Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Equity Funds
SPDR S&P 400 Mid Cap Growth ETF
SPDR S&P 400 Mid Cap Value ETF
SPDR S&P 600 Small Cap ETF
SPDR S&P 600 Small Cap Growth ETF
SPDR S&P 600 Small Cap Value 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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4

5
Schedules of Investments (Unaudited)  

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28

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102
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 S&P 400 Mid Cap Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Camden Property Trust REIT 1.5%  
  Builders FirstSource, Inc. 1.3  
  Trex Co., Inc. 1.2  
  Masimo Corp. 1.2  
  Repligen Corp. 1.1  
  Carlisle Cos., Inc. 1.0  
  Williams-Sonoma, Inc. 1.0  
  Life Storage, Inc. REIT 1.0  
  Rexford Industrial Realty, Inc. REIT 1.0  
  Targa Resources Corp. 1.0  
  TOTAL 11.3%  
(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 18.6%  
  Information Technology 18.1  
  Consumer Discretionary 16.8  
  Health Care 12.7  
  Financials 11.1  
  Real Estate 9.2  
  Materials 7.0  
  Communication Services 2.0  
  Energy 1.9  
  Consumer Staples 1.4  
  Utilities 1.1  
  Short-Term Investment 1.8  
  Liabilities in Excess of Other Assets (1.7)  
  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 S&P 400 Mid Cap Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Medical Properties Trust, Inc. REIT 1.2%  
  AECOM 0.9  
  Lear Corp. 0.9  
  Reliance Steel & Aluminum Co. 0.8  
  Knight-Swift Transportation Holdings, Inc. 0.8  
  UGI Corp. 0.8  
  Molina Healthcare, Inc. 0.8  
  Arrow Electronics, Inc. 0.8  
  Alleghany Corp. 0.7  
  BJ's Wholesale Club Holdings, Inc. 0.7  
  TOTAL 8.4%  
(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 19.4%  
  Financials 16.3  
  Consumer Discretionary 14.1  
  Real Estate 11.5  
  Information Technology 10.5  
  Health Care 7.0  
  Materials 6.2  
  Utilities 5.6  
  Consumer Staples 5.5  
  Energy 2.2  
  Communication Services 1.4  
  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.
2


Table of Contents
SPDR S&P 600 Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Omnicell, Inc. 0.7%  
  Innovative Industrial Properties, Inc. REIT 0.6  
  Exponent, Inc. 0.6  
  AMN Healthcare Services, Inc. 0.5  
  UFP Industries, Inc. 0.5  
  Chart Industries, Inc. 0.5  
  Balchem Corp. 0.5  
  Watts Water Technologies, Inc. Class A 0.5  
  MaxLinear, Inc. 0.5  
  Vonage Holdings Corp. 0.5  
  TOTAL 5.4%  
(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 18.7%  
  Industrials 17.1  
  Information Technology 13.7  
  Health Care 12.3  
  Consumer Discretionary 12.0  
  Real Estate 8.0  
  Materials 5.0  
  Energy 4.8  
  Consumer Staples 4.5  
  Utilities 1.9  
  Communication Services 1.8  
  Short-Term Investments 2.0  
  Liabilities in Excess of Other Assets (1.8)  
  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 600 Small Cap Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Omnicell, Inc. 1.4%  
  Innovative Industrial Properties, Inc. REIT 1.2  
  Exponent, Inc. 1.1  
  AMN Healthcare Services, Inc. 1.1  
  UFP Industries, Inc. 1.0  
  Chart Industries, Inc. 1.0  
  Balchem Corp. 1.0  
  Watts Water Technologies, Inc. Class A 1.0  
  MaxLinear, Inc. 1.0  
  Vonage Holdings Corp. 1.0  
  TOTAL 10.8%  
(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 19.1%  
  Financials 16.0  
  Industrials 15.5  
  Health Care 14.9  
  Consumer Discretionary 11.7  
  Real Estate 7.2  
  Energy 4.8  
  Consumer Staples 4.6  
  Materials 3.3  
  Utilities 1.4  
  Communication Services 1.4  
  Short-Term Investments 4.3  
  Liabilities in Excess of Other Assets (4.2)  
  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.
4


Table of Contents
SPDR S&P 600 Small Cap Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  BankUnited, Inc. 0.7%  
  Resideo Technologies, Inc. 0.7  
  Insight Enterprises, Inc. 0.7  
  Group 1 Automotive, Inc. 0.7  
  First Hawaiian, Inc. 0.7  
  Arconic Corp. 0.6  
  Simmons First National Corp. Class A 0.6  
  Owens & Minor, Inc. 0.6  
  American Equity Investment Life Holding Co. 0.6  
  UniFirst Corp. 0.6  
  TOTAL 6.5%  
(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 21.5%  
  Industrials 18.7  
  Consumer Discretionary 12.4  
  Health Care 9.6  
  Real Estate 9.0  
  Information Technology 8.2  
  Materials 6.8  
  Energy 4.7  
  Consumer Staples 4.4  
  Utilities 2.4  
  Communication Services 2.2  
  Short-Term Investments 3.3  
  Liabilities in Excess of Other Assets (3.2)  
  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.
5


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 0.8%  
Axon Enterprise, Inc. (a)

  93,929   $ 14,746,853
AIR FREIGHT & LOGISTICS — 0.7%  
GXO Logistics, Inc. (a)

  141,058   12,812,298
AUTO COMPONENTS — 0.9%  
Fox Factory Holding Corp. (a)

  60,257   10,249,716
Gentex Corp.

  179,657   6,261,046
          16,510,762
BANKS — 5.5%  
Bank of Hawaii Corp.

  24,144   2,022,301
Bank OZK

  80,614   3,750,969
Cathay General Bancorp

  42,702   1,835,759
CIT Group, Inc.

  56,270   2,888,902
Commerce Bancshares, Inc.

  79,525   5,466,549
Cullen/Frost Bankers, Inc.

  45,296   5,710,467
East West Bancorp, Inc.

  202,936   15,967,004
First Financial Bankshares, Inc.

  182,745   9,290,756
Glacier Bancorp, Inc.

  154,598   8,765,707
Hancock Whitney Corp.

  55,472   2,774,709
Home BancShares, Inc.

  79,118   1,926,523
PacWest Bancorp

  167,940   7,585,850
Pinnacle Financial Partners, Inc.

  108,951   10,404,821
Synovus Financial Corp.

  82,610   3,954,541
UMB Financial Corp.

  61,659   6,542,636
Umpqua Holdings Corp.

  113,724   2,188,050
Webster Financial Corp.

  52,679   2,941,595
Wintrust Financial Corp.

  40,407   3,669,764
          97,686,903
BEVERAGES — 0.2%  
Boston Beer Co., Inc. Class A (a)

  8,064   4,073,126
BIOTECHNOLOGY — 2.3%  
Arrowhead Pharmaceuticals, Inc. (a)

  148,585   9,851,185
Exelixis, Inc. (a)

  240,504   4,396,413
Halozyme Therapeutics, Inc. (a)

  201,627   8,107,422
Neurocrine Biosciences, Inc. (a)

  135,758   11,562,509
United Therapeutics Corp. (a)

  30,947   6,687,028
          40,604,557
See accompanying notes to financial statements.
6


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
BUILDING PRODUCTS — 4.6%  
Builders FirstSource, Inc. (a)

  273,845   $ 23,471,255
Carlisle Cos., Inc.

  74,790   18,556,895
Lennox International, Inc.

  27,903   9,050,617
Simpson Manufacturing Co., Inc.

  61,922   8,611,493
Trex Co., Inc. (a)

  164,584   22,223,777
          81,914,037
CAPITAL MARKETS — 3.2%  
Affiliated Managers Group, Inc.

  57,967   9,536,151
Evercore, Inc. Class A

  55,634   7,557,879
Federated Hermes, Inc.

  64,579   2,426,879
Interactive Brokers Group, Inc. Class A

  77,657   6,167,519
Janus Henderson Group PLC

  112,544   4,720,095
Jefferies Financial Group, Inc.

  281,158   10,908,931
SEI Investments Co.

  89,616   5,461,199
Stifel Financial Corp.

  149,010   10,493,284
          57,271,937
CHEMICALS — 3.2%  
Ashland Global Holdings, Inc.

  34,484   3,712,547
Avient Corp.

  131,001   7,329,506
Ingevity Corp. (a)

  30,140   2,161,038
Olin Corp.

  205,231   11,804,887
RPM International, Inc.

  94,239   9,518,139
Scotts Miracle-Gro Co.

  58,038   9,344,118
Sensient Technologies Corp.

  33,961   3,398,138
Valvoline, Inc.

  257,587   9,605,419
          56,873,792
COMMERCIAL SERVICES & SUPPLIES — 1.5%  
Clean Harbors, Inc. (a)

  41,929   4,183,256
IAA, Inc. (a)

  104,373   5,283,361
MSA Safety, Inc.

  26,390   3,983,835
Tetra Tech, Inc.

  77,309   13,127,068
          26,577,520
COMMUNICATIONS EQUIPMENT — 0.9%  
Ciena Corp. (a)

  139,647   10,748,630
Lumentum Holdings, Inc. (a)

  46,674   4,936,709
          15,685,339
CONSTRUCTION & ENGINEERING — 0.7%  
Dycom Industries, Inc. (a)

  16,662   1,562,229
See accompanying notes to financial statements.
7


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
MasTec, Inc. (a)

  41,405   $ 3,820,853
Valmont Industries, Inc.

  30,443   7,625,972
          13,009,054
CONSTRUCTION MATERIALS — 0.6%  
Eagle Materials, Inc.

  58,224   9,691,967
CONSUMER FINANCE — 0.8%  
Navient Corp.

  231,073   4,903,369
Prog Holdings, Inc.

  10,311   465,129
SLM Corp.

  417,936   8,220,801
          13,589,299
CONTAINERS & PACKAGING — 0.3%  
AptarGroup, Inc.

  43,399   5,315,510
DIVERSIFIED CONSUMER SERVICES — 1.1%  
H&R Block, Inc.

  114,636   2,700,824
Service Corp. International

  235,911   16,747,322
          19,448,146
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%  
Iridium Communications, Inc. (a)

  100,539   4,151,255
ELECTRIC UTILITIES — 0.2%  
OGE Energy Corp.

  105,058   4,032,126
ELECTRICAL EQUIPMENT — 2.0%  
Acuity Brands, Inc.

  49,759   10,534,976
Hubbell, Inc.

  41,889   8,724,222
nVent Electric PLC

  142,276   5,406,488
Regal Rexnord Corp.

  40,787   6,941,132
Vicor Corp. (a)

  30,430   3,864,001
          35,470,819
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.5%  
Cognex Corp.

  159,331   12,389,579
Coherent, Inc. (a)

  35,145   9,367,548
II-VI, Inc. (a)  (b)

  73,070   4,992,873
Jabil, Inc.

  90,394   6,359,218
Littelfuse, Inc.

  21,749   6,843,975
National Instruments Corp.

  99,184   4,331,365
          44,284,558
See accompanying notes to financial statements.
8


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
ENERGY EQUIPMENT & SERVICES — 0.2%  
ChampionX Corp. (a)

  134,747   $ 2,723,237
ENTERTAINMENT — 0.1%  
World Wrestling Entertainment, Inc. Class A (b)

  39,285   1,938,322
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 8.7%  
American Campus Communities, Inc. REIT

  109,621   6,280,187
Apartment Income REIT Corp.

  105,759   5,781,845
Brixmor Property Group, Inc. REIT

  234,066   5,947,617
Camden Property Trust REIT

  146,083   26,102,111
CyrusOne, Inc. REIT

  117,554   10,546,945
Douglas Emmett, Inc. REIT

  114,536   3,836,956
EastGroup Properties, Inc. REIT

  58,160   13,251,756
First Industrial Realty Trust, Inc. REIT

  128,137   8,482,669
Healthcare Realty Trust, Inc. REIT

  98,391   3,113,091
Lamar Advertising Co. Class A REIT

  82,001   9,946,721
Life Storage, Inc. REIT

  117,313   17,970,005
National Retail Properties, Inc. REIT

  113,242   5,443,543
National Storage Affiliates Trust REIT

  116,820   8,083,944
PotlatchDeltic Corp. REIT

  41,927   2,524,844
PS Business Parks, Inc. REIT

  18,017   3,318,191
Rayonier, Inc. REIT

  123,162   4,970,818
Rexford Industrial Realty, Inc. REIT

  216,626   17,570,535
Urban Edge Properties REIT

  70,238   1,334,522
          154,506,300
FOOD PRODUCTS — 1.2%  
Darling Ingredients, Inc. (a)

  231,464   16,038,141
Lancaster Colony Corp.

  13,530   2,240,568
Sanderson Farms, Inc.

  14,167   2,707,030
          20,985,739
GAS UTILITIES — 0.2%  
National Fuel Gas Co.

  68,045   4,350,797
HEALTH CARE EQUIPMENT & SUPPLIES — 4.6%  
Globus Medical, Inc. Class A (a)

  68,047   4,912,993
ICU Medical, Inc. (a)

  13,345   3,167,302
Integra LifeSciences Holdings Corp. (a)

  52,669   3,528,296
LivaNova PLC (a)

  45,296   3,960,229
Masimo Corp. (a)

  72,598   21,255,243
Neogen Corp. (a)

  88,441   4,016,106
See accompanying notes to financial statements.
9


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Penumbra, Inc. (a)  (b)

  50,218   $ 14,428,636
Quidel Corp. (a)

  54,067   7,298,504
STAAR Surgical Co. (a)

  68,232   6,229,582
Tandem Diabetes Care, Inc. (a)

  90,904   13,682,870
          82,479,761
HEALTH CARE PROVIDERS & SERVICES — 2.7%  
Chemed Corp.

  12,565   6,647,387
HealthEquity, Inc. (a)

  79,328   3,509,471
Molina Healthcare, Inc. (a)

  40,808   12,980,209
Option Care Health, Inc. (a)

  198,493   5,645,141
Progyny, Inc. (a)

  61,202   3,081,521
R1 RCM, Inc. (a)

  109,587   2,793,373
Tenet Healthcare Corp. (a)

  153,250   12,518,992
          47,176,094
HOTELS, RESTAURANTS & LEISURE — 4.1%  
Boyd Gaming Corp. (a)

  117,406   7,698,311
Choice Hotels International, Inc.

  31,983   4,989,028
Churchill Downs, Inc.

  49,230   11,859,507
Jack in the Box, Inc.

  21,172   1,852,127
Marriott Vacations Worldwide Corp.

  27,237   4,602,508
Papa John's International, Inc.

  46,340   6,185,000
Scientific Games Corp. Class A (a)

  137,599   9,195,741
Six Flags Entertainment Corp. (a)

  53,796   2,290,634
Texas Roadhouse, Inc.

  59,935   5,350,997
Wendy's Co.

  125,199   2,985,996
Wingstop, Inc.

  42,723   7,382,534
Wyndham Hotels & Resorts, Inc.

  86,749   7,777,048
          72,169,431
HOUSEHOLD DURABLES — 1.9%  
Helen of Troy, Ltd. (a)  (b)

  34,414   8,413,191
Tempur Sealy International, Inc.

  275,461   12,954,931
TopBuild Corp. (a)

  47,131   13,003,914
          34,372,036
INSURANCE — 1.6%  
American Financial Group, Inc.

  44,598   6,124,197
First American Financial Corp.

  72,335   5,658,767
Kinsale Capital Group, Inc.

  30,729   7,310,122
Primerica, Inc.

  35,098   5,379,471
See accompanying notes to financial statements.
10


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
RLI Corp.

  33,898   $ 3,799,966
          28,272,523
INTERACTIVE MEDIA & SERVICES — 0.6%  
TripAdvisor, Inc. (a)  (b)

  59,032   1,609,212
Yelp, Inc. (a)

  47,673   1,727,670
Ziff Davis, Inc. (a)

  69,032   7,652,887
          10,989,769
IT SERVICES — 2.1%  
Concentrix Corp.

  61,397   10,966,732
Genpact, Ltd.

  162,729   8,637,655
LiveRamp Holdings, Inc. (a)

  97,608   4,680,304
MAXIMUS, Inc.

  88,097   7,018,688
Sabre Corp. (a)  (b)

  220,174   1,891,295
WEX, Inc. (a)

  27,324   3,836,016
          37,030,690
LEISURE EQUIPMENT & PRODUCTS — 2.0%  
Brunswick Corp.

  109,839   11,064,083
Mattel, Inc. (a)

  499,101   10,760,618
Polaris, Inc.

  34,773   3,821,900
YETI Holdings, Inc. (a)

  124,863   10,342,402
          35,989,003
LIFE SCIENCES TOOLS & SERVICES — 3.1%  
Bruker Corp.

  145,364   12,197,493
Medpace Holdings, Inc. (a)

  40,977   8,918,234
Repligen Corp. (a)

  73,553   19,479,777
Syneos Health, Inc. (a)

  148,340   15,231,551
          55,827,055
MACHINERY — 4.3%  
Colfax Corp. (a)

  78,320   3,600,371
Crane Co.

  34,720   3,532,066
Donaldson Co., Inc.

  90,404   5,357,341
Graco, Inc.

  145,955   11,766,892
ITT, Inc.

  68,616   7,011,869
Lincoln Electric Holdings, Inc.

  49,092   6,846,861
Middleby Corp. (a)

  50,991   10,032,989
Nordson Corp.

  46,368   11,836,359
Toro Co.

  152,213   15,207,601
Trinity Industries, Inc. (b)

  57,966   1,750,573
          76,942,922
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
MEDIA — 1.0%  
Cable One, Inc.

  4,118   $ 7,261,887
John Wiley & Sons, Inc. Class A

  30,929   1,771,304
New York Times Co. Class A

  138,865   6,707,180
TEGNA, Inc.

  138,143   2,563,934
          18,304,305
METALS & MINING — 2.4%  
Alcoa Corp.

  107,255   6,390,253
Cleveland-Cliffs, Inc. (a)  (b)

  651,020   14,172,705
Royal Gold, Inc.

  56,439   5,937,947
Steel Dynamics, Inc.

  269,684   16,739,286
          43,240,191
OIL, GAS & CONSUMABLE FUELS — 1.8%  
Antero Midstream Corp.

  465,716   4,508,131
CNX Resources Corp. (a)  (b)

  140,759   1,935,436
DTE Midstream LLC (a)

  57,667   2,766,863
Murphy Oil Corp. (b)

  208,126   5,434,170
Targa Resources Corp.

  327,526   17,109,958
          31,754,558
PAPER & FOREST PRODUCTS — 0.6%  
Louisiana-Pacific Corp.

  125,414   9,826,187
PROFESSIONAL SERVICES — 1.6%  
ASGN, Inc. (a)

  74,297   9,168,250
FTI Consulting, Inc. (a)  (b)

  49,071   7,528,473
Insperity, Inc.

  51,316   6,060,933
KBR, Inc. (b)

  130,702   6,224,029
          28,981,685
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%  
Jones Lang LaSalle, Inc. (a)

  35,419   9,539,753
ROAD & RAIL — 1.7%  
Avis Budget Group, Inc. (a)

  57,369   11,896,610
Landstar System, Inc.

  35,453   6,346,796
Saia, Inc. (a)

  37,548   12,654,802
          30,898,208
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.9%  
Amkor Technology, Inc.

  58,345   1,446,372
Azenta, Inc.

  105,969   10,926,464
See accompanying notes to financial statements.
12


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Cirrus Logic, Inc. (a)

  38,884   $ 3,578,106
CMC Materials, Inc.

  27,328   5,238,504
First Solar, Inc. (a)

  83,559   7,283,002
Lattice Semiconductor Corp. (a)

  195,879   15,094,436
MKS Instruments, Inc.

  43,706   7,612,274
Power Integrations, Inc.

  86,403   8,025,975
Semtech Corp. (a)

  60,967   5,421,795
Silicon Laboratories, Inc. (a)

  57,455   11,859,861
SiTime Corp. (a)

  21,471   6,281,126
SunPower Corp. (a)  (b)

  117,801   2,458,507
Synaptics, Inc. (a)

  56,184   16,265,830
Universal Display Corp.

  61,787   10,196,709
Wolfspeed, Inc. (a)

  90,851   10,154,416
          121,843,377
SOFTWARE — 5.8%  
ACI Worldwide, Inc. (a)

  78,425   2,721,348
Aspen Technology, Inc. (a)

  95,717   14,568,127
Blackbaud, Inc. (a)

  38,233   3,019,642
CDK Global, Inc.

  78,892   3,292,952
Cerence, Inc. (a)  (b)

  28,059   2,150,442
CommVault Systems, Inc. (a)

  41,953   2,891,401
Digital Turbine, Inc. (a)  (b)

  125,937   7,680,898
Envestnet, Inc. (a)  (b)

  41,112   3,261,826
Fair Isaac Corp. (a)

  22,691   9,840,406
Manhattan Associates, Inc. (a)

  90,557   14,080,708
Mimecast, Ltd. (a)

  88,434   7,036,693
Paylocity Holding Corp. (a)

  56,665   13,382,006
Qualys, Inc. (a)

  47,848   6,565,703
SailPoint Technologies Holding, Inc. (a)

  133,613   6,458,853
Teradata Corp. (a)

  155,371   6,598,606
          103,549,611
SPECIALTY RETAIL — 4.5%  
American Eagle Outfitters, Inc. (b)

  91,389   2,313,970
AutoNation, Inc. (a)

  26,639   3,112,767
Dick's Sporting Goods, Inc. (b)

  92,488   10,635,195
Five Below, Inc. (a)

  80,084   16,568,579
GameStop Corp. Class A (a)  (b)

  88,596   13,146,760
RH (a)  (b)

  24,848   13,317,037
Victoria's Secret & Co. (a)  (b)

  50,312   2,794,329
Williams-Sonoma, Inc. (b)

  106,354   17,987,652
          79,876,289
See accompanying notes to financial statements.
13


Table of Contents
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
TEXTILES, APPAREL & LUXURY GOODS — 2.3%  
Capri Holdings, Ltd. (a)

  130,800   $ 8,490,228
Columbia Sportswear Co.

  25,957   2,529,250
Crocs, Inc. (a)

  83,844   10,750,478
Deckers Outdoor Corp. (a)  (b)

  39,225   14,368,510
Skechers U.S.A., Inc. Class A (a)

  89,893   3,901,356
          40,039,822
TRADING COMPANIES & DISTRIBUTORS — 0.6%  
Watsco, Inc.

  31,228   9,770,617
WATER UTILITIES — 0.6%  
Essential Utilities, Inc.

  207,402   11,135,413
TOTAL COMMON STOCKS

(Cost $1,602,229,509)

        1,778,263,553
SHORT-TERM INVESTMENT — 1.8%      
State Street Navigator Securities Lending Portfolio II (c) (d)

(Cost $31,563,833)

  31,563,833   31,563,833
TOTAL INVESTMENTS — 101.7%

(Cost $1,633,793,342)

  1,809,827,386  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%

  (29,881,242)  
NET ASSETS — 100.0%

  $ 1,779,946,144  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) 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.
(d) 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

  $1,778,263,553   $—   $—   $1,778,263,553
Short-Term Investment

  31,563,833       31,563,833
TOTAL INVESTMENTS

  $1,809,827,386   $—   $—   $1,809,827,386
See accompanying notes to financial statements.
14


Table of Contents
SPDR S&P 400 MID CAP GROWTH 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 Institutional Liquid Reserves Fund, Premier Class

920,301   $ 920,577   $ 37,352,425   $ 38,273,665   $663   $—     $   $ 346
State Street Navigator Securities Lending Portfolio II

29,341,733   29,341,733   163,065,632   160,843,532       31,563,833   31,563,833   17,316
Total

    $30,262,310   $200,418,057   $ 199,117,197   $663   $—       $31,563,833   $17,662
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 1.1%  
Curtiss-Wright Corp.

  50,824   $ 7,047,764
Hexcel Corp. (a)

  108,529   5,621,802
Mercury Systems, Inc. (a)

  73,775   4,062,052
          16,731,618
AIRLINES — 0.4%  
JetBlue Airways Corp. (a)

  411,649   5,861,882
AUTO COMPONENTS — 2.6%  
Adient PLC (a)

  121,907   5,836,907
Dana, Inc.

  187,791   4,285,391
Gentex Corp.

  143,773   5,010,489
Goodyear Tire & Rubber Co. (a)

  363,839   7,757,048
Lear Corp.

  77,258   14,134,351
Visteon Corp. (a)

  36,445   4,050,497
          41,074,683
AUTOMOBILES — 0.9%  
Harley-Davidson, Inc.

  199,212   7,508,300
Thor Industries, Inc. (b)

  71,904   7,461,478
          14,969,778
BANKS — 7.0%  
Associated Banc-Corp.

  195,364   4,413,273
Bank of Hawaii Corp.

  30,588   2,562,051
Bank OZK

  83,422   3,881,626
Cadence Bank

  253,765   7,559,659
Cathay General Bancorp

  61,435   2,641,091
CIT Group, Inc.

  77,458   3,976,694
Commerce Bancshares, Inc.

  71,829   4,937,525
Cullen/Frost Bankers, Inc.

  32,226   4,062,732
First Horizon Corp.

  700,688   11,442,235
FNB Corp.

  412,597   5,004,802
Fulton Financial Corp.

  210,232   3,573,944
Hancock Whitney Corp.

  62,194   3,110,944
Home BancShares, Inc.

  123,790   3,014,286
International Bancshares Corp.

  69,396   2,941,696
Prosperity Bancshares, Inc.

  119,401   8,632,692
Sterling Bancorp

  249,424   6,432,645
Synovus Financial Corp.

  112,919   5,405,433
Texas Capital Bancshares, Inc. (a)

  65,887   3,969,692
See accompanying notes to financial statements.
16


Table of Contents
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Umpqua Holdings Corp.

  177,836   $ 3,421,565
United Bankshares, Inc.

  176,473   6,402,440
Valley National Bancorp

  526,973   7,245,879
Webster Financial Corp.

  69,604   3,886,687
Wintrust Financial Corp.

  36,771   3,339,542
          111,859,133
BEVERAGES — 0.2%  
Boston Beer Co., Inc. Class A (a)

  4,845   2,447,210
BIOTECHNOLOGY — 0.6%  
Exelixis, Inc. (a)

  193,729   3,541,366
United Therapeutics Corp. (a)

  30,298   6,546,792
          10,088,158
BUILDING PRODUCTS — 1.1%  
Lennox International, Inc.

  18,362   5,955,898
Owens Corning

  130,239   11,786,630
          17,742,528
CAPITAL MARKETS — 0.9%  
Federated Hermes, Inc.

  66,901   2,514,140
Interactive Brokers Group, Inc. Class A

  43,215   3,432,135
Janus Henderson Group PLC

  119,898   5,028,522
SEI Investments Co.

  56,594   3,448,838
          14,423,635
CHEMICALS — 2.2%  
Ashland Global Holdings, Inc.

  41,949   4,516,229
Cabot Corp.

  73,822   4,148,796
Chemours Co.

  210,943   7,079,247
Ingevity Corp. (a)

  23,530   1,687,101
Minerals Technologies, Inc.

  43,367   3,172,296
NewMarket Corp.

  8,930   3,060,490
RPM International, Inc.

  82,351   8,317,451
Sensient Technologies Corp.

  23,512   2,352,611
          34,334,221
COMMERCIAL SERVICES & SUPPLIES — 1.6%  
Brink's Co.

  64,029   4,198,382
Clean Harbors, Inc. (a)

  26,774   2,671,242
IAA, Inc. (a)

  80,794   4,089,792
MillerKnoll, Inc.

  97,776   3,831,841
MSA Safety, Inc.

  23,240   3,508,310
See accompanying notes to financial statements.
17


Table of Contents
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Stericycle, Inc. (a)

  118,957   $ 7,094,596
          25,394,163
COMMUNICATIONS EQUIPMENT — 1.0%  
Ciena Corp. (a)

  74,226   5,713,175
Lumentum Holdings, Inc. (a)

  51,420   5,438,693
Viasat, Inc. (a)

  95,625   4,259,138
          15,411,006
CONSTRUCTION & ENGINEERING — 2.1%  
AECOM (a)

  186,728   14,443,411
Dycom Industries, Inc. (a)

  24,004   2,250,615
EMCOR Group, Inc.

  69,117   8,804,815
Fluor Corp. (a)  (b)

  184,109   4,560,380
MasTec, Inc. (a)

  36,541   3,372,003
          33,431,224
CONSUMER FINANCE — 0.4%  
FirstCash Holdings, Inc.

  52,210   3,905,830
Prog Holdings, Inc.

  68,709   3,099,463
          7,005,293
CONTAINERS & PACKAGING — 1.2%  
AptarGroup, Inc.

  46,271   5,667,272
Greif, Inc. Class A

  34,576   2,087,353
Silgan Holdings, Inc.

  109,250   4,680,270
Sonoco Products Co.

  127,358   7,372,755
          19,807,650
DIVERSIFIED CONSUMER SERVICES — 0.7%  
Graham Holdings Co. Class B

  5,193   3,270,707
Grand Canyon Education, Inc. (a)

  52,206   4,474,576
H&R Block, Inc.

  123,609   2,912,228
          10,657,511
DIVERSIFIED FINANCIAL SERVICES — 0.6%  
Voya Financial, Inc.

  143,723   9,530,272
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%  
Iridium Communications, Inc. (a)

  80,944   3,342,178
ELECTRIC UTILITIES — 1.8%  
ALLETE, Inc.

  67,935   4,507,487
Hawaiian Electric Industries, Inc.

  141,440   5,869,760
IDACORP, Inc.

  65,426   7,413,420
See accompanying notes to financial statements.
18


Table of Contents
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
OGE Energy Corp.

  163,280   $ 6,266,686
PNM Resources, Inc.

  110,909   5,058,560
          29,115,913
ELECTRICAL EQUIPMENT — 2.0%  
EnerSys

  54,128   4,279,360
Hubbell, Inc.

  32,386   6,745,032
nVent Electric PLC

  89,904   3,416,352
Regal Rexnord Corp.

  50,911   8,664,034
Sunrun, Inc. (a)  (b)

  268,172   9,198,299
          32,303,077
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.0%  
Arrow Electronics, Inc. (a)

  90,245   12,117,196
Avnet, Inc.

  129,140   5,324,442
Belden, Inc.

  58,493   3,844,745
Cognex Corp.

  84,644   6,581,918
II-VI, Inc. (a)  (b)

  71,795   4,905,752
Jabil, Inc.

  103,957   7,313,375
Littelfuse, Inc.

  12,165   3,828,082
National Instruments Corp.

  80,757   3,526,658
TD SYNNEX Corp.

  53,477   6,115,630
Vishay Intertechnology, Inc.

  172,929   3,781,957
Vontier Corp.

  218,855   6,725,414
          64,065,169
ENERGY EQUIPMENT & SERVICES — 0.6%  
ChampionX Corp. (a)

  139,599   2,821,296
Nov, Inc.

  505,845   6,854,200
          9,675,496
ENTERTAINMENT — 0.1%  
World Wrestling Entertainment, Inc. Class A (b)

  22,204   1,095,545
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 10.9%  
American Campus Communities, Inc. REIT

  80,938   4,636,938
Apartment Income REIT Corp.

  107,721   5,889,107
Brixmor Property Group, Inc. REIT

  173,991   4,421,111
Corporate Office Properties Trust REIT

  146,280   4,091,452
Cousins Properties, Inc. REIT

  192,560   7,756,317
CyrusOne, Inc. REIT

  57,749   5,181,240
Douglas Emmett, Inc. REIT

  122,341   4,098,424
EPR Properties REIT

  97,350   4,623,151
First Industrial Realty Trust, Inc. REIT

  52,621   3,483,510
See accompanying notes to financial statements.
19


Table of Contents
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Healthcare Realty Trust, Inc. REIT

  101,883   $ 3,223,578
Highwoods Properties, Inc. REIT

  135,122