SPDR SERIES TRUST

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)
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	1
SPDR S&P 400 Mid Cap Value ETF (MDYV)	2
SPDR S&P 600 Small Cap ETF (SLY)	3
SPDR S&P 600 Small Cap Growth ETF (SLYG)	4
SPDR S&P 600 Small Cap Value ETF (SLYV)	5
Schedules of Investments (Unaudited)
SPDR S&P 400 Mid Cap Growth ETF (MDYG)	6
SPDR S&P 400 Mid Cap Value ETF (MDYV)	16
SPDR S&P 600 Small Cap ETF (SLY)	28
SPDR S&P 600 Small Cap Growth ETF (SLYG)	48
SPDR S&P 600 Small Cap Value ETF (SLYV)	61
Financial Statements (Unaudited)	77
Financial Highlights (Unaudited)	86
Notes to Financial Statements (Unaudited)	91
Other Information (Unaudited)	102

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.

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.

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.

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.

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.

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.

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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.

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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.

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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.

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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.

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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.

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.

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.

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.

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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.

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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.

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.

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.

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.

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	6,025,090
Hudson Pacific Properties, Inc. REIT	197,261	4,874,319
JBG SMITH Properties REIT	148,674	4,268,431
Kilroy Realty Corp. REIT	135,763	9,022,809
Kite Realty Group Trust REIT	283,467	6,173,911
Lamar Advertising Co. Class A REIT	38,127	4,624,805
Macerich Co. REIT	277,246	4,790,811
Medical Properties Trust, Inc. REIT	773,106	18,268,495
National Retail Properties, Inc. REIT	124,998	6,008,654
Omega Healthcare Investors, Inc. REIT	309,571	9,160,206
Park Hotels & Resorts, Inc. REIT (a)	306,082	5,778,828
Pebblebrook Hotel Trust REIT	171,135	3,828,290
Physicians Realty Trust REIT	285,024	5,367,002
PotlatchDeltic Corp. REIT	48,934	2,946,805
PS Business Parks, Inc. REIT	9,703	1,787,002
Rayonier, Inc. REIT	74,602	3,010,937
Sabra Health Care REIT, Inc.	297,762	4,031,697
SL Green Realty Corp. REIT	86,326	6,189,574
Spirit Realty Capital, Inc. REIT	159,668	7,694,401
STORE Capital Corp. REIT	318,042	10,940,645
Urban Edge Properties REIT	78,926	1,499,594
		173,697,134
FOOD & STAPLES RETAILING — 2.4%
BJ's Wholesale Club Holdings, Inc. (a)	176,911	11,847,730
Casey's General Stores, Inc.	48,056	9,483,851
Grocery Outlet Holding Corp. (a) (b)	113,889	3,220,781
Performance Food Group Co. (a)	199,945	9,175,476
Sprouts Farmers Market, Inc. (a)	146,151	4,337,762
		38,065,600
FOOD PRODUCTS — 2.3%
Flowers Foods, Inc.	257,257	7,066,850
Hain Celestial Group, Inc. (a)	120,147	5,119,464
Ingredion, Inc.	86,165	8,326,985
Lancaster Colony Corp.	13,436	2,225,001
Pilgrim's Pride Corp. (a)	63,514	1,791,095
Post Holdings, Inc. (a)	75,790	8,543,807
Sanderson Farms, Inc.	14,485	2,767,794
Tootsie Roll Industries, Inc.	2,808	101,734
		35,942,730

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
GAS UTILITIES — 2.3%
National Fuel Gas Co.	57,015	$ 3,645,539
New Jersey Resources Corp.	125,501	5,153,071
ONE Gas, Inc.	69,684	5,406,782
Southwest Gas Holdings, Inc. (a)	78,504	5,499,205
Spire, Inc.	67,337	4,391,719
UGI Corp.	271,030	12,442,987
		36,539,303
HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%
Envista Holdings Corp. (a)	209,106	9,422,316
Globus Medical, Inc. Class A (a)	41,240	2,977,528
Haemonetics Corp. (a)	66,567	3,530,714
ICU Medical, Inc. (a)	13,835	3,283,599
Integra LifeSciences Holdings Corp. (a)	46,467	3,112,824
LivaNova PLC (a)	27,715	2,423,123
Neogen Corp. (a)	58,880	2,673,741
NuVasive, Inc. (a)	67,378	3,535,997
		30,959,842
HEALTH CARE PROVIDERS & SERVICES — 3.4%
Acadia Healthcare Co., Inc. (a)	116,465	7,069,425
Amedisys, Inc. (a)	42,225	6,835,383
Chemed Corp.	8,605	4,552,389
Encompass Health Corp.	128,892	8,411,492
HealthEquity, Inc. (a)	35,900	1,588,216
LHC Group, Inc. (a)	40,940	5,618,196
Molina Healthcare, Inc. (a)	38,672	12,300,790
Patterson Cos., Inc.	112,854	3,312,265
Progyny, Inc. (a)	34,528	1,738,485
R1 RCM, Inc. (a)	72,985	1,860,388
		53,287,029
HOTELS, RESTAURANTS & LEISURE — 1.9%
Choice Hotels International, Inc.	13,688	2,135,191
Cracker Barrel Old Country Store, Inc.	30,368	3,906,540
Jack in the Box, Inc.	8,800	769,824
Marriott Vacations Worldwide Corp.	30,511	5,155,749
Six Flags Entertainment Corp. (a)	51,447	2,190,613
Texas Roadhouse, Inc.	36,295	3,240,418
Travel + Leisure Co.	111,746	6,176,201
Wendy's Co.	115,009	2,742,965

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Wyndham Hotels & Resorts, Inc.	42,110	$ 3,775,161
		30,092,662
HOUSEHOLD DURABLES — 2.0%
KB Home	111,524	4,988,468
Leggett & Platt, Inc.	172,648	7,106,192
Taylor Morrison Home Corp. (a)	159,010	5,558,990
Toll Brothers, Inc.	148,207	10,728,705
Tri Pointe Homes, Inc. (a)	144,717	4,036,157
		32,418,512
HOUSEHOLD PRODUCTS — 0.2%
Energizer Holdings, Inc.	81,987	3,287,679
INSURANCE — 5.8%
Alleghany Corp. (a)	17,753	11,851,725
American Financial Group, Inc.	45,364	6,229,384
Brighthouse Financial, Inc. (a)	103,234	5,347,521
CNO Financial Group, Inc.	160,598	3,828,656
First American Financial Corp.	76,687	5,999,224
Hanover Insurance Group, Inc.	46,021	6,031,512
Kemper Corp.	77,923	4,581,093
Mercury General Corp.	34,664	1,839,272
Old Republic International Corp.	369,860	9,091,159
Primerica, Inc.	19,580	3,001,027
Reinsurance Group of America, Inc.	87,538	9,584,536
RenaissanceRe Holdings, Ltd.	59,658	10,101,889
RLI Corp.	20,746	2,325,627
Selective Insurance Group, Inc.	77,864	6,380,176
Unum Group	264,677	6,503,114
		92,695,915
INTERACTIVE MEDIA & SERVICES — 0.2%
TripAdvisor, Inc. (a)	74,925	2,042,455
Yelp, Inc. (a)	45,616	1,653,124
		3,695,579
IT SERVICES — 1.8%
Alliance Data Systems Corp.	64,397	4,286,908
Genpact, Ltd.	76,576	4,064,654
Kyndryl Holdings, Inc. (a)	233,195	4,220,830
Sabre Corp. (a) (b)	219,241	1,883,280
Western Union Co.	520,826	9,291,536

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
WEX, Inc. (a)	33,267	$ 4,670,354
		28,417,562
LEISURE EQUIPMENT & PRODUCTS — 0.6%
Callaway Golf Co. (a)	152,584	4,186,905
Polaris, Inc.	42,346	4,654,249
		8,841,154
MACHINERY — 5.7%
AGCO Corp.	79,465	9,219,529
Colfax Corp. (a)	102,731	4,722,544
Crane Co.	33,148	3,372,146
Donaldson Co., Inc.	78,358	4,643,495
Flowserve Corp.	168,489	5,155,764
Graco, Inc.	88,004	7,094,883
ITT, Inc.	49,038	5,011,193
Kennametal, Inc.	108,953	3,912,502
Lincoln Electric Holdings, Inc.	32,040	4,468,619
Middleby Corp. (a)	25,937	5,103,364
Nordson Corp.	27,979	7,142,199
Oshkosh Corp.	88,927	10,022,962
Terex Corp.	90,852	3,992,945
Timken Co.	89,389	6,193,764
Trinity Industries, Inc.	53,344	1,610,989
Woodward, Inc.	81,632	8,935,439
		90,602,337
MARINE — 0.3%
Kirby Corp. (a)	78,281	4,651,457
MEDIA — 0.9%
Cable One, Inc.	2,670	4,708,411
John Wiley & Sons, Inc. Class A	28,433	1,628,358
New York Times Co. Class A	91,374	4,413,364
TEGNA, Inc.	161,517	2,997,756
		13,747,889
METALS & MINING — 2.8%
Alcoa Corp.	145,459	8,666,447
Commercial Metals Co.	156,072	5,663,853
Compass Minerals International, Inc.	44,405	2,268,207
Reliance Steel & Aluminum Co.	81,165	13,166,586
Royal Gold, Inc.	34,204	3,598,603
United States Steel Corp. (b)	350,002	8,333,548

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Worthington Industries, Inc.	42,153	$ 2,304,083
		44,001,327
MULTI-UTILITIES — 1.1%
Black Hills Corp.	82,581	5,827,741
MDU Resources Group, Inc.	263,324	8,120,912
NorthWestern Corp. (b)	68,605	3,921,462
		17,870,115
MULTILINE RETAIL — 1.7%
Kohl's Corp.	195,068	9,634,408
Macy's, Inc.	401,277	10,505,432
Nordstrom, Inc. (a) (b)	144,972	3,279,267
Ollie's Bargain Outlet Holdings, Inc. (a)	78,814	4,034,489
		27,453,596
OIL, GAS & CONSUMABLE FUELS — 1.6%
CNX Resources Corp. (a)	145,864	2,005,630
DTE Midstream LLC (a)	73,123	3,508,442
EQT Corp. (a)	391,622	8,541,276
Equitrans Midstream Corp.	526,038	5,439,233
HollyFrontier Corp.	193,462	6,341,684
		25,836,265
PERSONAL PRODUCTS — 0.5%
Coty, Inc. Class A (a)	436,774	4,586,127
Nu Skin Enterprises, Inc. Class A	64,902	3,293,777
		7,879,904
PHARMACEUTICALS — 1.1%
Jazz Pharmaceuticals PLC (a)	79,599	10,140,913
Perrigo Co. PLC	173,231	6,738,686
		16,879,599
PROFESSIONAL SERVICES — 1.5%
CACI International, Inc. Class A (a)	30,198	8,129,604
KBR, Inc.	64,000	3,047,680
ManpowerGroup, Inc.	70,249	6,837,335
Science Applications International Corp.	74,509	6,228,207
		24,242,826
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Jones Lang LaSalle, Inc. (a)	33,333	8,977,910

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
ROAD & RAIL — 2.2%
Knight-Swift Transportation Holdings, Inc.	215,073	$ 13,106,549
Landstar System, Inc.	17,227	3,083,977
Ryder System, Inc.	69,453	5,725,011
Werner Enterprises, Inc.	79,301	3,779,486
XPO Logistics, Inc. (a)	127,791	9,894,857
		35,589,880
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%
Amkor Technology, Inc.	77,096	1,911,210
Cirrus Logic, Inc. (a)	38,704	3,561,542
CMC Materials, Inc.	12,265	2,351,078
First Solar, Inc. (a)	52,810	4,602,920
MKS Instruments, Inc.	32,335	5,631,787
Semtech Corp. (a)	28,580	2,541,619
Wolfspeed, Inc. (a)	67,540	7,548,946
		28,149,102
SOFTWARE — 1.7%
ACI Worldwide, Inc. (a)	81,183	2,817,050
Blackbaud, Inc. (a)	18,947	1,496,434
CDK Global, Inc.	81,724	3,411,160
Cerence, Inc. (a) (b)	23,735	1,819,050
CommVault Systems, Inc. (a)	20,774	1,431,744
Envestnet, Inc. (a)	33,439	2,653,050
Fair Isaac Corp. (a)	14,929	6,474,260
NCR Corp. (a)	170,866	6,868,813
		26,971,561
SPECIALTY RETAIL — 2.2%
American Eagle Outfitters, Inc. (b)	116,022	2,937,677
AutoNation, Inc. (a)	27,347	3,195,497
Foot Locker, Inc.	117,555	5,128,924
Lithia Motors, Inc.	39,260	11,658,257
Murphy USA, Inc.	30,553	6,087,380
Urban Outfitters, Inc. (a)	85,919	2,522,582
Victoria's Secret & Co. (a)	47,628	2,645,259
		34,175,576
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
Xerox Holdings Corp.	178,971	4,051,903
TEXTILES, APPAREL & LUXURY GOODS — 1.5%
Capri Holdings, Ltd. (a)	76,356	4,956,268

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Carter's, Inc.	54,632	$ 5,529,851
Columbia Sportswear Co.	21,218	2,067,482
Hanesbrands, Inc.	452,196	7,560,717
Skechers U.S.A., Inc. Class A (a)	93,150	4,042,710
		24,157,028
THRIFTS & MORTGAGE FINANCE — 1.4%
Essent Group, Ltd.	142,936	6,507,876
MGIC Investment Corp.	421,374	6,076,213
New York Community Bancorp, Inc.	602,138	7,352,105
Washington Federal, Inc.	84,909	2,834,263
		22,770,457
TRADING COMPANIES & DISTRIBUTORS — 1.3%
GATX Corp.	45,866	4,778,779
MSC Industrial Direct Co., Inc. Class A	60,611	5,094,961
Univar Solutions, Inc. (a)	221,258	6,272,664
Watsco, Inc.	14,554	4,553,655
		20,700,059
WATER UTILITIES — 0.4%
Essential Utilities, Inc.	110,116	5,912,128
TOTAL COMMON STOCKS (Cost $1,568,831,831)		1,582,928,963
SHORT-TERM INVESTMENT — 0.2%
State Street Navigator Securities Lending Portfolio II (c) (d) (Cost $3,057,935)	3,057,935	3,057,935
TOTAL INVESTMENTS — 99.9% (Cost $1,571,889,766)		1,585,986,898
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		1,752,859
NET ASSETS — 100.0%		$ 1,587,739,757

(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

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 400 MID CAP VALUE 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	$1,582,928,963	$—	$—	$1,582,928,963
Short-Term Investment	3,057,935	—	—	3,057,935
TOTAL INVESTMENTS	$1,585,986,898	$—	$—	$1,585,986,898

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	2,373,204	$2,373,916	$32,386,089	$34,759,736	$(269)	$—	—	$ —	$ 425
State Street Navigator Securities Lending Portfolio II	5,542,107	5,542,107	48,520,733	51,004,905	—	—	3,057,935	3,057,935	2,483
Total		$7,916,023	$80,906,822	$85,764,641	$(269)	$—		$3,057,935	$2,908

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 99.8%
AEROSPACE & DEFENSE — 1.1%
AAR Corp. (a)	58,123	$ 2,268,541
Aerojet Rocketdyne Holdings, Inc.	129,201	6,041,439
AeroVironment, Inc. (a)	39,792	2,468,298
Kaman Corp.	47,967	2,069,776
Moog, Inc. Class A	50,508	4,089,633
National Presto Industries, Inc.	8,874	727,934
Park Aerospace Corp.	33,813	446,331
Triumph Group, Inc. (a)	112,807	2,090,314
		20,202,266
AIR FREIGHT & LOGISTICS — 0.8%
Atlas Air Worldwide Holdings, Inc. (a)	46,515	4,377,992
Forward Air Corp.	46,494	5,629,958
Hub Group, Inc. Class A (a)	58,575	4,934,358
		14,942,308
AIRLINES — 0.5%
Allegiant Travel Co. (a)	26,173	4,895,398
Hawaiian Holdings, Inc. (a)	89,400	1,642,278
SkyWest, Inc. (a)	86,846	3,413,048
		9,950,724
AUTO COMPONENTS — 1.4%
American Axle & Manufacturing Holdings, Inc. (a)	199,143	1,858,004
Cooper-Standard Holdings, Inc. (a)	29,650	664,457
Dorman Products, Inc. (a)	49,075	5,545,966
Gentherm, Inc. (a)	57,284	4,977,980
LCI Industries	43,574	6,791,879
Motorcar Parts of America, Inc. (a)	33,317	568,721
Patrick Industries, Inc.	38,780	3,129,158
Standard Motor Products, Inc.	33,018	1,729,813
		25,265,978
AUTOMOBILES — 0.2%
Winnebago Industries, Inc.	57,723	4,324,607
BANKS — 10.4%
Allegiance Bancshares, Inc.	32,838	1,386,092
Ameris Bancorp	114,157	5,671,320
Banc of California, Inc.	93,808	1,840,513
BancFirst Corp.	32,521	2,294,682
Bancorp, Inc. (a)	98,229	2,486,176

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
BankUnited, Inc.	153,670	$ 6,501,778
Banner Corp.	59,064	3,583,413
Berkshire Hills Bancorp, Inc.	83,878	2,384,651
Brookline Bancorp, Inc.	133,830	2,166,708
Central Pacific Financial Corp.	48,167	1,356,864
City Holding Co.	26,104	2,135,046
Columbia Banking System, Inc.	134,077	4,386,999
Community Bank System, Inc.	93,018	6,927,981
Customers Bancorp, Inc. (a)	51,446	3,363,025
CVB Financial Corp.	219,776	4,705,404
Dime Community Bancshares, Inc.	57,177	2,010,343
Eagle Bancorp, Inc.	55,074	3,213,017
FB Financial Corp.	62,141	2,723,019
First BanCorp (b)	354,791	4,889,020
First BanCorp (b)	59,535	2,721,940
First Commonwealth Financial Corp.	163,667	2,633,402
First Financial Bancorp	161,747	3,943,392
First Hawaiian, Inc.	222,241	6,073,846
First Midwest Bancorp, Inc.	196,936	4,033,249
Great Western Bancorp, Inc.	95,053	3,228,000
Hanmi Financial Corp.	52,357	1,239,814
Heritage Financial Corp.	60,604	1,481,162
Hilltop Holdings, Inc.	104,832	3,683,796
HomeStreet, Inc.	35,234	1,832,168
Hope Bancorp, Inc.	207,298	3,049,354
Independent Bank Corp.	81,970	6,683,014
Independent Bank Group, Inc.	63,685	4,594,873
Investors Bancorp, Inc.	388,987	5,893,153
Lakeland Financial Corp. (c)	43,674	3,500,034
Meta Financial Group, Inc.	54,641	3,259,882
National Bank Holdings Corp. Class A	52,237	2,295,294
NBT Bancorp, Inc.	74,742	2,879,062
OFG Bancorp	85,959	2,283,071
Old National Bancorp	286,020	5,182,682
Pacific Premier Bancorp, Inc.	162,757	6,515,163
Park National Corp. (c)	24,844	3,411,330
Preferred Bank	23,571	1,692,162
Renasant Corp.	96,165	3,649,462
S&T Bancorp, Inc.	67,854	2,138,758
Seacoast Banking Corp. of Florida	100,578	3,559,455
ServisFirst Bancshares, Inc.	84,147	7,147,446
Simmons First National Corp. Class A	198,131	5,860,715

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Southside Bancshares, Inc.	55,667	$ 2,327,994
Tompkins Financial Corp.	20,498	1,713,223
Triumph Bancorp, Inc. (a)	40,736	4,850,843
Trustmark Corp.	107,656	3,494,514
United Community Banks, Inc.	180,337	6,481,312
Veritex Holdings, Inc.	84,991	3,380,942
Westamerica BanCorp	46,291	2,672,379
		193,412,937
BEVERAGES — 0.7%
Celsius Holdings, Inc. (a) (c)	65,793	4,906,184
Coca-Cola Consolidated, Inc.	7,995	4,950,424
MGP Ingredients, Inc. (c)	21,850	1,857,032
National Beverage Corp.	40,200	1,822,266
		13,535,906
BIOTECHNOLOGY — 2.2%
Anika Therapeutics, Inc. (a)	25,174	901,984
Avid Bioservices, Inc. (a)	105,785	3,086,806
Coherus Biosciences, Inc. (a)	111,002	1,771,592
Cytokinetics, Inc. (a)	144,707	6,595,745
Eagle Pharmaceuticals, Inc. (a)	19,544	995,181
Emergent BioSolutions, Inc. (a)	82,565	3,589,101
Enanta Pharmaceuticals, Inc. (a)	31,054	2,322,218
Ligand Pharmaceuticals, Inc. (a)	28,819	4,451,383
Myriad Genetics, Inc. (a)	136,412	3,764,971
Organogenesis Holdings, Inc. (a)	109,964	1,016,067
REGENXBIO, Inc. (a)	65,568	2,144,074
Spectrum Pharmaceuticals, Inc. (a)	285,727	362,873
uniQure NV (a) (c)	62,826	1,303,011
Vanda Pharmaceuticals, Inc. (a)	97,163	1,524,488
Vericel Corp. (a)	80,721	3,172,335
Xencor, Inc. (a)	100,881	4,047,346
		41,049,175
BUILDING PRODUCTS — 2.0%
AAON, Inc.	71,475	5,677,259
American Woodmark Corp. (a)	28,505	1,858,526
Apogee Enterprises, Inc.	43,657	2,102,085
Gibraltar Industries, Inc. (a)	56,379	3,759,352
Griffon Corp.	82,023	2,336,015
Insteel Industries, Inc.	33,786	1,345,021
PGT Innovations, Inc. (a)	102,737	2,310,555

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Quanex Building Products Corp.	58,698	$ 1,454,536
Resideo Technologies, Inc. (a)	249,121	6,484,620
UFP Industries, Inc.	106,822	9,828,692
		37,156,661
CAPITAL MARKETS — 1.0%
B Riley Financial, Inc.	27,607	2,453,158
Blucora, Inc. (a)	84,985	1,471,940
Brightsphere Investment Group, Inc.	61,835	1,582,976
Donnelley Financial Solutions, Inc. (a)	50,247	2,368,643
Greenhill & Co., Inc.	24,954	447,425
Piper Sandler Cos.	24,351	4,346,897
StoneX Group, Inc. (a)	29,051	1,779,374
Virtus Investment Partners, Inc.	12,260	3,642,446
WisdomTree Investments, Inc. (c)	190,022	1,162,935
		19,255,794
CHEMICALS — 3.0%
AdvanSix, Inc.	48,481	2,290,727
American Vanguard Corp.	47,078	771,608
Balchem Corp.	55,841	9,414,792
Ferro Corp. (a)	142,726	3,115,708
FutureFuel Corp.	44,745	341,852
GCP Applied Technologies, Inc. (a)	92,568	2,930,703
Hawkins, Inc.	32,936	1,299,325
HB Fuller Co.	90,667	7,344,027
Innospec, Inc.	42,543	3,843,335
Koppers Holdings, Inc. (a)	37,226	1,165,174
Kraton Corp. (a)	55,405	2,566,360
Livent Corp. (a) (c)	278,815	6,797,510
Quaker Chemical Corp. (c)	23,115	5,334,480
Rayonier Advanced Materials, Inc. (a)	111,407	636,134
Stepan Co.	36,751	4,567,782
Tredegar Corp.	44,699	528,342
Trinseo PLC	66,960	3,512,722
		56,460,581
COMMERCIAL SERVICES & SUPPLIES — 2.1%
ABM Industries, Inc.	116,011	4,739,049
Brady Corp. Class A	83,725	4,512,778
CoreCivic, Inc. REIT (a)	209,991	2,093,610
Deluxe Corp.	73,467	2,359,025
Harsco Corp. (a)	136,475	2,280,497

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Healthcare Services Group, Inc.	128,517	$ 2,286,318
HNI Corp.	75,119	3,158,754
Interface, Inc.	103,078	1,644,094
KAR Auction Services, Inc. (a)	207,132	3,235,402
Matthews International Corp. Class A	54,500	1,998,515
Pitney Bowes, Inc.	285,143	1,890,498
UniFirst Corp.	26,278	5,528,891
US Ecology, Inc. (a)	55,087	1,759,479
Viad Corp. (a)	35,756	1,529,999
		39,016,909
COMMUNICATIONS EQUIPMENT — 1.4%
ADTRAN, Inc.	84,792	1,935,801
CalAmp Corp. (a)	61,454	433,865
Comtech Telecommunications Corp. (c)	45,481	1,077,445
Digi International, Inc. (a)	59,595	1,464,249
Extreme Networks, Inc. (a)	221,611	3,479,293
Harmonic, Inc. (a) (c)	177,786	2,090,763
NETGEAR, Inc. (a)	50,374	1,471,425
NetScout Systems, Inc. (a)	127,430	4,215,385
Plantronics, Inc. (a) (c)	74,048	2,172,568
Viavi Solutions, Inc. (a)	410,072	7,225,469
		25,566,263
CONSTRUCTION & ENGINEERING — 1.1%
Arcosa, Inc.	83,391	4,394,706
Comfort Systems USA, Inc.	62,148	6,148,923
Granite Construction, Inc.	79,043	3,058,964
MYR Group, Inc. (a)	29,080	3,214,794
NV5 Global, Inc. (a)	20,313	2,805,631
		19,623,018
CONSUMER FINANCE — 0.9%
Encore Capital Group, Inc. (a) (c)	42,757	2,655,637
Enova International, Inc. (a)	62,821	2,573,148
EZCORP, Inc. Class A (a)	92,528	681,932
Green Dot Corp. Class A (a)	94,274	3,416,490
LendingTree, Inc. (a)	19,985	2,450,161
PRA Group, Inc. (a)	75,172	3,774,386
World Acceptance Corp. (a) (c)	7,296	1,790,657
		17,342,411
CONTAINERS & PACKAGING — 0.2%
Myers Industries, Inc.	63,184	1,264,312

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
O-I Glass, Inc. (a)	270,418	$ 3,253,128
		4,517,440
DIVERSIFIED CONSUMER SERVICES — 0.5%
Adtalem Global Education, Inc. (a)	86,364	2,552,920
American Public Education, Inc. (a)	32,630	726,017
Perdoceo Education Corp. (a)	122,361	1,438,965
Strategic Education, Inc.	38,983	2,254,777
WW International, Inc. (a) (c)	92,720	1,495,574
		8,468,253
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
ATN International, Inc.	19,065	761,647
Cogent Communications Holdings, Inc.	73,183	5,355,532
Consolidated Communications Holdings, Inc. (a)	125,847	941,335
		7,058,514
ELECTRICAL EQUIPMENT — 0.4%
AZZ, Inc.	42,805	2,366,688
Encore Wire Corp.	34,936	4,999,342
Powell Industries, Inc.	15,652	461,578
		7,827,608
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.9%
Advanced Energy Industries, Inc.	64,988	5,917,807
Arlo Technologies, Inc. (a)	145,362	1,524,847
Badger Meter, Inc.	50,468	5,377,870
Benchmark Electronics, Inc.	60,635	1,643,209
CTS Corp.	55,541	2,039,466
ePlus, Inc. (a)	46,571	2,509,245
Fabrinet (a)	63,859	7,565,376
FARO Technologies, Inc. (a)	31,409	2,199,258
Insight Enterprises, Inc. (a)	60,223	6,419,772
Itron, Inc. (a)	78,060	5,348,671
Knowles Corp. (a)	159,299	3,719,632
Methode Electronics, Inc.	65,806	3,235,681
OSI Systems, Inc. (a)	28,796	2,683,787
PC Connection, Inc.	19,190	827,665
Plexus Corp. (a)	48,683	4,668,213
Rogers Corp. (a)	32,280	8,812,440
Sanmina Corp. (a)	111,018	4,602,806
ScanSource, Inc. (a)	44,474	1,560,148

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
TTM Technologies, Inc. (a)	179,943	$ 2,681,151
		73,337,044
ENERGY EQUIPMENT & SERVICES — 1.2%
Archrock, Inc.	230,928	1,727,342
Bristow Group, Inc. (a)	40,487	1,282,223
Core Laboratories NV	79,750	1,779,223
DMC Global, Inc. (a)	32,739	1,296,792
Dril-Quip, Inc. (a)	61,834	1,216,893
Helix Energy Solutions Group, Inc. (a) (c)	247,461	772,078
Helmerich & Payne, Inc.	186,129	4,411,257
Nabors Industries, Ltd. (a)	13,573	1,100,635
Oceaneering International, Inc. (a)	171,943	1,944,675
Oil States International, Inc. (a)	107,604	534,792
Patterson-UTI Energy, Inc.	370,929	3,134,350
ProPetro Holding Corp. (a)	147,680	1,196,208
RPC, Inc. (a)	124,341	564,508
US Silica Holdings, Inc. (a)	130,512	1,226,813
		22,187,789
ENTERTAINMENT — 0.2%
Cinemark Holdings, Inc. (a) (c)	183,543	2,958,713
Marcus Corp. (a) (c)	38,172	681,752
		3,640,465
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 7.4%
Acadia Realty Trust REIT	152,560	3,330,385
Agree Realty Corp. REIT (c)	120,693	8,612,652
Alexander & Baldwin, Inc. REIT (a)	125,022	3,136,802
American Assets Trust, Inc. REIT	90,706	3,404,196
Armada Hoffler Properties, Inc. REIT	106,574	1,622,056
Brandywine Realty Trust REIT	295,190	3,961,450
CareTrust REIT, Inc.	167,323	3,819,984
Centerspace REIT	24,557	2,723,371
Chatham Lodging Trust REIT (a)	85,321	1,170,604
Community Healthcare Trust, Inc. REIT	40,548	1,916,704
DiamondRock Hospitality Co. REIT (a)	363,212	3,490,467
Diversified Healthcare Trust REIT	416,239	1,286,178
Easterly Government Properties, Inc. REIT	146,830	3,365,344
Essential Properties Realty Trust, Inc. REIT	206,918	5,965,446
Four Corners Property Trust, Inc. REIT	133,226	3,918,177
Franklin Street Properties Corp. REIT	163,587	973,343
GEO Group, Inc. REIT (a) (c)	214,226	1,660,251

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Getty Realty Corp. REIT	67,947	$ 2,180,419
Global Net Lease, Inc. REIT	176,026	2,689,677
Hersha Hospitality Trust REIT (a)	57,492	527,202
Independence Realty Trust, Inc. REIT	180,311	4,657,433
Industrial Logistics Properties Trust REIT	112,769	2,824,863
Innovative Industrial Properties, Inc. REIT (c)	41,259	10,847,404
iStar, Inc. REIT (c)	119,789	3,094,150
LTC Properties, Inc. REIT (c)	67,846	2,316,262
LXP Industrial Trust REIT	485,754	7,587,477
NexPoint Residential Trust, Inc. REIT	39,153	3,282,196
Office Properties Income Trust REIT	84,523	2,099,551
Orion Office REIT, Inc. (a)	93,300	1,741,911
Retail Opportunity Investments Corp. REIT	209,468	4,105,573
RPT Realty REIT	141,965	1,899,492
Safehold, Inc. REIT	23,281	1,858,988
Saul Centers, Inc. REIT	22,683	1,202,653
Service Properties Trust REIT	284,554	2,501,230
SITE Centers Corp. REIT	309,746	4,903,279
Summit Hotel Properties, Inc. REIT (a)	186,112	1,816,453
Tanger Factory Outlet Centers, Inc. REIT	179,360	3,458,061
Uniti Group, Inc. REIT (c)	408,370	5,721,264
Universal Health Realty Income Trust REIT	22,365	1,330,047
Urstadt Biddle Properties, Inc. Class A REIT	52,567	1,119,677
Veris Residential, Inc. REIT (a)	138,010	2,536,624
Washington Real Estate Investment Trust	145,928	3,772,239
Whitestone REIT	76,636	776,323
Xenia Hotels & Resorts, Inc. REIT (a)	196,942	3,566,620
		138,774,478
FOOD & STAPLES RETAILING — 0.7%
Andersons, Inc.	53,363	2,065,682
Chefs' Warehouse, Inc. (a)	56,089	1,867,764
PriceSmart, Inc.	41,521	3,038,091
SpartanNash Co.	61,947	1,595,755
United Natural Foods, Inc. (a)	97,231	4,772,097
		13,339,389
FOOD PRODUCTS — 1.4%
B&G Foods, Inc.	111,908	3,438,933
Calavo Growers, Inc.	30,992	1,314,061
Cal-Maine Foods, Inc. (a)	64,555	2,387,889
Fresh Del Monte Produce, Inc.	58,154	1,605,050
J&J Snack Foods Corp.	25,669	4,054,675

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
John B Sanfilippo & Son, Inc.	15,499	$ 1,397,390
Seneca Foods Corp. Class A (a)	11,252	539,533
Simply Good Foods Co. (a)	145,472	6,047,271
Tootsie Roll Industries, Inc.	29,760	1,078,205
TreeHouse Foods, Inc. (a) (c)	96,199	3,898,946
		25,761,953
GAS UTILITIES — 0.6%
Chesapeake Utilities Corp.	30,387	4,430,728
Northwest Natural Holding Co.	53,000	2,585,340
South Jersey Industries, Inc.	193,998	5,067,228
		12,083,296
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
AngioDynamics, Inc. (a)	67,178	1,852,769
Avanos Medical, Inc. (a)	83,030	2,878,650
BioLife Solutions, Inc. (a)	50,837	1,894,695
Cardiovascular Systems, Inc. (a)	70,201	1,318,375
CONMED Corp.	50,498	7,158,596
CryoLife, Inc. (a)	68,646	1,396,946
Cutera, Inc. (a) (c)	28,500	1,177,620
Glaukos Corp. (a)	80,823	3,591,774
Heska Corp. (a) (c)	18,442	3,365,481
Inogen, Inc. (a)	35,534	1,208,156
Integer Holdings Corp. (a)	56,937	4,873,238
Lantheus Holdings, Inc. (a)	116,673	3,370,683
LeMaitre Vascular, Inc.	33,571	1,686,271
Meridian Bioscience, Inc. (a)	75,718	1,544,647
Merit Medical Systems, Inc. (a)	87,619	5,458,664
Mesa Laboratories, Inc. (c)	8,959	2,939,358
Natus Medical, Inc. (a)	59,564	1,413,454
OraSure Technologies, Inc. (a) (c)	125,753	1,092,794
Orthofix Medical, Inc. (a)	34,392	1,069,247
Surmodics, Inc. (a)	24,240	1,167,156
Tactile Systems Technology, Inc. (a)	34,523	656,973
Varex Imaging Corp. (a)	67,892	2,141,993
Zynex, Inc. (a) (c)	34,316	342,130
		53,599,670
HEALTH CARE PROVIDERS & SERVICES — 3.9%
Addus HomeCare Corp. (a)	27,422	2,564,231
AMN Healthcare Services, Inc. (a)	81,583	9,980,048
Apollo Medical Holdings, Inc. (a) (c)	65,126	4,785,459

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Community Health Systems, Inc. (a)	214,108	$ 2,849,778
CorVel Corp. (a)	16,223	3,374,384
Covetrus, Inc. (a)	178,168	3,558,015
Cross Country Healthcare, Inc. (a)	61,663	1,711,765
Ensign Group, Inc.	90,566	7,603,921
Fulgent Genetics, Inc. (a) (c)	33,687	3,388,575
Hanger, Inc. (a)	64,185	1,163,674
Joint Corp. (a)	25,176	1,653,811
Magellan Health, Inc. (a)	40,186	3,817,268
MEDNAX, Inc. (a)	149,153	4,058,453
ModivCare, Inc. (a)	21,230	3,148,197
Owens & Minor, Inc.	130,195	5,663,483
Pennant Group, Inc. (a)	46,964	1,083,929
RadNet, Inc. (a)	77,172	2,323,649
Select Medical Holdings Corp.	182,858	5,376,025
Tivity Health, Inc. (a)	77,227	2,041,882
US Physical Therapy, Inc.	22,284	2,129,236
		72,275,783
HEALTH CARE TECHNOLOGY — 1.3%
Allscripts Healthcare Solutions, Inc. (a)	211,447	3,901,197
Computer Programs & Systems, Inc. (a)	25,566	749,084
HealthStream, Inc. (a)	44,025	1,160,499
NextGen Healthcare, Inc. (a)	98,806	1,757,759
Omnicell, Inc. (a)	75,833	13,683,306
OptimizeRx Corp. (a)	30,807	1,913,423
Simulations Plus, Inc. (c)	27,057	1,279,796
Tabula Rasa HealthCare, Inc. (a)	40,244	603,660
		25,048,724
HOTELS, RESTAURANTS & LEISURE — 1.4%
BJ's Restaurants, Inc. (a)	40,657	1,404,699
Bloomin' Brands, Inc. (a)	140,067	2,938,606
Brinker International, Inc. (a)	78,340	2,866,461
Cheesecake Factory, Inc. (a)	83,664	3,275,446
Chuy's Holdings, Inc. (a)	34,948	1,052,634
Dave & Buster's Entertainment, Inc. (a)	66,542	2,555,213
Dine Brands Global, Inc.	29,992	2,273,693
El Pollo Loco Holdings, Inc. (a)	34,197	485,255
Fiesta Restaurant Group, Inc. (a)	30,227	332,799
Monarch Casino & Resort, Inc. (a)	22,777	1,684,359
Red Robin Gourmet Burgers, Inc. (a)	27,317	451,550
Ruth's Hospitality Group, Inc. (a)	54,549	1,085,525

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Shake Shack, Inc. Class A (a)	67,542	$ 4,873,831
		25,280,071
HOUSEHOLD DURABLES — 2.5%
Cavco Industries, Inc. (a)	14,703	4,670,408
Century Communities, Inc.	51,209	4,188,384
Ethan Allen Interiors, Inc.	38,237	1,005,251
Installed Building Products, Inc.	40,508	5,659,778
iRobot Corp. (a)	46,527	3,065,199
La-Z-Boy, Inc.	76,380	2,773,358
LGI Homes, Inc. (a)	36,842	5,691,352
M/I Homes, Inc. (a)	50,213	3,122,244
MDC Holdings, Inc.	97,505	5,443,704
Meritage Homes Corp. (a)	64,431	7,864,448
Tupperware Brands Corp. (a)	84,146	1,286,592
Universal Electronics, Inc. (a)	22,538	918,423
		45,689,141
HOUSEHOLD PRODUCTS — 0.5%
Central Garden & Pet Co. (a)	17,069	898,341
Central Garden & Pet Co. Class A (a)	69,269	3,314,522
WD-40 Co. (c)	23,643	5,784,024
		9,996,887
INSURANCE — 2.7%
Ambac Financial Group, Inc. (a)	80,687	1,295,026
American Equity Investment Life Holding Co.	142,092	5,530,221
AMERISAFE, Inc.	33,371	1,796,361
Assured Guaranty, Ltd.	120,439	6,046,038
eHealth, Inc. (a) (c)	41,191	1,050,371
Employers Holdings, Inc.	48,175	1,993,481
Genworth Financial, Inc. Class A (a)	875,066	3,544,017
HCI Group, Inc.	13,790	1,152,017
Horace Mann Educators Corp.	71,486	2,766,508
James River Group Holdings, Ltd.	65,202	1,878,470
Palomar Holdings, Inc. (a)	41,585	2,693,460
ProAssurance Corp.	93,099	2,355,405
Safety Insurance Group, Inc.	24,568	2,089,017
Selectquote, Inc. (a)	217,238	1,968,176
SiriusPoint, Ltd. (a)	152,841	1,242,597
Stewart Information Services Corp.	46,376	3,697,558
Trupanion, Inc. (a)	59,189	7,814,724
United Fire Group, Inc.	37,768	875,840

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Universal Insurance Holdings, Inc.	49,111	$ 834,887
		50,624,174
INTERACTIVE MEDIA & SERVICES — 0.2%
Cars.com, Inc. (a)	112,636	1,812,313
QuinStreet, Inc. (a)	86,142	1,566,923
		3,379,236
INTERNET & DIRECT MARKETING RETAIL — 0.3%
Liquidity Services, Inc. (a)	46,448	1,025,572
PetMed Express, Inc. (c)	35,503	896,806
Shutterstock, Inc.	40,380	4,477,334
		6,399,712
IT SERVICES — 1.6%
CSG Systems International, Inc.	56,290	3,243,430
EVERTEC, Inc.	103,099	5,152,888
ExlService Holdings, Inc. (a)	57,514	8,326,302
Perficient, Inc. (a)	56,879	7,353,886
TTEC Holdings, Inc.	31,617	2,862,919
Unisys Corp. (a)	115,702	2,379,990
		29,319,415
LEISURE EQUIPMENT & PRODUCTS — 0.4%
Sturm Ruger & Co., Inc. (c)	30,344	2,063,999
Vista Outdoor, Inc. (a)	98,834	4,553,282
		6,617,281
LIFE SCIENCES TOOLS & SERVICES — 0.4%
NeoGenomics, Inc. (a)	212,471	7,249,511
MACHINERY — 5.6%
Alamo Group, Inc.	17,031	2,506,622
Albany International Corp. Class A	55,831	4,938,252
Astec Industries, Inc.	39,293	2,721,826
Barnes Group, Inc.	80,331	3,742,621
Chart Industries, Inc. (a)	61,477	9,804,967
CIRCOR International, Inc. (a)	35,339	960,514
Enerpac Tool Group Corp.	103,949	2,108,086
EnPro Industries, Inc.	35,517	3,909,356
ESCO Technologies, Inc.	44,941	4,044,241
Federal Signal Corp.	105,325	4,564,785
Franklin Electric Co., Inc.	67,243	6,358,498
Greenbrier Cos., Inc.	56,647	2,599,531

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Hillenbrand, Inc.	126,066	$ 6,554,171
John Bean Technologies Corp.	54,805	8,415,856
Lindsay Corp.	18,794	2,856,688
Meritor, Inc. (a)	120,950	2,997,141
Mueller Industries, Inc.	98,969	5,874,800
Proto Labs, Inc. (a)	47,553	2,441,846
SPX Corp. (a)	78,327	4,674,555
SPX FLOW, Inc.	72,366	6,258,212
Standex International Corp.	21,036	2,327,844
Tennant Co.	31,966	2,590,525
Titan International, Inc. (a)	89,032	975,791
Wabash National Corp.	85,227	1,663,631
Watts Water Technologies, Inc. Class A	47,565	9,235,696
		105,126,055
MARINE — 0.4%
Matson, Inc.	72,472	6,524,654
MEDIA — 0.7%
AMC Networks, Inc. Class A (a)	51,010	1,756,784
EW Scripps Co. Class A	98,522	1,906,401
Gannett Co., Inc. (a)	248,494	1,324,473
Loyalty Ventures, Inc. (a)	34,772	1,045,594
Scholastic Corp.	52,463	2,096,421
TechTarget, Inc. (a)	44,465	4,253,522
Thryv Holdings, Inc. (a)	29,553	1,215,515
		13,598,710
METALS & MINING — 1.3%
Allegheny Technologies, Inc. (a)	219,424	3,495,424
Arconic Corp. (a)	183,728	6,064,861
Carpenter Technology Corp.	83,872	2,448,224
Century Aluminum Co. (a)	88,112	1,459,135
Haynes International, Inc.	22,186	894,761
Kaiser Aluminum Corp.	27,342	2,568,507
Materion Corp.	35,262	3,241,988
Olympic Steel, Inc.	16,344	384,084
SunCoke Energy, Inc.	144,984	955,445
TimkenSteel Corp. (a) (c)	72,117	1,189,931
Warrior Met Coal, Inc.	88,563	2,276,955
		24,979,315
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 1.3%
Apollo Commercial Real Estate Finance, Inc. REIT	226,765	2,984,227

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
ARMOUR Residential REIT, Inc. (c)	154,432	$ 1,514,978
Ellington Financial, Inc. REIT	93,960	1,605,776
Franklin BSP Realty Trust, Inc.	75,611	1,129,628
Granite Point Mortgage Trust, Inc. REIT	92,559	1,083,866
Invesco Mortgage Capital, Inc. REIT (c)	537,005	1,492,874
KKR Real Estate Finance Trust, Inc. REIT	76,507	1,593,641
New York Mortgage Trust, Inc. REIT	653,812	2,432,181
PennyMac Mortgage Investment Trust REIT (c)	167,282	2,898,997
Ready Capital Corp. REIT	99,494	1,555,091
Redwood Trust, Inc. REIT	197,804	2,609,035
Two Harbors Investment Corp. REIT (c)	593,115	3,422,274
		24,322,568
MULTI-UTILITIES — 0.3%
Avista Corp.	121,841	5,177,024
Unitil Corp.	27,806	1,278,798
		6,455,822
MULTILINE RETAIL — 0.1%
Big Lots, Inc.	56,110	2,527,756
OIL, GAS & CONSUMABLE FUELS — 3.6%
Callon Petroleum Co. (a) (c)	81,866	3,868,169
Civitas Resources, Inc.	124,347	6,089,273
CONSOL Energy, Inc. (a)	55,322	1,256,363
Dorian LPG, Ltd.	48,396	614,145
Green Plains, Inc. (a) (c)	92,423	3,212,623
Laredo Petroleum, Inc. (a)	23,733	1,427,065
Matador Resources Co.	190,269	7,024,732
Par Pacific Holdings, Inc. (a)	80,579	1,328,748
PBF Energy, Inc. Class A (a)	163,706	2,123,267
PDC Energy, Inc.	168,086	8,199,235
Range Resources Corp. (a)	431,009	7,684,890
Ranger Oil Corp. Class A (a)	36,292	976,981
Renewable Energy Group, Inc. (a)	86,721	3,680,439
REX American Resources Corp. (a)	9,187	881,952
SM Energy Co.	209,621	6,179,627
Southwestern Energy Co. (a)	1,751,391	8,161,482
Talos Energy, Inc. (a)	71,508	700,778
World Fuel Services Corp.	108,906	2,882,742
		66,292,511
PAPER & FOREST PRODUCTS — 0.4%
Clearwater Paper Corp. (a)	29,127	1,068,087

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Glatfelter Corp.	77,780	$ 1,337,816
Mercer International, Inc.	70,188	841,554
Neenah, Inc.	28,882	1,336,659
Schweitzer-Mauduit International, Inc.	54,916	1,641,988
Sylvamo Corp. (a)	60,821	1,696,298
		7,922,402
PERSONAL PRODUCTS — 0.9%
Edgewell Personal Care Co.	93,818	4,288,421
elf Beauty, Inc. (a)	82,554	2,741,618
Inter Parfums, Inc.	30,650	3,276,485
Medifast, Inc.	20,072	4,203,679
USANA Health Sciences, Inc. (a)	20,161	2,040,293
		16,550,496
PHARMACEUTICALS — 1.6%
Amphastar Pharmaceuticals, Inc. (a)	64,600	1,504,534
ANI Pharmaceuticals, Inc. (a)	18,589	856,581
Cara Therapeutics, Inc. (a)	73,504	895,279
Collegium Pharmaceutical, Inc. (a)	59,485	1,111,180
Corcept Therapeutics, Inc. (a)	163,805	3,243,339
Endo International PLC (a)	402,493	1,513,374
Harmony Biosciences Holdings, Inc. (a)	38,942	1,660,487
Innoviva, Inc. (a)	107,780	1,859,205
Nektar Therapeutics (a)	318,306	4,300,314
Pacira BioSciences, Inc. (a)	76,805	4,621,357
Phibro Animal Health Corp. Class A	35,528	725,482
Prestige Consumer Healthcare, Inc. (a)	86,461	5,243,859
Supernus Pharmaceuticals, Inc. (a)	91,725	2,674,701
		30,209,692
PROFESSIONAL SERVICES — 1.5%
Exponent, Inc.	89,888	10,492,626
Forrester Research, Inc. (a)	19,449	1,142,240
Heidrick & Struggles International, Inc.	34,122	1,492,155
Kelly Services, Inc. Class A	62,772	1,052,686
Korn Ferry	94,074	7,124,224
ManTech International Corp. Class A	47,581	3,470,082
Resources Connection, Inc.	53,952	962,504
TrueBlue, Inc. (a)	61,973	1,714,793
		27,451,310
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Douglas Elliman, Inc.	112,828	1,297,522

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Marcus & Millichap, Inc. (a)	43,520	$ 2,239,539
RE/MAX Holdings, Inc. Class A	33,018	1,006,719
Realogy Holdings Corp. (a)	201,058	3,379,785
St. Joe Co.	56,814	2,957,169
		10,880,734
ROAD & RAIL — 0.5%
ArcBest Corp.	44,115	5,287,183
Heartland Express, Inc.	80,190	1,348,796
Marten Transport, Ltd.	104,284	1,789,513
		8,425,492
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.7%
Axcelis Technologies, Inc. (a)	57,496	4,286,902
CEVA, Inc. (a)	40,076	1,732,886
Cohu, Inc. (a)	83,971	3,198,455
Diodes, Inc. (a)	77,654	8,527,186
FormFactor, Inc. (a)	134,959	6,170,326
Ichor Holdings, Ltd. (a)	48,979	2,254,503
Kulicke & Soffa Industries, Inc. (c)	106,910	6,472,331
MaxLinear, Inc. (a)	121,812	9,183,407
Onto Innovation, Inc. (a)	84,997	8,604,246
PDF Solutions, Inc. (a)	51,990	1,652,762
Photronics, Inc. (a)	105,411	1,986,997
Rambus, Inc. (a)	188,656	5,544,600
SMART Global Holdings, Inc. (a) (c)	40,320	2,862,317
Ultra Clean Holdings, Inc. (a)	77,475	4,443,966
Veeco Instruments, Inc. (a)	88,016	2,505,816
		69,426,700
SOFTWARE — 2.8%
8x8, Inc. (a)	196,425	3,292,083
Agilysys, Inc. (a)	33,940	1,508,972
Alarm.com Holdings, Inc. (a)	79,418	6,735,441
Bottomline Technologies DE, Inc. (a)	66,688	3,765,871
Consensus Cloud Solutions, Inc. (a)	28,058	1,623,716
Ebix, Inc. (c)	41,644	1,265,978
InterDigital, Inc.	52,958	3,793,382
LivePerson, Inc. (a) (c)	113,707	4,061,614
OneSpan, Inc. (a) (c)	60,254	1,020,100
Progress Software Corp.	75,618	3,650,081
SPS Commerce, Inc. (a)	62,025	8,829,259
Vonage Holdings Corp. (a)	435,660	9,057,371

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Xperi Holding Corp.	180,258	$ 3,408,679
		52,012,547
SPECIALTY RETAIL — 4.2%
Aaron's Co., Inc.	54,170	1,335,291
Abercrombie & Fitch Co. Class A (a)	101,879	3,548,446
America's Car-Mart, Inc. (a)	10,460	1,071,104
Asbury Automotive Group, Inc. (a)	39,672	6,852,545
Barnes & Noble Education, Inc. (a)	62,855	428,043
Bed Bath & Beyond, Inc. (a) (c)	174,248	2,540,536
Boot Barn Holdings, Inc. (a)	51,048	6,281,456
Buckle, Inc.	50,630	2,142,155
Caleres, Inc.	66,827	1,515,636
Cato Corp. Class A	34,140	585,842
Chico's FAS, Inc. (a)	214,111	1,151,917
Children's Place, Inc. (a) (c)	24,359	1,931,425
Conn's, Inc. (a) (c)	33,351	784,416
Designer Brands, Inc. Class A (a) (c)	107,000	1,520,470
Genesco, Inc. (a) (c)	24,542	1,574,860
Group 1 Automotive, Inc.	31,218	6,094,378
Guess?, Inc. (c)	68,035	1,611,069
Haverty Furniture Cos., Inc.	25,607	782,806
Hibbett, Inc.	26,308	1,892,334
Lumber Liquidators Holdings, Inc. (a)	50,774	866,712
MarineMax, Inc. (a)	37,436	2,210,221
Monro, Inc.	57,799	3,367,948
ODP Corp. (a)	79,173	3,109,915
Rent-A-Center, Inc.	104,302	5,010,668
Sally Beauty Holdings, Inc. (a)	194,928	3,598,371
Shoe Carnival, Inc.	30,630	1,197,020
Signet Jewelers, Ltd.	91,523	7,965,247
Sleep Number Corp. (a)	39,012	2,988,319
Sonic Automotive, Inc. Class A	35,758	1,768,233
Zumiez, Inc. (a) (c)	36,836	1,767,760
		77,495,143
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%
3D Systems Corp. (a) (c)	219,095	4,719,306
Diebold Nixdorf, Inc. (a)	127,255	1,151,658
		5,870,964
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
Fossil Group, Inc. (a)	82,885	852,887

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
G-III Apparel Group, Ltd. (a)	76,184	$ 2,105,726
Kontoor Brands, Inc. (c)	82,088	4,207,010
Movado Group, Inc. (c)	28,397	1,187,847
Oxford Industries, Inc.	27,419	2,783,577
Steven Madden, Ltd.	132,052	6,136,456
Unifi, Inc. (a)	24,216	560,600
Vera Bradley, Inc. (a)	45,095	383,759
Wolverine World Wide, Inc.	142,024	4,091,711
		22,309,573
THRIFTS & MORTGAGE FINANCE — 2.3%
Axos Financial, Inc. (a)	92,353	5,163,456
Capitol Federal Financial, Inc.	222,532	2,521,288
Flagstar Bancorp, Inc.	91,219	4,373,039
Mr Cooper Group, Inc. (a)	129,557	5,390,867
NMI Holdings, Inc. Class A (a)	147,849	3,230,501
Northfield Bancorp, Inc.	75,035	1,212,566
Northwest Bancshares, Inc.	218,277	3,090,802
Provident Financial Services, Inc.	133,184	3,225,716
TrustCo Bank Corp.	33,638	1,120,482
Walker & Dunlop, Inc.	50,860	7,673,757
WSFS Financial Corp.	112,771	5,652,082
		42,654,556
TOBACCO — 0.3%
Universal Corp.	42,405	2,328,882
Vector Group, Ltd.	225,656	2,590,531
		4,919,413
TRADING COMPANIES & DISTRIBUTORS — 1.2%
Applied Industrial Technologies, Inc.	66,357	6,814,864
Boise Cascade Co.	67,862	4,831,774
DXP Enterprises, Inc. (a)	29,357	753,594
GMS, Inc. (a)	74,413	4,472,966
NOW, Inc. (a)	193,039	1,648,553
Veritiv Corp. (a)	23,889	2,928,075
		21,449,826
WATER UTILITIES — 0.9%
American States Water Co.	63,765	6,595,851
California Water Service Group	90,194	6,481,341
Middlesex Water Co.	30,173	3,629,812
		16,707,004

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
WIRELESS TELECOMMUNICATION SERVICES — 0.3%
Shenandoah Telecommunications Co.	86,087	$ 2,195,218
Telephone & Data Systems, Inc.	170,413	3,433,822
		5,629,040
TOTAL COMMON STOCKS (Cost $1,516,434,441)		1,859,323,655
WARRANTS — 0.0% (d)
ENERGY EQUIPMENT & SERVICES — 0.0% (d)
Nabors Industries, Ltd. (expiring 06/11/26) (a) (c)	4,471	16,677
TOTAL WARRANTS (Cost $0)		16,677
SHORT-TERM INVESTMENTS — 2.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (e) (f)	3,175,329	3,175,647
State Street Navigator Securities Lending Portfolio II (g) (h)	34,253,980	34,253,980
TOTAL SHORT-TERM INVESTMENTS (Cost $37,429,627)		37,429,627
TOTAL INVESTMENTS — 101.8% (Cost $1,553,864,068)		1,896,769,959
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%		(33,739,418)
NET ASSETS — 100.0%		$ 1,863,030,541

(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)	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)	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.
(h)	Investment of cash collateral for securities loaned.

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP 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	$1,859,323,655	$—	$—	$1,859,323,655
Warrants	16,677	—	—	16,677
Short-Term Investments	37,429,627	—	—	37,429,627
TOTAL INVESTMENTS	$1,896,769,959	$—	$—	$1,896,769,959

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	651,413	$ 651,608	$ 42,961,779	$ 40,437,618	$(122)	$—	3,175,329	$ 3,175,647	$ 254
State Street Navigator Securities Lending Portfolio II	85,130,546	85,130,546	97,845,109	148,721,675	—	—	34,253,980	34,253,980	73,970
Total		$85,782,154	$140,806,888	$189,159,293	$(122)	$—		$37,429,627	$74,224

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 0.7%
Aerojet Rocketdyne Holdings, Inc.	176,693	$ 8,262,165
AeroVironment, Inc. (a)	55,650	3,451,969
Park Aerospace Corp. (b)	44,613	588,892
Triumph Group, Inc. (a)	288,698	5,349,574
		17,652,600
AIR FREIGHT & LOGISTICS — 0.6%
Forward Air Corp.	121,912	14,762,324
AUTO COMPONENTS — 1.6%
Dorman Products, Inc. (a)	86,436	9,768,132
Gentherm, Inc. (a)	150,360	13,066,284
LCI Industries	76,664	11,949,618
Patrick Industries, Inc.	47,232	3,811,150
		38,595,184
AUTOMOBILES — 0.2%
Winnebago Industries, Inc. (b)	76,284	5,715,197
BANKS — 9.2%
Ameris Bancorp	171,137	8,502,086
Banc of California, Inc.	108,779	2,134,244
BancFirst Corp.	44,723	3,155,655
Bancorp, Inc. (a)	254,643	6,445,014
Banner Corp.	65,825	3,993,603
Brookline Bancorp, Inc.	152,627	2,471,031
Central Pacific Financial Corp.	77,456	2,181,935
City Holding Co.	32,423	2,651,877
Community Bank System, Inc.	112,615	8,387,565
Customers Bancorp, Inc. (a)	135,338	8,847,045
Dime Community Bancshares, Inc.	71,192	2,503,111
Eagle Bancorp, Inc.	84,217	4,913,220
FB Financial Corp.	76,762	3,363,711
First BanCorp (c)	930,244	12,818,762
First BanCorp (c)	77,159	3,527,709
First Commonwealth Financial Corp.	233,365	3,754,843
Great Western Bancorp, Inc.	250,186	8,496,317
Hanmi Financial Corp.	76,065	1,801,219
Hilltop Holdings, Inc.	138,597	4,870,299
HomeStreet, Inc.	91,378	4,751,656
Independent Bank Corp.	89,213	7,273,536

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Investors Bancorp, Inc.	1,018,837	$ 15,435,381
Lakeland Financial Corp. (b)	114,753	9,196,305
Meta Financial Group, Inc.	143,742	8,575,648
National Bank Holdings Corp. Class A	78,512	3,449,817
OFG Bancorp	111,364	2,957,828
Pacific Premier Bancorp, Inc.	185,538	7,427,086
Park National Corp. (b)	40,641	5,580,416
Preferred Bank	61,249	4,397,066
Seacoast Banking Corp. of Florida	135,626	4,799,804
ServisFirst Bancshares, Inc.	220,287	18,711,178
Southside Bancshares, Inc.	90,881	3,800,643
Tompkins Financial Corp.	23,365	1,952,847
Triumph Bancorp, Inc. (a)	106,889	12,728,342
United Community Banks, Inc.	301,639	10,840,906
Veritex Holdings, Inc.	223,640	8,896,399
		225,594,104
BEVERAGES — 1.3%
Celsius Holdings, Inc. (a) (b)	172,612	12,871,677
Coca-Cola Consolidated, Inc.	20,957	12,976,365
MGP Ingredients, Inc. (b)	55,903	4,751,196
National Beverage Corp. (b)	59,399	2,692,556
		33,291,794
BIOTECHNOLOGY — 3.4%
Anika Therapeutics, Inc. (a)	34,510	1,236,493
Avid Bioservices, Inc. (a)	278,510	8,126,922
Coherus Biosciences, Inc. (a)	284,795	4,545,328
Cytokinetics, Inc. (a)	379,050	17,277,099
Eagle Pharmaceuticals, Inc. (a)	24,118	1,228,089
Enanta Pharmaceuticals, Inc. (a)	48,241	3,607,462
Ligand Pharmaceuticals, Inc. (a)	75,602	11,677,485
Myriad Genetics, Inc. (a)	185,538	5,120,849
Organogenesis Holdings, Inc. (a)	281,713	2,603,028
REGENXBIO, Inc. (a)	75,653	2,473,853
Spectrum Pharmaceuticals, Inc. (a)	524,656	666,313
uniQure NV (a)	161,087	3,340,944
Vanda Pharmaceuticals, Inc. (a)	164,851	2,586,512
Vericel Corp. (a) (b)	212,410	8,347,713
Xencor, Inc. (a)	264,829	10,624,940
		83,463,030

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
BUILDING PRODUCTS — 1.9%
AAON, Inc.	125,744	$ 9,987,846
Gibraltar Industries, Inc. (a)	68,592	4,573,715
Insteel Industries, Inc.	86,700	3,451,527
PGT Innovations, Inc. (a)	119,879	2,696,079
UFP Industries, Inc.	279,155	25,685,051
		46,394,218
CAPITAL MARKETS — 1.7%
B Riley Financial, Inc.	71,454	6,349,402
Blucora, Inc. (a)	95,811	1,659,447
Brightsphere Investment Group, Inc.	161,483	4,133,965
Donnelley Financial Solutions, Inc. (a)	130,333	6,143,898
Greenhill & Co., Inc.	62,012	1,111,875
Piper Sandler Cos.	63,934	11,412,858
Virtus Investment Partners, Inc.	31,923	9,484,323
WisdomTree Investments, Inc. (b)	301,634	1,846,000
		42,141,768
CHEMICALS — 2.8%
AdvanSix, Inc.	67,913	3,208,889
Balchem Corp.	146,063	24,626,222
Ferro Corp. (a)	178,155	3,889,124
Hawkins, Inc.	45,307	1,787,361
HB Fuller Co.	109,625	8,879,625
Livent Corp. (a) (b)	729,604	17,787,746
Quaker Chemical Corp. (b)	34,817	8,035,067
		68,214,034
COMMERCIAL SERVICES & SUPPLIES — 0.4%
Brady Corp. Class A	99,727	5,375,285
Interface, Inc.	118,722	1,893,616
Viad Corp. (a)	48,755	2,086,227
		9,355,128
COMMUNICATIONS EQUIPMENT — 1.5%
ADTRAN, Inc.	217,555	4,966,781
Digi International, Inc. (a)	71,661	1,760,711
Extreme Networks, Inc. (a)	589,049	9,248,069
Harmonic, Inc. (a) (b)	458,321	5,389,855
Plantronics, Inc. (a) (b)	91,697	2,690,390
Viavi Solutions, Inc. (a)	666,996	11,752,469
		35,808,275

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
CONSTRUCTION & ENGINEERING — 1.3%
Comfort Systems USA, Inc.	162,819	$ 16,109,312
MYR Group, Inc. (a)	75,418	8,337,460
NV5 Global, Inc. (a) (b)	53,835	7,435,690
		31,882,462
CONSUMER FINANCE — 0.6%
Encore Capital Group, Inc. (a) (b)	53,197	3,304,066
Enova International, Inc. (a)	162,770	6,667,059
World Acceptance Corp. (a) (b)	18,813	4,617,275
		14,588,400
CONTAINERS & PACKAGING — 0.1%
Myers Industries, Inc.	69,648	1,393,657
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
Cogent Communications Holdings, Inc. (b)	128,819	9,426,974
ELECTRICAL EQUIPMENT — 0.5%
Encore Wire Corp.	91,681	13,119,551
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.5%
Advanced Energy Industries, Inc.	170,238	15,501,872
Arlo Technologies, Inc. (a)	210,957	2,212,939
Badger Meter, Inc.	86,151	9,180,251
CTS Corp.	73,447	2,696,974
Fabrinet (a)	167,060	19,791,598
FARO Technologies, Inc. (a)	39,013	2,731,690
Knowles Corp. (a)	165,055	3,854,034
Methode Electronics, Inc.	75,098	3,692,569
OSI Systems, Inc. (a)	32,081	2,989,949
Rogers Corp. (a)	84,456	23,056,488
		85,708,364
ENERGY EQUIPMENT & SERVICES — 0.1%
Core Laboratories NV	86,908	1,938,918
ENTERTAINMENT — 0.2%
Cinemark Holdings, Inc. (a) (b)	247,384	3,987,830
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 6.6%
Acadia Realty Trust REIT	173,904	3,796,324
Agree Realty Corp. REIT (b)	142,316	10,155,670
American Assets Trust, Inc. REIT	101,121	3,795,071

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Armada Hoffler Properties, Inc. REIT	167,640	$ 2,551,481
CareTrust REIT, Inc.	203,770	4,652,069
Centerspace REIT	40,837	4,528,823
Community Healthcare Trust, Inc. REIT	61,905	2,926,249
Essential Properties Realty Trust, Inc. REIT	287,025	8,274,931
Four Corners Property Trust, Inc. REIT	169,368	4,981,113
Getty Realty Corp. REIT	81,122	2,603,205
Independence Realty Trust, Inc. REIT	473,167	12,221,904
Industrial Logistics Properties Trust REIT	119,884	3,003,094
Innovative Industrial Properties, Inc. REIT (b)	107,913	28,371,407
iStar, Inc. REIT (b)	173,907	4,492,018
LXP Industrial Trust REIT	640,658	10,007,078
NexPoint Residential Trust, Inc. REIT	103,195	8,650,837
Retail Opportunity Investments Corp. REIT	265,879	5,211,228
RPT Realty REIT	192,102	2,570,325
Safehold, Inc. REIT (b)	63,234	5,049,235
Saul Centers, Inc. REIT	40,165	2,129,548
SITE Centers Corp. REIT	441,277	6,985,415
Tanger Factory Outlet Centers, Inc. REIT	471,737	9,095,089
Uniti Group, Inc. REIT (b)	621,387	8,705,632
Universal Health Realty Income Trust REIT	30,954	1,840,834
Urstadt Biddle Properties, Inc. Class A REIT	72,586	1,546,082
Washington Real Estate Investment Trust	166,449	4,302,707
		162,447,369
FOOD & STAPLES RETAILING — 0.5%
United Natural Foods, Inc. (a)	254,826	12,506,860
FOOD PRODUCTS — 0.9%
J&J Snack Foods Corp.	29,268	4,623,173
Simply Good Foods Co. (a)	381,101	15,842,369
Tootsie Roll Industries, Inc. (b)	38,678	1,401,304
		21,866,846
GAS UTILITIES — 0.2%
Chesapeake Utilities Corp.	40,931	5,968,149
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%
AngioDynamics, Inc. (a)	172,676	4,762,404
BioLife Solutions, Inc. (a)	130,916	4,879,239
Cardiovascular Systems, Inc. (a)	76,112	1,429,384
CONMED Corp. (b)	84,734	12,011,892
Cutera, Inc. (a) (b)	48,192	1,991,294

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Glaukos Corp. (a)	108,927	$ 4,840,716
Heska Corp. (a)	48,643	8,876,861
Lantheus Holdings, Inc. (a)	178,480	5,156,287
LeMaitre Vascular, Inc.	85,875	4,313,501
Meridian Bioscience, Inc. (a)	124,042	2,530,457
Merit Medical Systems, Inc. (a)	131,431	8,188,151
Mesa Laboratories, Inc. (b)	13,824	4,535,516
Surmodics, Inc. (a)	40,295	1,940,204
Varex Imaging Corp. (a)	112,655	3,554,265
Zynex, Inc. (a) (b)	88,586	883,203
		69,893,374
HEALTH CARE PROVIDERS & SERVICES — 4.2%
Addus HomeCare Corp. (a)	30,612	2,862,528
AMN Healthcare Services, Inc. (a)	213,258	26,087,851
Apollo Medical Holdings, Inc. (a) (b)	170,953	12,561,626
Community Health Systems, Inc. (a)	554,974	7,386,704
CorVel Corp. (a)	42,657	8,872,656
Cross Country Healthcare, Inc. (a)	157,897	4,383,221
Ensign Group, Inc.	128,364	10,777,441
Fulgent Genetics, Inc. (a) (b)	87,945	8,846,388
Joint Corp. (a)	64,374	4,228,728
ModivCare, Inc. (a)	31,403	4,656,751
Pennant Group, Inc. (a)	61,607	1,421,890
RadNet, Inc. (a)	198,238	5,968,946
Tivity Health, Inc. (a)	93,042	2,460,031
US Physical Therapy, Inc.	25,997	2,484,013
		102,998,774
HEALTH CARE TECHNOLOGY — 2.0%
Allscripts Healthcare Solutions, Inc. (a)	213,602	3,940,957
HealthStream, Inc. (a)	64,038	1,688,042
Omnicell, Inc. (a) (b)	198,034	35,733,255
OptimizeRx Corp. (a) (b)	79,380	4,930,292
Simulations Plus, Inc. (b)	42,182	1,995,208
Tabula Rasa HealthCare, Inc. (a)	52,856	792,840
		49,080,594
HOTELS, RESTAURANTS & LEISURE — 0.7%
Dave & Buster's Entertainment, Inc. (a)	77,656	2,981,991
Dine Brands Global, Inc.	41,589	3,152,862
Monarch Casino & Resort, Inc. (a)	58,655	4,337,537

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Shake Shack, Inc. Class A (a)	96,211	$ 6,942,586
		17,414,976
HOUSEHOLD DURABLES — 2.7%
Cavco Industries, Inc. (a)	38,652	12,277,808
Century Communities, Inc.	134,514	11,001,900
Installed Building Products, Inc.	106,132	14,828,763
iRobot Corp. (a)	66,264	4,365,472
LGI Homes, Inc. (a)	96,544	14,914,117
Meritage Homes Corp. (a)	79,580	9,713,535
		67,101,595
HOUSEHOLD PRODUCTS — 0.4%
WD-40 Co. (b)	36,013	8,810,220
INSURANCE — 1.8%
Assured Guaranty, Ltd.	131,050	6,578,710
HCI Group, Inc.	35,722	2,984,216
Palomar Holdings, Inc. (a)	107,850	6,985,444
Selectquote, Inc. (a) (b)	272,867	2,472,175
Stewart Information Services Corp.	58,864	4,693,227
Trupanion, Inc. (a) (b)	154,831	20,442,337
		44,156,109
INTERACTIVE MEDIA & SERVICES — 0.1%
Cars.com, Inc. (a)	142,210	2,288,159
INTERNET & DIRECT MARKETING RETAIL — 0.6%
Liquidity Services, Inc. (a)	118,763	2,622,287
Shutterstock, Inc.	105,917	11,744,077
		14,366,364
IT SERVICES — 2.7%
CSG Systems International, Inc.	86,078	4,959,814
EVERTEC, Inc.	181,504	9,071,570
ExlService Holdings, Inc. (a)	150,287	21,757,049
Perficient, Inc. (a)	148,696	19,224,906
TTEC Holdings, Inc.	83,260	7,539,193
Unisys Corp. (a)	144,045	2,963,006
		65,515,538
LEISURE EQUIPMENT & PRODUCTS — 0.7%
Sturm Ruger & Co., Inc. (b)	78,614	5,347,324

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Vista Outdoor, Inc. (a)	259,399	$ 11,950,512
		17,297,836
LIFE SCIENCES TOOLS & SERVICES — 0.4%
NeoGenomics, Inc. (a)	306,651	10,462,932
MACHINERY — 5.8%
Alamo Group, Inc.	18,539	2,728,570
Albany International Corp. Class A	72,383	6,402,276
Chart Industries, Inc. (a)	160,610	25,615,689
Enerpac Tool Group Corp.	129,341	2,623,036
Federal Signal Corp.	166,456	7,214,203
Franklin Electric Co., Inc.	118,319	11,188,245
Hillenbrand, Inc.	178,819	9,296,800
John Bean Technologies Corp.	91,915	14,114,467
Lindsay Corp.	28,727	4,366,504
Mueller Industries, Inc.	259,187	15,385,340
SPX Corp. (a)	85,202	5,084,855
SPX FLOW, Inc.	115,984	10,030,296
Standex International Corp.	26,150	2,893,759
Tennant Co.	35,614	2,886,159
Watts Water Technologies, Inc. Class A	124,305	24,136,302
		143,966,501
MARINE — 0.7%
Matson, Inc.	189,928	17,099,218
MEDIA — 0.7%
EW Scripps Co. Class A	117,528	2,274,167
Gannett Co., Inc. (a)	241,717	1,288,351
TechTarget, Inc. (a) (b)	117,482	11,238,328
Thryv Holdings, Inc. (a) (b)	75,844	3,119,464
		17,920,310
METALS & MINING — 0.5%
Allegheny Technologies, Inc. (a) (b)	255,936	4,077,060
Century Aluminum Co. (a) (b)	101,456	1,680,111
Haynes International, Inc.	32,314	1,303,224
Materion Corp.	53,021	4,874,751
		11,935,146
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 0.4%
Ellington Financial, Inc. REIT (b)	107,285	1,833,501
KKR Real Estate Finance Trust, Inc. REIT	77,356	1,611,325

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Redwood Trust, Inc. REIT	512,491	$ 6,759,756
		10,204,582
OIL, GAS & CONSUMABLE FUELS — 4.7%
Callon Petroleum Co. (a)	215,088	10,162,908
Civitas Resources, Inc.	325,571	15,943,212
Dorian LPG, Ltd.	123,818	1,571,250
Laredo Petroleum, Inc. (a) (b)	42,954	2,582,824
Matador Resources Co.	497,948	18,384,240
PDC Energy, Inc.	439,510	21,439,298
Range Resources Corp. (a)	779,008	13,889,713
Ranger Oil Corp. Class A (a)	94,260	2,537,479
SM Energy Co.	548,895	16,181,425
Southwestern Energy Co. (a) (b)	2,937,085	13,686,816
		116,379,165
PERSONAL PRODUCTS — 1.2%
elf Beauty, Inc. (a)	213,962	7,105,678
Inter Parfums, Inc.	80,636	8,619,988
Medifast, Inc.	52,532	11,001,777
USANA Health Sciences, Inc. (a)	35,001	3,542,101
		30,269,544
PHARMACEUTICALS — 2.1%
Amphastar Pharmaceuticals, Inc. (a)	111,954	2,607,409
ANI Pharmaceuticals, Inc. (a) (b)	28,581	1,317,012
Cara Therapeutics, Inc. (a)	188,732	2,298,756
Collegium Pharmaceutical, Inc. (a)	154,461	2,885,331
Corcept Therapeutics, Inc. (a) (b)	260,871	5,165,246
Endo International PLC (a)	1,044,267	3,926,444
Harmony Biosciences Holdings, Inc. (a) (b)	57,050	2,432,612
Innoviva, Inc. (a)	279,524	4,821,789
Nektar Therapeutics (a)	371,176	5,014,588
Pacira BioSciences, Inc. (a) (b)	121,401	7,304,698
Prestige Consumer Healthcare, Inc. (a)	120,622	7,315,724
Supernus Pharmaceuticals, Inc. (a)	237,697	6,931,245
		52,020,854
PROFESSIONAL SERVICES — 2.1%
Exponent, Inc.	234,993	27,430,733
Forrester Research, Inc. (a)	49,707	2,919,292
Heidrick & Struggles International, Inc.	87,599	3,830,704

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Korn Ferry	246,143	$ 18,640,410
		52,821,139
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Douglas Elliman, Inc.	296,402	3,408,617
Marcus & Millichap, Inc. (a)	66,203	3,406,806
St. Joe Co.	147,352	7,669,672
		14,485,095
ROAD & RAIL — 0.6%
ArcBest Corp.	115,646	13,860,173
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.5%
Axcelis Technologies, Inc. (a)	150,966	11,256,025
CEVA, Inc. (a)	102,631	4,437,764
Cohu, Inc. (a)	126,211	4,807,377
Diodes, Inc. (a)	203,112	22,303,729
FormFactor, Inc. (a)	223,300	10,209,276
Ichor Holdings, Ltd. (a)	72,347	3,330,132
Kulicke & Soffa Industries, Inc. (b)	279,935	16,947,265
MaxLinear, Inc. (a)	318,490	24,010,961
Onto Innovation, Inc. (a)	222,427	22,516,285
PDF Solutions, Inc. (a)	84,155	2,675,288
Rambus, Inc. (a)	494,467	14,532,385
SMART Global Holdings, Inc. (a) (b)	63,140	4,482,309
Ultra Clean Holdings, Inc. (a)	203,295	11,661,001
Veeco Instruments, Inc. (a) (b)	225,729	6,426,505
		159,596,302
SOFTWARE — 4.4%
8x8, Inc. (a) (b)	516,521	8,656,892
Agilysys, Inc. (a)	54,695	2,431,740
Alarm.com Holdings, Inc. (a)	208,051	17,644,805
Bottomline Technologies DE, Inc. (a)	93,345	5,271,192
InterDigital, Inc.	71,292	5,106,646
LivePerson, Inc. (a) (b)	182,286	6,511,256
OneSpan, Inc. (a) (b)	75,250	1,273,982
Progress Software Corp.	198,663	9,589,463
SPS Commerce, Inc. (a)	162,261	23,097,853
Vonage Holdings Corp. (a)	1,138,906	23,677,856
Xperi Holding Corp.	242,914	4,593,504
		107,855,189

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
SPECIALTY RETAIL — 4.0%
Abercrombie & Fitch Co. Class A (a) (b)	124,089	$ 4,322,020
Asbury Automotive Group, Inc. (a)	46,533	8,037,645
Barnes & Noble Education, Inc. (a)	161,376	1,098,971
Boot Barn Holdings, Inc. (a)	133,809	16,465,198
Buckle, Inc.	131,212	5,551,580
Children's Place, Inc. (a) (b)	62,543	4,959,035
Genesco, Inc. (a) (b)	30,426	1,952,436
Hibbett, Inc. (b)	67,266	4,838,443
MarineMax, Inc. (a) (b)	97,205	5,738,983
Monro, Inc. (b)	64,431	3,754,394
Rent-A-Center, Inc. (b)	129,707	6,231,124
Sally Beauty Holdings, Inc. (a) (b)	222,228	4,102,329
Shoe Carnival, Inc. (b)	78,253	3,058,127
Signet Jewelers, Ltd.	239,444	20,838,811
Sleep Number Corp. (a) (b)	101,240	7,754,984
		98,704,080
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%
3D Systems Corp. (a) (b)	577,645	12,442,473
Diebold Nixdorf, Inc. (a) (b)	325,682	2,947,422
		15,389,895
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
Kontoor Brands, Inc. (b)	108,423	5,556,679
Movado Group, Inc.	73,777	3,086,092
Oxford Industries, Inc.	45,439	4,612,967
Steven Madden, Ltd.	232,100	10,785,687
Wolverine World Wide, Inc.	169,279	4,876,928
		28,918,353
THRIFTS & MORTGAGE FINANCE — 2.3%
Axos Financial, Inc. (a)	242,114	13,536,594
Flagstar Bancorp, Inc.	239,349	11,474,391
Northfield Bancorp, Inc.	113,055	1,826,969
Provident Financial Services, Inc.	158,791	3,845,918
Walker & Dunlop, Inc.	133,028	20,071,264
WSFS Financial Corp. (b)	129,866	6,508,884
		57,264,020
TOBACCO — 0.3%
Vector Group, Ltd.	592,800	6,805,344

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
TRADING COMPANIES & DISTRIBUTORS — 0.8%
Applied Industrial Technologies, Inc.	75,081	$ 7,710,819
Boise Cascade Co.	84,317	6,003,370
GMS, Inc. (a)	107,982	6,490,798
		20,204,987
WATER UTILITIES — 1.1%
American States Water Co.	110,339	11,413,466
California Water Service Group	140,576	10,101,792
Middlesex Water Co.	53,951	6,490,305
		28,005,563
TOTAL COMMON STOCKS (Cost $1,903,370,373)		2,458,914,967
SHORT-TERM INVESTMENTS — 4.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d) (e)	2,646,593	2,646,858
State Street Navigator Securities Lending Portfolio II (f) (g)	103,375,380	103,375,380
TOTAL SHORT-TERM INVESTMENTS (Cost $106,022,238)		106,022,238
TOTAL INVESTMENTS — 104.2% (Cost $2,009,392,611)		2,564,937,205
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.2)%		(104,047,507)
NET ASSETS — 100.0%		$ 2,460,889,698

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at December 31, 2021.
(c)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(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.

Table of Contents

SPDR S&P 600 SMALL CAP GROWTH 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	$2,458,914,967	$—	$—	$2,458,914,967
Short-Term Investments	106,022,238	—	—	106,022,238
TOTAL INVESTMENTS	$2,564,937,205	$—	$—	$2,564,937,205

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	1,363,385	$ 1,363,794	$ 60,875,038	$ 59,591,396	$(578)	$—	2,646,593	$ 2,646,858	$ 454
State Street Navigator Securities Lending Portfolio II	138,318,348	138,318,348	238,676,328	273,619,296	—	—	103,375,380	103,375,380	131,101
Total		$139,682,142	$299,551,366	$333,210,692	$(578)	$—		$106,022,238	$131,555

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 99.9%
AEROSPACE & DEFENSE — 1.5%
AAR Corp. (a)	266,609	$ 10,405,749
Aerojet Rocketdyne Holdings, Inc.	287,295	13,433,914
AeroVironment, Inc. (a)	84,880	5,265,106
Kaman Corp.	222,658	9,607,693
Moog, Inc. Class A	234,115	18,956,292
National Presto Industries, Inc.	40,553	3,326,563
Park Aerospace Corp.	86,992	1,148,294
		62,143,611
AIR FREIGHT & LOGISTICS — 1.0%
Atlas Air Worldwide Holdings, Inc. (a)	215,784	20,309,590
Hub Group, Inc. Class A (a)	271,566	22,876,720
		43,186,310
AIRLINES — 1.1%
Allegiant Travel Co. (a)	120,590	22,555,154
Hawaiian Holdings, Inc. (a) (b)	409,420	7,521,045
SkyWest, Inc. (a)	402,808	15,830,354
		45,906,553
AUTO COMPONENTS — 1.1%
American Axle & Manufacturing Holdings, Inc. (a)	911,888	8,507,915
Cooper-Standard Holdings, Inc. (a)	135,872	3,044,892
Dorman Products, Inc. (a)	75,100	8,487,051
LCI Industries	66,636	10,386,553
Motorcar Parts of America, Inc. (a)	153,563	2,621,320
Patrick Industries, Inc.	95,260	7,686,529
Standard Motor Products, Inc.	153,073	8,019,495
		48,753,755
AUTOMOBILES — 0.2%
Winnebago Industries, Inc. (b)	131,083	9,820,738
BANKS — 11.6%
Allegiance Bancshares, Inc.	150,593	6,356,531
Ameris Bancorp	227,419	11,298,176
Banc of California, Inc.	237,859	4,666,794
BancFirst Corp.	70,951	5,006,303
BankUnited, Inc.	708,396	29,972,235
Banner Corp.	156,103	9,470,769
Berkshire Hills Bancorp, Inc.	388,997	11,059,185
Brookline Bancorp, Inc.	347,612	5,627,838

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Central Pacific Financial Corp.	84,993	$ 2,394,253
City Holding Co.	62,808	5,137,066
Columbia Banking System, Inc.	621,541	20,336,821
Community Bank System, Inc.	232,874	17,344,455
CVB Financial Corp.	1,018,512	21,806,342
Dime Community Bancshares, Inc.	137,900	4,848,564
Eagle Bancorp, Inc.	104,747	6,110,940
FB Financial Corp.	148,736	6,517,612
First BanCorp	138,001	6,309,406
First Commonwealth Financial Corp.	341,529	5,495,202
First Financial Bancorp	749,584	18,274,858
First Hawaiian, Inc.	1,023,936	27,984,171
First Midwest Bancorp, Inc.	912,685	18,691,789
Hanmi Financial Corp.	107,024	2,534,328
Heritage Financial Corp.	281,221	6,873,041
Hilltop Holdings, Inc.	238,233	8,371,508
Hope Bancorp, Inc.	961,047	14,137,001
Independent Bank Corp.	220,370	17,966,766
Independent Bank Group, Inc.	295,213	21,299,618
National Bank Holdings Corp. Class A	98,799	4,341,228
NBT Bancorp, Inc.	346,644	13,352,727
OFG Bancorp	199,299	5,293,381
Old National Bancorp	1,316,983	23,863,732
Pacific Premier Bancorp, Inc.	422,480	16,911,874
Park National Corp. (b)	42,706	5,863,961
Renasant Corp.	445,712	16,914,770
S&T Bancorp, Inc. (b)	314,586	9,915,751
Seacoast Banking Corp. of Florida	223,930	7,924,883
Simmons First National Corp. Class A	912,626	26,995,477
Southside Bancshares, Inc.	95,483	3,993,099
Tompkins Financial Corp.	53,187	4,445,369
Trustmark Corp.	499,259	16,205,947
United Community Banks, Inc.	301,211	10,825,523
Westamerica BanCorp	214,791	12,399,884
		495,139,178
BEVERAGES — 0.1%
National Beverage Corp.	80,240	3,637,279
BIOTECHNOLOGY — 1.0%
Anika Therapeutics, Inc. (a)	54,268	1,944,423
Eagle Pharmaceuticals, Inc. (a)	46,350	2,360,142
Emergent BioSolutions, Inc. (a)	382,840	16,642,055

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Enanta Pharmaceuticals, Inc. (a)	57,506	$ 4,300,299
Myriad Genetics, Inc. (a)	306,444	8,457,854
REGENXBIO, Inc. (a)	165,520	5,412,504
Spectrum Pharmaceuticals, Inc. (a)	482,745	613,086
Vanda Pharmaceuticals, Inc. (a)	160,403	2,516,723
		42,247,086
BUILDING PRODUCTS — 2.1%
AAON, Inc.	109,272	8,679,475
American Woodmark Corp. (a)	132,440	8,635,089
Apogee Enterprises, Inc.	202,528	9,751,723
Gibraltar Industries, Inc. (a)	138,504	9,235,447
Griffon Corp.	380,613	10,839,858
PGT Innovations, Inc. (a)	262,196	5,896,788
Quanex Building Products Corp.	267,999	6,641,015
Resideo Technologies, Inc. (a)	1,148,035	29,883,351
		89,562,746
CAPITAL MARKETS — 0.3%
Blucora, Inc. (a)	218,154	3,778,427
StoneX Group, Inc. (a)	134,656	8,247,680
WisdomTree Investments, Inc. (b)	330,649	2,023,572
		14,049,679
CHEMICALS — 3.3%
AdvanSix, Inc.	103,461	4,888,532
American Vanguard Corp.	215,227	3,527,571
Ferro Corp. (a)	350,582	7,653,205
FutureFuel Corp.	206,466	1,577,400
GCP Applied Technologies, Inc. (a)	428,991	13,581,855
Hawkins, Inc.	69,090	2,725,600
HB Fuller Co.	226,870	18,376,470
Innospec, Inc.	197,088	17,804,930
Koppers Holdings, Inc. (a)	170,376	5,332,769
Kraton Corp. (a)	256,999	11,904,194
Quaker Chemical Corp. (b)	45,060	10,398,947
Rayonier Advanced Materials, Inc. (a)	509,604	2,909,839
Stepan Co.	170,247	21,160,000
Tredegar Corp.	194,016	2,293,269
Trinseo PLC	310,483	16,287,938
		140,422,519
COMMERCIAL SERVICES & SUPPLIES — 3.8%
ABM Industries, Inc.	533,851	21,807,813

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Brady Corp. Class A	209,473	$ 11,290,595
CoreCivic, Inc. REIT (a)	961,706	9,588,209
Deluxe Corp.	340,615	10,937,148
Harsco Corp. (a)	633,252	10,581,641
Healthcare Services Group, Inc.	595,943	10,601,826
HNI Corp.	348,244	14,643,660
Interface, Inc.	259,637	4,141,210
KAR Auction Services, Inc. (a) (b)	968,624	15,129,907
Matthews International Corp. Class A	252,692	9,266,216
Pitney Bowes, Inc.	1,323,218	8,772,935
UniFirst Corp.	120,985	25,455,244
US Ecology, Inc. (a) (b)	251,973	8,048,017
Viad Corp. (a)	77,147	3,301,120
		163,565,541
COMMUNICATIONS EQUIPMENT — 1.3%
CalAmp Corp. (a)	286,836	2,025,062
Comtech Telecommunications Corp. (b)	210,647	4,990,228
Digi International, Inc. (a)	135,581	3,331,225
NETGEAR, Inc. (a)	234,024	6,835,841
NetScout Systems, Inc. (a)	590,614	19,537,511
Plantronics, Inc. (a) (b)	177,632	5,211,723
Viavi Solutions, Inc. (a)	722,152	12,724,318
		54,655,908
CONSTRUCTION & ENGINEERING — 0.8%
Arcosa, Inc.	383,460	20,208,342
Granite Construction, Inc.	366,365	14,178,326
		34,386,668
CONSUMER FINANCE — 1.3%
Encore Capital Group, Inc. (a) (b)	103,113	6,404,349
EZCORP, Inc. Class A (a)	424,479	3,128,410
Green Dot Corp. Class A (a)	437,179	15,843,367
LendingTree, Inc. (a)	91,736	11,246,834
PRA Group, Inc. (a) (b)	348,668	17,506,620
		54,129,580
CONTAINERS & PACKAGING — 0.4%
Myers Industries, Inc.	165,171	3,305,072
O-I Glass, Inc. (a)	1,253,825	15,083,515
		18,388,587

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
DIVERSIFIED CONSUMER SERVICES — 0.9%
Adtalem Global Education, Inc. (a)	397,865	$ 11,760,889
American Public Education, Inc. (a)	149,609	3,328,800
Perdoceo Education Corp. (a)	560,503	6,591,515
Strategic Education, Inc. (b)	180,927	10,464,818
WW International, Inc. (a) (b)	425,483	6,863,041
		39,009,063
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%
ATN International, Inc.	87,307	3,487,915
Cogent Communications Holdings, Inc.	111,920	8,190,306
Consolidated Communications Holdings, Inc. (a) (b)	576,359	4,311,165
		15,989,386
ELECTRICAL EQUIPMENT — 0.3%
AZZ, Inc.	198,552	10,977,940
Powell Industries, Inc.	71,938	2,121,452
		13,099,392
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%
Arlo Technologies, Inc. (a)	296,568	3,110,998
Badger Meter, Inc.	81,856	8,722,575
Benchmark Electronics, Inc.	281,632	7,632,227
CTS Corp.	126,244	4,635,680
ePlus, Inc. (a)	216,026	11,639,481
FARO Technologies, Inc. (a)	72,995	5,111,110
Insight Enterprises, Inc. (a) (b)	277,383	29,569,028
Itron, Inc. (a) (b)	359,578	24,638,284
Knowles Corp. (a)	443,008	10,344,237
Methode Electronics, Inc.	170,939	8,405,071
OSI Systems, Inc. (a)	74,460	6,939,672
PC Connection, Inc.	88,043	3,797,295
Plexus Corp. (a)	224,198	21,498,346
Sanmina Corp. (a)	514,710	21,339,877
ScanSource, Inc. (a)	204,181	7,162,669
TTM Technologies, Inc. (a)	834,348	12,431,785
		186,978,335
ENERGY EQUIPMENT & SERVICES — 2.3%
Archrock, Inc.	1,071,518	8,014,955
Bristow Group, Inc. (a)	185,356	5,870,224
Core Laboratories NV	214,609	4,787,927
DMC Global, Inc. (a)	149,677	5,928,706
Dril-Quip, Inc. (a)	282,954	5,568,535

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Helix Energy Solutions Group, Inc. (a)	1,133,945	$ 3,537,908
Helmerich & Payne, Inc.	862,706	20,446,132
Nabors Industries, Ltd. (a)	61,977	5,025,715
Oceaneering International, Inc. (a)	797,907	9,024,328
Oil States International, Inc. (a)	490,686	2,438,709
Patterson-UTI Energy, Inc.	1,702,357	14,384,917
ProPetro Holding Corp. (a)	677,737	5,489,670
RPC, Inc. (a) (b)	569,124	2,583,823
US Silica Holdings, Inc. (a)	596,180	5,604,092
		98,705,641
ENTERTAINMENT — 0.2%
Cinemark Holdings, Inc. (a) (b)	408,571	6,586,165
Marcus Corp. (a) (b)	174,804	3,121,999
		9,708,164
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 8.4%
Acadia Realty Trust REIT	396,007	8,644,833
Agree Realty Corp. REIT (b)	306,786	21,892,249
Alexander & Baldwin, Inc. REIT (a)	579,846	14,548,336
American Assets Trust, Inc. REIT	239,727	8,996,954
Armada Hoffler Properties, Inc. REIT	191,776	2,918,831
Brandywine Realty Trust REIT	1,368,167	18,360,801
CareTrust REIT, Inc.	411,210	9,387,924
Centerspace REIT	41,117	4,559,875
Chatham Lodging Trust REIT (a)	389,878	5,349,126
Community Healthcare Trust, Inc. REIT	77,016	3,640,546
DiamondRock Hospitality Co. REIT (a)	1,683,902	16,182,298
Diversified Healthcare Trust REIT	1,910,836	5,904,483
Easterly Government Properties, Inc. REIT	688,730	15,785,692
Essential Properties Realty Trust, Inc. REIT	466,528	13,450,002
Four Corners Property Trust, Inc. REIT	310,719	9,138,246
Franklin Street Properties Corp. REIT	760,063	4,522,375
GEO Group, Inc. REIT (a) (b)	979,654	7,592,318
Getty Realty Corp. REIT	170,303	5,465,023
Global Net Lease, Inc. REIT	828,358	12,657,310
Hersha Hospitality Trust REIT (a)	264,033	2,421,183
Industrial Logistics Properties Trust REIT	308,541	7,728,952
iStar, Inc. REIT (b)	244,391	6,312,620
LTC Properties, Inc. REIT (b)	314,800	10,747,272
LXP Industrial Trust REIT	1,130,634	17,660,503
Office Properties Income Trust REIT	387,185	9,617,675
Orion Office REIT, Inc. (a)	433,119	8,086,332

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Retail Opportunity Investments Corp. REIT	495,133	$ 9,704,607
RPT Realty REIT	330,254	4,418,799
Saul Centers, Inc. REIT	32,289	1,711,963
Service Properties Trust REIT	1,319,976	11,602,589
SITE Centers Corp. REIT	645,943	10,225,278
Summit Hotel Properties, Inc. REIT (a)	851,081	8,306,551
Uniti Group, Inc. REIT (b)	779,780	10,924,718
Universal Health Realty Income Trust REIT	47,099	2,800,978
Urstadt Biddle Properties, Inc. Class A REIT	110,590	2,355,567
Veris Residential, Inc. REIT (a)	639,913	11,761,601
Washington Real Estate Investment Trust	378,901	9,794,591
Whitestone REIT	369,138	3,739,368
Xenia Hotels & Resorts, Inc. REIT (a)	913,168	16,537,472
		355,455,841
FOOD & STAPLES RETAILING — 0.9%
Andersons, Inc.	247,507	9,580,996
Chefs' Warehouse, Inc. (a) (b)	260,533	8,675,749
PriceSmart, Inc.	192,349	14,074,176
SpartanNash Co.	287,387	7,403,089
		39,734,010
FOOD PRODUCTS — 1.9%
B&G Foods, Inc.	518,828	15,943,584
Calavo Growers, Inc.	141,370	5,994,088
Cal-Maine Foods, Inc. (a) (b)	299,406	11,075,028
Fresh Del Monte Produce, Inc. (b)	266,127	7,345,105
J&J Snack Foods Corp. (b)	66,512	10,506,236
John B Sanfilippo & Son, Inc.	70,897	6,392,074
Seneca Foods Corp. Class A (a)	50,203	2,407,234
Tootsie Roll Industries, Inc. (b)	69,152	2,505,377
TreeHouse Foods, Inc. (a) (b)	445,980	18,075,569
		80,244,295
GAS UTILITIES — 1.1%
Chesapeake Utilities Corp.	67,556	9,850,340
Northwest Natural Holding Co.	245,636	11,982,124
South Jersey Industries, Inc.	893,088	23,327,459
		45,159,923
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
Avanos Medical, Inc. (a)	385,280	13,357,658
Cardiovascular Systems, Inc. (a)	181,850	3,415,143
CONMED Corp. (b)	84,168	11,931,656

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
CryoLife, Inc. (a) (b)	314,463	$ 6,399,322
Cutera, Inc. (a) (b)	48,349	1,997,781
Glaukos Corp. (a)	179,932	7,996,178
Inogen, Inc. (a)	163,526	5,559,884
Integer Holdings Corp. (a)	262,223	22,443,666
Lantheus Holdings, Inc. (a)	221,910	6,410,980
Meridian Bioscience, Inc. (a)	124,800	2,545,920
Merit Medical Systems, Inc. (a)	174,676	10,882,315
Mesa Laboratories, Inc. (b)	17,136	5,622,150
Natus Medical, Inc. (a)	273,013	6,478,598
OraSure Technologies, Inc. (a) (b)	575,926	5,004,797
Orthofix Medical, Inc. (a)	157,863	4,907,961
Surmodics, Inc. (a)	38,855	1,870,868
Tactile Systems Technology, Inc. (a)	158,464	3,015,570
Varex Imaging Corp. (a) (b)	113,415	3,578,243
		123,418,690
HEALTH CARE PROVIDERS & SERVICES — 3.6%
Addus HomeCare Corp. (a)	72,560	6,785,086
Covetrus, Inc. (a)	826,234	16,499,893
Ensign Group, Inc.	193,044	16,207,974
Hanger, Inc. (a)	294,064	5,331,380
Magellan Health, Inc. (a)	186,118	17,679,349
MEDNAX, Inc. (a)	691,200	18,807,552
ModivCare, Inc. (a)	42,336	6,278,006
Owens & Minor, Inc.	599,620	26,083,470
Pennant Group, Inc. (a)	105,948	2,445,280
Select Medical Holdings Corp.	842,011	24,755,123
Tivity Health, Inc. (a)	187,587	4,959,800
US Physical Therapy, Inc.	55,271	5,281,144
		151,114,057
HEALTH CARE TECHNOLOGY — 0.7%
Allscripts Healthcare Solutions, Inc. (a)	597,760	11,028,672
Computer Programs & Systems, Inc. (a)	117,093	3,430,825
HealthStream, Inc. (a)	92,863	2,447,869
NextGen Healthcare, Inc. (a)	459,288	8,170,733
Simulations Plus, Inc. (b)	50,300	2,379,190
Tabula Rasa HealthCare, Inc. (a)	94,536	1,418,040
		28,875,329
HOTELS, RESTAURANTS & LEISURE — 2.0%
BJ's Restaurants, Inc. (a)	186,343	6,438,151

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Bloomin' Brands, Inc. (a) (b)	649,373	$ 13,623,846
Brinker International, Inc. (a)	363,105	13,286,012
Cheesecake Factory, Inc. (a) (b)	387,856	15,184,562
Chuy's Holdings, Inc. (a)	158,304	4,768,116
Dave & Buster's Entertainment, Inc. (a)	169,734	6,517,786
Dine Brands Global, Inc.	63,304	4,799,076
El Pollo Loco Holdings, Inc. (a)	154,918	2,198,286
Fiesta Restaurant Group, Inc. (a)	125,441	1,381,105
Red Robin Gourmet Burgers, Inc. (a)	117,782	1,946,936
Ruth's Hospitality Group, Inc. (a) (b)	253,675	5,048,133
Shake Shack, Inc. Class A (a)	140,828	10,162,149
		85,354,158
HOUSEHOLD DURABLES — 2.2%
Ethan Allen Interiors, Inc.	175,651	4,617,865
iRobot Corp. (a)	96,976	6,388,779
La-Z-Boy, Inc.	354,399	12,868,227
M/I Homes, Inc. (a)	232,633	14,465,120
MDC Holdings, Inc.	449,154	25,076,268
Meritage Homes Corp. (a)	158,064	19,293,292
Tupperware Brands Corp. (a)	390,804	5,975,393
Universal Electronics, Inc. (a)	104,743	4,268,277
		92,953,221
HOUSEHOLD PRODUCTS — 0.7%
Central Garden & Pet Co. (a)	77,942	4,102,087
Central Garden & Pet Co. Class A (a)	321,088	15,364,061
WD-40 Co. (b)	46,068	11,270,076
		30,736,224
INSURANCE — 3.7%
Ambac Financial Group, Inc. (a)	370,178	5,941,357
American Equity Investment Life Holding Co.	654,107	25,457,844
AMERISAFE, Inc.	154,853	8,335,737
Assured Guaranty, Ltd.	323,704	16,249,941
eHealth, Inc. (a)	189,920	4,842,960
Employers Holdings, Inc.	223,618	9,253,313
Genworth Financial, Inc. Class A (a)	4,056,653	16,429,445
Horace Mann Educators Corp.	331,662	12,835,319
James River Group Holdings, Ltd.	298,117	8,588,751
ProAssurance Corp.	431,659	10,920,973
Safety Insurance Group, Inc.	113,840	9,679,815
Selectquote, Inc. (a) (b)	508,068	4,603,096

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
SiriusPoint, Ltd. (a)	699,120	$ 5,683,845
Stewart Information Services Corp.	109,681	8,744,866
United Fire Group, Inc.	172,468	3,999,533
Universal Insurance Holdings, Inc.	224,276	3,812,692
		155,379,487
INTERACTIVE MEDIA & SERVICES — 0.3%
Cars.com, Inc. (a)	264,819	4,260,938
QuinStreet, Inc. (a)	398,968	7,257,228
		11,518,166
INTERNET & DIRECT MARKETING RETAIL — 0.1%
PetMed Express, Inc. (b)	167,436	4,229,433
IT SERVICES — 0.5%
CSG Systems International, Inc.	107,065	6,169,085
EVERTEC, Inc.	157,640	7,878,847
Unisys Corp. (a)	279,156	5,742,239
		19,790,171
LIFE SCIENCES TOOLS & SERVICES — 0.4%
NeoGenomics, Inc. (a)	442,920	15,112,430
MACHINERY — 5.4%
Alamo Group, Inc.	45,868	6,750,852
Albany International Corp. Class A	129,481	11,452,594
Astec Industries, Inc.	181,980	12,605,755
Barnes Group, Inc.	372,374	17,348,905
CIRCOR International, Inc. (a)	161,981	4,402,644
Enerpac Tool Group Corp.	250,641	5,082,999
EnPro Industries, Inc.	164,761	18,135,243
ESCO Technologies, Inc.	208,385	18,752,566
Federal Signal Corp.	190,420	8,252,803
Franklin Electric Co., Inc.	102,924	9,732,493
Greenbrier Cos., Inc. (b)	260,220	11,941,496
Hillenbrand, Inc.	268,562	13,962,538
John Bean Technologies Corp.	91,397	14,034,923
Lindsay Corp.	35,766	5,436,432
Meritor, Inc. (a)	560,788	13,896,327
Proto Labs, Inc. (a)	220,544	11,324,934
SPX Corp. (a)	210,595	12,568,310
SPX FLOW, Inc.	130,869	11,317,551
Standex International Corp.	50,795	5,620,975
Tennant Co.	84,479	6,846,178

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Titan International, Inc. (a)	408,983	$ 4,482,454
Wabash National Corp.	395,542	7,720,980
		231,669,952
MEDIA — 0.7%
AMC Networks, Inc. Class A (a) (b)	233,677	8,047,836
EW Scripps Co. Class A	246,811	4,775,793
Gannett Co., Inc. (a)	705,495	3,760,288
Loyalty Ventures, Inc. (a)	159,340	4,791,354
Scholastic Corp.	243,535	9,731,659
		31,106,930
METALS & MINING — 2.2%
Allegheny Technologies, Inc. (a) (b)	559,561	8,913,807
Arconic Corp. (a) (b)	846,503	27,943,064
Carpenter Technology Corp.	385,309	11,247,170
Century Aluminum Co. (a) (b)	221,994	3,676,221
Haynes International, Inc.	43,628	1,759,517
Kaiser Aluminum Corp.	126,786	11,910,277
Materion Corp.	68,627	6,309,566
Olympic Steel, Inc.	69,436	1,631,746
SunCoke Energy, Inc.	664,258	4,377,460
TimkenSteel Corp. (a) (b)	328,807	5,425,315
Warrior Met Coal, Inc.	411,045	10,567,967
		93,762,110
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITS) — 2.2%
Apollo Commercial Real Estate Finance, Inc. REIT	1,051,373	13,836,069
ARMOUR Residential REIT, Inc. (b)	717,066	7,034,417
Ellington Financial, Inc. REIT (b)	244,258	4,174,369
Franklin BSP Realty Trust, Inc.	351,448	5,250,633
Granite Point Mortgage Trust, Inc. REIT	430,072	5,036,143
Invesco Mortgage Capital, Inc. REIT (b)	2,492,435	6,928,969
KKR Real Estate Finance Trust, Inc. REIT (b)	216,596	4,511,695
New York Mortgage Trust, Inc. REIT	3,032,451	11,280,718
PennyMac Mortgage Investment Trust REIT (b)	775,594	13,441,044
Ready Capital Corp. REIT	470,714	7,357,260
Two Harbors Investment Corp. REIT (b)	2,749,622	15,865,319
		94,716,636
MULTI-UTILITIES — 0.7%
Avista Corp.	562,078	23,882,694

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Unitil Corp.	127,705	$ 5,873,153
		29,755,847
MULTILINE RETAIL — 0.3%
Big Lots, Inc. (b)	260,280	11,725,614
OIL, GAS & CONSUMABLE FUELS — 2.4%
CONSOL Energy, Inc. (a) (b)	253,618	5,759,665
Green Plains, Inc. (a) (b)	428,509	14,894,973
Laredo Petroleum, Inc. (a)	37,878	2,277,604
Par Pacific Holdings, Inc. (a)	365,778	6,031,679
PBF Energy, Inc. Class A (a)	759,461	9,850,209
Range Resources Corp. (a)	619,089	11,038,357
Renewable Energy Group, Inc. (a)	401,892	17,056,297
REX American Resources Corp. (a)	42,036	4,035,456
Southwestern Energy Co. (a) (b)	2,921,343	13,613,458
Talos Energy, Inc. (a)	327,361	3,208,138
World Fuel Services Corp.	505,003	13,367,429
		101,133,265
PAPER & FOREST PRODUCTS — 0.9%
Clearwater Paper Corp. (a) (b)	133,463	4,894,088
Glatfelter Corp.	355,974	6,122,753
Mercer International, Inc.	322,080	3,861,739
Neenah, Inc.	134,003	6,201,659
Schweitzer-Mauduit International, Inc.	251,478	7,519,192
Sylvamo Corp. (a)	282,078	7,867,156
		36,466,587
PERSONAL PRODUCTS — 0.5%
Edgewell Personal Care Co.	434,639	19,867,349
USANA Health Sciences, Inc. (a)	30,842	3,121,210
		22,988,559
PHARMACEUTICALS — 1.1%
Amphastar Pharmaceuticals, Inc. (a)	94,224	2,194,477
ANI Pharmaceuticals, Inc. (a) (b)	35,492	1,635,471
Corcept Therapeutics, Inc. (a) (b)	295,589	5,852,662
Harmony Biosciences Holdings, Inc. (a)	77,118	3,288,312
Nektar Therapeutics (a) (b)	811,565	10,964,243
Pacira BioSciences, Inc. (a)	138,912	8,358,335
Phibro Animal Health Corp. Class A	162,606	3,320,415
Prestige Consumer Healthcare, Inc. (a)	188,236	11,416,513
		47,030,428

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
PROFESSIONAL SERVICES — 0.8%
Kelly Services, Inc. Class A	288,074	$ 4,831,001
ManTech International Corp. Class A	220,408	16,074,355
Resources Connection, Inc.	249,470	4,450,545
TrueBlue, Inc. (a)	283,706	7,850,145
		33,206,046
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%
Marcus & Millichap, Inc. (a)	87,946	4,525,701
RE/MAX Holdings, Inc. Class A	151,012	4,604,356
Realogy Holdings Corp. (a)	932,111	15,668,786
		24,798,843
ROAD & RAIL — 0.3%
Heartland Express, Inc.	372,187	6,260,185
Marten Transport, Ltd.	477,516	8,194,175
		14,454,360
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%
Cohu, Inc. (a)	163,504	6,227,867
FormFactor, Inc. (a)	231,348	10,577,231
Ichor Holdings, Ltd. (a)	97,637	4,494,231
PDF Solutions, Inc. (a)	88,330	2,808,011
Photronics, Inc. (a)	488,905	9,215,859
SMART Global Holdings, Inc. (a) (b)	72,256	5,129,453
		38,452,652
SOFTWARE — 1.2%
Agilysys, Inc. (a)	57,556	2,558,940
Bottomline Technologies DE, Inc. (a)	142,290	8,035,116
Consensus Cloud Solutions, Inc. (a) (b)	128,284	7,423,795
Ebix, Inc.	190,520	5,791,808
InterDigital, Inc.	117,778	8,436,438
LivePerson, Inc. (a)	199,900	7,140,428
OneSpan, Inc. (a) (b)	140,120	2,372,232
Xperi Holding Corp.	401,105	7,584,896
		49,343,653
SPECIALTY RETAIL — 4.3%
Aaron's Co., Inc.	251,683	6,203,986
Abercrombie & Fitch Co. Class A (a)	250,340	8,719,342
America's Car-Mart, Inc. (a) (b)	48,569	4,973,466
Asbury Automotive Group, Inc. (a)	101,712	17,568,714
Bed Bath & Beyond, Inc. (a) (b)	808,035	11,781,150

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
Caleres, Inc.	305,934	$ 6,938,583
Cato Corp. Class A	156,196	2,680,323
Chico's FAS, Inc. (a) (b)	979,150	5,267,827
Conn's, Inc. (a) (b)	153,185	3,602,911
Designer Brands, Inc. Class A (a) (b)	490,511	6,970,161
Genesco, Inc. (a) (b)	59,001	3,786,094
Group 1 Automotive, Inc. (b)	143,905	28,093,134
Guess?, Inc. (b)	311,613	7,378,996
Haverty Furniture Cos., Inc. (b)	118,936	3,635,874
Lumber Liquidators Holdings, Inc. (a)	232,556	3,969,731
Monro, Inc.	152,864	8,907,385
ODP Corp. (a)	367,018	14,416,467
Rent-A-Center, Inc. (b)	251,408	12,077,640
Sally Beauty Holdings, Inc. (a) (b)	506,077	9,342,182
Sonic Automotive, Inc. Class A (b)	165,908	8,204,151
Zumiez, Inc. (a) (b)	171,054	8,208,882
		182,726,999
TEXTILES, APPAREL & LUXURY GOODS — 1.2%
Fossil Group, Inc. (a) (b)	379,400	3,904,026
G-III Apparel Group, Ltd. (a)	349,438	9,658,466
Kontoor Brands, Inc. (b)	186,419	9,553,974
Oxford Industries, Inc.	45,717	4,641,190
Steven Madden, Ltd.	201,895	9,382,061
Unifi, Inc. (a)	111,146	2,573,030
Vera Bradley, Inc. (a)	188,860	1,607,198
Wolverine World Wide, Inc.	355,622	10,245,470
		51,565,415
THRIFTS & MORTGAGE FINANCE — 2.3%
Capitol Federal Financial, Inc.	1,032,325	11,696,242
Mr Cooper Group, Inc. (a)	596,800	24,832,848
NMI Holdings, Inc. Class A (a)	685,557	14,979,420
Northfield Bancorp, Inc.	146,418	2,366,115
Northwest Bancshares, Inc.	1,011,856	14,327,881
Provident Financial Services, Inc.	333,450	8,076,159
TrustCo Bank Corp.	188,731	6,286,630
WSFS Financial Corp.	293,668	14,718,640
		97,283,935
TOBACCO — 0.3%
Universal Corp. (b)	196,679	10,801,611

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Security Description	Shares	Value
TRADING COMPANIES & DISTRIBUTORS — 1.5%
Applied Industrial Technologies, Inc.	175,274	$ 18,000,640
Boise Cascade Co.	163,508	11,641,769
DXP Enterprises, Inc. (a)	136,542	3,505,033
GMS, Inc. (a)	151,795	9,124,397
NOW, Inc. (a)	883,916	7,548,643
Veritiv Corp. (a)	110,861	13,588,233
		63,408,715
WATER UTILITIES — 0.7%
American States Water Co.	100,403	10,385,687
California Water Service Group	172,463	12,393,191
Middlesex Water Co. (b)	43,380	5,218,614
		27,997,492
WIRELESS TELECOMMUNICATION SERVICES — 0.6%
Shenandoah Telecommunications Co.	399,467	10,186,409
Telephone & Data Systems, Inc.	789,896	15,916,404
		26,102,813
TOTAL COMMON STOCKS (Cost $3,926,494,516)		4,243,059,616
WARRANTS — 0.0% (a) (c)
ENERGY EQUIPMENT & SERVICES — 0.0% (c)
Nabors Industries, Ltd. (expiring 06/11/26) (a) (b)	17,916	66,827
TOTAL WARRANTS (Cost $0)		66,827
SHORT-TERM INVESTMENTS — 3.3%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d) (e)	1,385,934	1,386,072
State Street Navigator Securities Lending Portfolio II (f) (g)	140,077,010	140,077,010
TOTAL SHORT-TERM INVESTMENTS (Cost $141,463,082)		141,463,082
TOTAL INVESTMENTS — 103.2% (Cost $4,067,957,598)		4,384,589,525
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.2)%		(135,220,019)
NET ASSETS — 100.0%		$ 4,249,369,506

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at December 31, 2021.
(c)	Amount is less than 0.05% of net assets.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P 600 SMALL CAP VALUE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

(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

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	$4,243,059,616	$—	$—	$4,243,059,616
Warrants	66,827	—	—	66,827
Short-Term Investments	141,463,082	—	—	141,463,082
TOTAL INVESTMENTS	$4,384,589,525	$—	$—	$4,384,589,525

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	2,709,553	$ 2,710,365	$127,063,793	$128,387,559	$(527)	$—	1,385,934	$ 1,386,072	$ 978
State Street Navigator Securities Lending Portfolio II	112,194,931	112,194,931	278,173,665	250,291,586	—	—	140,077,010	140,077,010	68,918
Total		$114,905,296	$405,237,458	$378,679,145	$(527)	$—		$141,463,082	$69,896

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021 (Unaudited)

	SPDR S&P 400 Mid Cap Growth ETF	SPDR S&P 400 Mid Cap Value ETF
ASSETS
Investments in unaffiliated issuers, at value*	$1,778,263,553	$1,582,928,963
Investments in affiliated issuers, at value	31,563,833	3,057,935
Total Investments	1,809,827,386	1,585,986,898
Receivable for investments sold	6,971,020	3,414,620
Dividends receivable — unaffiliated issuers	835,958	2,191,648
Dividends receivable — affiliated issuers	98	107
Securities lending income receivable — unaffiliated issuers	5,683	3,553
Securities lending income receivable — affiliated issuers	2,778	339
TOTAL ASSETS	1,817,642,923	1,591,597,165
LIABILITIES
Due to custodian	5,890,565	592,206
Payable upon return of securities loaned	31,563,833	3,057,935
Advisory fee payable	238,427	205,267
Trustees’ fees and expenses payable	3,954	2,000
TOTAL LIABILITIES	37,696,779	3,857,408
NET ASSETS	$1,779,946,144	$1,587,739,757
NET ASSETS CONSIST OF:
Paid-in Capital	$1,930,642,041	$1,861,973,526
Total distributable earnings (loss)	(150,695,897)	(274,233,769)
NET ASSETS	$1,779,946,144	$1,587,739,757
NET ASSET VALUE PER SHARE
Net asset value per share	$ 81.65	$ 71.04
Shares outstanding (unlimited amount authorized, $0.01 par value)	21,800,000	22,350,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$1,602,229,509	$1,568,831,831
Investments in affiliated issuers	31,563,833	3,057,935
Total cost of investments	$1,633,793,342	$1,571,889,766
* Includes investments in securities on loan, at value	$ 75,787,153	$ 30,382,082

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2021 (Unaudited)

	SPDR S&P 600 Small Cap ETF	SPDR S&P 600 Small Cap Growth ETF	SPDR S&P 600 Small Cap Value ETF
ASSETS
Investments in unaffiliated issuers, at value*	$1,859,340,332	$2,458,914,967	$4,243,126,443
Investments in affiliated issuers, at value	37,429,627	106,022,238	141,463,082
Total Investments	1,896,769,959	2,564,937,205	4,384,589,525
Cash	1,592,211	356,473	799,895
Receivable for investments sold	1,163,830	1,262,536	4,036,234
Receivable for fund shares sold	1,230	—	6,626
Dividends receivable — unaffiliated issuers	1,899,457	1,614,042	6,173,753
Dividends receivable — affiliated issuers	82	70	251
Securities lending income receivable — unaffiliated issuers	6,879	8,467	14,476
Securities lending income receivable — affiliated issuers	4,503	11,471	10,503
Receivable from Adviser	155,312	—	—
TOTAL ASSETS	1,901,593,463	2,568,190,264	4,395,631,263
LIABILITIES
Payable upon return of securities loaned	34,253,980	103,375,380	140,077,010
Payable for investments purchased	4,076,259	3,608,096	5,633,544
Payable for fund shares repurchased	—	235	—
Advisory fee payable	231,163	314,161	549,340
Trustees’ fees and expenses payable	1,520	2,694	1,863
TOTAL LIABILITIES	38,562,922	107,300,566	146,261,757
NET ASSETS	$1,863,030,541	$2,460,889,698	$4,249,369,506
NET ASSETS CONSIST OF:
Paid-in Capital	$1,639,366,309	$2,422,365,519	$4,606,358,753
Total distributable earnings (loss)	223,664,232	38,524,179	(356,989,247)
NET ASSETS	$1,863,030,541	$2,460,889,698	$4,249,369,506
NET ASSET VALUE PER SHARE
Net asset value per share	$ 99.36	$ 92.86	$ 84.81
Shares outstanding (unlimited amount authorized, $0.01 par value)	18,750,046	26,500,028	50,102,102
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$1,516,434,441	$1,903,370,373	$3,926,494,516
Investments in affiliated issuers	37,429,627	106,022,238	141,463,082
Total cost of investments	$1,553,864,068	$ 2,009,392,611	$4,067,957,598
* Includes investments in securities on loan, at value	$ 92,025,083	$ 194,008,879	$ 262,476,960

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2021 (Unaudited)

	SPDR S&P 400 Mid Cap Growth ETF	SPDR S&P 400 Mid Cap Value ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 7,297,520	$ 16,028,828
Dividend income — affiliated issuers	346	425
Unaffiliated securities lending income	46,719	19,320
Affiliated securities lending income	17,316	2,483
TOTAL INVESTMENT INCOME (LOSS)	7,361,901	16,051,056
EXPENSES
Advisory fee	1,370,653	1,171,166
Trustees’ fees and expenses	11,172	9,693
Miscellaneous expenses	21	989
TOTAL EXPENSES	1,381,846	1,181,848
NET INVESTMENT INCOME (LOSS)	$ 5,980,055	$ 14,869,208
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(63,837,140)	(37,838,350)
Investments — affiliated issuers	663	(269)
In-kind redemptions — unaffiliated issuers	199,389,627	98,078,759
Net realized gain (loss)	135,553,150	60,240,140
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(65,046,840)	11,126,983
NET REALIZED AND UNREALIZED GAIN (LOSS)	70,506,310	71,367,123
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ 76,486,365	$ 86,236,331

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2021 (Unaudited)

	SPDR S&P 600 Small Cap ETF	SPDR S&P 600 Small Cap Growth ETF	SPDR S&P 600 Small Cap Value ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 17,326,193	$ 13,229,720	$ 55,514,135
Dividend income — affiliated issuers	254	454	978
Unaffiliated securities lending income	28,482	43,896	88,996
Affiliated securities lending income	73,970	131,101	68,918
Foreign taxes withheld	(12,283)	(1,613)	(50,250)
TOTAL INVESTMENT INCOME (LOSS)	17,416,616	13,403,558	55,622,777
EXPENSES
Advisory fee	1,351,258	1,803,121	3,103,210
Trustees’ fees and expenses	9,567	12,839	20,534
Miscellaneous expenses	22	29	49
TOTAL EXPENSES	1,360,847	1,815,989	3,123,793
Expenses waived/reimbursed by the Adviser	(910,428)	—	—
NET EXPENSES	450,419	1,815,989	3,123,793
NET INVESTMENT INCOME (LOSS)	$ 16,966,197	$ 11,587,569	$ 52,498,984
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(3,195,783)	(106,054,116)	(83,926,126)
Investments — affiliated issuers	(122)	(578)	(527)
In-kind redemptions — unaffiliated issuers	77,066,562	218,156,983	498,335,695
Net realized gain (loss)	73,870,657	112,102,289	414,409,042
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(45,561,128)	(9,363,261)	(471,789,194)
NET REALIZED AND UNREALIZED GAIN (LOSS)	28,309,529	102,739,028	(57,380,152)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ 45,275,726	$ 114,326,597	$ (4,881,168)

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR S&P 400 Mid Cap Growth ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 5,980,055	$ 11,364,517
Net realized gain (loss)	135,553,150	436,397,124
Net change in unrealized appreciation/depreciation	(65,046,840)	211,704,218
Net increase (decrease) in net assets resulting from operations	76,486,365	659,465,859
Net equalization credits and charges	1,552,803	(218,491)
Distributions to shareholders	(7,914,621)	(11,613,650)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	818,662,217	1,366,643,678
Cost of shares redeemed	(789,373,587)	(2,273,624,036)
Net income equalization	(1,552,803)	218,491
Net increase (decrease) in net assets from beneficial interest transactions	27,735,827	(906,761,867)
Net increase (decrease) in net assets during the period	97,860,374	(259,128,149)
Net assets at beginning of period	1,682,085,770	1,941,213,919
NET ASSETS AT END OF PERIOD	$1,779,946,144	$ 1,682,085,770
SHARES OF BENEFICIAL INTEREST:
Shares sold	10,000,000	21,550,000
Shares redeemed	(9,900,000)	(35,950,000)
Net increase (decrease) from share transactions	100,000	(14,400,000)

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P 400 Mid Cap Value ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 14,869,208	$ 26,541,234
Net realized gain (loss)	60,240,140	310,855,709
Net change in unrealized appreciation/depreciation	11,126,983	261,666,199
Net increase (decrease) in net assets resulting from operations	86,236,331	599,063,142
Net equalization credits and charges	(116,093)	3,781,878
Distributions to shareholders	(14,062,186)	(30,175,992)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	560,442,827	2,054,034,876
Cost of shares redeemed	(571,445,700)	(1,990,006,769)
Net income equalization	116,093	(3,781,878)
Net increase (decrease) in net assets from beneficial interest transactions	(10,886,780)	60,246,229
Net increase (decrease) in net assets during the period	61,171,272	632,915,257
Net assets at beginning of period	1,526,568,485	893,653,228
NET ASSETS AT END OF PERIOD	$1,587,739,757	$ 1,526,568,485
SHARES OF BENEFICIAL INTEREST:
Shares sold	8,100,000	33,400,000
Shares redeemed	(8,350,000)	(31,750,000)
Net increase (decrease) from share transactions	(250,000)	1,650,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P 600 Small Cap ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 16,966,197	$ 17,123,492
Net realized gain (loss)	73,870,657	130,462,047
Net change in unrealized appreciation/depreciation	(45,561,128)	525,108,931
Net increase (decrease) in net assets resulting from operations	45,275,726	672,694,470
Net equalization credits and charges	109,972	341,327
Distributions to shareholders	(16,123,300)	(16,927,478)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	162,022,956	560,629,700
Cost of shares redeemed	(157,744,547)	(385,070,423)
Net income equalization	(109,972)	(341,327)
Net increase (decrease) in net assets from beneficial interest transactions	4,168,437	175,217,950
Net increase (decrease) in net assets during the period	33,430,835	831,326,269
Net assets at beginning of period	1,829,599,706	998,273,437
NET ASSETS AT END OF PERIOD	$1,863,030,541	$1,829,599,706
SHARES OF BENEFICIAL INTEREST:
Shares sold	1,675,000	6,675,000
Shares redeemed	(1,650,000)	(4,850,000)
Net increase (decrease) from share transactions	25,000	1,825,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P 600 Small Cap Growth ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 11,587,569	$ 13,469,200
Net realized gain (loss)	112,102,289	164,932,559
Net change in unrealized appreciation/depreciation	(9,363,261)	656,186,290
Net increase (decrease) in net assets resulting from operations	114,326,597	834,588,049
Net equalization credits and charges	(85,626)	(38,021)
Distributions to shareholders	(11,012,750)	(12,798,645)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	687,018,053	560,960,883
Cost of shares redeemed	(635,517,187)	(618,033,942)
Net income equalization	85,626	38,021
Net increase (decrease) in net assets from beneficial interest transactions	51,586,492	(57,035,038)
Net increase (decrease) in net assets during the period	154,814,713	764,716,345
Net assets at beginning of period	2,306,074,985	1,541,358,640
NET ASSETS AT END OF PERIOD	$2,460,889,698	$2,306,074,985
SHARES OF BENEFICIAL INTEREST:
Shares sold	7,650,000	7,250,000
Shares redeemed	(7,150,000)	(8,400,000)
Net increase (decrease) from share transactions	500,000	(1,150,000)

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P 600 Small Cap Value ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 52,498,984	$ 46,609,577
Net realized gain (loss)	414,409,042	255,023,000
Net change in unrealized appreciation/depreciation	(471,789,194)	1,312,034,550
Net increase (decrease) in net assets resulting from operations	(4,881,168)	1,613,667,127
Net equalization credits and charges	(224,893)	1,533,878
Distributions to shareholders	(49,550,229)	(47,328,048)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	1,578,304,025	1,963,136,052
Cost of shares redeemed	(1,402,055,718)	(1,318,728,229)
Net income equalization	224,893	(1,533,878)
Net increase (decrease) in net assets from beneficial interest transactions	176,473,200	642,873,945
Net increase (decrease) in net assets during the period	121,816,910	2,210,746,902
Net assets at beginning of period	4,127,552,596	1,916,805,694
NET ASSETS AT END OF PERIOD	$ 4,249,369,506	$ 4,127,552,596
SHARES OF BENEFICIAL INTEREST:
Shares sold	18,850,000	27,700,000
Shares redeemed	(16,900,000)	(18,550,000)
Net increase (decrease) from share transactions	1,950,000	9,150,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR S&P 400 Mid Cap Growth 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(a)	Year Ended 6/30/17(a)
Net asset value, beginning of period	$ 77.52	$ 53.77	$ 54.22	$ 53.98	$ 47.77	$ 41.10
Income (loss) from investment operations:
Net investment income (loss) (b)	0.26	0.43	0.55	0.65	0.56	0.51
Net realized and unrealized gain (loss) (c)	4.16	23.79	(0.38)	0.26	6.74	6.72
Total from investment operations	4.42	24.22	0.17	0.91	7.30	7.23
Net equalization credits and charges (b)	0.07	(0.01)	(0.00)(d)	0.02	0.06	0.02
Distributions to shareholders from:
Net investment income	(0.36)	(0.46)	(0.62)	(0.69)	(0.59)	(0.58)
Net realized gains	—	—	—	—	(0.56)	—
Total distributions	(0.36)	(0.46)	(0.62)	(0.69)	(1.15)	(0.58)
Net asset value, end of period	$ 81.65	$ 77.52	$ 53.77	$ 54.22	$ 53.98	$ 47.77
Total return (e)	5.82%	45.10%	0.35%	1.79%	15.51%	17.74%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,779,946	$1,682,086	$1,941,214	$1,680,730	$1,195,700	$573,287
Ratios to average net assets:
Total expenses	0.15%(f)	0.15%	0.15%	0.15%	0.15%	0.15%
Net investment income (loss)	0.65%(f)	0.65%	1.04%	1.24%	1.08%	1.14%
Portfolio turnover rate (g)	34%(h)	37%	45%	38%	50%	54%

(a)	After the close of trading on June 12, 2018, the SPDR S&P 400 Mid Cap Growth ETF underwent a 3-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	Annualized.
(g)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h)	Not annualized.

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 400 Mid Cap Value 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(a)	Year Ended 6/30/17(a)
Net asset value, beginning of period	$ 67.55	$ 42.66	$ 51.34	$ 52.01	$ 48.14	$ 41.47
Income (loss) from investment operations:
Net investment income (loss) (b)	0.66	1.04	1.02	0.93	0.96	0.80
Net realized and unrealized gain (loss) (c)	3.47	24.71	(8.59)	(0.69)	4.18	6.72
Total from investment operations	4.13	25.75	(7.57)	0.24	5.14	7.52
Net equalization credits and charges (b)	(0.01)	0.15	0.00(d)	0.06	0.10	0.03
Distributions to shareholders from:
Net investment income	(0.63)	(1.01)	(1.11)	(0.97)	(0.95)	(0.88)
Net realized gains	—	—	—	—	(0.42)	—
Total distributions	(0.63)	(1.01)	(1.11)	(0.97)	(1.37)	(0.88)
Net asset value, end of period	$ 71.04	$ 67.55	$ 42.66	$ 51.34	$ 52.01	$ 48.14
Total return (e)	6.14%	61.10%	(14.85)%	0.68%	10.98%	18.31%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,587,740	$1,526,568	$893,653	$1,491,525	$767,185	$346,625
Ratios to average net assets:
Total expenses	0.15%(f)	0.15%	0.15%	0.15%	0.15%	0.15%
Net investment income (loss)	1.90%(f)	1.82%	2.13%	1.83%	1.90%	1.73%
Portfolio turnover rate (g)	29%(h)	38%	45%	35%	45%	51%

(a)	After the close of trading on June 12, 2018, SPDR S&P 400 Mid Cap Value ET underwent a 2-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	Annualized.
(g)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h)	Not annualized.

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 600 Small Cap 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(a)	Year Ended 6/30/17(a)
Net asset value, beginning of period	$ 97.71	$ 59.07	$ 67.66	$ 72.24	$ 61.60	$ 52.17
Income (loss) from investment operations:
Net investment income (loss) (b)	0.92	0.98	0.91	0.94	0.87	0.79
Net realized and unrealized gain (loss) (c)	1.59	38.58	(8.47)	(4.55)	11.52	10.80
Total from investment operations	2.51	39.56	(7.56)	(3.61)	12.39	11.59
Net equalization credits and charges (b)	0.01	0.02	(0.02)	0.01	0.01	0.02
Distributions to shareholders from:
Net investment income	(0.87)	(0.94)	(1.01)	(0.98)	(0.89)	(0.77)
Net realized gains	—	—	—	—	(0.87)	(1.41)
Total distributions	(0.87)	(0.94)	(1.01)	(0.98)	(1.76)	(2.18)
Net asset value, end of period	$ 99.36	$ 97.71	$ 59.07	$ 67.66	$ 72.24	$ 61.60
Total return (d)	2.60%	67.27%	(11.26)%	(4.95)%	20.38%	22.35%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,863,031	$1,829,600	$998,273	$1,288,927	$1,043,840	$751,493
Ratios to average net assets:
Total expenses	0.15%(e)	0.15%	0.15%	0.15%	0.15%	0.15%
Net expenses	0.05%(e)	0.05%	0.11%	—%	—%	—%
Net investment income (loss)	1.88%(e)	1.22%	1.42%	1.37%	1.30%	1.33%
Portfolio turnover rate (f)	8%(g)	13%	15%	11%	14%	22%

(a)	After the close of trading on June 12, 2018, the SPDR S&P 600 Small Cap ETF underwent a 2-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 600 Small Cap Growth 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(a)		Year Ended 6/30/17(a)
Net asset value, beginning of period	$ 88.70		$ 56.77		$ 60.96		$ 63.17		$ 54.12		$ 44.56
Income (loss) from investment operations:
Net investment income (loss) (b)	0.44		0.52		0.59		0.61		0.55		0.55
Net realized and unrealized gain (loss) (c)	4.13		31.91		(4.10)		(2.20)		11.19		9.53
Total from investment operations	4.57		32.43		(3.51)		(1.59)		11.74		10.08
Net equalization credits and charges (b)	(0.00)(d)		(0.00)(d)		(0.02)		0.01		0.02		0.02
Distributions to shareholders from:
Net investment income	(0.41)		(0.50)		(0.66)		(0.63)		(0.60)		(0.54)
Net realized gains
—		—		—		—		(2.11)		—
Total distributions	(0.41)		(0.50)		(0.66)		(0.63)		(2.71)		(0.54)
Net asset value, end of period	$ 92.86		$ 88.70		$ 56.77		$ 60.96		$ 63.17		$ 54.12
Total return (e)	5.18%		57.23%		(5.80)%		(2.47)%		22.28%		22.75%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$2,460,890		$2,306,075		$1,541,359		$1,975,179		$1,989,969		$1,298,877
Ratios to average net assets:
Total expenses	0.15%(f)		0.15%		0.15%		0.15%		0.15%		0.15%
Net investment income (loss)	0.96%(f)		0.69%		1.01%		0.99%		0.95%		1.08%
Portfolio turnover rate (g)	32%(h)		38%		50%		37%		44%		59%

(a)	After the close of trading on June 12, 2018, the SPDR S&P 600 Small Cap Growth ETF underwent a 4-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	Annualized.
(g)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P 600 Small Cap Value 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(a)	Year Ended 6/30/17(a)
Net asset value, beginning of period	$ 85.72	$ 49.15	$ 60.70	$ 66.75	$ 59.60	$ 50.13
Income (loss) from investment operations:
Net investment income (loss) (b)	1.07	1.07	1.13	1.10	1.04	0.93
Net realized and unrealized gain (loss) (c)	(0.98)	36.50	(11.53)	(6.06)	9.55	9.89
Total from investment operations	0.09	37.57	(10.40)	(4.96)	10.590	10.82
Net equalization credits and charges (b)	(0.00)(d)	0.04	(0.01)	0.06	0.07	0.05
Distributions to shareholders from:
Net investment income	(1.00)	(1.04)	(1.14)	(1.15)	(1.05)	(0.91)
Net realized gains	—	—	—	—	(2.46)	(0.49)
Total distributions	(1.00)	(1.04)	(1.14)	(1.15)	(3.51)	(1.40)
Net asset value, end of period	$ 84.81	$ 85.72	$ 49.15	$ 60.70	$ 66.75	$ 59.60
Total return (e)	0.14%	76.93%	(17.29)%	(7.30)%	18.25%	21.76%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$4,249,370	$4,127,553	$1,916,806	$2,133,800	$1,511,950	$1,001,379
Ratios to average net assets:
Total expenses	0.15%(f)	0.15%	0.15%	0.15%	0.15%	0.15%
Net investment income (loss)	2.54%(f)	1.55%	2.02%	1.76%	1.65%	1.61%
Portfolio turnover rate (g)	30%(h)	36%	51%	34%	42%	53%

(a)	After the close of trading on June 12, 2018, the SPDR S&P 600 Small Cap Value ETF underwent a 2-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	Annualized.
(g)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2021 (Unaudited)

1. Organization

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

As of December 31, 2021, the Trust consists of eighty-two (82) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR 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

Each Fund is classified as a diversified investment company under the 1940 Act.

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

2. Summary of Significant Accounting Policies

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

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

Security Valuation

Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

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 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

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

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.

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.

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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.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

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. 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 S&P 400 Mid Cap Growth ETF	0.15%
SPDR S&P 400 Mid Cap Value ETF	0.15
SPDR S&P 600 Small Cap ETF	0.15
SPDR S&P 600 Small Cap Growth ETF	0.15
SPDR S&P 600 Small Cap Value ETF	0.15

The Adviser has voluntarily agreed to waive a portion of its Management fee so that the total annual operating expenses of the SPDR S&P 600 Small Cap ETF do not exceed 0.05% of its average daily net assets. The Adviser may, in its sole discretion, discontinue this voluntary waiver at any time without any prior notice. For the period ended December 31, 2021, the Adviser waived fees as reported on the Statement of Operations.

From time to time, the Adviser may waive all or a portion of its 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 Fund's Board.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

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 8 for additional information regarding securities lending.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

4. Trustees’ Fees

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

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:

	Purchases	Sales
SPDR S&P 400 Mid Cap Growth ETF	$ 607,896,014	$ 604,445,986
SPDR S&P 400 Mid Cap Value ETF	441,023,557	437,190,236
SPDR S&P 600 Small Cap ETF	137,047,902	135,710,724
SPDR S&P 600 Small Cap Growth ETF	757,225,287	751,163,373
SPDR S&P 600 Small Cap Value ETF	1,238,266,407	1,225,967,986

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 S&P 400 Mid Cap Growth ETF	$ 818,413,573	$ 786,791,667	$199,389,627
SPDR S&P 400 Mid Cap Value ETF	558,590,426	572,993,742	98,078,759
SPDR S&P 600 Small Cap ETF	161,942,267	156,441,006	77,066,562
SPDR S&P 600 Small Cap Growth ETF	686,979,425	638,999,826	218,156,983
SPDR S&P 600 Small Cap Value ETF	1,527,121,919	1,347,989,572	498,335,695

6. Shareholder Transactions

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

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.

7. Income Tax Information

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

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 based on cost for federal income tax purposes were as follows:

	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
SPDR S&P 400 Mid Cap Growth ETF	$1,635,455,066	$202,951,820	$ 28,579,500	$174,372,320
SPDR S&P 400 Mid Cap Value ETF	1,572,271,045	69,077,591	55,361,738	13,715,853
SPDR S&P 600 Small Cap ETF	1,556,568,835	444,757,138	104,556,014	340,201,124
SPDR S&P 600 Small Cap Growth ETF	2,012,602,970	581,449,425	29,115,190	552,334,235
SPDR S&P 600 Small Cap Value ETF	4,067,874,807	442,036,374	125,321,656	316,714,718

8. 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

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

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.

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 S&P 400 Mid Cap Growth ETF	$ 75,787,153	$ 31,563,833	$ 46,228,979	$ 77,792,812
SPDR S&P 400 Mid Cap Value ETF	30,382,082	3,057,935	28,005,696	31,063,631
SPDR S&P 600 Small Cap ETF	92,025,083	34,253,980	60,299,670	94,553,650
SPDR S&P 600 Small Cap Growth ETF	194,008,879	103,375,380	95,486,984	198,862,364
SPDR S&P 600 Small Cap Value ETF	262,476,960	140,077,010	130,003,198	270,080,208

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

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

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 S&P 400 Mid Cap Growth ETF	Common Stocks	$ 31,563,833	$—	$—	$—	$ 31,563,833	$ 31,563,833
SPDR S&P 400 Mid Cap Value ETF	Common Stocks	3,057,935	—	—	—	3,057,935	3,057,935
SPDR S&P 600 Small Cap ETF	Common Stocks	34,241,991	—	—	—	34,241,991	34,241,991
SPDR S&P 600 Small Cap ETF	Warrants	11,989	—	—	—	11,989	11,989
SPDR S&P 600 Small Cap Growth ETF	Common Stocks	103,375,380	—	—	—	103,375,380	103,375,380
SPDR S&P 600 Small Cap Value ETF	Common Stocks	140,010,183	—	—	—	140,010,183	140,010,183
SPDR S&P 600 Small Cap Value ETF	Warrants	66,827	—	—	—	66,827	66,827

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

100

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

Market Risk

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

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

10. Subsequent Events

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

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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.

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	SPDR S&P 400 Mid Cap Growth ETF	SPDR S&P 400 Mid Cap Value ETF	SPDR S&P 600 Small Cap ETF
Annualized Expense Ratio	0.15%	0.15%	0.05%
Actual:
Ending Account Value	$1,058.20	$1,061.40	$1,026.00
Expenses Paid During Period(a)	0.78	0.78	0.26
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,024.40	1,024.40	1,025.00
Expenses Paid During Period(a)	0.77	0.77	0.26

	SPDR S&P 600 Small Cap Growth ETF	SPDR S&P 600 Small Cap Value ETF
Annualized Expense Ratio	0.15%	0.15%
Actual:
Ending Account Value	$1,051.80	$1,001.40
Expenses Paid During Period(a)	0.78	0.76
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,024.40	1,024.40
Expenses Paid During Period(a)	0.77	0.77

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

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Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund.

SSGA FM has been designated by the Board to administer the Funds' Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:

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

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

Premium/Discount Information

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

Proxy Voting Policies and Procedures and Records

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

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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

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SPDR^® Series Trust - Equity Funds

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

State Street Global Advisors
One Iron Street
Boston, MA 02210

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

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their

respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

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

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

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

SPDR46SAR