. (a)
   2   187
Amedisys, Inc. (a)
   13   2,104
AmerisourceBergen Corp.
   211   28,040
AMN Healthcare Services, Inc. (a)
   198   24,221
Anthem, Inc.
   608   281,832
Apollo Medical Holdings, Inc. (a)
   176   12,933
Cardinal Health, Inc.
   174   8,959
Centene Corp. (a)
   190   15,656
Chemed Corp.
   2   1,058
Cigna Corp.
   406   93,230
Community Health Systems, Inc. (a)
   664   8,838
CorVel Corp. (a)
   37   7,696
Covetrus, Inc. (a)
   132   2,636
Cross Country Healthcare, Inc. (a)
   215   5,968
CVS Health Corp.
   4,152   428,320
DaVita, Inc. (a)
   153   17,405
Encompass Health Corp.
   108   7,048
Ensign Group, Inc.
   94   7,892
Fulgent Genetics, Inc. (a)  (c)
   76   7,645
Hanger, Inc. (a)
   79   1,432
HCA Healthcare, Inc.
   966   248,185
HealthEquity, Inc. (a)
   118   5,220
Henry Schein, Inc. (a)
   136   10,544
Humana, Inc.
   14   6,494
Joint Corp. (a)
   62   4,073
Laboratory Corp. of America Holdings (a)
   262   82,323
LHC Group, Inc. (a)
   12   1,647
Magellan Health, Inc. (a)
   59   5,604
McKesson Corp.
   352   87,497
MEDNAX, Inc. (a)
   337   9,170
ModivCare, Inc. (a)
   39   5,783
Molina Healthcare, Inc. (a)
   162   51,529
Option Care Health, Inc. (a)
   526   14,959
Owens & Minor, Inc.
   156   6,786
Patterson Cos., Inc.
   93   2,730
Pennant Group, Inc. (a)
   3   69
Progyny, Inc. (a)
   308   15,508
 
See accompanying notes to financial statements.
56

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Quest Diagnostics, Inc.
   119   $ 20,588
R1 RCM, Inc. (a)
   216   5,506
RadNet, Inc. (a)
   225   6,775
Select Medical Holdings Corp.
   404   11,878
Tenet Healthcare Corp. (a)
   453   37,006
Tivity Health, Inc. (a)
   176   4,653
UnitedHealth Group, Inc.
   1,535   770,785
Universal Health Services, Inc. Class B
   107   13,874
US Physical Therapy, Inc.
   39   3,727
          2,416,712
HEALTH CARE TECHNOLOGY — 0.0% (e)  
Allscripts Healthcare Solutions, Inc. (a)
   258   4,760
Cerner Corp.
   32   2,972
Computer Programs & Systems, Inc. (a)
   29   850
NextGen Healthcare, Inc. (a)
   109   1,939
Omnicell, Inc. (a)
   165   29,772
Simulations Plus, Inc. (c)
   2   95
Tabula Rasa HealthCare, Inc. (a)
   25   375
          40,763
HOTELS, RESTAURANTS & LEISURE — 2.1%  
BJ's Restaurants, Inc. (a)
   108   3,731
Bloomin' Brands, Inc. (a)
   355   7,448
Booking Holdings, Inc. (a)
   120   287,908
Boyd Gaming Corp. (a)
   364   23,867
Brinker International, Inc. (a)
   35   1,281
Caesars Entertainment, Inc. (a)
   903   84,458
Carnival Corp. (a)  (c)
   3,033   61,024
Cheesecake Factory, Inc. (a)
   195   7,634
Chipotle Mexican Grill, Inc. (a)
   88   153,846
Choice Hotels International, Inc.
   82   12,791
Churchill Downs, Inc.
   104   25,054
Chuy's Holdings, Inc. (a)
   93   2,801
Cracker Barrel Old Country Store, Inc.
   28   3,602
Darden Restaurants, Inc.
   467   70,349
Dave & Buster's Entertainment, Inc. (a)
   222   8,525
Dine Brands Global, Inc.
   87   6,595
Domino's Pizza, Inc.
   51   28,781
Expedia Group, Inc. (a)
   552   99,757
Hilton Worldwide Holdings, Inc. (a)
   877   136,803
Jack in the Box, Inc.
   26   2,274
Las Vegas Sands Corp. (a)
   37   1,393
Marriott International, Inc. Class A (a)
   920   152,021
Marriott Vacations Worldwide Corp.
   144   24,333
McDonald's Corp.
   567   151,996
MGM Resorts International
   1,693   75,982
Monarch Casino & Resort, Inc. (a)
   55   4,067
Norwegian Cruise Line Holdings, Ltd. (a)
   1,245   25,821
Papa John's International, Inc.
   117   15,616
Security Description     Shares   Value
Penn National Gaming, Inc. (a)
   357   $ 18,510
Royal Caribbean Cruises, Ltd. (a)
   754   57,983
Ruth's Hospitality Group, Inc. (a)
   58   1,154
Scientific Games Corp. Class A (a)
   408   27,267
Shake Shack, Inc. Class A (a)
   30   2,165
Six Flags Entertainment Corp. (a)
   335   14,264
Starbucks Corp.
   1,919   224,465
Texas Roadhouse, Inc.
   144   12,856
Travel + Leisure Co.
   328   18,129
Wendy's Co.
   21   501
Wingstop, Inc.
   87   15,034
Wyndham Hotels & Resorts, Inc.
   335   30,033
Wynn Resorts, Ltd. (a)  (c)
   103   8,759
Yum! Brands, Inc.
   610   84,705
          1,995,583
HOUSEHOLD DURABLES — 0.5%  
Cavco Industries, Inc. (a)
   9   2,859
Century Communities, Inc.
   131   10,714
D.R. Horton, Inc.
   460   49,887
Ethan Allen Interiors, Inc.
   143   3,759
Garmin, Ltd.
   487   66,315
Helen of Troy, Ltd. (a)
   33   8,067
Installed Building Products, Inc.
   23   3,214
iRobot Corp. (a)
   3   198
KB Home
   119   5,323
La-Z-Boy, Inc.
   5   182
Leggett & Platt, Inc.
   72   2,964
Lennar Corp. Class A
   626   72,716
LGI Homes, Inc. (a)
   45   6,952
M/I Homes, Inc. (a)
   103   6,405
MDC Holdings, Inc.
   87   4,857
Meritage Homes Corp. (a)
   4   488
Mohawk Industries, Inc. (a)
   212   38,622
Newell Brands, Inc.
   616   13,453
NVR, Inc. (a)
   4   23,635
PulteGroup, Inc.
   197   11,260
Taylor Morrison Home Corp. (a)
   108   3,776
Tempur Sealy International, Inc.
   832   39,129
Toll Brothers, Inc.
   239   17,301
TopBuild Corp. (a)
   68   18,762
Tri Pointe Homes, Inc. (a)
   180   5,020
Tupperware Brands Corp. (a)
   5   76
Universal Electronics, Inc. (a)
   5   204
Whirlpool Corp.
   48   11,264
          427,402
HOUSEHOLD PRODUCTS — 0.2%  
Central Garden & Pet Co. Class A (a)
   48   2,297
Church & Dwight Co., Inc.
   29   2,972
Clorox Co.
   16   2,790
Colgate-Palmolive Co.
   122   10,411
Energizer Holdings, Inc.
   7   281
Kimberly-Clark Corp.
   110   15,721
Procter & Gamble Co.
   790   129,228
 
See accompanying notes to financial statements.
57

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
WD-40 Co.
   1   $ 245
          163,945
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (e)  
AES Corp.
   651   15,819
INDUSTRIAL CONGLOMERATES — 0.9%  
3M Co.
   440   78,157
General Electric Co.
   4,169   393,845
Honeywell International, Inc.
   1,423   296,710
Roper Technologies, Inc.
   103   50,662
          819,374
INSURANCE — 2.3%  
Aflac, Inc.
   2,076   121,218
Alleghany Corp. (a)
   11   7,343
Allstate Corp.
   866   101,885
American Equity Investment Life Holding Co.
   80   3,114
American Financial Group, Inc.
   280   38,450
American International Group, Inc.
   3,170   180,246
AMERISAFE, Inc.
   6   323
Aon PLC Class A
   710   213,398
Arthur J Gallagher & Co.
   606   102,820
Assurant, Inc.
   96   14,963
Assured Guaranty, Ltd.
   293   14,709
Brighthouse Financial, Inc. (a)
   189   9,790
Brown & Brown, Inc.
   330   23,192
Chubb, Ltd.
   1,000   193,310
Cincinnati Financial Corp.
   524   59,699
CNO Financial Group, Inc.
   360   8,582
eHealth, Inc. (a)
   54   1,377
Employers Holdings, Inc.
   36   1,490
Everest Re Group, Ltd.
   65   17,805
First American Financial Corp.
   346   27,068
Genworth Financial, Inc. Class A (a)
   328   1,328
Globe Life, Inc.
   51   4,780
Hanover Insurance Group, Inc.
   100   13,106
Hartford Financial Services Group, Inc.
   1,394   96,242
HCI Group, Inc.
   41   3,425
Horace Mann Educators Corp.
   48   1,858
James River Group Holdings, Ltd.
   47   1,354
Kemper Corp.
   7   411
Kinsale Capital Group, Inc.
   2   476
Lincoln National Corp.
   772   52,697
Loews Corp.
   640   36,966
Marsh & McLennan Cos., Inc.
   1,484   257,949
Mercury General Corp.
   85   4,510
MetLife, Inc.
   2,608   162,974
Old Republic International Corp.
   1,018   25,022
Palomar Holdings, Inc. (a)
   14   907
Primerica, Inc.
   85   13,028
Principal Financial Group, Inc.
   963   69,654
ProAssurance Corp.
   189   4,782
Progressive Corp.
   190   19,503
Security Description     Shares   Value
Prudential Financial, Inc.
   1,469   $ 159,004
Reinsurance Group of America, Inc.
   52   5,693
RenaissanceRe Holdings, Ltd.
   5   847
RLI Corp.
   54   6,053
Safety Insurance Group, Inc.
   21   1,786
Selective Insurance Group, Inc.
   165   13,520
Stewart Information Services Corp.
   85   6,777
Travelers Cos., Inc.
   352   55,063
Trupanion, Inc. (a)
   19   2,509
United Fire Group, Inc.
   30   696
Universal Insurance Holdings, Inc.
   61   1,037
Unum Group
   599   14,717
Willis Towers Watson PLC
   210   49,873
WR Berkley Corp.
   186   15,324
          2,244,653
INTERACTIVE MEDIA & SERVICES — 7.7%  
Alphabet, Inc. Class A (a)
   1,083   3,137,494
Alphabet, Inc. Class C (a)
   945   2,734,443
Match Group, Inc. (a)
   631   83,450
Meta Platforms, Inc. Class A (a)
   3,880   1,305,038
QuinStreet, Inc. (a)
   163   2,965
TripAdvisor, Inc. (a)
   374   10,195
Twitter, Inc. (a)
   2,338   101,048
Yelp, Inc. (a)
   277   10,039
Ziff Davis, Inc. (a)
   204   22,615
          7,407,287
INTERNET & DIRECT MARKETING RETAIL — 1.1%  
Amazon.com, Inc. (a)
   238   793,573
eBay, Inc.
   1,844   122,626
Etsy, Inc. (a)
   481   105,310
Liquidity Services, Inc. (a)
   169   3,731
PetMed Express, Inc. (c)
   2   51
Shutterstock, Inc.
   85   9,425
          1,034,716
IT SERVICES — 3.1%  
Accenture PLC Class A
   1,858   770,234
Akamai Technologies, Inc. (a)
   59   6,905
Alliance Data Systems Corp.
   218   14,512
Automatic Data Processing, Inc.
   689   169,894
Broadridge Financial Solutions, Inc.
   139   25,412
Cognizant Technology Solutions Corp. Class A
   190   16,857
Concentrix Corp.
   88   15,719
CSG Systems International, Inc.
   26   1,498
DXC Technology Co. (a)
   957   30,806
EVERTEC, Inc.
   151   7,547
ExlService Holdings, Inc. (a)
   112   16,214
Fidelity National Information Services, Inc.
   76   8,295
Fiserv, Inc. (a)
   453   47,017
FleetCor Technologies, Inc. (a)
   81   18,131
Gartner, Inc. (a)
   354   118,349
Genpact, Ltd.
   431   22,877
Global Payments, Inc.
   32   4,326
 
See accompanying notes to financial statements.
58

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
International Business Machines Corp.
   1,653   $ 220,940
Jack Henry & Associates, Inc.
   56   9,351
Kyndryl Holdings, Inc. (a)
   330   5,973
LiveRamp Holdings, Inc. (a)
   24   1,151
Mastercard, Inc. Class A
   851   305,781
MAXIMUS, Inc.
   66   5,258
Paychex, Inc.
   799   109,063
PayPal Holdings, Inc. (a)
   2,933   553,105
Perficient, Inc. (a)
   147   19,006
Sabre Corp. (a)
   1,401   12,035
TTEC Holdings, Inc.
   70   6,339
Unisys Corp. (a)
   360   7,405
VeriSign, Inc. (a)
   36   9,138
Visa, Inc. Class A
   2,014   436,454
Western Union Co.
   49   874
WEX, Inc. (a)
   112   15,724
          3,012,190
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Brunswick Corp.
   253   25,485
Callaway Golf Co. (a)
   427   11,717
Hasbro, Inc.
   70   7,125
Mattel, Inc. (a)
   795   17,140
Polaris, Inc.
   146   16,047
Sturm Ruger & Co., Inc.
   23   1,564
Vista Outdoor, Inc. (a)
   270   12,439
YETI Holdings, Inc. (a)
   350   28,990
          120,507
LIFE SCIENCES TOOLS & SERVICES — 1.9%  
Agilent Technologies, Inc.
   955   152,466
Bio-Rad Laboratories, Inc. Class A (a)
   30   22,667
Bio-Techne Corp.
   156   80,705
Charles River Laboratories International, Inc. (a)
   191   71,965
Danaher Corp.
   1,316   432,977
Illumina, Inc. (a)
   392   149,133
IQVIA Holdings, Inc. (a)
   603   170,130
Medpace Holdings, Inc. (a)
   109   23,723
Mettler-Toledo International, Inc. (a)
   53   89,952
NeoGenomics, Inc. (a)
   128   4,367
PerkinElmer, Inc.
   289   58,106
Repligen Corp. (a)
   194   51,379
Syneos Health, Inc. (a)
   358   36,759
Thermo Fisher Scientific, Inc.
   470   313,603
Waters Corp. (a)
   206   76,756
West Pharmaceutical Services, Inc.
   249   116,784
          1,851,472
MACHINERY — 1.5%  
AGCO Corp.
   208   24,132
Alamo Group, Inc.
   23   3,385
Albany International Corp. Class A
   106   9,376
Astec Industries, Inc.
   7   485
Barnes Group, Inc.
   35   1,631
Security Description     Shares   Value
Caterpillar, Inc.
   653   $ 135,001
Chart Industries, Inc. (a)
   160   25,518
CIRCOR International, Inc. (a)
   7   190
Colfax Corp. (a)
   426   19,583
Crane Co.
   194   19,736
Cummins, Inc.
   47   10,253
Deere & Co.
   893   306,201
Donaldson Co., Inc.
   150   8,889
Dover Corp.
   391   71,006
Enerpac Tool Group Corp.
   46   933
EnPro Industries, Inc.
   76   8,365
ESCO Technologies, Inc.
   3   270
Federal Signal Corp.
   126   5,461
Flowserve Corp.
   155   4,743
Fortive Corp.
   272   20,751
Franklin Electric Co., Inc.
   89   8,416
Graco, Inc.
   129   10,400
Greenbrier Cos., Inc.
   150   6,883
Hillenbrand, Inc.
   214   11,126
IDEX Corp.
   91   21,505
Illinois Tool Works, Inc.
   93   22,952
Ingersoll Rand, Inc.
   1,187   73,440
ITT, Inc.
   252   25,752
John Bean Technologies Corp.
   125   19,195
Kennametal, Inc.
   64   2,298
Lincoln Electric Holdings, Inc.
   84   11,715
Lindsay Corp.
   32   4,864
Meritor, Inc. (a)
   26   644
Middleby Corp. (a)
   211   41,516
Mueller Industries, Inc.
   184   10,922
Nordson Corp.
   58   14,806
Oshkosh Corp.
   216   24,345
Otis Worldwide Corp.
   972   84,632
PACCAR, Inc.
   38   3,354
Parker-Hannifin Corp.
   294   93,527
Pentair PLC
   486   35,493
Proto Labs, Inc. (a)
   23   1,181
Snap-on, Inc.
   123   26,492
SPX Corp. (a)
   64   3,819
SPX FLOW, Inc.
   169   14,615
Standex International Corp.
   51   5,644
Stanley Black & Decker, Inc.
   53   9,997
Tennant Co.
   21   1,702
Terex Corp.
   296   13,009
Timken Co.
   38   2,633
Toro Co.
   105   10,490
Trinity Industries, Inc.
   244   7,369
Wabash National Corp.
   34   664
Watts Water Technologies, Inc. Class A
   87   16,893
Westinghouse Air Brake Technologies Corp.
   554   51,029
Woodward, Inc.
   173   18,937
Xylem, Inc.
   528   63,318
          1,451,486
 
See accompanying notes to financial statements.
59

Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
MARINE — 0.0% (e)  
Kirby Corp. (a)
   72   $ 4,278
Matson, Inc.
   146   13,145
          17,423
MEDIA — 1.0%  
AMC Networks, Inc. Class A (a)
   145   4,994
Cable One, Inc.
   1   1,763
Charter Communications, Inc. Class A (a)
   124   80,844
Comcast Corp. Class A
   10,437   525,294
Discovery, Inc. Class A (a)
   202   4,755
Discovery, Inc. Class C (a)
   626   14,335
DISH Network Corp. Class A (a)
   945   30,656
EW Scripps Co. Class A
   195   3,773
Fox Corp. Class A
   985   36,347
Fox Corp. Class B
   349   11,960
Gannett Co., Inc. (a)
   798   4,253
Interpublic Group of Cos., Inc.
   1,658   62,092
John Wiley & Sons, Inc. Class A
   184   10,538
Loyalty Ventures, Inc. (a)
   87   2,616
New York Times Co. Class A
   199   9,612
News Corp. Class A
   1,486   33,153
News Corp. Class B
   538   12,105
Omnicom Group, Inc.
   752   55,099
Scholastic Corp.
   112   4,476
TechTarget, Inc. (a)
   112   10,714
TEGNA, Inc.
   864   16,036
ViacomCBS, Inc. Class B
   1,643   49,586
          985,001
METALS & MINING — 0.6%  
Allegheny Technologies, Inc. (a)
   590   9,399
Arconic Corp. (a)
   320   10,563
Carpenter Technology Corp.
   201   5,867
Century Aluminum Co. (a)
   171   2,832
Cleveland-Cliffs, Inc. (a)
   1,924   41,885
Commercial Metals Co.
   394   14,298
Compass Minerals International, Inc.
   28   1,430
Freeport-McMoRan, Inc.
   5,894   245,957
Kaiser Aluminum Corp.
   50   4,697
Materion Corp.
   48   4,413
Newmont Corp.
   96   5,954
Nucor Corp.
   1,243   141,888
Reliance Steel & Aluminum Co.
   131   21,251
Royal Gold, Inc.
   7   736
Steel Dynamics, Inc.
   779   48,353
SunCoke Energy, Inc.
   27   178
TimkenSteel Corp. (a)
   96   1,584
United States Steel Corp.
   1,143   27,215
Warrior Met Coal, Inc.
   173   4,448
Worthington Industries, Inc.
   18   984
          593,932

Security Description     Shares   Value
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.0% (e)  
Apollo Commercial Real Estate Finance, Inc. REIT
   538   $ 7,080
ARMOUR Residential REIT, Inc. (c)
   61   598
Ellington Financial, Inc. REIT
   237   4,050
Granite Point Mortgage Trust, Inc. REIT
   328   3,841
Invesco Mortgage Capital, Inc. REIT
   557   1,548
New York Mortgage Trust, Inc. REIT
   1,691   6,291
PennyMac Mortgage Investment Trust REIT
   106   1,837
Ready Capital Corp. REIT
   257   4,017
Redwood Trust, Inc. REIT
   526   6,938
Two Harbors Investment Corp. REIT
   1,096   6,324
          42,524
MULTI-UTILITIES — 0.1%  
Ameren Corp.
   84   7,477
Avista Corp.
   54   2,294
Black Hills Corp.
   83   5,857
CenterPoint Energy, Inc.
   579   16,160
CMS Energy Corp.
   36   2,342
Consolidated Edison, Inc.
   50   4,266
Dominion Energy, Inc.
   97   7,620
DTE Energy Co.
   105   12,552
MDU Resources Group, Inc.
   286   8,820
NiSource, Inc.
   250   6,902
NorthWestern Corp. (c)
   42   2,401
Public Service Enterprise Group, Inc.
   305   20,353
Sempra Energy
   122   16,138
WEC Energy Group, Inc.
   38   3,689
          116,871
MULTILINE RETAIL — 0.5%  
Big Lots, Inc.
   4   180
Dollar General Corp.
   26   6,131
Dollar Tree, Inc. (a)
   84   11,804
Kohl's Corp.
   661   32,647
Macy's, Inc.
   1,320   34,558
Nordstrom, Inc. (a)  (c)
   481   10,880
Ollie's Bargain Outlet Holdings, Inc. (a)  (c)
   6   307
Target Corp.
  1,557   360,352
          456,859
OIL, GAS & CONSUMABLE FUELS — 4.2%  
Antero Midstream Corp.
  1,304   12,623
APA Corp.
  1,600   43,024
Callon Petroleum Co. (a)
  167   7,891
Chevron Corp.
  6,086   714,192
Civitas Resources, Inc.
  307   15,034
CNX Resources Corp. (a)
  498   6,848
ConocoPhillips
  5,610   404,930
 
See accompanying notes to financial statements.
60

SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
CONSOL Energy, Inc. (a)
   184   $ 4,179
Coterra Energy, Inc.
   970   18,430
Devon Energy Corp.
   2,664   117,349
Diamondback Energy, Inc.
   720   77,652
DTE Midstream LLC (a)
   105   5,038
EOG Resources, Inc.
   2,460   218,522
EQT Corp. (a)
   689   15,027
Equitrans Midstream Corp.
   1,279   13,225
Exxon Mobil Corp.
   17,085   1,045,431
Green Plains, Inc. (a)  (c)
   198   6,882
Hess Corp.
   1,157   85,653
HollyFrontier Corp.
   600   19,668
Kinder Morgan, Inc.
   5,711   90,576
Laredo Petroleum, Inc. (a)
   68   4,089
Marathon Oil Corp.
   3,336   54,777
Marathon Petroleum Corp.
   2,619   167,590
Matador Resources Co.
   510   18,829
Murphy Oil Corp.
   612   15,979
Occidental Petroleum Corp.
   3,754   108,828
ONEOK, Inc.
   1,886   110,821
Par Pacific Holdings, Inc. (a)
   278   4,584
PBF Energy, Inc. Class A (a)
   405   5,253
PDC Energy, Inc.
   464   22,634
Phillips 66
   1,473   106,734
Pioneer Natural Resources Co.
   960   174,605
Range Resources Corp. (a)
   1,099   19,595
Ranger Oil Corp. Class A (a)
   25   673
Renewable Energy Group, Inc. (a)
   5   212
SM Energy Co.
   497   14,652
Southwestern Energy Co. (a)
   4,317   20,117
Targa Resources Corp.
   968   50,568
Valero Energy Corp.
   1,641   123,256
Williams Cos., Inc.
   3,560   92,702
World Fuel Services Corp.
   159   4,209
          4,042,881
PAPER & FOREST PRODUCTS — 0.0% (e)  
Clearwater Paper Corp. (a)
   5   183
Glatfelter Corp.
   69   1,187
Louisiana-Pacific Corp.
   425   33,299
Neenah, Inc.
   5   231
Schweitzer-Mauduit International, Inc.
   17   508
Sylvamo Corp. (a)
   149   4,156
          39,564
PERSONAL PRODUCTS — 0.3%  
Coty, Inc. Class A (a)
   1,448   15,204
Edgewell Personal Care Co.
   213   9,736
elf Beauty, Inc. (a)
   169   5,613
Estee Lauder Cos., Inc. Class A
   528   195,466
Inter Parfums, Inc.
   88   9,407
Medifast, Inc.
   29   6,073
Nu Skin Enterprises, Inc. Class A
   5   254
USANA Health Sciences, Inc. (a)
   36   3,643
          245,396
Security Description     Shares   Value
PHARMACEUTICALS — 2.4%  
ANI Pharmaceuticals, Inc. (a)
   57   $ 2,627
Bristol-Myers Squibb Co.
   723   45,079
Catalent, Inc. (a)
   536   68,624
Collegium Pharmaceutical, Inc. (a)
   19   355
Corcept Therapeutics, Inc. (a)
   102   2,020
Eli Lilly & Co.
   3,015   832,803
Endo International PLC (a)
   25   94
Innoviva, Inc. (a)
   132   2,277
Jazz Pharmaceuticals PLC (a)
   7   892
Johnson & Johnson
   2,571   439,821
Merck & Co., Inc.
   1,373   105,227
Nektar Therapeutics (a)
   181   2,445
Organon & Co.
   29   883
Pacira BioSciences, Inc. (a)
   38   2,286
Perrigo Co. PLC
   21   817
Pfizer, Inc.
   11,559   682,559
Phibro Animal Health Corp. Class A
   2   41
Prestige Consumer Healthcare, Inc. (a)
   150   9,097
Supernus Pharmaceuticals, Inc. (a)
   147   4,287
Viatris, Inc.
   146   1,975
Zoetis, Inc.
   566   138,121
          2,342,330
PROFESSIONAL SERVICES — 0.6%  
ASGN, Inc. (a)
   161   19,867
CACI International, Inc. Class A (a)
   30   8,076
Equifax, Inc.
   489   143,174
Exponent, Inc.
   175   20,428
FTI Consulting, Inc. (a)
   85   13,041
Heidrick & Struggles International, Inc.
   49   2,143
IHS Markit, Ltd.
   1,168   155,251
Insperity, Inc.
   100   11,811
Jacobs Engineering Group, Inc.
   325   45,250
KBR, Inc.
   588   28,001
Kelly Services, Inc. Class A
   20   335
Korn Ferry
   238   18,024
Leidos Holdings, Inc.
   138   12,268
ManpowerGroup, Inc.
   182   17,714
ManTech International Corp. Class A
   18   1,313
Nielsen Holdings PLC
   1,051   21,556
Resources Connection, Inc.
   194   3,461
Robert Half International, Inc.
   476   53,083
Science Applications International Corp.
   48   4,012
TrueBlue, Inc. (a)
   149   4,123
Verisk Analytics, Inc.
   123   28,134
          611,065
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%  
CBRE Group, Inc. Class A (a)
   1,348   146,271
Douglas Elliman, Inc.
   270   3,105
Jones Lang LaSalle, Inc. (a)
   215   57,908
Marcus & Millichap, Inc. (a)
   89   4,580
 
See accompanying notes to financial statements.
61

SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Realogy Holdings Corp. (a)
   392   $ 6,590
St. Joe Co.
   111   5,778
          224,232
ROAD & RAIL — 0.6%  
ArcBest Corp.
   96   11,506
Avis Budget Group, Inc. (a)
   170   35,253
CSX Corp.
   1,712   64,371
Heartland Express, Inc.
   26   437
JB Hunt Transport Services, Inc.
   210   42,924
Knight-Swift Transportation Holdings, Inc.
   378   23,035
Landstar System, Inc.
   62   11,099
Marten Transport, Ltd.
   6   103
Norfolk Southern Corp.
   188   55,970
Old Dominion Freight Line, Inc.
   295   105,722
Ryder System, Inc.
   230   18,959
Saia, Inc. (a)
   89   29,996
Union Pacific Corp.
   495   124,705
Werner Enterprises, Inc.
   6   286
XPO Logistics, Inc. (a)
   310   24,003
          548,369
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.7%  
Advanced Micro Devices, Inc. (a)
   2,764   397,740
Amkor Technology, Inc.
   499   12,370
Analog Devices, Inc.
   1,576   277,014
Applied Materials, Inc.
   3,841   604,420
Axcelis Technologies, Inc. (a)
   161   12,004
Azenta, Inc.
   328   33,820
Broadcom, Inc.
   1,212   806,477
CEVA, Inc. (a)
   7   303
Cirrus Logic, Inc. (a)
   56   5,153
CMC Materials, Inc.
   3   575
Cohu, Inc. (a)
   213   8,113
Diodes, Inc. (a)
   168   18,448
Enphase Energy, Inc. (a)
   424   77,567
First Solar, Inc. (a)
   54   4,707
FormFactor, Inc. (a)
   122   5,578
Ichor Holdings, Ltd. (a)
   124   5,708
Intel Corp.
   4,842   249,363
KLA Corp.
   584   251,184
Kulicke & Soffa Industries, Inc.
   274   16,588
Lam Research Corp.
   510   366,766
Lattice Semiconductor Corp. (a)
   575   44,309
MaxLinear, Inc. (a)
   273   20,581
Microchip Technology, Inc.
   1,606   139,818
Micron Technology, Inc.
   3,054   284,480
MKS Instruments, Inc.
   138   24,035
Monolithic Power Systems, Inc.
   138   68,080
NVIDIA Corp.
   8,998   2,646,402
NXP Semiconductors NV
   777   176,985
Onto Innovation, Inc. (a)
   216   21,866
PDF Solutions, Inc. (a)
   3   95
Photronics, Inc. (a)
   237   4,467
Power Integrations, Inc.
   203   18,857
Security Description     Shares   Value
Qorvo, Inc. (a)
   229   $ 35,813
QUALCOMM, Inc.
   367   67,113
Rambus, Inc. (a)
   420   12,344
Semtech Corp. (a)
   176   15,652
Silicon Laboratories, Inc. (a)
   93   19,197
Skyworks Solutions, Inc.
   161   24,978
SMART Global Holdings, Inc. (a)
   70   4,969
SolarEdge Technologies, Inc. (a)
   17   4,770
Synaptics, Inc. (a)
   159   46,032
Teradyne, Inc.
   197   32,215
Texas Instruments, Inc.
   2,104   396,541
Ultra Clean Holdings, Inc. (a)
   161   9,235
Universal Display Corp.
   5   825
Veeco Instruments, Inc. (a)
   257   7,317
Wolfspeed, Inc. (a)
   163   18,219
Xilinx, Inc.
   349   73,998
          7,373,091
SOFTWARE — 10.2%  
8x8, Inc. (a)
   255   4,274
ACI Worldwide, Inc. (a)
   38   1,319
Adobe, Inc. (a)
   672   381,064
Agilysys, Inc. (a)
   97   4,313
Alarm.com Holdings, Inc. (a)
   60   5,089
ANSYS, Inc. (a)
   72   28,881
Aspen Technology, Inc. (a)
   37   5,631
Autodesk, Inc. (a)
   263   73,953
Blackbaud, Inc. (a)
   76   6,003
Bottomline Technologies DE, Inc. (a)
   4   226
Cadence Design Systems, Inc. (a)
   691   128,768
CDK Global, Inc.
   13   543
Cerence, Inc. (a)
   144   11,036
Ceridian HCM Holding, Inc. (a)
   220   22,981
Citrix Systems, Inc.
   15   1,419
CommVault Systems, Inc. (a)
   194   13,371
Consensus Cloud Solutions, Inc. (a)
   76   4,398
Digital Turbine, Inc. (a)  (c)
   370   22,566
Ebix, Inc.
   2   61
Fair Isaac Corp. (a)
   5   2,168
Fortinet, Inc. (a)
   571   205,217
InterDigital, Inc.
   25   1,791
Intuit, Inc.
   1,077   692,748
LivePerson, Inc. (a)
   53   1,893
Manhattan Associates, Inc. (a)
   241   37,473
Microsoft Corp.
   20,473   6,885,479
Mimecast, Ltd. (a)
   219   17,426
NCR Corp. (a)
   528   21,226
NortonLifeLock, Inc.
   820   21,304
OneSpan, Inc. (a)
   4   68
Oracle Corp.
   5,453   475,556
Paycom Software, Inc. (a)
   110   45,671
Paylocity Holding Corp. (a)
   121   28,575
Progress Software Corp.
   109   5,261
PTC, Inc. (a)
   287   34,770
Qualys, Inc. (a)
   47   6,449
 
See accompanying notes to financial statements.
62

SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
SailPoint Technologies Holding, Inc. (a)
   30   $ 1,450
salesforce.com, Inc. (a)
   949   241,169
ServiceNow, Inc. (a)
   236   153,190
SPS Commerce, Inc. (a)
   144   20,498
Synopsys, Inc. (a)
   381   140,399
Teradata Corp. (a)
   462   19,621
Tyler Technologies, Inc. (a)
   40   21,518
Vonage Holdings Corp. (a)
   793   16,486
Xperi Holding Corp.
   140   2,647
          9,815,949
SPECIALTY RETAIL — 2.3%  
Abercrombie & Fitch Co. Class A (a)
   249   8,673
Advance Auto Parts, Inc.
   188   45,097
American Eagle Outfitters, Inc. (c)
   636   16,104
America's Car-Mart, Inc. (a)
   35   3,584
Asbury Automotive Group, Inc. (a)
   86   14,855
AutoNation, Inc. (a)
   185   21,617
AutoZone, Inc. (a)
   68   142,554
Bath & Body Works, Inc.
   1,120   78,165
Bed Bath & Beyond, Inc. (a)
   11   160
Best Buy Co., Inc.
   24   2,438
Boot Barn Holdings, Inc. (a)
   134   16,489
Buckle, Inc.
   159   6,727
Caleres, Inc.
   223   5,058
CarMax, Inc. (a)
   477   62,120
Chico's FAS, Inc. (a)
   575   3,093
Children's Place, Inc. (a)
   64   5,075
Designer Brands, Inc. Class A (a)  (c)
   161   2,288
Dick's Sporting Goods, Inc. (c)
   277   31,852
Five Below, Inc. (a)
   115   23,792
Foot Locker, Inc.
   108   4,712
GameStop Corp. Class A (a)
   263   39,027
Gap, Inc.
   210   3,706
Genesco, Inc. (a)
   59   3,786
Group 1 Automotive, Inc.
   80   15,618
Guess?, Inc.
   223   5,281
Haverty Furniture Cos., Inc.
   45   1,376
Hibbett, Inc.
   60   4,316
Home Depot, Inc.
   1,500   622,515
Lithia Motors, Inc.
   75   22,271
Lowe's Cos., Inc.
   1,133   292,858
Lumber Liquidators Holdings, Inc. (a)
   3   51
MarineMax, Inc. (a)
   122   7,203
Monro, Inc.
   84   4,895
Murphy USA, Inc.
   54   10,759
ODP Corp. (a)
   208   8,170
O'Reilly Automotive, Inc. (a)
   172   121,472
Rent-A-Center, Inc.
   277   13,307
RH (a)
   68   36,444
Ross Stores, Inc.
   504   57,597
Sally Beauty Holdings, Inc. (a)
   498   9,193
Shoe Carnival, Inc.
   109   4,260
Security Description     Shares   Value
Signet Jewelers, Ltd.
   244   $ 21,235
Sleep Number Corp. (a)
   69   5,285
Sonic Automotive, Inc. Class A
   23   1,137
TJX Cos., Inc.
   2,492   189,193
Tractor Supply Co.
   360   85,896
Ulta Beauty, Inc. (a)
   208   85,767
Urban Outfitters, Inc. (a)
   136   3,993
Victoria's Secret & Co. (a)
   156   8,664
Williams-Sonoma, Inc.
   302   51,077
Zumiez, Inc. (a)
   92   4,415
          2,235,220
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.8%  
3D Systems Corp. (a)
   578   12,450
Apple, Inc.
   28,900   5,131,773
Diebold Nixdorf, Inc. (a)
   363   3,285
Hewlett Packard Enterprise Co.
   4,960   78,219
HP, Inc.
   3,897   146,800
NetApp, Inc.
   948   87,207
Seagate Technology Holdings PLC
   795   89,819
Western Digital Corp. (a)
   964   62,862
Xerox Holdings Corp.
   164   3,713
          5,616,128
TEXTILES, APPAREL & LUXURY GOODS — 0.6%  
Capri Holdings, Ltd. (a)
   643   41,737
Carter's, Inc.
   43   4,353
Columbia Sportswear Co.
   57   5,554
Crocs, Inc. (a)
   264   33,850
Deckers Outdoor Corp. (a)
   75   27,473
Fossil Group, Inc. (a)
   47   484
G-III Apparel Group, Ltd. (a)
   203   5,611
Hanesbrands, Inc.
   189   3,160
Kontoor Brands, Inc. (c)
   161   8,251
Movado Group, Inc.
   107   4,476
NIKE, Inc. Class B
   1,526   254,338
Oxford Industries, Inc.
   75   7,614
PVH Corp.
   271   28,902
Ralph Lauren Corp.
   174   20,682
Skechers U.S.A., Inc. Class A (a)
   278   12,065
Steven Madden, Ltd.
   276   12,826
Tapestry, Inc.
   999   40,559
Under Armour, Inc. Class A (a)
   553   11,718
Under Armour, Inc. Class C (a)
   611   11,023
VF Corp.
   35   2,563
Wolverine World Wide, Inc.
   62   1,786
          539,025
THRIFTS & MORTGAGE FINANCE — 0.1%  
Axos Financial, Inc. (a)
   204   11,406
Capitol Federal Financial, Inc.
   42   476
Essent Group, Ltd.
   85   3,870
Flagstar Bancorp, Inc.
   143   6,855
MGIC Investment Corp.
   1,068   15,401
Mr Cooper Group, Inc. (a)
   375   15,604
New York Community Bancorp, Inc.
   1,564   19,096
 
See accompanying notes to financial statements.
63

SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
NMI Holdings, Inc. Class A (a)
   28   $ 612
Northfield Bancorp, Inc.
   254   4,105
Northwest Bancshares, Inc.
   350   4,956
Provident Financial Services, Inc.
   251   6,079
TrustCo Bank Corp.
   30   999
Walker & Dunlop, Inc.
   124   18,709
Washington Federal, Inc.
   217   7,244
WSFS Financial Corp.
   187   9,372
          124,784
TOBACCO — 0.6%  
Altria Group, Inc.
   4,202   199,133
Philip Morris International, Inc.
   4,228   401,660
Universal Corp.
   35   1,922
Vector Group, Ltd.
   540   6,199
          608,914
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Applied Industrial Technologies, Inc.
   121   12,427
Boise Cascade Co.
   118   8,402
Fastenal Co.
   686   43,945
GATX Corp.
   93   9,690
GMS, Inc. (a)
   189   11,361
MSC Industrial Direct Co., Inc. Class A
   56   4,707
NOW, Inc. (a)
   258   2,203
United Rentals, Inc. (a)
   291   96,696
Univar Solutions, Inc. (a)
   464   13,155
Veritiv Corp. (a)
   58   7,109
W.W. Grainger, Inc.
   33   17,102
Watsco, Inc.
   32   10,012
          236,809
WATER UTILITIES — 0.1%  
American States Water Co.
   28   2,896
American Water Works Co., Inc.
   138   26,063
California Water Service Group
   117   8,408
Essential Utilities, Inc.
   189   10,147
Middlesex Water Co.
   59   7,098
          54,612
Security Description     Shares   Value
WIRELESS TELECOMMUNICATION SERVICES — 0.1%  
Shenandoah Telecommunications Co.
   80   $ 2,040
Telephone & Data Systems, Inc.
   58   1,169
T-Mobile US, Inc. (a)
   573   66,456
          69,665
TOTAL COMMON STOCKS

(Cost $73,946,423)
         95,962,539
SHORT-TERM INVESTMENTS — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (f)  (g)
   107,614   107,624
State Street Navigator Securities Lending Portfolio II (d)  (h)
   23,997   23,997
TOTAL SHORT-TERM INVESTMENTS

(Cost $23,997)
   131,621  
TOTAL INVESTMENTS — 100.0%

(Cost $73,970,420)
   96,094,160  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (e)
   26,058  
NET ASSETS — 100.0%
   $ 96,120,218  
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(c) All or a portion of the shares of the security are on loan at December 31, 2021.
(d) 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.
(e) Amount is less than 0.05% of net assets.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at December 31, 2021.
(h) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $95,962,539   $—   $—   $95,962,539
Short-Term Investments
   131,621   —   —   131,621
TOTAL INVESTMENTS
   $96,094,160   $—   $—   $96,094,160
See accompanying notes to financial statements.
64

SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
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.
 721   $ 59,324   $ 31,955   $ —   $ —   $8,324   1,071   $ 99,603   $ —
State Street Institutional Liquid Reserves Fund, Premier Class
 103,203   103,234   1,108,337   1,103,926   (21)   —   107,614   107,624   18
State Street Navigator Securities Lending Portfolio II
 163,201   163,201   664,720   803,924   —   —   23,997   23,997   94
Total
     $325,759   $1,805,012   $1,907,850   $(21)   $8,324       $231,224   $112
See accompanying notes to financial statements.
65

SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 1.2%  
Lockheed Martin Corp.
   10,391   $ 3,693,066
Northrop Grumman Corp.
   12,461   4,823,279
          8,516,345
AIR FREIGHT & LOGISTICS — 1.5%  
C.H. Robinson Worldwide, Inc.
   37,076   3,990,490
Expeditors International of Washington, Inc.
   44,637   5,994,303
          9,984,793
AUTO COMPONENTS — 0.3%  
Gentex Corp.
   68,159   2,375,341
BEVERAGES — 2.2%  
Coca-Cola Co.
   113,345   6,711,158
PepsiCo, Inc.
   47,040   8,171,318
          14,882,476
BUILDING PRODUCTS — 2.1%  
Allegion PLC
   25,267   3,346,361
Carlisle Cos., Inc.
   14,758   3,661,755
Lennox International, Inc.
   9,477   3,073,960
Trane Technologies PLC
   21,699   4,383,849
          14,465,925
CAPITAL MARKETS — 3.4%  
CME Group, Inc.
   21,076   4,815,023
FactSet Research Systems, Inc.
   10,558   5,131,293
Intercontinental Exchange, Inc.
   50,467   6,902,372
Nasdaq, Inc.
   32,090   6,739,221
          23,587,909
CHEMICALS — 2.9%  
Air Products & Chemicals, Inc.
   23,167   7,048,791
Ecolab, Inc.
   21,318   5,000,990
Linde PLC
   22,549   7,811,650
          19,861,431
COMMERCIAL SERVICES & SUPPLIES — 3.5%  
MSA Safety, Inc.
   10,176   1,536,169
Republic Services, Inc.
   80,322   11,200,903
Tetra Tech, Inc.
   14,961   2,540,378
Waste Management, Inc.
   54,142   9,036,299
          24,313,749
COMMUNICATIONS EQUIPMENT — 0.7%  
Motorola Solutions, Inc.
   17,579   4,776,214
CONSTRUCTION MATERIALS — 0.8%  
Vulcan Materials Co.
   25,971   5,391,060
CONTAINERS & PACKAGING — 1.4%  
AptarGroup, Inc.
   18,106   2,217,623
Ball Corp.
   57,002   5,487,583
Sonoco Products Co.
   27,906   1,615,478
          9,320,684
DISTRIBUTORS — 0.8%  
Pool Corp.
   9,657   5,465,862
Security Description     Shares   Value
DIVERSIFIED CONSUMER SERVICES — 0.5%  
Service Corp. International
   46,089   $ 3,271,858
DIVERSIFIED FINANCIAL SERVICES — 1.1%  
Berkshire Hathaway, Inc. Class B (a)
   25,084   7,500,116
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.3%  
AT&T, Inc.
   148,163   3,644,810
Verizon Communications, Inc.
   97,628   5,072,751
          8,717,561
ELECTRIC UTILITIES — 4.7%  
Duke Energy Corp.
   74,821   7,848,723
Eversource Energy
   87,897   7,996,869
NextEra Energy, Inc.
   90,782   8,475,408
Xcel Energy, Inc.
   113,965   7,715,430
          32,036,430
ELECTRICAL EQUIPMENT — 1.2%  
AMETEK, Inc.
   25,124   3,694,233
Eaton Corp. PLC
   25,969   4,487,962
          8,182,195
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%  
Amphenol Corp. Class A
   51,891   4,538,387
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 12.9%  
Alexandria Real Estate Equities, Inc. REIT
   37,743   8,415,179
American Homes 4 Rent Class A REIT
   76,987   3,357,403
American Tower Corp. REIT
   38,963   11,396,677
Camden Property Trust REIT
   26,548   4,743,597
Crown Castle International Corp. REIT
   59,209   12,359,287
Duke Realty Corp. REIT
   105,476   6,923,444
EastGroup Properties, Inc. REIT
   10,888   2,480,831
Equity LifeStyle Properties, Inc. REIT
   51,403   4,505,987
Prologis, Inc. REIT
   71,483   12,034,878
Public Storage REIT
   33,462   12,533,527
Rexford Industrial Realty, Inc. REIT
   36,682   2,975,277
Sun Communities, Inc. REIT
   31,308   6,573,741
          88,299,828
FOOD & STAPLES RETAILING — 1.6%  
Casey's General Stores, Inc.
   10,291   2,030,929
Costco Wholesale Corp.
   15,572   8,840,224
          10,871,153
GAS UTILITIES — 0.5%  
Atmos Energy Corp.
   35,670   3,737,146
HEALTH CARE EQUIPMENT & SUPPLIES — 3.3%  
Abbott Laboratories
   34,594   4,868,760
Baxter International, Inc.
   48,316   4,147,445
Medtronic PLC
   36,961   3,823,616
STERIS PLC
   23,795   5,791,941
 
See accompanying notes to financial statements.
66

SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Stryker Corp.
   14,951   $ 3,998,196
          22,629,958
HEALTH CARE PROVIDERS & SERVICES — 0.7%  
UnitedHealth Group, Inc.
   10,074   5,058,558
HEALTH CARE TECHNOLOGY — 0.7%  
Cerner Corp.
   49,972   4,640,900
HOTELS, RESTAURANTS & LEISURE — 2.7%  
Domino's Pizza, Inc.
   6,538   3,689,589
McDonald's Corp.
   28,372   7,605,682
Starbucks Corp.
   29,707   3,474,828
Yum! Brands, Inc.
   28,821   4,002,084
          18,772,183
HOUSEHOLD DURABLES — 0.4%  
NVR, Inc. (a)
   487   2,877,620
HOUSEHOLD PRODUCTS — 1.3%  
Procter & Gamble Co.
   54,590   8,929,832
INDUSTRIAL CONGLOMERATES — 1.8%  
3M Co.
   22,535   4,002,892
Honeywell International, Inc.
   18,130   3,780,286
Roper Technologies, Inc.
   9,232   4,540,852
          12,324,030
INSURANCE — 11.4%  
Alleghany Corp. (a)
   3,785   2,526,828
Allstate Corp.
   48,833   5,745,202
Aon PLC Class A
   20,908   6,284,109
Arthur J Gallagher & Co.
   44,340   7,523,168
Assurant, Inc.
   15,997   2,493,292
Brown & Brown, Inc.
   65,370   4,594,204
Chubb, Ltd.
   27,700   5,354,687
Enstar Group, Ltd. (a)
   5,187   1,284,249
Globe Life, Inc.
   28,330   2,655,088
Loews Corp.
   63,553   3,670,821
Markel Corp. (a)
   3,765   4,646,010
Marsh & McLennan Cos., Inc.
   49,105   8,535,431
Old Republic International Corp.
   79,086   1,943,934
Progressive Corp.
   48,528   4,981,399
RenaissanceRe Holdings, Ltd.
   13,997   2,370,112
Travelers Cos., Inc.
   32,607   5,100,713
Willis Towers Watson PLC
   22,709   5,393,160
WR Berkley Corp.
   37,907   3,123,158
          78,225,565
INTERACTIVE MEDIA & SERVICES — 0.7%  
Alphabet, Inc. Class A (a)
   1,596   4,623,676
INTERNET & DIRECT MARKETING RETAIL — 0.4%  
Amazon.com, Inc. (a)
   734   2,447,406
IT SERVICES — 6.5%  
Accenture PLC Class A
   15,277   6,333,080
Amdocs, Ltd.
   36,711   2,747,451
Automatic Data Processing, Inc.
   22,115   5,453,117
Broadridge Financial Solutions, Inc.
   24,862   4,545,271
Fidelity National Information Services, Inc.
   26,959   2,942,575
Security Description     Shares   Value
Fiserv, Inc. (a)
   30,464   $ 3,161,858
Jack Henry & Associates, Inc.
   21,139   3,530,002
Paychex, Inc.
   44,882   6,126,393
VeriSign, Inc. (a)
   18,180   4,614,447
Visa, Inc. Class A
   21,708   4,704,341
          44,158,535
LEISURE EQUIPMENT & PRODUCTS — 0.3%  
Hasbro, Inc.
   23,369   2,378,497
LIFE SCIENCES TOOLS & SERVICES — 1.0%  
Danaher Corp.
   20,167   6,635,145
MACHINERY — 3.3%  
Graco, Inc.
   46,753   3,769,227
IDEX Corp.
   18,180   4,296,298
Illinois Tool Works, Inc.
   19,068   4,705,982
PACCAR, Inc.
   34,177   3,016,462
Toro Co.
   30,024   2,999,698
Xylem, Inc.
   30,856   3,700,251
          22,487,918
MULTI-UTILITIES — 4.2%  
Ameren Corp.
   70,481   6,273,514
CMS Energy Corp.
   80,527   5,238,281
Dominion Energy, Inc.
   111,805   8,783,401
WEC Energy Group, Inc.
   84,260   8,179,118
          28,474,314
MULTILINE RETAIL — 0.6%  
Dollar General Corp.
   16,629   3,921,617
OIL, GAS & CONSUMABLE FUELS — 0.9%  
Chevron Corp.
   16,913   1,984,741
Exxon Mobil Corp.
   30,233   1,849,957
Kinder Morgan, Inc.
   146,405   2,321,983
          6,156,681
PHARMACEUTICALS — 2.8%  
Johnson & Johnson
   34,490   5,900,204
Merck & Co., Inc.
   69,258   5,307,933
Organon & Co.
   6,951   211,658
Zoetis, Inc.
   31,913   7,787,730
          19,207,525
PROFESSIONAL SERVICES — 0.9%  
Verisk Analytics, Inc.
   27,986   6,401,238
ROAD & RAIL — 0.8%  
Landstar System, Inc.
   10,605   1,898,507
Union Pacific Corp.
   15,061   3,794,318
          5,692,825
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%  
Texas Instruments, Inc.
   21,268   4,008,380
SOFTWARE — 5.3%  
Adobe, Inc. (a)
   7,445   4,221,762
Black Knight, Inc. (a)
   42,522   3,524,648
Intuit, Inc.
   9,417   6,057,203
Microsoft Corp.
   22,161   7,453,187
 
See accompanying notes to financial statements.
67

SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Oracle Corp.
   61,884   $ 5,396,904
Synopsys, Inc. (a)
   13,635   5,024,497
Tyler Technologies, Inc. (a)
   8,623   4,638,743
          36,316,944
SPECIALTY RETAIL — 3.2%  
AutoZone, Inc. (a)
   2,325   4,874,107
Home Depot, Inc.
   15,321   6,358,368
O'Reilly Automotive, Inc. (a)
   5,913   4,175,938
Ross Stores, Inc.
   20,261   2,315,427
TJX Cos., Inc.
   51,502   3,910,032
          21,633,872
TEXTILES, APPAREL & LUXURY GOODS — 0.6%  
NIKE, Inc. Class B
   24,314   4,052,414
TOTAL COMMON STOCKS

(Cost $544,305,951)
         682,152,096
SHORT-TERM INVESTMENT — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (b) (c)

(Cost $1,199,697)
   1,199,577   1,199,697
TOTAL INVESTMENTS — 99.9%

(Cost $545,505,648)
   683,351,793  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
  429,977  
NET ASSETS — 100.0%
   $ 683,781,770  
    
(a) Non-income producing security.
(b) 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.
(c) The rate shown is the annualized seven-day yield at December 31, 2021.
REIT Real Estate Investment Trust
 
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
   $682,152,096   $—   $—   $682,152,096
Short-Term Investment
   1,199,697   —   —   1,199,697
TOTAL INVESTMENTS
   $683,351,793   $—   $—   $683,351,793
 
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 Liquid Reserves Fund, Premier Class
 1,290,489   $1,290,876   $9,632,085   $9,723,056   $(196)   $(12)   1,199,577   $1,199,697   $136
See accompanying notes to financial statements.
68

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 0.8%  
Curtiss-Wright Corp.
   3,166   $ 439,029
Kaman Corp.
   7,564   326,387
Moog, Inc. Class A
   4,289   347,280
National Presto Industries, Inc.
   6,754   554,031
          1,666,727
AIR FREIGHT & LOGISTICS — 0.6%  
Forward Air Corp.
   5,644   683,432
Hub Group, Inc. Class A (a)
   6,669   561,796
          1,245,228
AUTO COMPONENTS — 0.8%  
Dorman Products, Inc. (a)
   4,069   459,838
Gentherm, Inc. (a)
   3,964   344,472
Standard Motor Products, Inc.
   17,706   927,617
Stoneridge, Inc. (a)
   6,034   119,111
          1,851,038
BANKS — 19.3%  
1st Source Corp.
   12,083   599,317
Allegiance Bancshares, Inc.
   11,107   468,826
Arrow Financial Corp.
   20,685   728,733
Associated Banc-Corp.
   24,081   543,990
BancFirst Corp.
   6,143   433,450
Bank First Corp.
   7,491   541,150
Bank of Hawaii Corp.
   4,957   415,198
Bank of Marin Bancorp
   17,161   638,904
Banner Corp.
   8,456   513,025
Brookline Bancorp, Inc.
   39,467   638,971
Cadence Bank
   12,849   382,772
Cambridge Bancorp
   9,066   848,487
Camden National Corp.
   13,195   635,471
Capital City Bank Group, Inc.
   16,848   444,787
Central Pacific Financial Corp.
   18,165   511,708
City Holding Co.
   9,849   805,550
Community Bank System, Inc.
   10,365   771,985
Community Trust Bancorp, Inc.
   14,390   627,548
CVB Financial Corp.
   29,246   626,157
Enterprise Financial Services Corp.
   9,267   436,383
Farmers National Banc Corp.
   34,753   644,668
First Bancshares, Inc.
   12,756   492,637
First Busey Corp.
   22,428   608,247
First Commonwealth Financial Corp.
   30,766   495,025
First Community Bankshares, Inc.
   19,998   668,333
First Financial Corp.
   15,341   694,794
First Interstate BancSystem, Inc. Class A
   11,392   463,313
First Merchants Corp.
   9,352   391,755
First Mid-Illinois Bancshares, Inc.
   17,046   729,398
First of Long Island Corp.
   30,289   653,939
Flushing Financial Corp.
   18,347   445,832
Fulton Financial Corp.
   34,679   589,543
German American Bancorp, Inc.
   14,289   556,985
Great Southern Bancorp, Inc.
   9,583   567,793
Security Description     Shares   Value
Guaranty Bancshares, Inc.
   10,884   $ 409,021
HarborOne Bancorp, Inc.
   47,036   698,014
Heartland Financial USA, Inc.
   9,242   467,738
Heritage Commerce Corp.
   45,419   542,303
Heritage Financial Corp.
   19,691   481,248
Hilltop Holdings, Inc.
   13,041   458,261
HomeTrust Bancshares, Inc.
   20,225   626,570
Independent Bank Corp. (b)
   14,085   1,148,350
Independent Bank Corp. (b)
   19,664   469,380
Investors Bancorp, Inc.
   38,266   579,730
Lakeland Bancorp, Inc.
   27,864   529,137
Lakeland Financial Corp.
   7,063   566,029
MidWestOne Financial Group, Inc.
   16,101   521,189
National Bank Holdings Corp. Class A
   11,688   513,571
NBT Bancorp, Inc.
   20,785   800,638
Nicolet Bankshares, Inc. (a)
   10,767   923,270
OceanFirst Financial Corp.
   18,313   406,549
Old National Bancorp
   33,548   607,890
Park National Corp.
   4,789   657,578
Peoples Bancorp, Inc.
   16,759   533,104
QCR Holdings, Inc.
   11,294   632,464
Republic Bancorp, Inc. Class A
   12,681   644,702
S&T Bancorp, Inc.
   16,891   532,404
Sandy Spring Bancorp, Inc.
   13,074   628,598
Simmons First National Corp. Class A
   16,433   486,088
Southern First Bancshares, Inc. (a)
   9,130   570,534
Southside Bancshares, Inc.
   20,581   860,697
Stock Yards Bancorp, Inc.
   9,222   589,101
Tompkins Financial Corp.
   7,336   613,143
Towne Bank
   13,940   440,365
TriCo Bancshares
   13,073   561,616
Trustmark Corp.
   16,537   536,791
UMB Financial Corp.
   5,272   559,412
Umpqua Holdings Corp.
   24,655   474,362
Univest Financial Corp.
   15,565   465,705
Washington Trust Bancorp, Inc.
   11,729   661,164
WesBanco, Inc.
   13,443   470,371
West Bancorporation, Inc.
   18,073   561,528
Westamerica BanCorp
   11,240   648,885
          42,492,174
BIOTECHNOLOGY — 1.3%  
Alkermes PLC (a)
   12,808   297,914
Amicus Therapeutics, Inc. (a)
   12,810   147,955
Anika Therapeutics, Inc. (a)
   5,522   197,853
Arena Pharmaceuticals, Inc. (a)
   2,582   239,971
Biohaven Pharmaceutical Holding Co., Ltd. (a)
   1,513   208,507
CytomX Therapeutics, Inc. (a)
   14,808   64,119
Eagle Pharmaceuticals, Inc. (a)
   3,066   156,121
Emergent BioSolutions, Inc. (a)
   2,057   89,418
Enanta Pharmaceuticals, Inc. (a)
   3,849   287,828
FibroGen, Inc. (a)
   4,086   57,613
Heron Therapeutics, Inc. (a)  (c)
   9,087   82,964
 
See accompanying notes to financial statements.
69

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Ironwood Pharmaceuticals, Inc. (a)  (c)
   19,722   $ 229,959
Radius Health, Inc. (a)  (c)
   6,084   42,101
Sinovac Biotech, Ltd. (a)
   30,008   194,152
Travere Therapeutics, Inc. (a)
   6,746   209,396
Vanda Pharmaceuticals, Inc. (a)
   9,538   149,651
Xencor, Inc. (a)
   3,903   156,588
          2,812,110
BUILDING PRODUCTS — 1.1%  
AAON, Inc.
   8,962   711,852
Armstrong World Industries, Inc.
   4,477   519,869
CSW Industrials, Inc.
   4,896   591,731
Simpson Manufacturing Co., Inc.
   4,321   600,921
          2,424,373
CAPITAL MARKETS — 1.3%  
Diamond Hill Investment Group, Inc.
   4,055   787,603
Houlihan Lokey, Inc.
   12,620   1,306,422
Open Lending Corp. Class A (a)
   7,737   173,928
PJT Partners, Inc. Class A
   6,849   507,442
          2,775,395
CHEMICALS — 2.9%  
Ashland Global Holdings, Inc.
   5,988   644,668
Balchem Corp.
   4,973   838,448
Chase Corp.
   4,589   456,881
Hawkins, Inc.
   9,897   390,437
Innospec, Inc.
   3,744   338,233
Minerals Technologies, Inc.
   4,921   359,971
NewMarket Corp.
   2,991   1,025,075
Quaker Chemical Corp.
   1,464   337,862
Sensient Technologies Corp.
   9,117   912,247
Stepan Co.
   5,300   658,737
Valvoline, Inc.
   13,812   515,049
          6,477,608
COMMERCIAL SERVICES & SUPPLIES — 1.8%  
ABM Industries, Inc.
   7,810   319,039
Brady Corp. Class A
   9,566   515,607
Casella Waste Systems, Inc. Class A (a)
   7,560   645,775
Ennis, Inc.
   33,725   658,649
Healthcare Services Group, Inc.
   13,731   244,275
Kimball International, Inc. Class B
   35,998   368,260
Matthews International Corp. Class A
   8,415   308,578
UniFirst Corp.
   2,443   514,007
US Ecology, Inc. (a)
   11,017   351,883
          3,926,073
COMMUNICATIONS EQUIPMENT — 1.4%  
Ituran Location & Control, Ltd.
   15,717   419,172
NetScout Systems, Inc. (a)
   16,036   530,471
Radware, Ltd. (a)
   28,623   1,191,862
Viasat, Inc. (a)
   5,795   258,109
Security Description     Shares   Value
Viavi Solutions, Inc. (a)
   32,867   $ 579,117
          2,978,731
CONSTRUCTION & ENGINEERING — 0.6%  
Argan, Inc.
   6,657   257,559
Comfort Systems USA, Inc.
   4,794   474,318
Primoris Services Corp.
   8,593   206,060
Valmont Industries, Inc.
   1,919   480,710
          1,418,647
CONSTRUCTION MATERIALS — 0.3%  
Eagle Materials, Inc.
   3,384   563,301
CONSUMER FINANCE — 0.2%  
FirstCash Holdings, Inc.
   7,320   547,609
CONTAINERS & PACKAGING — 1.3%  
Graphic Packaging Holding Co.
   36,865   718,867
Greif, Inc. Class A
   7,446   449,515
Silgan Holdings, Inc.
   21,470   919,775
TriMas Corp.
   19,736   730,232
          2,818,389
DIVERSIFIED CONSUMER SERVICES — 0.9%  
Adtalem Global Education, Inc. (a)
   6,641   196,308
Carriage Services, Inc.
   9,351   602,578
Graham Holdings Co. Class B
   842   530,317
H&R Block, Inc.
   16,051   378,161
Strategic Education, Inc.
   3,377   195,326
          1,902,690
DIVERSIFIED FINANCIAL SERVICES — 0.4%  
Alerus Financial Corp.
   18,629   545,457
Cannae Holdings, Inc. (a)
   12,670   445,351
          990,808
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%  
ATN International, Inc.
   8,258   329,907
Cogent Communications Holdings, Inc.
   8,789   643,179
EchoStar Corp. Class A (a)
   24,546   646,787
Liberty Latin America, Ltd. Class C (a)
   16,849   192,079
          1,811,952
ELECTRIC UTILITIES — 2.7%  
Hawaiian Electric Industries, Inc.
   39,756   1,649,874
IDACORP, Inc.
   12,233   1,386,121
MGE Energy, Inc.
   18,090   1,487,903
Portland General Electric Co.
   25,972   1,374,438
          5,898,336
ELECTRICAL EQUIPMENT — 0.6%  
Encore Wire Corp.
   7,580   1,084,698
EnerSys
   3,723   294,340
          1,379,038
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.7%  
Avnet, Inc.
   9,845   405,910
Badger Meter, Inc.
   5,473   583,203
 
See accompanying notes to financial statements.
70

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Benchmark Electronics, Inc.
   12,359   $ 334,929
CTS Corp.
   11,443   420,187
ePlus, Inc. (a)
   7,157   385,619
Hollysys Automation Technologies, Ltd. (a)
   28,064   395,141
Knowles Corp. (a)
   19,820   462,797
Methode Electronics, Inc.
   8,949   440,022
Novanta, Inc. (a)
   3,604   635,493
OSI Systems, Inc. (a)
   4,635   431,982
Plexus Corp. (a)
   6,338   607,751
Sanmina Corp. (a)
   6,941   287,774
ScanSource, Inc. (a)
   9,854   345,678
Vishay Intertechnology, Inc.
   14,065   307,602
          6,044,088
ENERGY EQUIPMENT & SERVICES — 0.3%  
Cactus, Inc. Class A
   3,147   119,995
Dril-Quip, Inc. (a)
   6,770   133,233
Expro Group Holdings NV (a)
   3,968   56,941
Helmerich & Payne, Inc.
   4,620   109,494
National Energy Services Reunited Corp. (a)  (c)
   13,253   125,241
Solaris Oilfield Infrastructure, Inc. Class A
   8,172   53,527
TechnipFMC PLC (a)
   15,114   89,475
          687,906
ENTERTAINMENT — 0.3%  
Madison Square Garden Sports Corp. (a)
   2,457   426,855
Manchester United PLC Class A (c)
   18,327   260,976
          687,831
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 12.4%  
Agree Realty Corp. REIT
   16,035   1,144,258
Community Healthcare Trust, Inc. REIT
   17,117   809,120
Corporate Office Properties Trust REIT
   23,160   647,785
Cousins Properties, Inc. REIT
   18,024   726,007
Easterly Government Properties, Inc. REIT
   56,935   1,304,950
Equity Commonwealth REIT (a)
   133,572   3,459,515
Four Corners Property Trust, Inc. REIT
   20,997   617,522
Getty Realty Corp. REIT
   32,677   1,048,605
Gladstone Commercial Corp. REIT
   34,770   896,023
Gladstone Land Corp. REIT (c)
   33,726   1,138,590
Healthcare Realty Trust, Inc. REIT
   33,965   1,074,653
Hudson Pacific Properties, Inc. REIT
   20,120   497,165
Independence Realty Trust, Inc. REIT
   42,364   1,094,262
Industrial Logistics Properties Trust REIT
   32,536   815,027
LTC Properties, Inc. REIT (c)
   14,265   487,007
LXP Industrial Trust REIT
   79,772   1,246,039
Security Description     Shares   Value
Monmouth Real Estate Investment Corp. REIT
   43,543   $ 914,838
National Health Investors, Inc. REIT
   8,358   480,334
National Storage Affiliates Trust REIT
   24,665   1,706,818
Physicians Realty Trust REIT
   41,865   788,318
PotlatchDeltic Corp. REIT
   10,122   609,547
PS Business Parks, Inc. REIT
   7,837   1,443,340
Rayonier, Inc. REIT
   24,444   986,560
STAG Industrial, Inc. REIT
   22,574   1,082,649
Terreno Realty Corp. REIT
   20,673   1,763,200
Washington Real Estate Investment Trust
   23,614   610,422
          27,392,554
FOOD & STAPLES RETAILING — 0.4%  
PriceSmart, Inc.
   4,351   318,363
Weis Markets, Inc.
   8,826   581,457
          899,820
FOOD PRODUCTS — 2.3%  
Calavo Growers, Inc.
   4,795   203,308
Cal-Maine Foods, Inc. (a)
   12,371   457,603
Flowers Foods, Inc.
   35,247   968,235
Fresh Del Monte Produce, Inc.
   12,210   336,996
Hostess Brands, Inc. (a)
   32,755   668,857
J&J Snack Foods Corp.
   4,997   789,326
Lancaster Colony Corp.
   5,299   877,514
Nomad Foods, Ltd. (a)
   15,168   385,116
Sanderson Farms, Inc.
   2,181   416,746
          5,103,701
GAS UTILITIES — 1.1%  
National Fuel Gas Co.
   19,364   1,238,134
ONE Gas, Inc.
   14,817   1,149,651
          2,387,785
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%  
AngioDynamics, Inc. (a)
   12,803   353,107
AtriCure, Inc. (a)
   4,085   284,030
Avanos Medical, Inc. (a)
   5,705   197,792
AxoGen, Inc. (a)
   6,088   57,045
Cardiovascular Systems, Inc. (a)
   4,996   93,825
Cerus Corp. (a)
   19,957   135,907
CONMED Corp.
   2,391   338,948
CryoLife, Inc. (a)
   9,552   194,383
Glaukos Corp. (a)
   1,456   64,705
Heska Corp. (a)
   894   163,146
ICU Medical, Inc. (a)
   2,190   519,775
Inogen, Inc. (a)
   2,626   89,284
Intersect ENT, Inc. (a)
   6,010   164,133
LeMaitre Vascular, Inc.
   5,585   280,534
LivaNova PLC (a)
   3,380   295,513
Meridian Bioscience, Inc. (a)
   6,314   128,806
Merit Medical Systems, Inc. (a)
   3,596   224,031
Mesa Laboratories, Inc.
   1,387   455,061
Natus Medical, Inc. (a)
   11,351   269,359
 
See accompanying notes to financial statements.
71

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Neogen Corp. (a)
   11,487   $ 521,625
Nevro Corp. (a)
   1,182   95,825
NuVasive, Inc. (a)
   4,953   259,933
Orthofix Medical, Inc. (a)
   7,476   232,429
OrthoPediatrics Corp. (a)
   4,621   276,613
SeaSpine Holdings Corp. (a)
   8,366   113,945
Surmodics, Inc. (a)
   3,717   178,973
Varex Imaging Corp. (a)
   8,475   267,386
          6,256,113
HEALTH CARE PROVIDERS & SERVICES — 2.6%  
Acadia Healthcare Co., Inc. (a)
   2,821   171,234
Addus HomeCare Corp. (a)
   2,187   204,506
Brookdale Senior Living, Inc. (a)
   24,699   127,447
Ensign Group, Inc.
   3,519   295,455
Joint Corp. (a)
   2,914   191,421
Magellan Health, Inc. (a)
   2,620   248,874
MEDNAX, Inc. (a)
   5,839   158,879
ModivCare, Inc. (a)
   2,440   361,827
National HealthCare Corp.
   16,722   1,136,093
National Research Corp.
   5,877   244,013
New Frontier Health Corp. (a)  (c)
   57,188   655,374
Patterson Cos., Inc.
   7,964   233,743
Premier, Inc. Class A
   19,398   798,616
RadNet, Inc. (a)
   6,116   184,153
Select Medical Holdings Corp.
   7,400   217,560
Triple-S Management Corp. (a)
   5,001   178,436
US Physical Therapy, Inc.
   2,649   253,112
          5,660,743
HEALTH CARE TECHNOLOGY — 0.6%  
Computer Programs & Systems, Inc. (a)
   10,167   297,893
HealthStream, Inc. (a)
   25,058   660,529
Vocera Communications, Inc. (a)
   5,866   380,351
          1,338,773
HOTELS, RESTAURANTS & LEISURE — 1.0%  
Cheesecake Factory, Inc. (a)
   4,054   158,714
Cracker Barrel Old Country Store, Inc.
   2,008   258,309
Monarch Casino & Resort, Inc. (a)
   3,992   295,208
Papa John's International, Inc.
   3,308   441,519
Travel + Leisure Co.
   3,671   202,896
Wendy's Co.
   21,486   512,441
Wingstop, Inc.
   2,082   359,770
          2,228,857
HOUSEHOLD DURABLES — 1.1%  
Cavco Industries, Inc. (a)
   1,120   355,768
Ethan Allen Interiors, Inc.
   10,756   282,775
Green Brick Partners, Inc. (a)
   13,531   410,395
La-Z-Boy, Inc.
   7,447   270,401
MDC Holdings, Inc.
   5,276   294,559
Taylor Morrison Home Corp. (a)
   7,750   270,940
Tri Pointe Homes, Inc. (a)
   11,930   332,728
Security Description     Shares   Value
Universal Electronics, Inc. (a)
   3,417   $ 139,243
          2,356,809
HOUSEHOLD PRODUCTS — 0.5%  
Central Garden & Pet Co. (a)
   6,088   320,412
Spectrum Brands Holdings, Inc.
   2,463   250,536
WD-40 Co.
   2,164   529,401
          1,100,349
INSURANCE — 5.2%  
American National Group, Inc.
   7,304   1,379,287
AMERISAFE, Inc.
   14,745   793,723
Argo Group International Holdings, Ltd.
   9,056   526,244
Axis Capital Holdings, Ltd.
   11,078   603,419
Employers Holdings, Inc.
   21,919   907,008
Hanover Insurance Group, Inc.
   6,237   817,421
Horace Mann Educators Corp.
   18,745   725,432
James River Group Holdings, Ltd.
   12,453   358,771
RLI Corp.
   5,919   663,520
Safety Insurance Group, Inc.
   14,362   1,221,201
Selective Insurance Group, Inc.
   9,764   800,062
SiriusPoint, Ltd. (a)
   48,315   392,801
Stewart Information Services Corp.
   9,308   742,127
United Fire Group, Inc.
   16,736   388,108
White Mountains Insurance Group, Ltd.
   1,028   1,042,289
          11,361,413
INTERACTIVE MEDIA & SERVICES — 0.2%  
Ziff Davis, Inc. (a)
   3,782   419,272
IT SERVICES — 2.5%  
Cass Information Systems, Inc.
   10,635   418,168
CSG Systems International, Inc.
   10,259   591,124
EVERTEC, Inc.
   10,650   532,287
ExlService Holdings, Inc. (a)
   6,357   920,303
Hackett Group, Inc.
   20,187   414,439
MAXIMUS, Inc.
   12,487   994,839
Perficient, Inc. (a)
   5,949   769,146
Switch, Inc. Class A
   18,430   527,835
Tucows, Inc. Class A (a)
   2,813   235,786
          5,403,927
LEISURE EQUIPMENT & PRODUCTS — 0.5%  
Clarus Corp. (c)
   22,033   610,755
Johnson Outdoors, Inc. Class A
   1,727   161,803
Sturm Ruger & Co., Inc.
   4,261   289,833
          1,062,391
LIFE SCIENCES TOOLS & SERVICES — 0.1%  
NeoGenomics, Inc. (a)
   5,071   173,023
MACHINERY — 4.8%  
Alamo Group, Inc.
   3,698   544,272
Albany International Corp. Class A
   3,966   350,793
Allison Transmission Holdings, Inc.
   13,210   480,183
Astec Industries, Inc.
   4,475   309,983
Barnes Group, Inc.
   6,695   311,920
 
See accompanying notes to financial statements.
72

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Crane Co.
   3,902   $ 396,950
Douglas Dynamics, Inc.
   8,437   329,549
Enerpac Tool Group Corp.
   13,857   281,020
ESCO Technologies, Inc.
   4,708   423,673
Federal Signal Corp.
   11,848   513,492
Franklin Electric Co., Inc.
   8,269   781,917
Gorman-Rupp Co. (c)
   15,647   697,074
Hillenbrand, Inc.
   7,178   373,184
Kadant, Inc.
   2,156   496,915
Lindsay Corp.
   5,077   771,704
Miller Industries, Inc.
   12,369   413,125
Mueller Industries, Inc.
   8,320   493,875
Mueller Water Products, Inc. Class A
   35,810   515,664
Standex International Corp.
   3,539   391,626
Tennant Co.
   5,094   412,818
Watts Water Technologies, Inc. Class A
   6,419   1,246,377
          10,536,114
MEDIA — 0.9%  
Hemisphere Media Group, Inc. (a)
   27,551   200,296
John Wiley & Sons, Inc. Class A
   8,314   476,143
Scholastic Corp.
   16,165   645,953
TechTarget, Inc. (a)
   3,452   330,218
TEGNA, Inc.
   20,526   380,963
          2,033,573
METALS & MINING — 0.2%  
SunCoke Energy, Inc.
   19,299   127,181
Warrior Met Coal, Inc.
   8,589   220,823
          348,004
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.6%  
Broadmark Realty Capital, Inc. REIT (c)
   56,899   536,558
KKR Real Estate Finance Trust, Inc. REIT
   38,527   802,517
          1,339,075
MULTI-UTILITIES — 0.6%  
Black Hills Corp.
   18,904   1,334,055
OIL, GAS & CONSUMABLE FUELS — 1.0%  
Arch Resources, Inc.
   4,378   399,799
CVR Energy, Inc.
   5,065   85,143
Delek US Holdings, Inc. (a)
   5,528   82,865
Geopark, Ltd.
   5,542   63,456
Magnolia Oil & Gas Corp. Class A
   7,619   143,770
Par Pacific Holdings, Inc. (a)
   6,226   102,667
Sabine Royalty Trust (c)
   19,679   820,221
SFL Corp., Ltd.
   60,931   496,587
          2,194,508
PHARMACEUTICALS — 1.2%  
Amneal Pharmaceuticals, Inc. (a)
   21,573   103,335
Amphastar Pharmaceuticals, Inc. (a)
   15,734   366,445
Security Description     Shares   Value
BioDelivery Sciences International, Inc. (a)
   33,559   $ 104,033
Corcept Therapeutics, Inc. (a)
   5,490   108,702
Innoviva, Inc. (a)
   27,070   466,957
Pacira BioSciences, Inc. (a)
   2,739   164,806
Phibro Animal Health Corp. Class A
   13,070   266,889
Prestige Consumer Healthcare, Inc. (a)
   10,955   664,421
Revance Therapeutics, Inc. (a)
   5,651   92,224
Supernus Pharmaceuticals, Inc. (a)
   7,369   214,880
Theravance Biopharma, Inc. (a)
   7,137   78,864
          2,631,556
PROFESSIONAL SERVICES — 2.6%  
CBIZ, Inc. (a)
   17,608   688,825
Exponent, Inc.
   6,955   811,857
Forrester Research, Inc. (a)
   9,917   582,425
FTI Consulting, Inc. (a)
   3,659   561,364
ICF International, Inc.
   6,714   688,521
KBR, Inc.
   10,359   493,296
Kelly Services, Inc. Class A
   15,744   264,027
ManTech International Corp. Class A
   7,697   561,342
Resources Connection, Inc.
   31,645   564,547
Science Applications International Corp.
   5,621   469,859
          5,686,063
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%  
Douglas Elliman, Inc.
   14,214   163,467
FRP Holdings, Inc. (a)
   8,019   463,498
Tejon Ranch Co. (a)
   32,906   627,846
          1,254,811
ROAD & RAIL — 0.8%  
Heartland Express, Inc.
   40,264   677,240
Marten Transport, Ltd.
   26,299   451,291
Werner Enterprises, Inc.
   14,394   686,018
          1,814,549
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.9%  
CEVA, Inc. (a)
   5,154   222,859
Cirrus Logic, Inc. (a)
   4,013   369,276
CMC Materials, Inc.
   2,390   458,139
Diodes, Inc. (a)
   3,593   394,547
Kulicke & Soffa Industries, Inc.
   6,514   394,358
Nova Measuring Instruments, Ltd. (a)
   4,787   701,296
Photronics, Inc. (a)
   23,545   443,823
Power Integrations, Inc.
   5,675   527,151
Rambus, Inc. (a)
   19,318   567,756
          4,079,205
SOFTWARE — 2.8%  
ACI Worldwide, Inc. (a)
   13,176   457,207
Allot, Ltd. (a)  (c)
   29,139   346,171
American Software, Inc. Class A
   17,833   466,690
 
See accompanying notes to financial statements.
73

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Blackbaud, Inc. (a)
   6,561   $ 518,188
Bottomline Technologies DE, Inc. (a)
   6,850   386,819
CommVault Systems, Inc. (a)
   6,277   432,611
Consensus Cloud Solutions, Inc. (a)
   1,235   71,469
Envestnet, Inc. (a)
   4,192   332,593
InterDigital, Inc.
   6,649   476,268
Magic Software Enterprises, Ltd.
   23,039   482,206
Model N, Inc. (a)  (c)
   6,886   206,787
Progress Software Corp.
   8,570   413,674
Qualys, Inc. (a)
   2,797   383,804
SPS Commerce, Inc. (a)
   3,278   466,623
Verint Systems, Inc. (a)
   8,317   436,726
Vonage Holdings Corp. (a)
   17,901   372,162
          6,249,998
SPECIALTY RETAIL — 0.9%  
American Eagle Outfitters, Inc. (c)
   7,212   182,608
America's Car-Mart, Inc. (a)
   1,402   143,565
Asbury Automotive Group, Inc. (a)
   1,521   262,722
Monro, Inc.
   4,683   272,878
Murphy USA, Inc.
   2,766   551,098
Winmark Corp.
   2,619   650,272
          2,063,143
TEXTILES, APPAREL & LUXURY GOODS — 0.7%  
Carter's, Inc.
   4,789   484,743
Oxford Industries, Inc.
   2,827   286,997
Steven Madden, Ltd.
   8,980   417,301
Superior Group of Cos., Inc.
   9,116   200,005
Wolverine World Wide, Inc.
   7,266   209,333
          1,598,379
THRIFTS & MORTGAGE FINANCE — 2.9%  
Bridgewater Bancshares, Inc. (a)
   28,313   500,857
Capitol Federal Financial, Inc.
   66,337   751,598
Kearny Financial Corp.
   58,458   774,569
Luther Burbank Corp.
   39,700   557,388
Northfield Bancorp, Inc.
   43,250   698,920
Northwest Bancshares, Inc.
   49,881   706,315
Provident Financial Services, Inc.
   20,054   485,708
TrustCo Bank Corp.
   14,371   478,698
Washington Federal, Inc.
   20,868   696,574
Waterstone Financial, Inc.
   28,769   628,890
          6,279,517
TOBACCO — 0.3%  
Universal Corp.
   7,329   402,509
Vector Group, Ltd.
   28,929   332,105
          734,614
Security Description     Shares   Value
TRADING COMPANIES & DISTRIBUTORS — 1.1%  
Applied Industrial Technologies, Inc.
   3,965   $ 407,205
GATX Corp.
   5,736   597,634
McGrath RentCorp
   6,054   485,894
MSC Industrial Direct Co., Inc. Class A
   4,903   412,146
Rush Enterprises, Inc. Class A
   9,217   512,834
          2,415,713
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
Shenandoah Telecommunications Co.
   5,230   133,365
Telephone & Data Systems, Inc.
   18,295   368,644
          502,009
TOTAL COMMON STOCKS

(Cost $189,974,511)
         219,640,468
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)
   299,594   299,624
State Street Navigator Securities Lending Portfolio II (f)  (g)
   368,858   368,858
TOTAL SHORT-TERM INVESTMENTS

(Cost $668,482)
   668,482  
TOTAL INVESTMENTS — 100.1%

(Cost $190,642,993)
   220,308,950  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%
  (269,521)  
NET ASSETS — 100.0%
   $ 220,039,429  
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(c) All or a portion of the shares of the security are on loan at December 31, 2021.
(d) 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.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) 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.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
74

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
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
   $219,446,316   $194,152   $—   $219,640,468
Short-Term Investments
   668,482   —   —   668,482
TOTAL INVESTMENTS
   $ 220,114,798   $194,152   $—   $220,308,950
 
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 Liquid Reserves Fund, Premier Class
 283,689   $ 283,774   $ 5,822,523   $ 5,806,595   $(78)   $—   299,594   $299,624   $ 54
State Street Navigator Securities Lending Portfolio II
 836,615   836,615   4,218,906   4,686,663   —   —   368,858   368,858   4,711
Total
     $1,120,389   $10,041,429   $10,493,258   $(78)   $—       $668,482   $4,765
See accompanying notes to financial statements.
75

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)
  SPDR Russell 1000 Yield Focus ETF   SPDR Russell 1000 Momentum Focus ETF   SPDR Russell 1000 Low Volatility Focus ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $735,070,536   $333,555,992   $627,534,140
Investments in affiliated issuers, at value
 5,508,264   1,358,090   639,182
Total Investments
 740,578,800   334,914,082   628,173,322
Net cash at broker
 88,138   16,055   24,922
Cash
 1,797,836   233,189   939,590
Receivable from broker — accumulated variation margin on futures contracts
 19,988   5,568   18,325
Receivable for investments sold
 —   —   —
Receivable for fund shares sold
 2,430   —   —
Dividends receivable — unaffiliated issuers
 1,830,232   332,660   752,058
Dividends receivable — affiliated issuers
 19,133   2,828   34
Securities lending income receivable — unaffiliated issuers
 75   177   21
Securities lending income receivable — affiliated issuers  
 314   209   241
TOTAL ASSETS
744,336,946   335,504,768   629,908,513
LIABILITIES          
Payable upon return of securities loaned
 543,018   662,810   123,346
Payable for investments purchased
 2,521,891   11,679   910,536
Advisory fee payable
 121,213   56,505   102,699
Trustees’ fees and expenses payable
 186   344   562
Accrued expenses and other liabilities
 517   1,894   2,137
TOTAL LIABILITIES
3,186,825   733,232   1,139,280
NET ASSETS
$741,150,121   $334,771,536   $628,769,233
NET ASSETS CONSIST OF:          
Paid-in Capital
 $704,745,609   $371,371,161   $527,909,861
Total distributable earnings (loss)
 36,404,512   (36,599,625)   100,859,372
NET ASSETS
$741,150,121   $334,771,536   $628,769,233
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 100.29   $ 106.28   $ 114.11
Shares outstanding (unlimited amount authorized, $0.01 par value)
 7,390,000   3,150,000   5,510,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $625,252,516   $269,621,573   $471,747,449
Investments in affiliated issuers
 5,200,982   1,309,583   639,182
Total cost of investments
 $630,453,498   $270,931,156   $472,386,631
* Includes investments in securities on loan, at value
 $ 2,071,896   $ 1,389,301   $ 174,299
See accompanying notes to financial statements.
76

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
             
$235,654,677   $95,862,936   $682,152,096   $219,640,468
763,037   231,224   1,199,697   668,482
236,417,714   96,094,160   683,351,793   220,308,950
—   —   —   —
22,100   5,780   —   993,990
—   —   —   —
11,112   930   —   633,252
—   —   —   —
211,516   52,410   802,677   245,126
2,736   615   17   10
85   19   —   1,603
50   8   —   275
236,665,313   96,153,922   684,154,487   222,183,206
             
154,143   23,997   —   368,858
—   —   306,070   1,752,511
23,473   9,617   65,487   21,983
—   90   1,160   425
—   —   —   —
177,616   33,704   372,717   2,143,777
$236,487,697   $96,120,218   $683,781,770   $220,039,429
             
$213,702,644   $79,654,166   $608,171,975   $240,915,345
22,785,053   16,466,052   75,609,795   (20,875,916)
$236,487,697   $96,120,218   $683,781,770   $220,039,429
             
$ 155.58   $ 202.36   $ 150.61   $ 119.59
1,520,000   475,000   4,540,000   1,840,000
             
$210,517,436   $73,750,300   $544,305,951   $ 189,974,511
713,764   220,120   1,199,697   668,482
$ 211,231,200   $73,970,420   $545,505,648   $190,642,993
$ 860,327   $ 210,785   $ —   $ 3,513,746
77

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)
  SPDR Russell 1000 Yield Focus ETF   SPDR Russell 1000 Momentum Focus ETF   SPDR Russell 1000 Low Volatility Focus ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 11,408,126   $ 2,709,513   $ 5,100,419
Dividend income — affiliated issuers
 37,816   1,942   132
Unaffiliated securities lending income
 642   1,013   259
Affiliated securities lending income
 1,026   4,635   13,917
Foreign taxes withheld
 (2,693)   (1,476)   (495)
TOTAL INVESTMENT INCOME (LOSS)
 11,444,917   2,715,627   5,114,232
EXPENSES          
Advisory fee
 692,435   325,094   581,340
Trustees’ fees and expenses  
 3,157   1,587   2,900
Miscellaneous expenses
 —   —   —
TOTAL EXPENSES
 695,592   326,681   584,240
NET INVESTMENT INCOME (LOSS)
 $10,749,325   $ 2,388,946   $ 4,529,992
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 419,552   (5,600,794)   2,630,436
Investments — affiliated issuers
 (183)   (80)   (53)
In-kind redemptions — unaffiliated issuers
 2,683,105   18,421,628   1,235,448
In-kind redemptions — affiliated issuers
 1,483   337   —
Futures contracts
 200,700   38,537   50,494
Net realized gain (loss)
 3,304,657   12,859,628   3,916,325
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 33,989,159   9,480,305   51,328,825
Investments — affiliated issuers
 336,904   39,673   —
Futures contracts
 (4,518)   (19)   7,989
Net change in unrealized appreciation/depreciation
 34,321,545   9,519,959   51,336,814
NET REALIZED AND UNREALIZED GAIN (LOSS)
 37,626,202   22,379,587   55,253,139
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $48,375,527   $24,768,533   $59,783,131
See accompanying notes to financial statements.
78

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
             
$ 2,378,779   $ 602,119   $ 5,358,060   $ 2,553,454
5,400   18   136   54
358   114   —   4,107
334   94   —   4,711
(186)   (187)   —   (2,511)
2,384,685   602,158   5,358,196   2,559,815
             
133,427   55,177   375,938   132,582
928   483   3,366   1,310
2   —   8   3
134,357   55,660   379,312   133,895
$ 2,250,328   $ 546,498   $ 4,978,884   $ 2,425,920
             
             
23,638   1,864,371   417,933   911,606
(55)   (21)   (196)   (78)
4,305,362   2,628,208   14,227,249   2,335,965
4,905   —   —   —
—   —   —   —
4,333,850   4,492,558   14,644,986   3,247,493
             
9,155,649   5,569,636   62,664,852   10,068,255
42,149   8,324   (12)   —
—   —   —   —
9,197,798   5,577,960   62,664,840   10,068,255
13,531,648   10,070,518   77,309,826   13,315,748
$15,781,976   $10,617,016   $82,288,710   $15,741,668
79

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Russell 1000 Yield Focus ETF   SPDR Russell 1000 Momentum Focus ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21 		  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 10,749,325   $ 13,248,852   $ 2,388,946   $ 3,519,174
Net realized gain (loss)
 3,304,657   117,357,478   12,859,628   59,323,317
Net change in unrealized appreciation/depreciation
 34,321,545   112,559,693   9,519,959   40,144,723
Net increase (decrease) in net assets resulting from operations
 48,375,527   243,166,023   24,768,533   102,987,214
Net equalization credits and charges
 (10,376)   389,785   (3,764)   (255,428)
Distributions to shareholders
 (8,523,455)   (14,956,868)   (2,026,316)   (3,375,337)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 57,535,318   375,230,739   53,097,412   145,877,367
Cost of shares redeemed
 (11,444,385)   (305,061,228)   (53,302,813)   (245,061,233)
Net income equalization
 10,376   (389,785)   3,764   255,428
Net increase (decrease) in net assets from beneficial interest transactions
46,101,309   69,779,726   (201,637)   (98,928,438)
Net increase (decrease) in net assets during the period
 85,943,005   298,378,666   22,536,816   428,011
Net assets at beginning of period
 655,207,116   356,828,450   312,234,720   311,806,709
NET ASSETS AT END OF PERIOD
 $741,150,121   $ 655,207,116   $334,771,536   $ 312,234,720
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 600,000   4,070,000   510,000   1,550,000
Shares redeemed
 (120,000)   (3,240,000)   (520,000)   (2,950,000)
Net increase (decrease) from share transactions
 480,000   830,000   (10,000)   (1,400,000)
See accompanying notes to financial statements.
80

SPDR Russell 1000 Low Volatility Focus ETF   SPDR S&P 1500 Value Tilt ETF   SPDR S&P 1500 Momentum Tilt ETF
Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21 		  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21 		  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
                     
$ 4,529,992   $ 8,142,732   $ 2,250,328   $ 1,465,988   $ 546,498   $ 808,169
3,916,325   85,414,904   4,333,850   5,385,019   4,492,558   13,166,847
51,336,814   81,936,866   9,197,798   18,476,699   5,577,960   10,557,368
59,783,131   175,494,502   15,781,976   25,327,706   10,617,016   24,532,384
3,093   (117,090)   21,165   332,601   (782)   (10,742)
(4,851,740)   (8,590,239)   (2,314,875)   (1,747,604)   (546,140)   (786,365)
                     
32,584,160   168,266,895   23,834,019   195,385,992   9,306,444   37,509,146
(3,351,227)   (265,408,260)   (15,895,301)   (24,367,206)   (9,546,599)   (42,051,144)
(3,093)   117,090   (21,165)   (332,601)   782   10,742
29,229,840   (97,024,275)   7,917,553   170,686,185   (239,373)   (4,531,256)
84,164,324   69,762,898   21,405,819   194,598,888   9,830,721   19,204,021
544,604,909   474,842,011   215,081,878   20,482,990   86,289,497   67,085,476
$628,769,233   $ 544,604,909   $236,487,697   $215,081,878   $96,120,218   $ 86,289,497
                     
300,000   1,640,000   160,000   1,430,000   50,000   225,000
(30,000)   (2,860,000)   (110,000)   (170,000)   (50,000)   (250,000)
270,000   (1,220,000)   50,000   1,260,000   —   (25,000)
81

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR SSGA US Large Cap Low Volatility Index ETF   SPDR SSGA US Small Cap Low Volatility Index ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21 		  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 4,978,884   $ 9,977,147   $ 2,425,920   $ 4,817,774
Net realized gain (loss)
 14,644,986   52,181,060   3,247,493   32,290,633
Net change in unrealized appreciation/depreciation
 62,664,840   105,040,520   10,068,255   51,602,054
Net increase (decrease) in net assets resulting from operations
 82,288,710   167,198,727   15,741,668   88,710,461
Net equalization credits and charges
 (126,308)   (767,009)   53,494   (241,344)
Distributions to shareholders
 (5,025,988)   (13,055,429)   (2,621,782)   (5,376,679)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 111,046,078   214,080,336   1,166,896   79,781,870
Cost of shares redeemed
 (78,091,767)   (453,623,245)   (15,025,046)   (189,915,233)
Net income equalization
 126,308   767,009   (53,494)   241,344
Net increase (decrease) in net assets from beneficial interest transactions
33,080,619   (238,775,900)   (13,911,644)   (109,892,019)
Net increase (decrease) in net assets during the period
 110,217,033   (85,399,611)   (738,264)   (26,799,581)
Net assets at beginning of period
 573,564,737   658,964,348   220,777,693   247,577,274
NET ASSETS AT END OF PERIOD
 $683,781,770   $ 573,564,737   $220,039,429   $ 220,777,693
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 790,000   1,730,000   10,000   730,000
Shares redeemed
 (560,000)   (3,870,000)   (130,000)   (2,010,000)
Net increase (decrease) from share transactions
 230,000   (2,140,000)   (120,000)   (1,280,000)
See accompanying notes to financial statements.
82

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Russell 1000 Yield Focus 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
 $ 94.82   $ 58.69   $ 70.62   $ 70.43   $ 69.70   $ 63.57
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.51   2.09   2.16   2.23   2.21   2.08
Net realized and unrealized gain (loss) (b)
 5.14   36.29   (11.73)   0.32   6.14   8.30
Total from investment operations
 6.65   38.38   (9.57)   2.55   8.35   10.38
Net equalization credits and charges (a)
 (0.00)(c)   0.06   0.01   (0.02)   (0.00)(c)   0.00(c)
Distributions to shareholders from:                      
Net investment income
 (1.18)   (2.31)   (2.37)   (2.34)   (2.36)   (2.15)
Net realized gains
 —   —   —   —   (5.26)   (2.10)
Total distributions
 (1.18)   (2.31)   (2.37)   (2.34)   (7.62)   (4.25)
Net asset value, end of period
 $ 100.29   $ 94.82   $ 58.69   $ 70.62   $ 70.43   $ 69.70
Total return (d)
 7.08%   66.30%   (13.74)%   3.79%   12.25%   16.61%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $741,150   $655,207   $356,828   $426,550   $404,979   $397,306
Ratios to average net assets:                      
Total expenses
 0.20%(e)   0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)
 3.10%(e)   2.69%   3.27%   3.22%   3.15%   3.06%
Portfolio turnover rate (f)
 1%(g)   58%   34%   42%   36%   42%
(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.
83

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Russell 1000 Momentum Focus 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
 $ 98.81   $ 68.38   $ 73.00   $ 72.92   $ 68.99   $ 61.23
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.76   1.06   1.20   1.08   1.16   1.11
Net realized and unrealized gain (loss) (b)
 7.35   30.58   (4.46)   0.17   8.38   7.80
Total from investment operations
 8.11   31.64   (3.26)   1.25   9.54   8.91
Net equalization credits and charges (a)
 (0.00)(c)   (0.08)   (0.08)   (0.02)   0.02   0.00(c)
Distributions to shareholders from:                      
Net investment income
 (0.64)   (1.13)   (1.28)   (1.15)   (1.19)   (1.15)
Net realized gains
 —   —   —   —   (4.44)   —
Total distributions
 (0.64)   (1.13)   (1.28)   (1.15)   (5.63)   (1.15)
Net asset value, end of period
 $ 106.28   $ 98.81   $ 68.38   $ 73.00   $ 72.92   $ 68.99
Total return (d)
 8.23%   46.38%   (4.59)%   1.78%   13.97%   14.66%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $334,772   $312,235   $311,807   $435,806   $601,571   $469,132
Ratios to average net assets:                      
Total expenses
 0.20%(e)   0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)
 1.47%(e)   1.27%   1.68%   1.51%   1.59%   1.70%
Portfolio turnover rate (f)
 16%(g)   42%   42%   40%   112%   101%
(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.
84

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Russell 1000 Low Volatility Focus 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
 $ 103.93   $ 73.50   $ 80.17   $ 72.91   $ 70.31   $ 63.78
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.85   1.49   1.58   1.45   1.36   1.26
Net realized and unrealized gain (loss) (b)
 10.23   30.62   (6.42)   7.34   6.31   7.69
Total from investment operations
 11.08   32.11   (4.84)   8.79   7.67   8.95
Net equalization credits and charges (a)
 0.00(c)   (0.02)   0.01   (0.01)   0.00(c)   0.00(c)
Distributions to shareholders from:                      
Net investment income
 (0.90)   (1.66)   (1.84)   (1.52)   (1.41)   (1.29)
Net realized gains
 —   —   —   —   (3.66)   (1.13)
Total distributions
 (0.90)   (1.66)   (1.84)   (1.52)   (5.07)   (2.42)
Net asset value, end of period
 $ 114.11   $ 103.93   $ 73.50   $ 80.17   $ 72.91   $ 70.31
Total return (d)
 10.70%   44.00%   (6.10)%   12.23%   11.03%   14.27%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $628,769   $544,605   $474,842   $525,107   $455,698   $432,422
Ratios to average net assets:                      
Total expenses
 0.20%(e)   0.20%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)
 1.56%(e)   1.67%   2.02%   1.93%   1.87%   1.88%
Portfolio turnover rate (f)
 1%(g)   31%   28%   33%   31%   37%
(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.
85

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P 1500 Value Tilt 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
 $ 146.31   $ 97.54   $103.92   $101.54   $ 92.28   $78.89
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.53   2.56   2.53   2.41   2.11   1.89
Net realized and unrealized gain (loss) (b)
 9.29   48.10   (6.33)   2.54   9.18   13.40
Total from investment operations
 10.82   50.66   (3.80)   4.95   11.29   15.29
Net equalization credits and charges (a)
 0.01   0.58   (0.01)   (0.05)   0.08   (0.01)
Distributions to shareholders from:                      
Net investment income
 (1.56)   (2.47)   (2.57)   (2.52)   (2.11)   (1.89)
Net asset value, end of period
 $ 155.58   $ 146.31   $ 97.54   $103.92   $101.54   $92.28
Total return (c)
 7.44%   53.02%   (3.68)%   4.93%   12.38%   19.51%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $236,488   $215,082   $20,483   $18,706   $15,231   $9,228
Ratios to average net assets:                      
Total expenses
 0.12%(d)   0.12%   0.12%   0.12%   0.13%   0.12%
Net investment income (loss)
 2.02%(d)   1.90%   2.46%   2.37%   2.11%   2.14%
Portfolio turnover rate (e)
 1%(f)   24%   16%   13%   14%   18%
(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) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
86

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P 1500 Momentum Tilt 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
 $181.66   $134.17   $127.95   $ 118.95   $101.56   $ 90.70
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.15   1.61   2.11   1.93   1.68   1.85
Net realized and unrealized gain (loss) (b)
 20.70   47.49   6.32   8.87   17.44   10.81
Total from investment operations
 21.85   49.10   8.43   10.80   19.12   12.66
Net equalization credits and charges (a)
 (0.00)(c)   (0.02)   (0.05)   0.15   (0.01)   0.10
Distributions to shareholders from:                      
Net investment income
 (1.15)   (1.59)   (2.16)   (1.95)   (1.72)   (1.90)
Net asset value, end of period
 $202.36   $181.66   $134.17   $127.95   $ 118.95   $101.56
Total return (d)
 12.05%   36.74%   6.64%   9.31%   18.91%   14.20%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $96,120   $86,289   $67,085   $51,180   $29,737   $ 20,311
Ratios to average net assets:                      
Total expenses
 0.12%(e)   0.12%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)
 1.19%(e)   1.01%   1.62%   1.60%   1.48%   1.95%
Portfolio turnover rate (f)
 24%(g)   53%   65%   58%   55%   75%
(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.
87

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR SSGA US Large Cap Low Volatility Index 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
 $ 133.08   $ 102.17   $ 107.69   $ 90.13   $ 86.29   $ 79.85
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.13   1.99   2.20   2.17   1.83   1.75
Net realized and unrealized gain (loss) (b)
 17.55   31.82   (5.49)   16.96   6.01   6.61
Total from investment operations
 18.68   33.81   (3.29)   19.13   7.84   8.36
Net equalization credits and charges (a)
 (0.03)   (0.15)   0.01   0.40   0.02   (0.02)
Distributions to shareholders from:                      
Net investment income
 (1.12)   (2.75)   (2.24)   (1.97)   (1.85)   (1.82)
Net realized gains
 —   —   —   —   (2.17)   (0.08)
Total distributions
 (1.12)   (2.75)   (2.24)   (1.97)   (4.02)   (1.90)
Net asset value, end of period
 $ 150.61   $ 133.08   $ 102.17   $ 107.69   $ 90.13   $ 86.29
Total return (c)
 14.07%   33.27%   (3.05)%   21.94%   9.16%   10.59%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $683,782   $573,565   $658,964   $568,592   $103,653   $77,661
Ratios to average net assets:                      
Total expenses
 0.12%(d)   0.12%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)
 1.59%(d)   1.69%   2.04%   2.19%   2.04%   2.14%
Portfolio turnover rate (e)
 1%(f)   34%   25%   32%   20%   108%
(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) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
88

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR SSGA US Small Cap Low Volatility Index 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
 $ 112.64   $ 76.41   $ 93.35   $ 95.11   $ 92.05   $ 77.70
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.27   2.06   2.24   2.48   2.35   1.94
Net realized and unrealized gain (loss) (b)
 7.05   36.73   (16.77)   (1.46)   8.23   14.83
Total from investment operations
 8.32   38.79   (14.53)   1.02   10.58   16.77
Net equalization credits and charges (a)
 0.03   (0.10)   0.07   (0.01)   (0.09)   0.33
Distributions to shareholders from:                      
Net investment income
 (1.40)   (2.46)   (2.48)   (2.77)   (2.48)   (2.45)
Net realized gains
 —   —   —   —   (4.95)   (0.30)
Total distributions
 (1.40)   (2.46)   (2.48)   (2.77)   (7.43)   (2.75)
Net asset value, end of period
 $ 119.59   $ 112.64   $ 76.41   $ 93.35   $ 95.11   $ 92.05
Total return (c)
 7.47%   51.11%   (15.68)%   1.24%   11.80%   22.11%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $220,039   $220,778   $247,577   $230,585   $199,739   $211,717
Ratios to average net assets:                      
Total expenses
 0.12%(d)   0.12%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)
 2.20%(d)   2.19%   2.56%   2.68%   2.54%   2.17%
Portfolio turnover rate (e)
 2%(f)   52%   32%   34%   41%   158%
(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) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
89

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 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 SPDR Russell 1000 Yield Focus ETF, SPDR Russell 1000 Momentum Focus ETF and SPDR Russell 1000 Low Volatilitiy Focus ETF are each classified as a diversified investment company under the 1940 Act, and the SPDR S&P 1500 Value Tilt ETF, SPDR S& P 1500 Momentum Tilt ETF, SPDR SSGA US Large Cap Low Volatility Index ETF and SPDR SSGA US Small Cap Low Volatility Index ETF are each classified as a non-diversified investment company.
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•  Rights and warrants are valued at the last reported sale price obtained from independent pricing services or
90

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2021, is disclosed in each Fund’s respective 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. 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.
Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
91

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
The Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
92

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
For the period ended December 31, 2021, the following Funds entered into futures contracts for the strategies listed below:
Fund Strategies
SPDR Russell 1000 Yield Focus ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
SPDR Russell 1000 Momentum Focus ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
SPDR Russell 1000 Low Volatility Focus ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
The following tables summarize the value of the Funds' derivative instruments as of December 31, 2021, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Russell 1000 Yield Focus ETF                      
Futures Contracts
 $—   $—   $—   $19,988   $—   $19,988
SPDR Russell 1000 Momentum Focus ETF                      
Futures Contracts
 —   —   —   5,568   —   5,568
SPDR Russell 1000 Low Volatility Focus ETF                      
Futures Contracts
 —   —   —   18,325   —   18,325
  Net Realized Gain (Loss)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Russell 1000 Yield Focus ETF                      
Futures Contracts
 $—   $—   $—   $200,700   $—   $200,700
SPDR Russell 1000 Momentum Focus ETF                      
Futures Contracts
 —   —   —   38,537   —   38,537
SPDR Russell 1000 Low Volatility Focus ETF                      
Futures Contracts
 —   —   —   50,494   —   50,494
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Russell 1000 Yield Focus ETF                      
Futures Contracts
 $—   $—   $—   $(4,518)   $—   $(4,518)
SPDR Russell 1000 Momentum Focus ETF                      
Futures Contracts
 —   —   —   (19)   —   (19)
SPDR Russell 1000 Low Volatility Focus ETF                      
Futures Contracts
 —   —   —   7,989   —   7,989
93

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR Russell 1000 Yield Focus ETF
 0.20%
SPDR Russell 1000 Momentum Focus ETF
 0.20
SPDR Russell 1000 Low Volatility Focus ETF
 0.20
SPDR S&P 1500 Value Tilt ETF
 0.12
SPDR S&P 1500 Momentum Tilt ETF
 0.12
SPDR SSGA US Large Cap Low Volatility Index ETF
 0.12
SPDR SSGA US Small Cap Low Volatility Index ETF
 0.12
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 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.
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 - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
Beginning on January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
94

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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.
5.    Trustees’ Fees
The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:
  Purchases   Sales
SPDR Russell 1000 Yield Focus ETF
 $10,495,906   $ 4,876,131
SPDR Russell 1000 Momentum Focus ETF
 51,217,257   51,449,598
SPDR Russell 1000 Low Volatility Focus ETF
 7,980,746   8,277,508
SPDR S&P 1500 Value Tilt ETF
 3,104,089   2,996,456
SPDR S&P 1500 Momentum Tilt ETF
 22,011,767   90,629,438
SPDR SSGA US Large Cap Low Volatility Index ETF
 7,911,854   4,853,406
SPDR SSGA US Small Cap Low Volatility Index ETF
 6,329,547   5,221,418
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 Russell 1000 Yield Focus ETF
 $53,610,953   $ 11,437,638   $ 2,684,588
SPDR Russell 1000 Momentum Focus ETF
 53,074,337   52,825,020   18,421,965
SPDR Russell 1000 Low Volatility Focus ETF
 32,499,627   3,342,681   1,235,448
SPDR S&P 1500 Value Tilt ETF
 23,753,956   15,851,582   4,310,267
SPDR S&P 1500 Momentum Tilt ETF
 22,011,767   22,829,950   2,628,208
SPDR SSGA US Large Cap Low Volatility Index ETF
 98,761,702   67,283,393   14,227,249
SPDR SSGA US Small Cap Low Volatility Index ETF
 —   15,029,870   2,335,965
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
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.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2021, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of December 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR Russell 1000 Yield Focus ETF
 $630,749,545   $ 116,893,325   $7,044,105   $109,849,220
SPDR Russell 1000 Momentum Focus ETF
 271,036,670   66,263,920   2,380,945   63,882,975
SPDR Russell 1000 Low Volatility Focus ETF
 472,580,330   160,866,437   5,255,129   155,611,308
SPDR S&P 1500 Value Tilt ETF
 211,261,617   31,222,251   6,066,154   25,156,097
SPDR S&P 1500 Momentum Tilt ETF
 73,981,260   23,134,453   1,021,553   22,112,900
SPDR SSGA US Large Cap Low Volatility Index ETF
 545,576,433   142,001,783   4,226,423   137,775,360
SPDR SSGA US Small Cap Low Volatility Index ETF
 190,696,869   38,335,312   8,723,231   29,612,081
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of December 31, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2021:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR Russell 1000 Yield Focus ETF
   $ 2,071,896   $ 543,018   $ 1,516,326   $ 2,059,344
SPDR Russell 1000 Momentum Focus ETF
   1,389,301   662,810   749,136   1,411,946
SPDR Russell 1000 Low Volatility Focus ETF
   174,299   123,346   55,500   178,846
SPDR S&P 1500 Value Tilt ETF
   860,327   154,143   731,305   885,448
SPDR S&P 1500 Momentum Tilt ETF
   210,785   23,997   192,760   216,757
SPDR SSGA US Small Cap Low Volatility Index ETF
   3,513,746   368,858   3,220,272   3,589,130
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2021:
        Remaining Contractual Maturity of the Agreements
as of December 31, 2021
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Russell 1000 Yield Focus ETF
   Common Stocks   $543,018   $—   $—   $—   $543,018   $543,018
SPDR Russell 1000 Momentum Focus ETF
   Common Stocks   662,810   —   —   —   662,810   662,810
SPDR Russell 1000 Low Volatility Focus ETF
   Common Stocks   123,346   —   —   —   123,346   123,346
SPDR S&P 1500 Value Tilt ETF
   Common Stocks   154,143   —   —   —   154,143   154,143
SPDR S&P 1500 Momentum Tilt ETF
   Common Stocks   23,997   —   —   —   23,997   23,997
SPDR SSGA US Small Cap Low Volatility Index ETF
   Common Stocks   368,858   —   —   —   368,858   368,858
10.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of its 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 also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a 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
97

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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.
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.
98

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 each Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
      Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period(a) 		  Ending Account
Value 		  Expenses Paid
During Period(a)
SPDR Russell 1000 Yield Focus ETF
 0.20%   $1,070.80   $1.04   $1,024.20   $1.02
SPDR Russell 1000 Momentum Focus ETF
 0.20   1,082.30   1.05   1,024.20   1.02
SPDR Russell 1000 Low Volatility Focus ETF
 0.20   1,107.00   1.06   1,024.20   1.02
SPDR S&P 1500 Value Tilt ETF
 0.12   1,074.40   0.63   1,024.60   0.61
SPDR S&P 1500 Momentum Tilt ETF
 0.12   1,120.50   0.64   1,024.60   0.61
SPDR SSGA US Large Cap Low Volatility Index ETF
 0.12   1,140.70   0.65   1,024.60   0.61
SPDR SSGA US Small Cap Low Volatility Index ETF
 0.12   1,074.70   0.63   1,024.60   0.61
(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.
99

SPDR SERIES TRUST
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.
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.

SPDR® Series Trust - Equity Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.
Standard & Poor’s, S& P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
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